BC Home Sales and Prices Rise as Market Stabilizes

Home sales and prices are on the rise in BC. The British Columbia Real Estate Association reported 7,119 residential unit sales in October, a 33.5 percent increase compared to the same month last year.

Although it took longer than expected, home sales have now returned to normal levels, according to BCREA chief economist Brendan Ogmundson. He noted that buyers had been waiting for high interest rates to ease, and this shift is now encouraging their return to the housing market.

The association also reported a 0.3 percent increase in home prices across the province in October, bringing the average price to $970,845. In Metro Vancouver, the average price was $1.25 million.