Highlights of Dexter’s December 2024 report
Sales in December up 31% year-over-year
Was December the last of the jumbo cuts by the Bank of Canada?
Quarter 4 sales in Greater Vancouver were up 30% to 2023
Townhomes continue to be too few and far between for buyers
It’s a new year, but one with the anticipation of continued interest rate reductions. The Bank of Canada meets again on January 29th following their rate cut of 50 points in December and with a month of political and economic headwinds to come, the 25-point drop that’s currently expected could see more swings than the Vancouver Canuck’s season so far. Unfortunately, the new year also brought a new round of legislation for British Columbia property owners to navigate. On January 1st, the provincial government’s flipping tax came into effect. Anyone who sells a property within one year of purchasing, starting January 1st for any sales, could be taxed 20% on any profits with that tax declining in the second year to zero. This is in addition to the federal tax that came into effect in 2023 which taxed any profits as income for properties sold within one year. This new provincial tax targets not just resales but presales and the assignment of them as well. Certain life event exemptions may apply. It remains to be seen whether the provincial government will double the Speculation and Vacancy Tax in 2025 on properties as promised during the election. Just a few things for buyers and sellers to navigate this year.
There were 1,765 properties sold in Greater Vancouver in December after, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. Fourth quarter sales in Greater Vancouver were 30% higher than the fourth quarter of 2023 and 36% higher than the fourth quarter of 2022. Some areas around Metro Vancouver experienced a greater number of sales in December than in November – Richmond and New Westminster, while Pitt Meadows, Maple Ridge and Aldergrove saw sales in December right near the totals for November. With the Bank of Canada rates coming down, buyer activity increased. The Bank of Canada’s final rate announcement for 2024 producing another jumbo rate cut of 50 points, pushed some buyers to jump back into the market last month. This buyer reengagement trend is likely to continue as January comes out of the holiday season mode. The question is how active will buyers be as we venture into a year with economic and political uncertainty still ahead. That was supposed to be a 2024 problem but with the U.S. Government change and a federal election in Canada (at some point), politics could play a role in real estate and the economy.
Sales in December were a 31% increase from the 1,345 properties sold last year and a 35% increase from the 1,303 sales in December 2022. As interest rates likely come down further, albeit at a slower pace in 2025, buyers won’t face the same spectre of obtaining mortgages at much higher rates then they experienced in the last two years. That led to more activity last fall compared to the last few years and as the spring market approaches, it will have an impact on how the real estate market plays out this year. There is more optimism and opportunity in the real estate market, especially with new mortgage rules that took effect in December allowing for presale buyers to amortize their mortgage over 30 years and increasing the threshold for insured mortgages to $1.5M. The provincial flipping tax, that started on January 1st, may keep some sellers on the sidelines as they wait out the 2-year period. And for those buyers looking to purchase a property and renovate, they may think twice. Not great for those other buyers who would prefer purchasing a renovated property.
Greater Vancouver sales in December were 12% below the 10-year average after November sales were 13% below the 10-year average and October sales were 5% below the 10-year average – all of which was far better than September and August where total sales were 26% below the 10-year average. For a December that is typically the slowest month of the year for real estate activity, there was a surprising amount this year. Just ask some REALTORS® that had offers come in on New Year’s Eve.
Overall, total sales for the year were 26,560 in Greater Vancouver. This was slightly ahead of 2023 when 26,249 homes sold but still less than the 29,227 sales in 2022. Although 2022 saw 65% of the year’s total sales in the first 6 months prior to the start of rate hikes that year. In 2023, 55% of total sales were in the first half of the year while 2024 was more balanced with 52% of total sales in the first half. This showed that momentum in the market was picking up as the second half of the year moved on.
In Greater Vancouver due to the holiday season, the number of new listings declined in December. There were 1,737 new listings in December, which were down 54% compared to November but up 35% compared to the 1,303 new listings in December of last year. Sellers and buyers were far more active than we’ve seen in the last 3 years for the month of December. And with 1,300 listings having expired at the end of December and others taking their properties off the market over the holidays, some will come back on in January and February as market conditions continue to improve. The total number of new listings in 2024 came in at 60,386 which was up significantly from the 50,883 in 2023 and the 55,028 in 2022. This was still fewer than 2021 when 63,711 new listings came out due to that year having one of the most active years on record for real estate sales.
