By Sammy Hudes
The area’s 1,765 residence gross sales final month had been nonetheless 14.9% under the 10-year seasonal common for December, Better Vancouver Realtors stated Friday.
The true property board stated there have been 1,676 newly listed properties, up 26.3% from December 2023.
The composite benchmark value was $1,171,500, up 0.5% from a yr earlier and 0.1% under November’s degree.
“Though gross sales exercise had a slower begin to the yr, value developments started 2024 on the rise and closed out the yr on a flatter trajectory,” Andrew Lis, the board’s director of economics and information analytics, stated in a press launch.
“With the info displaying renewed power to complete the yr, nevertheless, it seems to be as if the 2025 market is positioned to be significantly extra lively than we’ve seen lately.”
Earlier this week, B.C.’s newest property assessments confirmed values had been usually flat in comparison with the earlier yr.
BC Evaluation stated costs solely fluctuated inside a spread of plus or minus three per cent in most communities, together with main city areas equivalent to Vancouver, Victoria and Kelowna.
Common residential costs in Vancouver had been down 0.8%. Common residential valuations dropped by two per cent in Victoria, and a couple of.9% in Kelowna.
The assessments mirrored market situations on July 1, 2024.
General, Vancouver-area residence gross sales all through 2024 rose 1.2% from the earlier yr, however the 26,561 whole transactions had been nonetheless 20.9% under the 10-year annual gross sales common, based on the actual property board.
There have been 60,388 properties listed in Metro Vancouver in 2024, representing an 18.7% enhance in contrast with 2023 and 5.7% above the area’s 10-year annual common.
The board stated there are at the moment 10,948 properties listed on the market within the area, a 24.4% enhance in contrast with December 2024 and round one-quarter above the 10-year seasonal common.
“Trying again on 2024, it may greatest be described as a pivot yr for the market after experiencing such dramatic will increase in mortgage charges within the previous years,” stated Lis.
“With borrowing prices now firmly on the decline, patrons have began to indicate up in numbers after considerably of a hiatus — and this renewed power is now clearly seen within the more moderen month-to-month information.”
— With recordsdata from Chuck Chiang in Vancouver
This report by The Canadian Press was first printed Jan. 3, 2025.
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Final modified: January 4, 2025
