Vancouver home sales jumped in October compared to last year, following BoC rate cuts

Greater Vancouver Realtors says home sales in the region jumped 31.9 per cent in October compared with the same month last year, marking potential early signs of a long-awaited rebound after the Bank of Canada’s four consecutive cuts to its key interest rate.

 

The real estate board said there were 2,632 sales of existing residential homes last month, which is just 5.5 per cent below the 10-year average after months of tracking approximately 20 per cent below those trends.

 

It said there were 5,452 newly listed properties, up 16.9 per cent from last year and 20 per cent above the 10-year seasonal average.

The total number of listings stood at 14,477. That’s 26.2 per cent above the 10-year seasonal average.

 

The board’s director of economics and data analytics, Andrew Lis, said it was “only a matter of time until signs of renewed strength in demand showed up,” as the October sales figures suggest buyers who have been waiting on the sidelines may finally be responding to lower borrowing costs.

 

The composite benchmark price sat at $1,172,200, down 1.9 per cent from October, 2023, and 0.6 per cent from September.

 

 

 

 

This article was first reported by Globe