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Economic Uncertainty Clouds an Otherwise Positive Outlook

Vancouver, BC – January 27, 2025. The British Columbia Real Estate Association (BCREA) released its 2025 First Quarter Housing Forecast Update today.  

Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 14.3 per cent to 85,140 units this year. In 2026, MLS® residential sales are forecast to strengthen further, rising to 87,670 units. 

“Markets across BC closed 2024 with significant momentum,” said BCREA Chief Economist Brendon Ogmundson. “While we are entering 2025 with a high level of optimism and expectations for increased activity, the potential for punishing tariffs on BC exports to the United States presents significant uncertainty for the outlook.”

Although new listings activity has been much stronger than last year, the accumulation of inventory in 2024 had much more to do with a prolonged slump in home sales. With active listings returning to more healthy levels across BC, we expect that the market will be able to absorb the coming rise in sales activity without a sharp increase in prices. Nonetheless, following a year of flat prices, the average price in BC is projected to rise by 4.5 per cent in 2025, driven by a strong recovery in overall housing demand. 

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Provided by: BCREA

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Just Listed - 214 9339 University Cr., Burnaby, SFU, UniverCity

Show Suite Condition

3 Bed, 2 Bath, 1,251sqft

Priced at $748,800

Open: Jan 25th from 2-4pm

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Bright, spacious & open layout are just a few ways to describe this home. This 1251sqft/3bed/2bath, corner unit is one of the larger plans in the Harmony complex. Your wait is over. Features: open living & dining rooms, laminate floors, fresh paint, new blinds, excellent room separation, spacious kitchen with eating area, SS apps & access to covered balcony. The large primary has ensuite w/soaker tub & walk-in closet. The well-sized 2nd & 3rd rooms complete this home. The Harmony complex offers gym facilities & allows for rentals & pets. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great lifestyle neighborhood!  Act Now. Open house Saturday, January 25th from 2-4pm.

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Just Listed - 207 9288 University Cr., Burnaby, SFU, UniverCity

Bright & Spacious Layout

1 Bed + Den, 1 Bath, 637sqft

Priced at $478,800

Open: Jan 18 from 2-4pm

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Enjoy the peace & tranquility this area has to offer. Welcome to UniverCity at SFU, Vancouver premier lifestyle neighborhood. This 1 bed & den, 1 bath 637sqft home, located in Novo I; a concrete, rental and pet friendly building will not disappoint. Perfect for investors, first time buyers, students & everyone else in between. Features: an abundance of natural light, an open layout, granite counters, laminate floors, well sized covered balcony. The bedroom has plenty of closet space and overlooks the balcony. Close to: transit, shopping, indoor/outdoor recreation & a host of perks available only to UniverCity residences. Do not miss your chance to enjoy living in this great neighborhood! Act Now! Open house Saturday, January 18th from 2-4pm.

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December 2024 Top 10

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December Sales Mark a Strong Final Quarter of 2024

Vancouver, BC – January 13, 2025. The British Columbia Real Estate Association (BCREA) reports that 4,484 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in December 2024, up 24.7 per cent from December 2023. The average MLS® residential price in BC in December 2024 was up 5.6 per cent at $1,013,556 compared to $960,057 in December 2023.

The total sales dollar volume was $4.5 billion, a 31.7 per cent increase from the same time the previous year. BC MLS® unit sales were 15 per cent lower than the ten-year December average.

“Home sales closed the year on a much stronger note than in 2023,” said BCREA Chief Economist Brendon Ogmundson. “A stronger finish to 2024 pushed home sales just above last year’s total, setting up a strong hand-off to 2025.”

For all of 2024, BC residential sales dollar volume was up 3.2 per cent to $73.1 billion, compared with year-end 2023. Residential unit sales were up 2.1 per cent year-over-year at 74,434 units, while the average MLS® residential price was also up 1.1 per cent to an average of $982,326 for 2024.

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Provided by: BCREA

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Just Sold - 315 9350 University High Street, Burnaby, SFU, UniverCity

Just Sold!

Great Value at Lift by Porte. This 1 bedroom 1 bathroom 582sqft interior and 60sqft north facing balcony. Your new home’s floorplan is open, efficient and more wide than deep giving more airy feel, living options and windows to your living space. Starting out? Slowing Down? Savvy Investor? This home with new laminate flooring and refreshed paint will serve you well. Your home features include stainless steel appliances, gas stove, quartz countertop with breakfast bar, radiant heat flooring including bathroom floor, and 9' ceilings. Includes 1 EV ready parking stall and 1 storage locker. Steps from SFU Campus and all everyday conveniences in Univercity - bus loop, supermarket, shops, coffee, restaurants and endless walking and hiking adventures at SFU. Please call for your private showing.

Listing offered by: Rennie & Associates Realty Ltd.

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Home sales register a strong finish to cap off 2024

VANCOUVER, BC – January 3, 2025 – Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver1 rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

The Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023, and a 9.2 per cent decrease from the 29,261 sales in 2022.

Last year’s sales total was 20.9 per cent below the 10-year annual sales average (33,559).

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “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.”

Properties listed on the MLS® system in Metro Vancouver totalled 60,388 in 2024. This represents an 18.7 per cent increase compared to the 50,894 properties listed in 2023. This was 9.7 per cent above the 55,047 properties listed in 2022.

The total number of properties listed last year was 5.7 per cent above the region’s 10-year annual average (57,136).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 10,948, a 24.4 per cent increase compared to December 2024 (8,802). This total is also 25.3 per cent above the 10-year seasonal average (8,737).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500. This represents a 0.5 per cent increase over December 2023 and a 0.1 per cent decrease compared to November 2024.

“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said. “These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue.

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few per cent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”

December 2024 summary

Residential sales in the region totalled 1,765 in December 2024, a 31.2 per cent increase from the 1,345 sales recorded in December 2023. This was 14.9 per cent below the 10-year seasonal average (2,074) for the month.

There were 1,676 detached, attached and apartment properties newly listed for sale on the MLS® system in Metro Vancouver in December 2024. This represents a 26.3 per cent increase compared to the 1,327 properties listed in December 2023. This was 1.1 per cent below the 10 year seasonal average (1,695).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 per cent. By property type, the ratio is 12.1 per cent for detached homes, 23.6 per cent for attached, and 18.7 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2024 reached 494, a 31.4 per cent increase from the 376 detached sales recorded in December 2023. The benchmark price for a detached home is $1,997,000. This represents a two per cent increase from December 2023 and is nearly unchanged compared to November 2024.

Sales of apartment homes reached 891 in December 2024, a 23.9 per cent increase compared to the 719 sales in December 2024. The benchmark price of an apartment home is $749,900. This represents a 0.1 per cent decrease from December 2023 and a 0.4 per cent decrease compared to November 2024.

Attached home sales in December 2024 totalled 371, a 55.9 per cent increase compared to the 238 sales in December 2024. The benchmark price of a townhouse is $1,114,600. This represents a 3.4 per cent increase from December 2023 and a 0.3 per cent decrease compared to November 2024.

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Provided by: Greater Vancouver REALTORS®

Editor’s Note:

1. Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. On February 12, 2024, the Real Estate Board of Greater Vancouver changed its organizational name to Greater Vancouver REALTORS®.

Greater Vancouver REALTORS® is an association representing more than 15,000 REALTORS® and their companies. The association provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.gvrealtors.ca.

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.