National

Jump in home sales in Vancouver

Darpan News Desk The Canadian Press, 04 Nov, 2024 02:52 PM

Home sales in Greater Vancouver jumped nearly 32 per cent last month compared with October 2023 as interest rate reductions boosted demand.

A statement from Greater Vancouver Realtors says more than 26-hundred homes changed hands, although that's still about 5.5 per cent below the 10-year average.

After months of tracking approximately 20% below seasonal averages, Metro Vancouver home sales surged more than 30% year-over-year in October.

Check out our October MLS® Market Report to learn more: https://t.co/aiwKs6JyLp #GVR #marketupdate #vancouverrealestate
— Greater Vancouver REALTORS® (Formerly REBGV) (@GVRealtors) November 4, 2024

Andrew Lis, the realtors' director of economics, says four consecutive rate cuts from the Bank of Canada have renewed strength in demand.

The composite benchmark price for all residential properties sold was just over 1.17 million dollars, representing a decrease of just under two per cent from the same month last year.

Prev Next

MORE National ARTICLES

Two dead in northern B.C. First Nation, suspect hurt after standoff with police

Two people are dead after a reported shooting in a northern B.C. First Nation. Mounties in the community of Tsay Keh Dene, roughly 360 kilometres north of Prince George, responded to a call late Tuesday about shots fired in a residence and injuries to multiple people.

Two dead in northern B.C. First Nation, suspect hurt after standoff with police

B.C.'s safer supply studied

Peer-reviewed research is emerging about the possible impacts of British Columbia's safer supply program, which provides prescription alternatives to toxic illicit drugs, with two studies in international medical journals casting the strategy in a different light.

B.C.'s safer supply studied

Canada to allow 30-year amortization for first-time buyers' mortgages on new homes

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1.

Canada to allow 30-year amortization for first-time buyers' mortgages on new homes

Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO

The parliamentary budget officer says Canada would need to build 1.3 million additional homes by 2030 to eliminate the country's housing gap. The newly released report looks at how many more homes would need to be built restore Canada's vacancy rate to the historical average.

Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO

Deadly shooting in Edmonton

Police say an autopsy shows the victim, 56-year-old Buta Singh, died from a gunshot wound. The suspected shooter, who was 49, died from a self-inflicted gunshot wound but has not been named. Police say they're checking to see if the shooting is connected to a string of extortion schemes targeting homebuilders in the city's South Asian community.

Deadly shooting in Edmonton

B.C. plans law allowing police to arrest or ticket over school disruptions

Premier David Eby says there has been at least 18 such protests at schools, and the law would stop people from blocking access, attempting to intimidate another person or disrupting school activities, such as banging on classroom windows.