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.
- Lethbridge city council’s cost-cutting for 2027 would impact waste services, transit
- Calls for a more business-friendly Edmonton as economic development strategy released
- Canadian oil outages, bad weather to tighten inventories at key US storage hub
- Canada not ‘an idle spectator’ in U.S. trade negotiations, LeBlanc says
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.
Comments
Want to discuss? Please read our Commenting Policy first.