Metro Vancouver’s real estate market finished 2024 on a strong note, with significant December sales growth underscoring an improving demand trend throughout the year. However, total annual activity remained subdued compared to historical averages.
Sales
December 2024 recorded 1,765 residential property sales across Metro Vancouver, for a robust 31.2% increase over December 2023. While this represented a notable improvement, sales remained 14.9% below the 10-year monthly average of 2,074 transactions. Detached home sales jumped 31.4% year-over-year compared to December 2023. Attached properties experienced the sharpest increase, climbing 55.9% compared to a year prior. Apartment sales rose by 23.9% compared to December 2023.
The Greater Vancouver Realtors® suggests that easing borrowing costs likely contributed to stronger market participation.
On an annual basis, total sales for 2024 reached 26,561, a modest 1.2% increase from 2023. However, the figure fell short of the 10-year average of 33,559, trailing by 20.9%. Compared to the 29,261 sales recorded in 2022, this marked a 9.2% decline.
Listings
Throughout the year, 60,388 new residential listings were added to the MLS® system in Metro Vancouver, an 18.7% rise from 2023. This total also surpassed the 10-year average of 57,136 listings by 5.7%, and reflected a 9.7% increase over 2022.
As of December 2024, there were 10,948 active residential listings, up 24.4% compared to December 2023. This inventory level was also 25.3% higher than the 10-year seasonal average.
Sales-to-Active Listings
The sales-to-active listings ratio stood at 16.8%, signalling a balanced market. Detached homes posted a ratio of 12.1%, while attached and apartment properties were higher at 23.6% and 18.7%, respectively.
Prices
Home prices in Metro Vancouver remained relatively stable in 2024, reflecting balanced conditions between supply and demand. The MLS® Home Price Index composite benchmark price for all residential properties stood at $1,171,500 in December, a modest 0.5% increase from December 2023 and a slight drop of 0.1% from November 2024.
Detached Homes
The benchmark price reached $1,997,000 in December, a 2.0% increase from the prior year. Despite some fluctuations during the year, detached home prices remained nearly flat month-over-month, with negligible change compared to November 2024.
Attached Homes
Townhouses closed the year with a benchmark price of $1,114,600, marking a 3.4% annual increase and a minor 0.3% decline from the previous month. This segment demonstrated the strongest year-over-year gains in value.
Apartments
Apartment units had a benchmark price of $749,900 in December 2024, reflecting stability with a slight 0.1% decrease from December 2023 and a 0.4% dip month-over-month.
2025 H1 Forecast
As sales momentum improved in late 2024, it has set a stronger foundation heading into 2025, according to the Greater Vancouver Realtors®.
Key factors shaping the 2025 forecast include:
- Strong fundamentals such as household formation, population growth, and employment strength.
- Lower borrowing costs supporting increased homebuyer demand.
- Inventory levels being a decisive factor in price dynamics.
Greater sales activity is expected in the first half of the year, buoyed by pent-up demand and lower borrowing costs, before stabilizing in the latter half. Price growth is also projected to rebound, with early-year borrowing cost reductions playing a central role.
Risks to the 2025 Forecast
A potential recession, trade disputes with the U.S., and political uncertainty (both domestically and abroad) may dampen demand. Elevated unemployment could lower valuations, while U.S. tariffs might temporarily suppress cross-border investment and sales activity. The GRV indicates that preliminary analyses suggest tariffs could temporarily reduce sales and economic activity, but their direct impact on home prices may remain modest.
The GVR also suggests that, on the other hand, accelerated declines in borrowing costs, faster-than-expected inventory absorption, or policy changes under a new Canadian government could drive stronger-than-expected growth.