The number of new listings in December were right at the 10-year average after November was 5% above the 10-year average, October 20% above the 10-year average and September at 16% above. So, while we did see more listing activity in 2024, we saw that wane as the year went on. As the inventory of homes crept up through the year, some sellers were not keen to adjust prices to meet the expectations of buyers and the reality of more competition. The wait until 2025 and lower rates may have entered the minds of some sellers as the fall market moved on. Buyers certainly hope to see more listings come on in 2025 to give more buying choice with these lower interest rates.
There were 10,948 active listings in Greater Vancouver at month end, compared to 13,245 at the end of November. After several listings expired at the end of December and others came off through the month of December, January started with just over 9,600 active listings. This was 23% above the total active listing count at the start of 2024. While above last year, that difference had grown to 46% year-over-year in May 2024. While buyers had more choice through 2024, that choice diminished as the year went on. Will we see it grow again in 2025? Perhaps not to the same level but more choice would lead to more transactions and keep price growth limited.
Months of supply overall stayed steady at 6 in Greater Vancouver. The detached market in Greater Vancouver was the same at 8 months supply compared to November while townhomes remained at 4 months just below the condo market at 5 months – bordering on a seller’s market while townhomes are firmly entrenched in a seller’s market. North Vancouver, Richmond, Burnaby, New Westminster, Port Moody, Port Coquitlam, Maple Ridge, Abbotsford and Cloverdale range from 2 to 3 months supply – Pitt Meadows with one month supply.
Townhome sales in December in the region were up 55% compared to December last year, showing what was on buyers’ shopping list for this holiday season. Detached homes saw a 31% increase in sales year-over-year while condos were up 23%. The condo inventory is up 30% year-over year, while townhomes are up 23% and detached homes are up 20%. There is more opportunity in the condo market for buyers, some areas more so than others. A good opportunity for first time buyers and investors and why it’s important to understand each market.
Signs are pointing to an improved real estate market in 2025. More transactions will occur, and prices will be impacted by the number of property listings. Who is more active in 2025 will direct where prices go – more buyers than sellers then we’ll see more pressure on prices. There is pent up demand in the market, and arguably pent up supply. But with many new home developments on hold or not viable in current market conditions, supply in the next 2 to 5 years will continue to be a challenge. Rental prices are declining, in part due to the supply of new rental buildings being built and economic conditions making it challenging for renters. It’s been a while since landlords have had to compete for tenants, and with a decrease in federal immigration targets, that could continue. The story of 2025 is yet to be written, but like the previous years in this decade, it is bound to be an interesting one again.
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in December were 1,765 - down from 2,181 (19%) in November, down from 2,632 (33%) in October, up from 1,345 (31%) in December 2023, up from 1,303 (35%) in December 2022, down from 2,737 (36%) in December 2021, down from 3,157 (18%) in December 2020, and down from 2,046 (14%) in December 2019; Active Listings were at 10,948 at month end compared to 8,802 at that time last year (up 24%) and 13,245 at the end of November (down 17%); the 1,737 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 40% compared to December 2022, down 13% compared to December 2021, down 30% compared to December 2020, and up 4% compared to December 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 102% compared to 58% in November 2024, 99% in December 2023, and 105% in December 2022.
Month-over-month, the house price index is down 0.1% and in the last 6 months up 0.5%.
Vancouver Westside: Total Units Sold in December were 307 - down from 383 (20%) in November, down from 472 (35%) in October, up from 235 (31%) in December 2023, up from 244 (26%) in December 2022, down from 468 (34%) in December 2021, down from 486 (37%) in December 2020, and up from 190 (62%) in December 2019; Active Listings were at 2,396 at month end compared to 1,998 at that time last year (up 20%) and 2,856 at the end of November (down 16%); the 331 New Listings in December were down 53% compared to November 2024, up 34% compared to December 2023, up 36% compared to December 2022, down 17% compared to December 2021, down 22% compared to December 2020, and up 28% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 92% compared to 54% in November 2024, 95% in December 2023, and 100% in December 2022.
Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%.
