Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.
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.”
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.”
Source-Greater Vancouver Realtors
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