11/04/2019 13:47 EST | Updated 11/06/2019 09:28 EST

Vancouver Housing Market In Solid Rebound Mode As Sales Jump 45%

B.C.'s housing market is back! (To its old tricks, that is.)

edb3_16 via Getty Images
A neighbourhood in Surrey, Greater Vancouver, B.C.

VANCOUVER ― The Real Estate Board of Greater Vancouver (REBGV) says home sales surged 45.4 per cent in October from a year earlier as lower prices helped boost sales.

The board says there were 2,858 sales for the month, up from 1,966 sales a year ago, to come in 9.8 per cent above the 10-year sales average for October.

“This is a more comfortable market for people on both sides of a real estate transaction,” REBGV president Ashley Smith said.

“Home sale and listing activity were both at typical levels for our region in September.”

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The board says homebuyers have more confidence than in the first half of the year as prices edge down and interest rates remain low.

The composite benchmark price was down by 6.4 per cent from a year ago to $992,900, and down 1.7 per cent over the past six months.

This suggests the decline in house prices is moderating. Last month, prices had been 8.3 per cent lower than a year earlier.

Detached home sales were up 47.3 per cent, where the benchmark price was $1.41 million. Condo sales were up 40.5 per cent with a benchmark price of $652,500. Attached home sales were up 55.8 per cent with a benchmark price of $771,600.

New listings were down 16.4 per cent in October compared with a year ago at 4,074 combined listings. The total number of active listings was down 5.8 per cent from a year ago to 12,236.

With a file from HuffPost Canada

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