Happy Holidays everyone! It definitely feels like Christmas – my lights are up (ordered from Big Star Lights in Richmond, company offering very high quality lights!), my tree is up and I’m happily enjoying all my fave Christmas movies and songs. I hope you enjoy a wonderful December and have a great start to the new year!
The next interest rate announcement is Wednesday December 11th – everyone expects a small drop though it will be interesting to see if something different happens given the uncertainty from the upcoming Trump presidency. Otherwise there is another announcement on January 29th and then again March 12th.
The market has been pretty slow the last month and I expect that to continue. This is mostly due to a lack of inventory – we’re seeing very few new listings and a lot of existing listings being pulled. Some of these listings will be for sale again next year and some of them will be rented out, and potentially listed later next year.
Next year will be more active than this year – I have a lot of clients who are waiting for something good to hit the market and a lot of clients who are gearing up to purchase (and potentially sell) next year as well. It will be interesting to see if inventory matches demand and who will win the price stand off – Buyers or Sellers? Overall I think popular areas and really nice properties will continue to be competitive so if you’re a Buyer looking in most areas of Vancouver, ensure you understand the market and are ready to move quickly. The high rise condo market is still slow (downtown and in large high rise buildings outside of Vancouver) in part because many Sellers are sticking to their price and in part because there is a lot of inventory.
Here’s a snippet from the Real Estate Board’s Monthly Update:
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 per cent for apartments.
“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024.
Onto the stats:
Vancouver West Real Estate Stats up to and including November 2024
Inventory and new listings dropped across the board. The sales to active ratio was almost 20% for townhouses and so naturally we saw a slight incline in HPI Price. The sales to active ratio was under 10% for detached houses and about 14% for condos, both of which saw steady prices.
HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West
East Vancouver Real Estate Stats up to and including November 2024
Inventory, new listings and sales dropped this past month. Sales prices also dropped for detached houses and townhouses, though it remained steady for condos. The sales to active ratio is only 13% for houses (though I’m telling you this would be higher if there was better inventory) but it was almost 28% for townhouses and 23% for condos, so there is a lot of activity out there! These markets will be busy next year if we don’t see a major increase to inventory.
HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver
As always, if you have questions on a particular kind of property or neighbourhood, get in touch with me!
And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale.