Home sales register a strong finish to cap off 2024
VANCOUVER, BC – January 3, 2025 – Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty percent in December, compared to the previous year, signaling strengthening demand-side momentum to close out 2024.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 26,561 in 2024, a 1.2 percent increase from the 26,249 sales recorded in 2023, and a 9.2 percent decrease from the 29,261 sales in 2022. Last year’s sales total was 20.9 percent below the 10-year annual sales average (33,559).
“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”
Properties listed on the MLS® system in Metro Vancouver totaled 60,388 in 2024. This represents an 18.7 percent increase compared to the 50,894 properties listed in 2023. This was 9.7 percent above the 55,047 properties listed in 2022. The total number of properties listed last year was 5.7 percent above the region’s 10-year annual average (57,136).
Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 10,948, a 24.4 percent increase compared to December 2024 (8,802). This total is also 25.3 percent above the 10-year seasonal average (8,737).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500. This represents a 0.5 percent increase over December 2023 and a 0.1 percent decrease compared to November 2024.
“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said. “These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue. Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few percent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”
December 2024 summary
Residential sales in the region totaled 1,765 in December 2024, a 31.2 percent increase from the 1,345 sales recorded in December 2023. This was 14.9 percent below the 10-year seasonal average (2,074) for the month.
There were 1,676 detached, attached, and apartment properties newly listed for sale on the MLS® system in Metro Vancouver in December 2024. This represents a 26.3 percent increase compared to the 1,327 properties listed in December 2023. This was 1.1 percent below the 10-year seasonal average (1,695).
Across all detached, attached, and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 percent. By property type, the ratio is 12.1 percent for detached homes, 23.6 percent for attached, and 18.7 percent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
Sales of detached homes in December 2024 reached 494, a 31.4 percent increase from the 376 detached sales recorded in December 2023. The benchmark price for a detached home is $1,997,000. This represents a two percent increase from December 2023 and is nearly unchanged compared to November 2024.
Sales of apartment homes reached 891 in December 2024, a 23.9 percent increase compared to the 719 sales in December 2024. The benchmark price of an apartment home is $749,900. This represents a 0.1 percent decrease from December 2023 and a 0.4 percent decrease compared to November 2024.
Attached home sales in December 2024 totaled 371, a 55.9 percent increase compared to the 238 sales in December 2024. The benchmark price of a townhouse is $1,114,600. This represents a 3.4 percent increase from December 2023 and a 0.3 percent decrease compared to November 2024.