Vancouver home sales up
Photo: The Canadian Press
VANCOUVER — Greater Vancouver Realtors says home sales in the region jumped 31.9% in October compared with the same month last year, marking potential early signs of a long-awaited rebound after the Bank of Canada’s four consecutive cuts to its key interest rate.
The real estate board says there were 2,632 sales of existing residential homes last month, which is just 5.5% below the 10-year average after months of tracking approximately 20% below those trends.
It says there were 5,452 newly listed properties, up 16.9% from last year and 20% above the 10-year seasonal average.
The total number of listings stood at 14,477. That’s 26.2% above the 10-year seasonal average.
The board’s director of economics and data analytics, Andrew Lis, says it was “only a matter of time until signs of renewed strength in demand showed up,” as the October sales figures suggest buyers who have been waiting on the sidelines may finally be responding to lower borrowing costs.
The composite benchmark price sat at $1,172,200, down 1.9% from October 2023 and 0.6% from September.
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