Metro Vancouver Real Estate Market Closes 2024 on a Strong Note
VANCOUVER, BC – January 3, 2025 – December 2024 saw a notable uptick in home sales across Metro Vancouver, with transactions recorded on the Multiple Listing Service® (MLS®) rising by over 30% compared to December 2023. This surge reflects a growing demand in the real estate market as the year came to a close.
According to the Greater Vancouver REALTORS® (GVR), the total number of residential sales in 2024 reached 26,561, marking a 1.2% increase from 2023’s 26,249 sales. However, this figure remains 9.2% below the 29,261 sales recorded in 2022 and 20.9% below the 10-year average of 33,559 annual sales.
“2024 was a year of transition for Metro Vancouver’s real estate market,” said Andrew Lis, GVR’s director of economics and data analytics. “Following sharp increases in mortgage rates in prior years, declining borrowing costs have begun to re-energize buyers. This renewed interest is becoming increasingly evident in recent monthly sales data.”
Listings and Inventory
A total of 60,388 properties were listed on the MLS® system in 2024, an 18.7% rise from 50,894 listings in 2023 and 9.7% higher than the 55,047 listings in 2022. This figure was also 5.7% above the region’s 10-year average of 57,136 listings.
As of now, the number of active listings on the MLS® system stands at 10,948, a 24.4% increase from December 2023 and 25.3% above the 10-year seasonal average of 8,737.
Price Trends
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500. This reflects a 0.5% increase compared to December 2023 and a marginal 0.1% decrease from November 2024.
“While total sales fell slightly short of our forecast, December data points to strengthening momentum in the market,” Lis noted. “Sales are trending back toward long-term averages, signaling room for growth as we move into 2025. If this momentum continues, we could see an even more active market this year.”
December 2024 Highlights
- Residential Sales: 1,765 homes sold in December, a 31.2% increase from December 2023 but 14.9% below the 10-year seasonal average of 2,074.
- New Listings: 1,676 new properties were listed in December, up 26.3% from December 2023, though slightly below the 10-year seasonal average of 1,695.
- Sales-to-Active Listings Ratio: The overall ratio was 16.8%, with detached homes at 12.1%, attached homes at 23.6%, and apartments at 18.7%.
Market Segment Breakdown
- Detached Homes: December sales reached 494, up 31.4% year-over-year. The benchmark price for detached homes was $1,997,000, a 2% annual increase, with prices holding steady compared to November 2024.
- Apartment Homes: Sales totaled 891 in December, a 23.9% year-over-year increase. The benchmark price was $749,900, down 0.1% annually and 0.4% from November 2024.
- Attached Homes: Townhouse sales saw the largest growth, surging 55.9% year-over-year to 371 transactions. The benchmark price was $1,114,600, up 3.4% from December 2023 and down 0.3% from November 2024.
While 2024 started on a slower note, the year closed with steady price trends and growing buyer activity. These developments set the stage for what could be a more dynamic market in 2025.