Home sales in Metro Vancouver, recorded through the Multiple Listing Service® (MLS®), experienced significant growth in December 2024, rising over 30% compared to December 2023. This surge highlights growing demand as the year concluded.Residential sales across the region totaled 26,561 for 2024, reflecting a modest 1.2% increase from the 26,249 sales seen in 2023 but a 9.2% decline from 2022’s 29,261 sales. Despite this improvement, the sales total for 2024 remained 20.9% below the 10-year annual average of 33,559.Looking back on the year, Andrew Lis, GVR’s director of economics and data analytics, described 2024 as a “pivot year” for the market, following dramatic increases in mortgage rates in prior years. “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,” Lis noted.In terms of listings, a total of 60,388 properties were added to the MLS® system in 2024, marking an 18.7% increase from the 50,894 listings in 2023 and a 9.7% rise from 2022. This total also exceeded the region’s 10-year annual average by 5.7%. At year’s end, 10,948 homes were actively listed for sale—up 24.4% from December 2023 and 25.3% above the 10-year seasonal average.The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver closed the year at $1,171,500. This represents a slight 0.5% increase over December 2023 and a marginal 0.1% decline compared to November 2024.While 2024 sales fell short of forecasts, Lis pointed out that December’s performance signals strengthening momentum. “Recent sales figures are now trending back toward long-term historical averages, which suggests there may still be considerable upside as we move into 2025, assuming this momentum holds,” he said.Price trends in 2024 began on an upward trajectory but flattened toward the year’s end. Most market segments saw small year-over-year price increases, except for apartments, which remained largely flat. Still, the year-end data indicates a potentially more active market in 2025.December 2024 Summary
Residential sales for December 2024 totaled 1,765, a 31.2% jump from the 1,345 sales recorded in December 2023, although still 14.9% below the 10-year seasonal average of 2,074. A total of 1,676 detached, attached, and apartment properties were newly listed in December, representing a 26.3% increase from December 2023 and just slightly below the 10-year seasonal average.The sales-to-active listings ratio for December 2024 stood at 16.8%, broken down by property type as follows:
Sales of detached homes reached 494 in December 2024, up 31.4% from the 376 sales in December 2023. The benchmark price for a detached home rose 2% year-over-year to $1,997,000 and remained steady compared to November 2024.Apartments
Apartment sales totaled 891 in December 2024, a 23.9% increase from the 719 sales recorded in December 2023. The benchmark price of an apartment was $749,900, down 0.1% year-over-year and 0.4% month-over-month.Attached Homes
Sales of attached homes surged 55.9% in December 2024, with 371 transactions compared to 238 in December 2023. The benchmark price for a townhouse rose 3.4% year-over-year to $1,114,600, with a slight 0.3% decline from November 2024.As we move into 2025, the data shows a market poised for greater activity, driven by declining borrowing costs and a return of buyer confidence.
In Review of the Greater Vancouver REALTORS sales data report for detached homes, here is an analysis of the top performing markets.
Residential sales for December 2024 totaled 1,765, a 31.2% jump from the 1,345 sales recorded in December 2023, although still 14.9% below the 10-year seasonal average of 2,074. A total of 1,676 detached, attached, and apartment properties were newly listed in December, representing a 26.3% increase from December 2023 and just slightly below the 10-year seasonal average.The sales-to-active listings ratio for December 2024 stood at 16.8%, broken down by property type as follows:
- Detached homes: 12.1%
- Attached homes: 23.6%
- Apartments: 18.7%
Sales of detached homes reached 494 in December 2024, up 31.4% from the 376 sales in December 2023. The benchmark price for a detached home rose 2% year-over-year to $1,997,000 and remained steady compared to November 2024.Apartments
Apartment sales totaled 891 in December 2024, a 23.9% increase from the 719 sales recorded in December 2023. The benchmark price of an apartment was $749,900, down 0.1% year-over-year and 0.4% month-over-month.Attached Homes
Sales of attached homes surged 55.9% in December 2024, with 371 transactions compared to 238 in December 2023. The benchmark price for a townhouse rose 3.4% year-over-year to $1,114,600, with a slight 0.3% decline from November 2024.As we move into 2025, the data shows a market poised for greater activity, driven by declining borrowing costs and a return of buyer confidence.
In Review of the Greater Vancouver REALTORS sales data report for detached homes, here is an analysis of the top performing markets.
Top Markets Over the Past 3 Years
- Bowen Island:
- Price appreciation: +52.2%
- Strong growth despite being a smaller market, with consistent increases in property values.
