British Columbia recorded a total of 7,119 residential unit sales in October, a 33.5% spike from one year earlier.
According to data from the British Columbia Real Estate Association (BCREA), last month’s total sales dollar volume was $6.9 billion, up 33.8% from October 2023. Last month also recorded a slight 0.3% year-over-year increase in the average multiple listing service (MLS) price to $970,845 – the average price was $968,256 in October 2023.
Year-to-date, the residential sales dollar volume was $62.9 billion, a mild 0.2% year-over-year dip, while residential unit sales dropped 1.1% over the same period to 64,176 units and the average MLS residential price recorded a 0.9% uptick to $980,280.
“While it took longer than expected, a recovery in home sales to more normal levels has seemingly arrived,” BCREA Chief Economist Brendon Ogmundson. “Across BC, we saw significant month-over-month increases in activity as buyers returned to the market after a long high-interest-rate-driven hiatus.”
Photo: Dennis Sylvester Hurd / Flickr Creative Commons
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