2024 - What a ride

The Metro Vancouver real estate market wrapped up 2024 on a high note, with renewed energy and plenty of buyer activity. Here’s a quick and friendly look at the key trends that shaped the market:

Sales Performance

December 2024 saw 1,765 homes sold—that’s a 31.2% jump from December 2023! While still 14.9% below the 10-year average, this uptick shows growing interest as we head into 2025.

For the whole year, total sales hit 26,561, a slight 1.2% rise from 2023. Even though sales are 20.9% below the decade average, December’s momentum hints at better times ahead.

Price Stability

The benchmark price for all homes in Metro Vancouver was $1,171,500 in December. That’s a 0.5% increase from December 2023 and just a tiny 0.1% drop from November 2024. Detached homes saw a 2% price bump over the year, townhouses were up 3.4%, and apartment prices stayed steady.

Active Listings and Inventory

There were 10,948 homes listed for sale in December, a 24.4% boost from last year and 25.3% above the 10-year average. This gives buyers more choices as the market finds its balance.

Sales-to-Active Listings Ratios

The sales-to-active listings ratio for December 2024 was 16.8% overall. Here’s how it breaks down:

• Detached homes: 12.1%

• Townhouses: 23.6%

• Apartments: 18.7%

When the ratio dips below 12%, prices tend to drop, and when it’s over 20%, prices usually rise.

Looking Ahead

With borrowing costs dropping and buyer confidence growing, 2025 is shaping up to be a lively year for real estate. December’s strong performance suggests more sales and potential price growth in the coming months.

Thinking about buying or selling in 2025? Now’s a great time to start planning and take advantage of the improving market. Stay tuned for more updates and tips to help you navigate the exciting opportunities ahead!