- Maple Ridge:
- Price appreciation: +55.6%
- A rapidly growing market with significant value gains in the past three years, indicating strong demand.
- Whistler:
- Price appreciation: +32.2%
- Although slightly lower than others, Whistler has unique value due to its status as a luxury and vacation market.
Top Markets Over the Past 5 Years
- Bowen Island:
- Appreciation: +140.6%
- Exceptional long-term growth driven by its limited supply and lifestyle appeal.
- Maple Ridge:
- Appreciation: +167.7%
- Massive value gains, likely due to affordability compared to core markets and suburban expansion.
- Pitt Meadows:
- Appreciation: +158.0%
- Steady and robust growth, benefiting from suburban demand and its relative affordability.
Top Markets Over the Past 10 Years
- Maple Ridge:
- Appreciation: +167.7%
- A standout market over the long term with unparalleled growth in value, reflecting its attractiveness as a suburban option.
- Pitt Meadows:
- Appreciation: +158.0%
- Consistently high performance, indicating sustained demand and strong market fundamentals.
- Bowen Island:
- Appreciation: +140.6%
- Long-term value retention and growth, showcasing its desirability as a niche market.
General Insights
- Suburban markets like Maple Ridge and Pitt Meadows have outperformed due to affordability and growing appeal as alternatives to the core Vancouver areas.
- Bowen Island has shown remarkable growth across all timeframes, likely due to its unique lifestyle offering and limited housing stock.
- While high-priced areas like West Vancouver and Vancouver West are stable, they show slower appreciation, likely due to already high entry prices.
Top Markets Over the Past 3 Years
- Maple Ridge:
- Price appreciation: +48.6%
- Strong demand in a relatively affordable market with consistent growth.
- Port Coquitlam:
- Price appreciation: +49.8%
- Outpaced many other regions, indicating rising demand and suburban appeal.
- Squamish:
- Price appreciation: +44.4%
- Emerging as a popular area with growth fueled by lifestyle and proximity to outdoor activities.
Top Markets Over the Past 5 Years
- Squamish:
- Appreciation: +174.9%
- Phenomenal long-term growth, making it one of the most dynamic townhouse markets in the region.
- Maple Ridge:
- Appreciation: +149.7%
- Continued strength over five years, cementing its position as a highly desirable market.
- Port Coquitlam:
- Appreciation: +148.7%
- Consistent appreciation driven by affordability and strong community demand.
Top Markets Over the Past 10 Years
- Whistler:
- Appreciation: +204.8%
- Exceptional long-term growth in a luxury market, benefiting from its unique appeal as a vacation and high-value destination.
- Squamish:
- Appreciation: +174.9%
- Strong decade-long performance due to lifestyle demand and regional development.
- Maple Ridge:
- Appreciation: +149.7%
- Sustained long-term growth driven by affordability and suburban demand.
General Insights
- Suburban and outdoor lifestyle-focused areas like Squamish and Maple Ridge have shown exceptional appreciation across all time periods.
- Whistler continues to dominate the luxury and vacation market, with the highest 10-year growth.
- Affordability in markets like Port Coquitlam contributes to consistent long-term demand and price increases.
- Core areas like North Vancouver and Richmond show more moderate growth but remain stable investments.
Here’s an analysis of the top markets for apartments based on their value increases and appreciation over the past 3, 5, and 10 years:
Top Markets Over the Past 3 Years
- Pitt Meadows:
- Price appreciation: +39.8%
- Strong performance driven by affordability and growing suburban demand.
- Port Coquitlam:
- Price appreciation: +42.2%
- High demand likely due to its affordability compared to neighboring areas and strong growth.
- Whistler:
- Price appreciation: +26.3%
- Maintains growth in the luxury and vacation segment, driven by its unique market appeal.
Top Markets Over the Past 5 Years
- Port Coquitlam:
- Appreciation: +173.5%
- Outstanding growth in a highly desirable suburban market with affordability driving demand.
- Maple Ridge:
- Appreciation: +166.6%
- Strong suburban market, benefiting from proximity to Greater Vancouver and lower entry prices.
- Squamish:
- Appreciation: +155.6%
- A rapidly emerging market due to its lifestyle appeal and increasing urbanization.
Top Markets Over the Past 10 Years
- Port Coquitlam:
- Appreciation: +173.5%
- Exceptional long-term growth, solidifying its position as a top-performing market.
- Squamish:
- Appreciation: +155.6%
- Consistent performance over a decade due to its blend of lifestyle and affordability.
- Coquitlam:
- Appreciation: +145.8%
- A steady performer over the long term, balancing proximity to the city with more affordable options.
