Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over 30% in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 26,561 in 2024, a 1.2% increase from the 26,249 sales recorded in 2023, and a 9.2% decrease from the 29,261 sales in 2022.

Last year’s sales total was 20.9% 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.”

Properties listed on the MLS® system in Metro Vancouver totalled 60,388 in 2024. This represents an 18.7% increase compared to the 50,894 properties listed in 2023. This was 9.7% above the 55,047 properties listed in 2022.

The total number of properties listed last year was 5.7% above the region’s 10-year annual average (57,136).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 10,948, a 24.4% increase compared to December 2024 (8,802). This total is also 25.3% above the 10-year seasonal average (8,737).

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% increase over December 2023 and a 0.1% 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.”

December 2024 Summary

Residential sales in the region totalled 1,765 in December 2024, a 31.2% increase from the 1,345 sales recorded in December 2023. This was 14.9% below the 10-year seasonal average (2,074) for the month.

There were 1,676 detached, attached and apartment properties newly listed for sale on the MLS® system in Metro Vancouver in December 2024. This represents a 26.3% increase compared to the 1,327 properties listed in December 2023. This was 1.1% below the 10-year seasonal average (1,695).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8%. By property type, the ratio is 12.1% for detached homes, 23.6% for attached, and 18.7% for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Sales of detached homes in December 2024 reached 494, a 31.4% increase from the 376 detached sales recorded in December 2023. The benchmark price for a detached home is $1,997,000. This represents a 2%t increase from December 2023 and is nearly unchanged compared to November 2024.

Sales of apartment homes reached 891 in December 2024, a 23.9% increase compared to the 719 sales in December 2023. The benchmark price of an apartment home is $749,900. This represents a 0.1% decrease from December 2023 and a 0.4% decrease compared to November 2024.

Attached home sales in December 2024 totalled 371, a 55.9% increase compared to the 238 sales in December 2023. The benchmark price of a townhouse is $1,114,600. This represents a 3.4% increase from December 2023 and a 0.3% decrease compared to November 2024.

Click here to view the 2024 year-end stats package.

Home Sales Register A Strong Finish to Cap Off 2024 by GVR