Greater Vancouver had a total of 2,698 residential home sales in October – an increase of a staggering 37% compared with October 2012's 1,970 sales, the British Columbia Real Estate Association (BCREA) announced November 15.
The dollar volume of sales in the Vancouver area also jumped, growing by 44.2% from $1.5 billion in October 2012 to $2.1 billlion.
The province as a whole had a total of 6,673 residential home sales in October – the strongest October in four years, according to the BCREA. October's sales were up 26.5% compared with one year prior (5,276 units). Province-wide dollar volumes jumped 34.5% from $2.7 billion in October 2012 to $3.6 billion this October.
"The fall housing market is shaping up to be the most active in four years," said BCREA chief economist Cameron Muir.
"Persistently low mortgage interest rates and an element of pent-up demand have driven home sales higher in the province's large Lower Mainland and Vancouver Island markets."
Muir noted that although the rebound in demand across B.C. has been sizeable, sales are still trending near the long-term average, and strong economic and employment growth will be needed to maintain accelerated progress.
Sales in Victoria grew year-over-year by 36.6% to 470 units in October 2013 from 344 on year prior. Dollar values jumped 39.4% from $160 million to $223 million over the same period.
The biggest increase in home sales in B.C. was found in Powell River, where home sales were up 115.4% from 13 units in October 2012 to 28 units in October 2013.
Sales Canada-wide were up 8.3% in October 2013 year-over-year, led by gains in Greater Vancouver, Calgary, Edmonton and Greater Toronto, according to the Canadian Real Estate Association.
