compiled by Emili TK
Home sales in Greater Vancouver saw a significant increase of 31.2 percent in December compared to the previous year, marking the conclusion of what real estate experts are calling a “pivot year” for the market. December’s 1,765 home sales were still 14.9 percent below the region’s 10-year seasonal average, according to Greater Vancouver Realtors.
The real estate board reported that new property listings in December reached 1,676, a 26.3 percent increase from December 2023.
The composite benchmark price for homes in the area was $1,171,500, up by 0.5 percent from the same time last year, though it remained slightly below November’s price, down by 0.1 percent.
Andrew Lis, the board’s director of economics and data analytics, explained that while the year started slowly, price trends showed an upward movement as 2024 progressed. He also noted that, based on current trends, the real estate market in 2025 is expected to be much more active than in recent years.
This follows recent property assessments from BC Assessment, which revealed mostly flat property values across the province. While most communities saw prices fluctuate within a range of plus or minus 3 percent, Vancouver experienced a slight decrease in residential values by 0.8 percent. Victoria and Kelowna saw larger declines of 2 percent and 2.9 percent, respectively. These assessments reflected market conditions as of July 1, 2024.
In 2024, Greater Vancouver saw an overall 1.2 percent increase in home sales, with a total of 26,561 transactions. However, this still remains 20.9 percent below the 10-year annual sales average. The number of properties listed in Metro Vancouver reached 60,388 in 2024, an 18.7 percent increase compared to 2023 and 5.7 percent higher than the 10-year average.
Currently, the region has 10,948 homes listed for sale, which is 24.4 percent higher than December 2024 and about a quarter above the 10-year seasonal average.
Looking back on 2024, Lis described the year as a “pivot” in the market, especially after the significant rise in mortgage rates in prior years. With borrowing costs now on the decline, buyer activity has picked up, signaling stronger market conditions for 2025.
