Hi, it’s Cari Mai and this if your first Vancouver Real Estate Market Update of 2025! 🎉
Reviewing Market Trends of 2024 📈
Looking back on 2024, it was an interesting year for the market after experiencing multiple aggressive mortgage rate increases and then seeing rates easing in the later part of the year. Though sales activity in 2024 had a slower start to the year, home prices started on the rise and closed out the year on a flatter price trajectory. Most home segments saw a year-over-year increase in price of a few percent except for the condo segment, which ended in 2024 roughly flat.
Strong Finish to 2024 and Current Inventory Levels 🏘️
Last month we saw a strong finish to the year with home sales increasing 31% from December 2023, marking the third consecutive month of sales growth. Throughout 2024, we observed a modest 0.6% increase in overall home sales.
New listings in December declined 52% month-over-month, which is pretty typical of the season when we move from November into December. Total inventory for the year rose dramatically, with 20% more listings on the market in 2024 than in 2023.
Current Market Prices and Outlook 💲
The MLS benchmark price for all home segments across Greater Vancouver is currently at $1,171,500, a slight 0.5% increase in price from December 2023 and a 0.1% decrease compared to November 2024.
Anticipating Market Impacts of 2025 Legislative Changes 🤝
As we enter into 2025, the impact of legislative changes on housing will be also a very important factor to watch out for. With a stronger market finish and optimistic market data, it seems like the 2025 market will be significantly more active than what we’ve seen in recent years.
Stay updated on these market trends by subscribing, and let me know your predictions on how the Vancouver real estate market will perform in 2025! See you next time!
