National

BC Real Estate Association numbers point to market 'uptrend' at beginning of 2024

Darpan News Desk The Canadian Press, 13 Feb, 2024 05:52 PM

The BC Real Estate Association says there was a nearly 30 per cent increase in home sales last month compared with January 2023, while prices were also up.

The association says 3,979 sales were completed last month, for an average price of $957,909, a more than 10-per-cent jump from the year before.

Association chief economist Brendon Ogmundson says the sales numbers show a "clear uptrend" to kick off 2024 with a dollar value of $3.8 billion in sales for the month.

Ogmundson says declining mortgage rates and further interest rate cuts expected to be made by the Bank of Canada this year are both "driving sentiment in the market and bring pent-up demand off the sidelines."

The Fraser Valley and Greater Vancouver saw the greatest year-over-year jumps in unit sales and dollar volumes.

Sales in Chilliwack last month topped $144.6 million, a more than 73-per-cent jump from last year, while in Greater Vancouver sales reached $1.78 billion, a 48.4-per-cent increase

Prev Next

MORE National ARTICLES

Canada Post reviewing use of address data following criticism from privacy watchdog

Canada Post said Friday it is reviewing how it uses data for tailored marketing campaigns after the federal privacy watchdog found the post office was breaking the law by gleaning information from the outsides of envelopes and packages. The information is then used to help build marketing lists that Canada Post rents to businesses.

Canada Post reviewing use of address data following criticism from privacy watchdog

Here's what Canada is pledging in multi-year support for Ukraine, updated trade deal

The two countries have also signed a modernized trade deal as Ukrainian President Volodymyr Zelenskyy visits the country for the first time since Russia's full-scale assault of Ukraine began last year. The multi-year commitment includes $650 million over three years for 50 armoured vehicles that are to be built in London, Ont.

Here's what Canada is pledging in multi-year support for Ukraine, updated trade deal

Critical incident involving RCMP, B.C. Premier David Eby says

British Columbia Premier David Eby says there's been a critical incident involving RCMP in the Metro Vancouver suburb of Coquitlam. A witness on the scene says she saw an officer with a bloody leg and a tourniquet above the wound.

Critical incident involving RCMP, B.C. Premier David Eby says

White House rejects reports of tension with Canada over India interference allegation

The White House is pushing back against reports that Canada-U.S. relations are straining under Prime Minister Justin Trudeau's seismic allegation that the government of India was involved in the killing of a Canadian citizen. National Security Adviser Jake Sullivan says the U.S. shares Canada's "deep concerns" and denies any suggestion of a wedge between the two countries.

White House rejects reports of tension with Canada over India interference allegation

First days of autumn expected to be cool and damp over most of British Columbia

Much of British Columbia will welcome the first week of fall with wet, cool conditions after enduring a summer of drought. Autumn officially begins at 11:50 p.m. Pacific time on Friday and Environment Canada forecasts show clouds and showers are expected to sweep across the south coast within hours of the autumnal equinox.

First days of autumn expected to be cool and damp over most of British Columbia

Woman assaulted in Coquitlam

R-C-M-P in Coquitlam say a man has been charged following an attack on a woman walking along a popular urban trail in that Metro Vancouver city. Police say a 32-year-old man was charged with separate counts of assault with a weapon and assault by choking related to the September 7th attack.