Metro Vancouver home sales saw a significant boost in October, jumping over 30 percent compared to the same time last year. Mortgage rate reductions typically drive up demand, and October’s strong sales figures indicate that buyers may be starting to take advantage of lower borrowing costs after months of hesitation. With four consecutive rate cuts from the Bank of Canada—and potentially more on the way—it was only a matter of time before renewed signs of demand strength began to emerge

Detached Home Sales- In October 2024, sales of detached homes reached 724, marking a 25.5% rise from the 577 detached sales recorded in October 2023. The benchmark price for a detached home now stands at $2,002,900.

Apartment Home Sales- In October 2024, sales reached 1,393, a 33.4% increase from the 1,044 sales recorded in October 2023. The benchmark price for an apartment home is currently $757,200.

Attached Home Sales- In October 2024, sales reached 501, marking a 40.7% rise from the 356 sales in October 2023. The benchmark price for a townhouse is now $1,108,800.

Recent trends indicate that the market has remained relatively balanced, with prices softening in recent months. However, with the recent rise in sales, the attached and apartment markets are now shifting toward a seller’s market, with the detached sector not far behind. This suggests that the period of price stabilization may be coming to a close.

Interested to discuss the current market situation, have some questions?

Wondering if its a good time to sell and buy? Looking for investment opportunity in a real estate market and want to hear pros and cons, lets discuss all the available options. 

Please contact us today at 604-442-9422

ABOUT ANNA LITVAK JOSEPH

Anna is a licensed REALTOR® based in Greater Vancouver and providing trading real estate services across Metro Vancouver, Greater Vancouver, Fraser Valley & Kelowna. Anna has an impressive track record and a wealth of experience in all the aspects of the real estate industry. As a full-time REALTOR®, Anna is dedicated to providing her clients with top-notch service, expert advice, and outstanding results in their real estate transactions. Anna emphasizes the importance of building valuable relationships and ensuring client satisfaction from the initial thoughts of making a move and through the home ownership journey. Her customer-centric approach is fundamental to her business philosophy.

With over 15 years of sales experience & entrepreneurship, Anna brings a high level of professionalism, customer service, and integrity to her real estate career. Anna’s outstanding performance in real estate is underscored by her impressive achievements. She qualified as a  Medallion Club Member in 2018, 2019, 2020, 2021, 2022,  and 2023 placing her among the top 10% of real estate agents in Greater Vancouver. Anna has worked hard to gain numerous 5 star testimonials, and is being featured in several publications year over year, including Vancouver Excellence in Real Estate, Top agent Magazines, and more. Anna is also highly ranked in multiple cities across RATE-MY-AGENT.

Anna’s professionalism, expertise and knowledge is the reason why the majority of her business today consists of referral or repeat customers.  

About the team: BC PRIME REALTY GROUP is a full-service real estate team that has grown over the years to a trusted brand that provides service to thousands of happy buyers and sellers.

Their dedication has been acknowledged with the prestigious Medallion Club award in 2023, highlighting their excellence as one of the top 10% teams among real estate groups in Greater Vancouver.

BC PRIME REALTY GROUP values diversity and relationship, therefore they follow client- centric approach, making it stress-free journey throughout their real estate experience.

BC PRIME GROUP is truly passionate about their mission of deliver excellence in Real Estate by building long term relationships. Their professionalism, expertise and knowledge is the reason why the majority of their business consists of referral or repeat customers. 

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