December Sales Up 31.2% Year-Over-Year

As 2024 ends, the Vancouver real estate market finished the year on a high note, with steady sales through the holiday season. Despite a slower start to the year, strengthening demand and increased inventory marked the final months of 2024, setting the stage for a more active market in 2025.

Property sales in Vancouver totalled 1,765 in December 2024, marking a 31.2% increase compared to the 1,345 sales recorded in December 2023. While still 14.9% below the 10-year seasonal average, this December proved one of the strongest months for sales activity in the latter half of the year.

New listings also saw a significant increase, with 1,676 new properties coming to market, up 26.3% year-over-year and nearly matching the 10-year seasonal average. Active inventory at year-end reached 10,948 homes - a 24.4% increase compared to December 2023 and a substantial 25.3% above the 10-year seasonal average.

Price trends remained steady in December. The composite benchmark price for all residential properties is now $1,171,500, up 0.5% year-over-year and virtually unchanged month-over-month. Detached homes led the way with a 31.4% increase in sales, while attached homes posted the strongest growth at a notable 55.9% year-over-year.

• Detached home sales reached 494 in December 2024, a 31.4% increase compared to December 2023. The benchmark price for a detached home ended the year at $1,997,000, reflecting a 2% year-over-year increase and stability month-over-month.

• Attached home sales saw the strongest growth, surging 55.9% year-over-year to 371 units. The benchmark price for an attached home was $1,114,600, a 3.4% year-over-year increase and a modest 0.3% decline month-over-month.

• Apartment sales totalled 891 in December, up 23.9% year-over-year. The benchmark price for an apartment was $749,900, unchanged from December 2023 and down 0.4% month-over-month.

2024: A Year of Stabilization, Resilience & Transition

The story of 2024 in Vancouver's real estate market was one of resilience and recovery, with sales now steadily climbing after a challenging start to the year. Looking at the year, sales across all residential property types totalled 26,561, a 1.2% increase from the 26,249 sales in 2023. While sales remained 20.9% below the 10-year annual average, the market began to shift in the second half of the year, as buyers re-entered the scene and activity began to stabilize.

Inventory also saw a significant rise in 2024, with 60,388 properties listed—an 18.7% increase compared to 2023 and 5.7% above the 10-year annual average. This growth in inventory provided much-needed balance to the market, helping to moderate price trends across property types. While detached and attached homes posted moderate price gains, apartment prices remained flat, reflecting a year of stabilization across the board. 

What Should Buyers & Sellers Expect In 2025?

As Andrew Lis, GVR Director of Economics and Data Analytics, noted, 2024 was largely a "pivot year" for our market, highlighting how the effects of rising mortgage rates in previous years gave way to renewed buyer activity as borrowing costs began to decline.

Though price growth remained subdued in 2024, the upward trend in December's sales data confirms growing demand. If sales activity can continue at this rate, there is growing potential for upward price pressure in 2025, especially if inventory growth does not keep pace with buyer interest. Buyers should consider acting while prices remain stable and inventory is elevated, while sellers may find more opportunities as demand continues to build in the new year.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.