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The BC Actual Property Affiliation says there was a virtually 30 per cent improve in house gross sales final month in contrast with January 2023, whereas costs have been additionally up.
The affiliation says 3,979 gross sales have been accomplished final month, for a mean worth of $957,909, a greater than 10-per-cent bounce from the 12 months earlier than.
Affiliation chief economist Brendon Ogmundson says the gross sales numbers present a “clear uptrend” to kick off 2024 with a greenback worth of $3.8 billion in gross sales for the month.
Ogmundson says declining mortgage charges and additional rate of interest cuts anticipated to be made by the Financial institution of Canada this 12 months are each “driving sentiment available in the market and convey pent-up demand off the sidelines.”
The Fraser Valley and Better Vancouver noticed the best year-over-year jumps in unit gross sales and greenback volumes.
Gross sales in Chilliwack final month topped $144.6 million, a greater than 73-per-cent bounce from final 12 months, whereas in Better Vancouver gross sales reached $1.78 billion, a 48.4-per-cent improve.
This report by The Canadian Press was first revealed Feb. 13, 2024.
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