BC Real Estate Association numbers point to market 'uptrend' at beginning of 2024
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.
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.
This report by The Canadian Press was first published Feb. 13, 2024.
CTVNews.ca Top Stories
LIVE NOW Canada to launch 'national action plan' to fight auto theft
The federal government is launching what it calls its 'national action plan' to combat auto thefts, which will include stronger penalties for thieves, and increased information sharing between police agencies, government officials and border enforcement.
U.S. Supreme Court rejects appeal from former Guantanamo detainee Omar Khadr
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
Iran's president and foreign minister die in helicopter crash at moment of high tensions in Mideast
Iranian President Ebrahim Raisi and the country's foreign minister were found dead Monday hours after their helicopter crashed in fog, leaving the Islamic Republic without two key leaders as extraordinary tensions grip the wider Middle East.
Jury finds Andrei Donet guilty of second-degree murder in stabbing death of Montreal teen
A jury has found a 21-year-old man guilty of second-degree murder in the stabbing death of Montreal teenager Jannai Dopwell-Bailey outside his school in 2021.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
The world's best airline is paying staff a bonus of 8 months' salary
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
Woman, 35, in critical condition after her truck collided with a Via Rail train near Montreal
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.
Investors watching posts from 'Crypto King' in the wake of fraud, money laundering charges
Former investors of the self-styled “Crypto King” say they are watching his social media accounts and worried his displays of wealth are signs he’s spending their money, even now, as another large expense tied to Aiden Pleterski has triggered a previously unreported lawsuit.
Britain slammed in inquiry for infecting thousands with tainted blood and covering up the scandal
British authorities and the country's public health service knowingly exposed tens of thousands of patients to deadly infections through contaminated blood and blood products, and hid the truth about the disaster for decades, an inquiry into the U.K.'s infected blood scandal found Monday.