Home sales in British Columbia surged 33.5% in October, buoyed by lower interest rates.

Home sales in British Columbia surged 33.5% in October 2024, with 7,119 residential units sold, compared to the same month last year. The total sales dollar volume hit $6.9 billion, a 33.8% increase, attributed to the Bank of Canada lowering its key interest rate from 5% in April to 3.75% in October. Despite the rise in sales, the average MLS price only increased by 0.3% to $970,845. In Greater Vancouver, the average home price fell 4.1% to $1,250,329, while unit sales rose 32.6%.

November 25, 2024
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