General Insights
- Suburban areas like Port Coquitlam, Maple Ridge, and Squamish dominate in terms of long-term growth, thanks to their relative affordability and increasing demand for suburban living.
- Luxury and lifestyle markets such as Whistler continue to see steady appreciation, particularly over shorter timeframes.
- Core markets like North Vancouver and Richmond remain stable but show slower appreciation due to already high price points.
Top 5 Markets Across All Property Segments
Detached Homes
- Maple Ridge (167.7% - 10 years)
- Consistent leader, showing high appreciation due to suburban demand and affordability.
- Pitt Meadows (158.0% - 10 years)
- Another strong suburban performer with sustained demand.
- Bowen Island (140.6% - 10 years)
- Niche market with exceptional long-term growth.
- Squamish (161.4% - 5 years)
- Lifestyle-focused market driving rapid growth.
- Port Coquitlam (146.1% - 5 years)
- Affordable suburban alternative with strong appreciation.
Townhouses
- Whistler (204.8% - 10 years)
- Unmatched growth due to luxury and vacation appeal.
- Squamish (174.9% - 5 years)
- Exceptional performance in the lifestyle-driven segment.
- Maple Ridge (149.7% - 10 years)
- Steady suburban leader.
- Port Coquitlam (148.7% - 10 years)
- Strong growth as a suburban hub.
- Port Moody (130.5% - 10 years)
- Benefiting from proximity to Vancouver with lower relative prices.
Apartments
- Port Coquitlam (173.5% - 10 years)
- Exceptional growth across all timeframes, fueled by affordability and suburban growth.
- Maple Ridge (166.6% - 5 years)
- Strong performance driven by suburban expansion.
- Squamish (155.6% - 10 years)
- Rapid growth due to lifestyle appeal.
- Coquitlam (145.8% - 10 years)
- Strong appreciation due to its urban-suburban balance.
- Pitt Meadows (39.8% - 3 years)
- Robust growth in the shorter term, reflecting growing appeal.
Bottom 5 Markets Across All Property Segments
Detached Homes
- West Vancouver (49.5% - 10 years)
- Weak appreciation due to already high baseline prices.
- Vancouver West (27.3% - 10 years)
- Limited upside as a premium market.
- Richmond (35.8% - 5 years)
- Slower appreciation, likely due to market saturation.
- Vancouver East (34.3% - 5 years)
- Modest growth compared to suburban areas.
- Ladner (42.7% - 5 years)
- Low appreciation despite its suburban location.
Townhouses
- West Vancouver (67.6% - 10 years)
- Weak long-term appreciation in the luxury segment.
- Vancouver West (45.6% - 5 years)
- Slower townhouse growth due to high entry prices.
- Richmond (45.6% - 5 years)
- Modest increases despite urban proximity.
- Vancouver East (32.5% - 5 years)
- Urban market growth lags behind suburban competitors.
- Tsawwassen (66.5% - 10 years)
- Lower demand limits appreciation.
Apartments
- West Vancouver (67.6% - 10 years)
- Limited upside in a luxury-focused market.
- Tsawwassen (22.2% - 5 years)
- Minimal growth in a niche area.
- Sunshine Coast (101.1% - 10 years)
- Lower growth despite its lifestyle appeal.
- Richmond (126.0% - 10 years)
- Stable, but slower appreciation relative to suburban regions.
- Vancouver East (102.7% - 10 years)
- Moderate long-term appreciation in the urban core.
Key Comparisons
Top Performers
- Maple Ridge, Port Coquitlam, and Squamish dominate across all segments, reflecting the strength of suburban markets with a mix of affordability, lifestyle appeal, and proximity to core areas.
- Whistler stands out for luxury properties, especially townhouses, with exceptional growth over 10 years.
Weaker Performers
- Core urban areas like West Vancouver, Vancouver West, and Richmond consistently show slower appreciation across all property types, likely due to high baseline prices and market maturity.
- Coastal areas like Sunshine Coast and Tsawwassen struggle with weaker growth despite lifestyle appeal.
Insights
- Suburban markets are the clear winners, benefiting from affordability and demand driven by urban sprawl.
- Luxury markets (e.g., West Vancouver, Vancouver West) have slower appreciation, likely reflecting saturation and limited demand for ultra-high-end properties.
- Townhouses show the highest growth potential across all regions, particularly in lifestyle-driven areas like Whistler and Squamish.
*All data based on registered sales on MLS and data shared with the Greater Vancouver Realtors (The Board). This is for historical information only, and as every home and every property is unique, as are their sales and purchases; this information is not to be used in evaluated the current market value of your home.