B.C. housing markets report strong rebound in October
Posted November 25, 2024 9:59 am.
Last Updated November 25, 2024 10:00 am.
B.C. home sales made a strong return in the month of October, according to a recent report.
The British Columbia Real Estate Association (BCREA) says it recorded 7,119 residential unit sales in October, marking a 33.5 per cent increase year-over-year.
“While it took longer than expected, a recovery in home sales to more normal levels has seemingly arrived,” said BCREA Chief Economist Brendon Ogmundson. “Across B.C., we saw significant month-over-month increases in activity as buyers returned to the market after a long high-interest rate driven hiatus.”
The association says prices also rose 0.3 per cent province-wide in October with an average price of $970,845. In Metro Vancouver, the average was $1.25 million.
The total sales volume for the month was reportedly $6.9 billion.
Overall, sales in B.C. were eight per cent lower than the ten-year average for October.
Total sales for the year are still 0.2 per cent behind 2023.
