Metro Vancouver home sales increased by over 30% in December compared to the previous year, according to Greater Vancouver Realtors (GVR).
“Reflecting on 2024, it can be characterized as a pivotal year for the market following significant rises in mortgage rates in previous years,” stated Andrew Lis, GVR’s director of economics and data analytics, in a press release.
“With borrowing costs now decreasing, buyers have started to return in larger numbers after a period of lower activity—and this renewed strength is evident in recent monthly data.”
2024 Overview: Sales, Inventory, and Prices
Total residential sales in the region for the year were 26,561. This was 20.9% below the 10-year annual sales average, 1.2% higher than the 26,249 sales in 2023, and 9.2% lower than the 29,261 sales in 2022.
There were 60,388 properties listed on MLS in Metro Vancouver in the past year. This was 5.7% above the region’s 10-year annual average, 18.7% higher than the 50,894 properties listed in 2023, and 9.7% more than the 55,047 properties listed in 2022.
Currently, there are 10,948 properties listed for sale in Metro Vancouver, which is 24.4% higher than December 2024 and 25.3% above the 10-year seasonal average.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is now $1,171,500, a 0.5% increase from December 2023 and a 0.1% decrease from November 2024.
Total Sales Slightly Below Target but Positive Outlook for 2025
“Unfortunately, sales fell short of our projected target for the year, but the December figures indicate a strengthening trend in home sales, continuing the momentum from previous months,” Lis commented.
“These recent sales numbers are approaching long-term historical averages, indicating the potential for further sales growth as we enter 2025, should the current strength persist.”
Lis noted that while sales activity started slower in the year, price trends were rising initially before stabilizing towards the end of the year. With most market segments showing slight year-over-year increases, it seems that the 2025 market is poised to be more active than in recent years.
December Recap
Last month, total residential sales in the region reached 1,765, a 31.2% increase from December 2023 and 14.9% below the 10-year seasonal average.
There were 1,676 detached, attached, and apartment properties newly listed for sale in Metro Vancouver, representing a 26.3% increase from December 2023 and 1.1% below the 10-year seasonal average.
The sales-to-active listings ratio for all property types in December 2024 was 16.8% (12.1% for detached homes, 23.6% for attached homes, and 18.7% for apartment homes).
By Property Type
Detached home sales in December 2024 reached 494, a 31.4% increase from December 2023. The benchmark price for a detached home was $1,997,000, up 2.0% from December 2023 and nearly unchanged from November 2024.
Apartment home sales in December 2024 totalled 891, a 23.9% increase from December 2023. The benchmark price for an apartment home was $749,900, a 0.1% decrease from December 2023 and 0.4% lower than November 2024.
Attached home sales in December 2024 were 371, a 55.9% increase from December 2023. The benchmark price for a townhouse was $1,114,600, a 3.4% increase from December 2023 and 0.3% lower than November 2024.
Review the full report here.
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