December 2024 Real Estate Market Update

Home sales registered on the MLS in Metro Vancouver rose over 30 % in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

Residential sales in the region totalled 1,765 in December 2024, a 31.2 % increase from the 1,345 sales recorded in December 2023. This was 14.9 % below the 10-year seasonal average (2,074) for the month.

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 %. By property type, the ratio is 12.1 %  for detached homes, 23.6 % for attached, and 18.7 % for apartments.

“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.”

“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.”

We often find the statistics can be broad, and you might wonder “How does this relate to my home?” We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understand what’s really going on in your neighbourhood.

Downtown Vancouver: 

• Market Type: Balanced Market at 15% Sales Ratio average (1.5 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 4% below list price
• Most Active Price Band: Homes between $2 mil – $2.5 mil with average 37% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $5 mil Downtown and minimum 2 bedroom properties
• Opportunity for Sellers: Selling homes in Yaletown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

• Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 3% below list price
• Most Active Price Band: Homes between $2.25 mil – $2.75 mil with average 67% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes minimum $7.5 mil Shaughnessy, South Granville and minimum 7 bedroom properties
• Opportunity for Sellers: Selling homes in Arbutus, Kitsilano and 3 t0 6 bedroom properties

Attached Housing

• Market Type: Balanced Market at 20% Sales Ratio average (2 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% above list price
• Most Active Price Band: Homes between $500,000 – $600,000 with average 7% Sales Ratio (Sellers market)
• Opportunity for Buyers: Homes between $2.25 mil – $3 mil Quilchena, South Cambie, South Granville and 3 bedroom properties
• Opportunity for Sellers: Selling homes in  Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

• Market Type: Balanced Market at 13% Sales Ratio average (1.3 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 5% below list price
• Most Active Price Band: Homes between $1.25 mil – $1.5 mil with average 64% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $2.5 mil – $3.5 mil, Collingwood, Killarney and minimum 5 bedroom properties
• Opportunity for Sellers: Selling homes in Fraser, Fraserview and 3 to 4 bedroom properties

Attached Housing

• Market Type: Sellers Market at 28% Sales Ratio average (2.8 in 10 homes selling rate)
• Housing Prices: Homes are selling on average 1% below list price
• Most Active Price Band: Homes between $700,000 – $800,000 with average 38% Sales Ratio (Sellers Market)
• Opportunity for Buyers: Homes between $1.5 to $1.75mil, Grandview Woodland, Killarney, Renfrew, South Vancouver and 3 bedrooms
• Opportunity for Sellers: Selling homes in Main, Mount Pleasant and up to 1 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on January 2, 2025  from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.