Home sales make strong return

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.