What Happened in December 2024 in the Greater Vancouver Housing Market?

Increased Market Activity Compared to Last Year: 

December 2024 saw 31% more sales and 24% more inventory compared to December 2023.

Activity Still Below 10-Year Average:

Sales were down 15%, and inventory was up 25% compared to the 10-year December average.

Price Trends:

Detached homes: Prices increased by 2%

Condos: Prices remained relatively flat, with a slight decline of 0.1%. 

Townhomes and Duplexes: Prices rose by 3.4%. 

Overall Benchmark Price: Increased by 0.5%, a surprising trend given economic conditions

Interest Rates and Future Expectations:

As interest rates continue to decrease, market activity is expected to rise. A build-up of sideline demand from slower activity in previous years could drive more sales.

DECEMBER 2024 VANCOUVER REAL ESTATE STATS: 

Sales are up 31.2% from December 2023

Sales are down 14.9% compared to the 10-year average for December 

Detached Market

• Benchmark price up 2%
• 12.1% sales to active ratio

Townhome Market

• Benchmark price up 1.8%
• 23.6% sales to active ratio

Condo Market

• Benchmark price down 0.3%
• 18.7% sales to active ratio