Great Vancouver Area

Positive Trends in Vancouver's Housing Market as 2024 Concludes

Vancouver's housing market wrapped up 2024 positively, with total sales activity reaching 26,561, marking a 1.2% increase from 2023. While this number is still 21% below the 10-year annual average, the upward trend is promising. The year also saw a significant surge in new listings, totaling 60,388—a remarkable 19% increase compared to last year. Notably, both the average and benchmark home prices in Vancouver experienced year-over-year growth as of December 2024.

As of December 2024, the average home price in Greater Vancouver stood at $1,275,672, representing a solid 2.5% annual rise. Although the average sale price of detached homes dipped by 1.6% from the previous month to $2,124,762, it still reflects a notable yearly increase of 2.9%. Furthermore, average prices for attached homes and apartments in Greater Vancouver reached $1,258,058 and $809,035, respectively. This indicates a month-over-month increase of 1.4% for attached homes and a significant 3.0% for apartments, while year-over-year data shows a slight decline of 1.5% for attached homes, alongside a gratifying 1.0% increase for apartments.

These trends demonstrate a resilient housing market, suggesting opportunities for buyers and sellers alike. The increase in new listings and the overall rise in average home prices indicate a dynamic market environment. Buyers may find a greater selection of properties, while sellers can benefit from the steady demand and rising prices. Overall, Vancouver's housing market in 2024 reflects a positive trajectory with encouraging signs for continued growth and stability.