Vancouver Housing Market Stats: November 2024 and What to Expect in 2025
The Vancouver housing market has had an eventful 2024, with November’s data reflecting both growth and challenges as we approach the new year. The BC Real Estate Association (BCREA) predicts a significant rebound in 2025. Here’s a closer look at the November 2024 Vancouver housing market statistics, how they compare to previous months and years, and what to expect in 2025.
November 2024 Vancouver Housing Market Snapshot
In November 2024, residential property sales in Vancouver totaled 2,181, marking a significant improvement from 1,702 sales in November 2023. This represents a year-over-year (YoY) increase of 28%, indicating stronger buyer activity compared to the same period last year. However, this number reflects a 17% decline from October 2024, which saw 2,632 sales.
Here’s a breakdown of the sales activity:
- November 2024 Sales: 2,181
- November 2023 Sales: 1,702 (+28% YoY)
- October 2024 Sales: 2,632 (-17% MoM)
The year-over-year increase highlights a recovery in buyer confidence and improved market conditions. A variety of factors contributed to this improvement, including stabilized interest rates and the seasonal nature of real estate trends. Compared to 2023, when higher mortgage rates and economic uncertainty held back activity, 2024 saw a more active market overall.
The month-over-month decline from October is not unexpected, as real estate sales typically slow in the fall months leading into winter. October’s higher figures may have also been influenced by buyers looking to close transactions before the seasonal slowdown, which is common in Vancouver’s housing cycle.
Benchmark Prices: Detached, Townhouses, and Apartments
Vancouver’s benchmark prices for November 2024 show slight changes across property types:
- Detached Homes
- November 2024 Benchmark Price: $1,997,400
- November 2023 Benchmark Price: $1,982,600 (+0.7% YoY)
- Townhouses
- November 2024 Benchmark Price: $1,117,600
- November 2023 Benchmark Price: $1,092,600 (+2.3% YoY)
- Apartments
- November 2024 Benchmark Price: $752,800
- November 2023 Benchmark Price: $762,700 (-1.3% YoY)
Vancouver Housing Market Predictions for 2025
The BCREA forecasts a rebound in Vancouver’s housing market in 2025. After a relatively flat 2024, home sales are expected to increase by over 13%. The association predicts the average listing price in Vancouver will reach approximately $1.3 million by fall 2025.
The expected increase in sales will likely be driven by improving economic conditions and lower interest rates anticipated throughout 2025. These factors could help buyers re-enter the market, leading to stronger demand across all property types.
Detached homes and townhouses are expected to experience steady price growth as families and investors continue to prioritize larger living spaces. Apartments, which saw slight declines in 2024, may recover as affordability improves and demand for urban housing grows.
Inventory levels in 2025 are expected to increase slightly compared to 2024, providing more options for buyers and helping to moderate price growth. However, strong demand could still place upward pressure on prices, especially in desirable neighborhoods.
The combination of increased sales, moderate price growth, and improving affordability positions 2025 as a year of recovery for Vancouver’s housing market.
Get Expert Help from Winright Law’s Real Estate Lawyers
If you’re navigating Vancouver’s evolving housing market and need expert legal guidance, our real estate lawyers at Winright Law are here to help. Whether you’re buying, selling, or planning your next move, we can provide tailored advice to ensure a smooth transaction. Book a free initial assessment or give us a call today to discuss your needs. Our team is ready to support you every step of the way.
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