Home sales register a strong finish to cap off 2024

 January 3, 2025 

 

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver1 rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region
totalled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023, and a
9.2 per cent decrease from the 29,261 sales in 2022.

Last year’s sales total was 20.9 per cent 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 totalled 60,388 in 2024. This

represents an 18.7 per cent increase compared to the 50,894 properties listed in 2023. This
was 9.7 per cent above the 55,047 properties listed in 2022.
The total number of properties listed last year was 5.7 per cent 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 per cent increase compared to December 2024 (8,802). This total is also 25.3
per cent 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 per cent increase over
December 2023 and a 0.1 per cent 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 per cent 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 totalled 1,765 in December 2024, a 31.2 per cent increase from
the 1,345 sales recorded in December 2023. This was 14.9 per cent 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 per cent increase
compared to the 1,327 properties listed in December 2023. This was 1.1 per cent 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 per cent. By property type, the ratio is 12.1 per cent for detached
homes, 23.6 per cent for attached, and 18.7 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the
ratio dips below 12 per cent for a sustained period, while home prices often experience
upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2024 reached 494, a 31.4 per cent 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 per cent increase from December 2023 and is nearly
unchanged compared to November 2024.

Sales of apartment homes reached 891 in December 2024, a 23.9 per cent increase
compared to the 719 sales in December 2024. The benchmark price of an apartment home is
$749,900. This represents a 0.1 per cent decrease from December 2023 and a 0.4 per cent
decrease compared to November 2024.

Attached home sales in December 2024 totalled 371, a 55.9 per cent increase compared to
the 238 sales in December 2024. The benchmark price of a townhouse is $1,114,600. This
represents a 3.4 per cent increase from December 2023 and a 0.3 per cent decrease
compared to November 2024.