Vancouver-area home sales surge in October amid lower borrowing costs

Home sales in Greater Vancouver surged 31.9% in October compared to last year, indicating a potential rebound following the Bank of Canada's interest rate cuts. There were 2,632 sales, just 5.5% below the 10-year average, with 5,452 new listings, up 16.9% from last year. The total listings reached 14,477, 26.2% above the average. In the Fraser Valley, sales increased by 35% from September and 37% year-over-year, attributed to the recent interest rate cuts. The composite benchmark price in Vancouver is $1,172,200, down slightly from previous months.