Metro Vancouver Real Estate Update: Home sales registered on the MLS® in Metro Vancouver1 rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024. The Greater Vancouver REALTORS® reports that residential sales in the region totalled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023. 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 per cent increase over December 2023 and a 0.1 per cent decrease compared to November 2024.
Real Estate Update by Property Type
Condos
Sales: 891 up by 23.9% from last year
Benchmark Price: $749,900 down 0.1% from last year
Townhouses
Sales: 371 up by 55.9% from last year
Benchmark Price: $ 1,114,600 up 3.4% from last year
Detached Homes
Sales: 494 up by 31.4% from last year
Benchmark Price: $1,997,000 up 2.0% from last year
What Does This Mean?
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.
Contact your Two Awesome Realtors for more information on how the market is performing in your neighbourhood!
