Vancouver-Area Home Sales Surge in October Amid Lower Borrowing Costs

October saw a significant boost in home sales across the Vancouver area, as reported by Greater Vancouver Realtors, with a 31.9% increase from last year. This upswing follows the Bank of Canada’s recent rate cuts, potentially marking a shift toward renewed demand in the housing market. There were 2,632 sales last month, nearing the 10-year average after months of lower figures. New listings also rose, reaching 5,452—up 16.9% from last year and 20% above the 10-year seasonal average, while the total listings stood at 14,477, 26.2% above average.

Andrew Lis, the board’s director of economics, noted that the October figures may indicate that buyers are finally returning to the market. The composite benchmark price in the region was $1,172,200, a 1.9% decrease from last year.

The Fraser Valley also reported growth, with a 35% increase in October sales compared to September. Fraser Valley Real Estate Board Chair Jeff Chadha observed that buyers seem to be reacting to the successive rate cuts, with potential for continued sales growth if further rate reductions are introduced.