{"id":25011,"date":"2024-12-02T10:10:30","date_gmt":"2024-12-02T18:10:30","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25011"},"modified":"2024-11-27T08:43:29","modified_gmt":"2024-11-27T16:43:29","slug":"a-recovery-in-housing-market-to-normal-levels-has-arrived","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/12\/a-recovery-in-housing-market-to-normal-levels-has-arrived\/","title":{"rendered":"A Recovery in Housing Market to Normal Levels Has Arrived"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 25, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,119 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) Systems in October 2024, up 33.5% from October 2023. The average MLS\u00ae residential price in BC in October 2024 was up 0.3% at $970,845 compared to an average price of $968,256 in October 2023.<\/p>\n<p style=\"text-align: justify;\">The total sales dollar volume was $6.9 billion, a 33.8% increase from the same time the previous year. BC MLS\u00ae unit sales were 8% lower than the ten-year average for October.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile it took longer than expected, a recovery in home sales to more normal levels has seemingly arrived,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cAcross BC, we saw significant month-over-month increases in activity as buyers returned to the market after a long high-interest rate driven hiatus.\u201d<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume is down 0.2% to $62.9 billion, compared with the same period in 2023. Residential unit sales are down by 1.1% year-over-year at 64,176 units, while the average MLS\u00ae residential price is up 0.9% to $980,280.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2024-10.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/housing-markets-post-strong-rebound-in-october\/\" target=\"_blank\" rel=\"noopener\">Housing Markets Post Strong Rebound in October<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 November 25, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,119 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) Systems in October 2024, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/12\/a-recovery-in-housing-market-to-normal-levels-has-arrived\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-25011","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Recovery in Housing Market to Normal Levels Has Arrived &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/12\/a-recovery-in-housing-market-to-normal-levels-has-arrived\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Recovery in Housing Market to Normal Levels Has Arrived &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 November 25, 2024. 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