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
From AI running wild to collapsing ecosystems, government report outlines future disruptions
From artificial intelligence running wild to collapsing ecosystems, a new Canadian government report outlines 35 disruptions that could rattle the country in the near future.
B.C. serial killer Robert Pickton hospitalized after prison attack
British Columbia serial killer Robert Pickton was attacked and sustained life-threatening injuries in a Quebec prison Sunday in what officials described as a 'major assault.'
opinion Tom Mulcair: With Trudeau spiralling, Mark Carney waits in the wings
In his latest column for CTVNews.ca, former NDP leader Tom Mulcair argues that if there's an unofficial frontrunner in the eventual race to replace Justin Trudeau as Liberal leader, it has to be former Bank of Canada governor Mark Carney.
Toronto Blue Jays fan struck by 110 m.p.h foul ball offered tickets, signed baseball by team
The Toronto Blue Jays have offered tickets and a signed baseball to a fan who says she was struck in the face by a 110 m.p.h (177 km/h) foul ball at Friday’s game.
Matthew Perry's death is being investigated over ketamine level found in actor's blood, reports say
An investigation has been opened into the death of Matthew Perry and how the “Friends” actor received the anesthetic ketamine, which was ruled a contributing factor in his death.
OPP continues to investigate boat collision north of Kingston, Ont. that left 3 people dead
Ontario Provincial Police continue to investigate a long weekend fatal boat collision on Bobs Lake, north of Kingston, Ont.
Police in Ontario say suspects charged in armed home invasion near Toronto part of 'larger criminal network'
Police in Ontario say a group of suspects charged in an armed home invasion north of Toronto last year were driving a vehicle stolen in a carjacking in Calgary just one month earlier.
Stolen septic truck swerves through traffic, spike belt needed to stop it: Manitoba RCMP
A 29-year-old woman has been charged after police say she stole a septic truck from a Manitoba community and drove erratically on the highway.
Orphan orca's extended family spotted off northeast side of Vancouver Island
Members of a killer whale pod related to an orphan orca calf that escaped a remote British Columbia tidal lagoon last month have been spotted off the northeast coast of Vancouver Island.