What happened : Greater Vancouver home sales grew 45% year-over-year last month, pushing overall BC home sales, prices and sales volumes higher.

Why it matters : According to the British Columbia Real Estate Association, the provincial figures indicate that most markets throughout the province are returning to “a more typical level of sales activity.”

A recovery in residential real estate sales has pushed BC home prices higher.

Multiple Listing Services (MLS) data shows October home sales across the province rose 19.3% year-over-year, led by a 45% increase in Greater Vancouver sales.

That pop, along with slower listings activity, contributed to a 5.1% increase in the average price of a BC home, according to the British Columbia Real Estate Association (BCREA).

In a release published Wednesday (November 13), the BCREA noted that most markets throughout the province are returning to “a more typical level of sales activity.”

After Greater Vancouver – which registered 2,892 sales but saw average home prices fall 4.3% year-over-year – the Fraser Valley had the second-largest regional sales increase in B.C.: some 1,500 sales marked 36% growth over October 2018.

Across BC, total residential sales dollar volume for the month of October rose 25.4% year-over-year to $5.55 billion.

Year-to-date, sales dollar volume is down 9% compared with the same period in 2018. Sales are down 6.2% and the average home price, down 3%.

Greater Vancouver Home Sales Leap 45% in October by Hayley Woodin | Business in Vancouver