December 2024 Greater Vancouver Residential Market Report: A Pivot Point for Real Estate
As we wave goodbye to 2024, Metro Vancouver's real estate market shows signs of recovery and momentum. December’s stats reveal a market shaking off the challenges of recent years, fueled by improving affordability and buyer confidence. Let's dive into the key highlights of the December 2024 GVR Residential Market Report.
Home Sales Surge Over 30% in December
Residential sales on the MLS® reached 1,765 homes in December 2024—a whopping 31.2% increase compared to December 2023. While sales still trail the 10-year average by 14.9%, this strong finish highlights a steady revival in buyer activity.
In total, Metro Vancouver recorded 26,561 sales in 2024, up 1.2% from 2023 but still down 9.2% from 2022. Despite challenges, this uptick signals strengthening demand as borrowing costs continue to decline.
More Listings Hit the Market
Sellers took note of the shifting market, listing 60,388 properties on the MLS® in 2024—a notable 18.7% increase compared to 2023 and 9.7% more than in 2022. December alone saw 1,676 new listings, up 26.3% from last year. This rise in inventory is creating opportunities for buyers to find their dream homes.
Home Prices: Steady as She Goes
The MLS® Home Price Index benchmark for all residential properties in Metro Vancouver stands at $1,171,500, a slight 0.5% increase from December 2023. Detached homes, apartments, and townhouses showed varied performance:
Detached Homes: Sales surged 31.4%, with a benchmark price of $1,997,000 (up 2% YoY).
Apartments: Sales rose 23.9%, while the benchmark price dipped slightly to $749,900 (down 0.1% YoY).
Townhouses: The standout segment, sales jumped 55.9%, with a benchmark price of $1,114,600 (up 3.4% YoY).
Sales-to-Active Listings Ratio: A Balanced Market?
December’s sales-to-active listings ratio was 16.8%, reflecting a balanced market:
Detached Homes: 12.1%
Townhouses: 23.6%
Apartments: 18.7%
Price pressures typically rise when this ratio surpasses 20%, and dip when it stays below 12%. With ratios hovering near balanced levels, prices are likely to remain steady in the near term.
2024: A Year of Recovery
Andrew Lis, GVR’s director of economics, summed up the year:
"2024 was a pivot year, with buyers returning as borrowing costs declined. While sales fell short of forecasts, renewed activity in late 2024 signals potential upside heading into 2025."
Market activity picked up late in the year, but 20.9% below the 10-year average sales levels, there’s still room for growth. If the current momentum continues, 2025 could be a banner year for Metro Vancouver real estate.
What’s Next for 2025?
With listings on the rise, borrowing costs easing, and buyer confidence growing, the stage is set for an active 2025. For homeowners and prospective buyers, it’s an opportune moment to explore options, whether you’re planning to sell, upgrade, or invest.
Curious about your home’s value or looking for your next move? Let’s connect! I’m here to help you navigate the evolving market.
📞 604.862.8000
📧 robert@HomesForBC.ca
🌐 HomesForBC.ca
Stay tuned for more updates and insights as we kick off 2025 with optimism!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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