After months of remaining about 20% below the ten-year seasonal average, home sales in Metro Vancouver surged by more than 30% year-over-year in October.
The Greater Vancouver REALTORS® (GVR) reported that residential sales recorded on the Multiple Listing Service® (MLS®) in October 2024 totaled 2,632, marking a 31.9% increase from the 1,996 sales in October 2023. However, this was 5.5% below the 10-year seasonal average of 2,784.
“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”
The past 3-4 weeks have been busy, with lots of excitement from buyers! We’re so grateful to be onboarding new clients who are ready to make a move. As we head into sleepy November, we’re curious to see if the market will follow suit. Check in next month to find out!