Home Sales register a strong finish to cap off 2024!VANCOUVER, BC – January 3, 2025 – Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signaling 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.”
“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.”
December 2024 summary
Residential sales in the region totalled 1,765 in December 2024, a 31.2 per cent increase from the 1,345 sales recorded in December 2023. This was 14.9 per cent below the 10-year seasonal average (2,074) for the month.
Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 per cent. By property type, the ratio is 12.1 per cent for detached homes, 23.6 per cent for attached, and 18.7 per cent for apartments. Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Hello!
Happy New Year! Hope you and yours had an amazing holiday season, and wishing you all the best in 2025!
The above is from the Greater Vancouver Realtors Monthly Statistics letter.
New BC Assessments are out. You may not have received them in the mail yet, due to the backlog from the Canada Post strike in December. However, you can look at the new assessments online at: www.bcassessment.ca
Elevated activity in December was certainly promising, but don’t forget that we are still playing “catch-up” value-wise. Certain areas have had an increase in assessed value, mostly due to the low number of sales. However, most metropolitan areas with any substantial or reasonable amount of sales have seen a slight decline in value compared to last year. If you are seeing this for your property, understand that you are not alone. The increased rates over the last year and a half, coupled with additional taxes that the government has imposed into the real estate market, has resulted in an increase of supply while reducing demand. This resulted in more of a Buyer’s Market over the last year.
Some of our clients did decide to exit the market despite a loss or a minimal gain, to venture into other investments. This was definitely an option for many. But some clients that were moving, they were not affected by the market as much – Buy high, sell high; Buy low, sell low.
With the rates stabilizing now, and the resignation of Justin Trudeau, we don’t expect as many new unilateral policy changes in the next couple of months at least. So hopefully we will be going back to a normal Real Estate trend with a Spring season that allows you to take action with more predictability.
Please give us a call or reply to this email if you would like to chat about your plans, whether it’s right away or in a few months. We would love the opportunity to tailor a specific plan for your timing and needs.
Looking to buy, sell or move? Please reply to this email, and we would be delighted to chat with you! Check out our Google reviews HERE.
Please click the below links for your complimentary updated Vancouver Real Estate statistics package. For a more detailed pricing/activities package for your relevant area, please feel free to contact us, and we would be happy to send one to you.