Courtesy of Iryna

Home sales register a strong finish to cap off 2024

$749,900 apartment DOWN 0.1% year-to-year

$1,997,000 detached

UP 2.0% year-to-year

BENCHMARK PRICES

$1,114,600 attached

10,948 ACTIVE LISTINGS 1,765 SOLD LISTINGS

detached 4,081 4,774 apartment detached 494 891 apartment

UP 3.4% year-to-year

105.3% SALES TO NEW LISTING RATIO

58 DAYS ON MARKET (detached)

6.2 MONTHS OF INVENTORY

1,676 NEW LISTINGS

Vancouver, January 3, 2025: “Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.” Currently, the total number of homes listed for sale on the MLS ® system in Metro Vancouver is 10,948. The MLS ® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500.

Residential sales in the region totalled 1,765 in December 2024. There were 1,676 detached, attached and apartment properties newly listed for sale on the MLS ® system in Metro Vancouver in December 2024. Sales of detached homes in December 2024 reached 494. The benchmark price for a detached home is $1,997,000. Sales of apartment homes reached 891 in December 2024. The benchmark price of an apartment home is $749,900. Attached home sales in December 2024 totalled 371. The benchmark price of a townhouse is $1,114,600. Statistics reflect market activity in December 2024 | Source: Greater Vancouver REALTORS ® (GVR) | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Sutton Group - Seafair Realty 604-763-3669 irynas@sutton.com www.IRYNAS.com IRYNA If you are looking to buy, sell or stay put, give me a call to chat.

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