A Strong Finish for Vancouver’s Home Sales in 2024
2024 marked a remarkable year for Vancouver’s real estate market. Vancouver Property Management, VPM Group, shares the latest data and insights on home sales in Metro Vancouver. Home sales on the Multiple Listing Service® (MLS®) saw a significant increase of over thirty percent in December compared to the previous year. This signals strengthening demand-side momentum.
Market Overview: Home Sales and Listings
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 26,561 in 2024, a 1.2 percent increase from 2023. This represents a slight decrease compared to 2022. Last year’s sales figures were 20.9 percent below the 10-year annual sales average. The market experienced a pivotal shift with declining mortgage rates. Buyers re-entered the market in greater numbers.
Highlights from the 2024 Real Estate Data
- Total Properties Listed: 60,388 properties were listed on the MLS® system in Metro Vancouver. This is an 18.7 percent increase compared to 2023.
- Current Listings: As of December 2024, there were 10,948 homes listed for sale. This is a 24.4 percent increase from the previous year.
- Benchmark Prices: The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,171,500. This reflects a 0.5 percent increase over December 2023.
December 2024 Summary: A Month of Growth
Residential sales in December 2024 totaled 1,765, a 31.2 percent increase from December 2023. Notable increases occurred across various property types, including detached homes, apartments, and townhouses. The sales-to-active listings ratio for December was 16.8 percent, indicating balanced market conditions.
Future Outlook: What to Expect in 2025
Andrew Lis, GVR’s director of economics and data analytics, notes that the recent strength in home sales suggests potential upside heading into 2025. With declining borrowing costs and renewed buyer interest, the market is poised for increased activity. Although sales started slower in 2024, the year ended with strong momentum, positioning 2025 to be more active than recent years.
VPM Group is Here to Help
VPM Group commits to keeping you informed with the latest real estate market trends and data. Whether you’re buying, selling, or investing, our team of experts will assist you every step of the way. Stay tuned for more updates and insights from Vancouver Property Management.
