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

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

The total of last year’s sales was 20.9 % below the 10-year annual sales average of 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.” 

Metro Vancouver properties listed on the MLS® system totaled 60,388 in 2024, representing an 18.7 % increase from 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 of 57,136. 

The total number of Metro Vancouver homes currently listed for sale on the MLS® system is 10,948, a 24.4 % rise above December 2024 (8,802). This total is also 25.3 % above the 10 year seasonal average of 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 % 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 totaled 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 of 2,074 for the month.  

There were 1,676 Metro Vancouver detached, attached and apartment properties newly listed for sale on the MLS® system 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 of 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 past data suggests downward pressure on home prices takes place when the ratio dips below 12 % for a sustained period, while home prices often experience upward pressure when it passes 20 % over several months.  

The sale of detached homes reached 494 in December 2024, 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 two % increase from December 2023 and is almost unchanged compared to November 2024.  

Apartment home sales 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. 

In December 2024, attached home sales totaled 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. 

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