{"id":215,"date":"2024-11-25T14:36:54","date_gmt":"2024-11-25T19:36:54","guid":{"rendered":"https:\/\/www.victoriahomesgroup.com\/blog\/?p=215"},"modified":"2024-11-25T14:36:54","modified_gmt":"2024-11-25T19:36:54","slug":"housing-markets-experience-strong-recovery-in-october","status":"publish","type":"post","link":"https:\/\/www.victorianewhomesgroup.com\/blog\/2024\/11\/25\/housing-markets-experience-strong-recovery-in-october\/","title":{"rendered":"Housing Markets Experience Strong Recovery in October"},"content":{"rendered":"<p>The British Columbia Real Estate Association (BCREA) reports that in October 2024, 7,119 residential unit sales were recorded through the Multiple Listing Service\u00ae (MLS\u00ae) Systems, marking a significant <strong>33.5% increase<\/strong> compared to October 2023.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-216 size-full\" src=\"https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed.jpg\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed.jpg 960w, https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed-300x225.jpg 300w, https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed-768x576.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The average MLS\u00ae residential price in BC rose by <strong>0.3%<\/strong>, reaching <strong>$970,845<\/strong> in October 2024, up from <strong>$968,256<\/strong> a year earlier. The total sales dollar volume for the month hit <strong>$6.9 billion<\/strong>, reflecting a <strong>33.8%<\/strong> year-over-year rise. Despite these gains, October\u2019s MLS\u00ae unit sales were <strong>8% lower<\/strong> than the 10-year average for the month.<\/p>\n<p>&#8220;While it took longer than expected, we are finally seeing a return to more typical levels of home sales,&#8221; said <strong>Brendon Ogmundson<\/strong>, BCREA Chief Economist. &#8220;Increased activity across the province is a clear sign that buyers are re-entering the market after a prolonged pause due to higher interest rates.&#8221;<\/p>\n<p>Year-to-date, the residential sales dollar volume in BC is down slightly by <strong>0.2%<\/strong>, totaling <strong>$62.9 billion<\/strong> compared to the same period in 2023. Residential unit sales have also dipped <strong>1.1%<\/strong> year-over-year, totaling <strong>64,176<\/strong> units. However, the average MLS\u00ae residential price has risen by <strong>0.9%<\/strong>, now at <strong>$980,280<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_217\" style=\"width: 452px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-217\" class=\"wp-image-217 size-full\" src=\"https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed.png\" alt=\"\" width=\"442\" height=\"628\" srcset=\"https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed.png 442w, https:\/\/www.victorianewhomesgroup.com\/blog\/wp-content\/uploads\/2024\/11\/unnamed-211x300.png 211w\" sizes=\"auto, (max-width: 442px) 100vw, 442px\" \/><p id=\"caption-attachment-217\" class=\"wp-caption-text\">Source: BCREA<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The British Columbia Real Estate Association (BCREA) reports that in October 2024, 7,119 residential unit sales were recorded through the Multiple Listing Service\u00ae (MLS\u00ae) Systems, marking &hellip;<\/p>\n","protected":false},"author":2,"featured_media":218,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[37],"class_list":["post-215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-updates","tag-bcrea-realestateupdate-bcrealestate-markettrends-vancouverrealestate-bcrealestatenews-housingmarket-presalehomes-victorianewhomes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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