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 – 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 – 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.