December 2024 | Metro Vancouver Real Estate Market Update

Posted on Jan 07, 2025

As 2024 came to a close, the Metro Vancouver real estate market ended the year on a high note, showing signs of recovery and resilience. According to the latest report from the Greater Vancouver REALTORS® (GVR), the region experienced a steady increase in buyer activity, particularly in the latter part of the year. Below, we delve into key highlights and insights from the December 2024 market report.


Detached Homes Market Trends in December 2024

  • Active Listings: 4,081
  • Sales: 494
  • Benchmark Price: $1,997,000
  • Average Days on Market: 58
The detached home market remained competitive, with a steady flow of sales and prices holding firm. While average days on the market suggest buyers took their time, the overall demand signals continued interest in this segment.

Attached Homes: Sales and Prices

  • Active Listings: 1,574
  • Sales: 371
  • Benchmark Price: $1,114,600
  • Average Days on Market: 44
Attached homes, including townhomes and duplexes, showed strong performance, with prices maintaining stability. The average time on the market indicates quicker turnover compared to detached homes, reflecting solid demand.

Apartments: Buyer Interest in December

  • Active Listings: 4,774
  • Sales: 891
  • Benchmark Price: $749,900
  • Average Days on Market: 41
The apartment segment led the market in December, with nearly 900 sales. This segment’s affordability compared to detached and attached homes continued to attract first-time buyers and investors.

Key Insights from the MLS® Home Price Index

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver reached $1,171,500 in December 2024. This reflects:

  • A 0.5% increase compared to December 2023
  • A slight 0.1% decrease from November 2024
Andrew Lis, GVR’s director of economics and data analytics, noted: “2024 marked a pivot year for the market as buyers adapted to declining mortgage rates. This renewed confidence was evident in the latter months of the year.”

For more detailed data, visit the official Real Estate Board of Greater Vancouver MLS® Home Price Index.

TRI-CITIES STATS




Looking Ahead to 2025

With borrowing costs on a downward trend and inventory levels rising, the Metro Vancouver real estate market is poised for continued growth in 2025. December ended with 10,948 homes listed for sale, representing a 24.4% increase from the same time last year. This expanding inventory offers opportunities for buyers while maintaining balance for sellers.


Explore the Market with Confidence

Are you ready to make your move in Metro Vancouver? Whether you’re buying your first home, upgrading, or selling, the Kyle Lamb Real Estate Group is here to guide you. With our expertise in the Tri-Cities and Fraser Valley, we deliver authentic, trustworthy, and proven results.

Contact us today to discuss your real estate goals for 2025!


Additional Resources for Buyers and Sellers

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