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

B.C. Premier touts involuntary care plans at convention, days before campaign begins

B.C. Premier David Eby says several city governments are on board with having a "secure site" to house and treat severely mentally ill and drug addicted people. Eby told local politicians at the Union of B.C. Municipalities conference in Vancouver that public safety is a priority for cities, especially in downtown cores, where many people are seen "visibly" struggling with addictions.

B.C. Premier touts involuntary care plans at convention, days before campaign begins

Climate, food security, Arctic among Canada's intelligence priorities, Ottawa says

The pressing issues of climate change and food security join more familiar ones like violent extremism and espionage on a new list of Canada's intelligence priorities. The federal government says publishing the list of priorities for the first time is an important step toward greater transparency.

Climate, food security, Arctic among Canada's intelligence priorities, Ottawa says

B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value

An agreement between First Nations and the British Columbia government will see thousands of homes made available in Vancouver at 40-per-cent below cost. Premier David Eby calls it a "remarkable" accomplishment between the province and the Musqueam, Squamish and Tsleil-Waututh First Nations, which would see about 2,600 homes sold for 60 per cent of the value in one of the most expensive real estate markets in the world.

B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value

NDP flips, BC United flops, B.C. Conservatives surge as election campaign approaches

If the lead up to British Columbia's provincial election campaign is any indication of what’s to come, voters should expect the unexpected. It could be a wild ride to voting day on Oct. 19.

NDP flips, BC United flops, B.C. Conservatives surge as election campaign approaches

Canada makes small emissions cut in 2023, but must ramp up to hit key targets: report

Hikes to oil production and rebounding air travel put a drag on Canada's climate progress last year, a report published Thursday by a leading policy institute found, though the country was still able to make a modest cut to its planet-warming emissions. The new estimates from the Canadian Climate Institute show Canada cut emissions by about 0.8 cent last year compared to 2022, or eight per cent since 2005.

Canada makes small emissions cut in 2023, but must ramp up to hit key targets: report

Bad guys 'always a step ahead' on foreign interference in Canada: Green official

A senior Green Party official says "the bad guys are always a step ahead" when it comes to meddling in the Canadian political process. Jon Irwin, the party's interim executive director, told a federal inquiry today the ideal tactic for a foreign country would be working to get someone in a "position of power" within a Canadian political party.