Home sales in Metro Vancouver jumped 31.9 per cent in October compared with the same month last year, according to Greater Vancouver Realtors (GVR). The real estate board says the strong sales are a sign buyers may be responding to lower interest rates. 

“To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada—and more likely to come on the horizon—it was only a matter of time until signs of renewed strength in demand showed up,” explains Andrew Lis, GVR’s director of economics and data analytics.

Sales slightly below 10-year average

There were 2,632 residential sales registered on MLS in the region, 5.5 per cent below the 10-year seasonal average, after months of tracking approximately 20 per cent below the trendline. 

New listings jump nearly 17%

The board says 5,452 properties were newly listed on Metro Vancouver’s MLS, a 16.9 per cent increase year-over-year and 20 per cent above the 10-year seasonal average. 

“While the strength in October’s numbers is encouraging, one data point does not make a trend,” Lis says. “Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end.”

HPI down slightly

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1.17-million—a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.