Vancouver Real Estate Shifts: Market Update December 2024

Nest Presales Market Statistics Vancouver December 2024

December 2024 saw continued shifts in Vancouver’s real estate market, with price adjustments and fluctuating demand across Vancouver East and Vancouver West.

Vancouver East - December 2024 Market report highlights

Vancouver East – Townhouses Lead Price Growth, New Listings Decline, and Sales Ratios Strengthen for All Properties

Price Analysis:

House/Detached:

The benchmark price for detached homes in Vancouver East declined by 0.4% month-over-month, settling at $1,855,700. Compared to December 2023, the price increased slightly by 0.3%. This remains below the Metro Vancouver benchmark of $1,997,000.

Explore Vancouver East single-family homes priced under $1,850,000 here, or above $1,850,000 here.

Townhouse/Attached:

Townhouse prices in Vancouver East showed strong growth, rising 2.6% from November to $1,147,000. Year-over-year, they surged by 7.2%, significantly outpacing Metro Vancouver’s benchmark of $1,114,600.

Discover Vancouver East townhouses listed under $1,150,000 here, or explore options priced above $1,150,000 here.

Condo/Apartment:

Condo prices dipped slightly by 0.3% month-over-month, reaching $690,200. However, they saw a modest year-over-year gain of 0.5%, remaining below Metro Vancouver’s benchmark of $749,900.

Search for Vancouver East condos under $690,000 here, or explore those priced above $690,000 here..

New Listings and Sales:

New listings fell across all property types in Vancouver East compared to November. House listings in Vancouver East dropped to 57 from 126, though they remained 36.8% higher than December 2023. Vancouver East’s Townhouse listings fell to 55 from November’s 144 but still marked a 12.7% year-over-year increase. Condo listings in Vancouver East saw a drop to 67 from 205 in November, with a 4.5% increase compared to the previous year.

Sales activity in Vancouver East showed resilience, particularly for condos. Detached home sales reached 57, with a remarkable sales ratio of 100.0%, though this was down 25.0% from December 2023. Townhouse sales totaled 48, with an 87.3% sales ratio, up 10.2% year-over-year. Condos saw the most significant sales ratio increase, hitting 137.3%, a 41.7% rise compared to December 2023.

Take a look at all the condos in East Vancouver with an open house coming up here.

Vancouver West - December 2024 Market report highlights

Vancouver West – Townhouse Prices See Strong Gains, Listings Drop, and Sales Ratios Hold Steady

Price Analysis:

House/Detached:

The benchmark price for houses in Vancouver West increased by 0.5% month-over-month, reaching $3,384,400, though it remains 2.4% lower compared to the previous year. At $3,384,400, it remains significantly higher than Metro Vancouver’s benchmark price of $1,997,400.

Browse homes in Vancouver West priced below $3,370,000 here, or find those above $3,370,000 here.

Townhouse/Attached:

Townhouses in Vancouver West saw the strongest price growth, rising 4.3% from October and 6.7% year-over-year to a benchmark price of $1,519,600. This price is notably higher than Metro Vancouver’s benchmark of $1,117,600.

Explore townhomes in Vancouver West for less than $1,530,000 here, or view options exceeding $1,530,000 here.

Condo/Apartment:

Condo prices dipped slightly by 0.5% month-over-month to $825,900, reflecting a 1.2% decrease year-over-year. The benchmark price of $825,900 remains higher than Metro Vancouver’s benchmark of $752,800.

Check out condos in Vancouver West under $820,000 here and find higher-priced options over $820,000 here.

New Listings and Sales:

Listings in Vancouver West declined in December. Detached home listings in Vancouver West fell to 48 from 125 in November but remained up 22.9% year-over-year. Vancouver West’s Townhouse listings dropped to 43 from 109, though they were 44.2% higher than December 2023. Condo listings in Vancouver West decreased to 235 from 471 in November, with a 21.3% year-over-year rise.

Sales activity held steady across Vancouver West property types. Detached home sales reached 47, with a sales ratio of 97.9%, a 3.5% year-over-year increase. Townhouses recorded 40 sales and a 93.0% sales ratio, though this was down 2.9% from last year. Condo sales totaled 219, with a 93.2% sales ratio, reflecting a slight 2.6% decline compared to December 2023.

Take a look at all the houses in Vancouver West with an open house coming up here.

 

Metro Vancouver – Market Continues to Adjust with Varied Performance Across Property Types

Despite a slower start to the year, Metro Vancouver sales activity picked up towards the end, with a noticeable recovery in momentum driven by declining mortgage rates. This trend suggests a potential for greater market activity heading into 2025.

Currently, Metro Vancouver has an average sales ratio at 12.1% for detached homes, 23.6% for townhomes, and 18.7% for condos. While Vancouver East and Vancouver West outperformed Metro Vancouver averages in sales ratios, price growth varied, with townhouses seeing the most notable gains.

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