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
Signs of Alzheimer’s were everywhere. Then his brain improved
Blood biomarkers of telltale signs of early Alzheimer’s disease in the brain of his patient, 55-year-old entrepreneur Simon Nicholls, had all but disappeared in a mere 14 months.
Flammable kids' sleepwear, salmonella-contaminated chips: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency issued recalls for various items this week, including kids' bassinets, chips, and stoves. Here's what to watch out for.
Lyon-bound Air Canada Boeing 787-8 Dreamliner from Montreal turns back midflight due to pressurization alert
Passengers heading from Montreal to Lyon, France on Friday were forced to return home and depart the next day after a pressurization indication was detected in flight.
U.S. ambassador 'not aware' of any plans for Trudeau-Trump meeting
Canada's Ambassador to the United States says she's 'not aware' of any plans for Prime Minister Justin Trudeau to meet with former U.S. president and presumptive Republican presidential nominee Donald Trump before the November American election.
Sentencing trial set to begin for Florida man who executed 5 women at a bank in 2019
Zephen Xaver walked into a central Florida bank in 2019, fatally shot five women and then called police to tell them what he did. Now 12 jurors will decide whether the 27-year-old former prison guard trainee is sentenced to death or life without parole.
'How do you get hypothermia in a prison?' Records show hospitalizations among Virginia inmates
The Virginia State Police investigator seemed puzzled about what the inmate was describing: "unbearable" conditions at a prison so cold that toilet water would freeze over and inmates were repeatedly treated for hypothermia.
The secret Italian lakes that most tourists don't know about
Italy has dozens of secret smaller lakes that boast superb scenery, unknown to mass tourism, where locals get together on day trips and enjoy picnics.
Walmart, Costco refusing to sign grocery code of conduct 'untenable': industry minister
Industry Minister Francois-Philippe Champagne says it's 'untenable' for 'smaller players' like Walmart and Costco to delay signing on to the government- and industry-led grocery code of conduct, now that industry giant Loblaw has agreed to do so.
Oilers dominate Canucks, win to force deciding Game 7
The Edmonton Oilers avoided elimination from the NHL playoffs Saturday night, beating the visiting Vancouver Canucks 5-1 in Game 6 of their second-round series.