DECEMBER MARKET SNAPSHOT

As we festively wrap 2024, let's take a moment to analyze both current market trends and those projected for 2025. 

Home sales in Metro Vancouver rose 28% year-over-year in November 2024, continuing the upward trend seen in October. Residential sales totalled 2,181, up from 1,702 in November 2023, although still 12.8% below the 10-year seasonal average of 2,500.

New listings for detached, attached, and apartment properties reached 3,725, a 10.6% year-over-year increase and 5.4% above the 10-year seasonal average. The total active listings hit 13,245, up 21.2% from last year and 26.1% above the 10-year average.

The sales-to-active listings ratio for all property types was 17.1% in November, with detached homes at 12.7%, attached homes at 23.1%, and apartments at 18.7%. Analysts note that sustained ratios above 20% put upward pressure on prices, while ratios below 12% can cause downward pressure.

Despite higher demand, prices remained steady. The MLS® Home Price Index composite benchmark price for all residential properties was $1,172,100, a 0.9% decrease from November 2023 and nearly unchanged from October 2024.

• Detached Homes: Sales rose 19.7% year-over-year to 626. The benchmark price was $1,997,400, up 1% year-over-year.
• Apartments: Sales increased 28.1% year-over-year to 1,089. The benchmark price was $752,800, down 1.2% year-over-year.
• Townhouses: Sales surged 42.7% year-over-year to 451. The benchmark price was $1,117,600, up 1.8% year-over-year.