Hi, it’s Cari Mai and this is your Vancouver Real Estate Market Update for December 2024!
November saw home buyer demand continue to strengthen with sales up 28% year-over-year, marking the second consecutive month of growth.
Market Dynamics and Inventory Trends 📈
New listings and inventory remained elevated relative to historical averages but declined month-over-month which is typical for this time of year.
Overall, the market remains relatively balanced, keeping prices steady across all segments.
Detached houses and condos are sitting in balanced market territory, while townhouses slightly favour sellers with a 0.8% price increase this month. The benchmark price stands at $1,172,100, holding steady from October and down just 0.9% from last year.
Economic Factors Influencing the Market 🤝
As we move towards the year's end, buyers are actively taking advantage of these conditions. On December 11th, The bank of Canada announced another 0.5% interest rate drop bringing overnight rates down to 3.25% , making it the 5th consecutive rate drop this year. So couple this with the December 15 policy change (which I’ve explained in another video, which I'll include below) will potentially bring buyers back into the market as early as Jan 2025 after the holidays.
Looking Ahead 👀
So what do you think will happen to Vancouver's real estate market in the new year? Let me know in the comments below! See you next year!