Vancouver East Side: Total Units Sold in December were 198 - down from 268 (26%) in November, down from 282 (30%) in October, up from 148 (34%) in December 2023, up from 122 (62%) in December 2022, down from 295 (33%) in December 2021, down from 348 (43%) in December 2020, and down from 208 (5%) in December 2019; Active Listings were at 1,151 at month end compared to 977 at that time last year (up 18%) and 1,407 at the end of November (down 18%); the 185 New Listings in December were down 61% compared to November 2024, up 25% compared to December 2023, up 28% compared to December 2022, down 14% compared to December 2021, down 31% compared to December 2020, and up 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 107% compared to 56% in November 2024, 100% in December 2023, and 85% in December 2022.
Month-over-month, the house price index is up down 0.1% and in the last 6 months down 2.1%.
North Vancouver: Total Units Sold in December were 138 - down from 173 (20%) in November, down from 224 (38%) in October, up from 106 (30%) in December 2023, up from 107 (29%) in December 2022, down from 195 (29%) in December 2021, down from 250 (45%) in December 2020, and down from 155 (11%) in December 2019; Active Listings were at 532 at month end compared to 392 at that time last year (up 61%) and 716 at the end of November (down 12%); the 105 New Listings in December were down 59% compared to November 2024, up 5% compared to December 2023, up 30% compared to December 2022, down 12% compared to December 2021, down 36% compared to December 2020, and down 5% compared to December 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 131% compared to 67% in November 2024, 106% in December 2023, and 132% in December 2022.
Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.5%.
West Vancouver: Total Units Sold in December were 39 - down from 45 (13%) in November, down from 59 (34%) in October, down from 41 (5%) in December 2023, down from 40 (2%) in December 2022, down from 62 (37%) in December 2021, down from 82 (52%) in December 2020, and down from 46 (15%) in December 2019; Active Listings were at 546 at month end compared to 487 at that time last year (up 12%) and 645 at the end of November (down 15%); the 78 New Listings in December were down 35% compared to November 2024, up 44% compared to December 2023, up 66% compared to December 2022, up 56% compared to December 2021, up 16% compared to December 2020, and up 30% compared to December 2019. Month’s supply of total residential listings is steady at 14 month’s supply (buyer’s market conditions) and sales to listings ratio of 50% compared to 38% in November 2024, 76% in December 2023, and 85% in December 2022.
Month-over-month, the house price index is up 2.4% but in the last 6 months down 2.9%.
Richmond: Total Units Sold in December were 235 - up from 234 (0.5%) in November, down from 290 (19%) in October, up from 169 (39%) in December 2023, up from 171 (37%) in December 2022, down from 387 (39%) in December 2021, down from 343 (31%) in December 2020, and down from 281 (16%) in December 2019; Active Listings were at 1,351 at month end compared to 1,043 at that time last year (up 30%) and 1,584 at the end of November (down 15%); the 195 New Listings in December were down 58% compared to November 2024, up 20% compared to December 2023, up 13% compared to December 2022, down 29% compared to December 2021, down 36% compared to December 2020, and down 24% compared to December 2019. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 120% compared to 50% in November 2024, 104% in December 2023, and 99% in December 2022.
Month-over-month, the house price index is up 0.1% and in the last 6 months down 2.6%.
Burnaby East: Total Units Sold in December were 21 - down from 38 (45%) in November, down from 25 (16%) in October, up from 18 (17%) in December 2023, up from 12 (75%) in December 2022, down from 32 (34%) in December 2021, down from 41 (49%) in December 2020, and up from 17 (24%) in December 2019; Active Listings were at 116 at month end compared to 75 at that time last year (up 55%) and 144 at the end of November (down 19%); the 24 New Listings in December were down 57% compared to November 2024, up 100% compared to December 2023, up 71% compared to December 2022, up 9% compared to December 2021, down 26% compared to December 2020, and up 20% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 87% compared to 68% in November 2024, 150% in December 2023, and 86% in December 2022.
Month-over-month, the house price index is up 0.6% and in the last 6 months down 3.1%.
Burnaby North: Total Units Sold in December were 130 - down from 145 (10%) in November, down from 168 (14%) in October, up from 91 (43%) in December 2023, up from 78 (67%) in December 2022, down from 157 (17%) in December 2021, down from 171 (24%) in December 2020, and up from 113 (15%) in December 2019; Active Listings were at 595 at month end compared to 417 at that time last year (up 43%) and 729 at the end of November (down 18%); the 138 New Listings in December were down 47% compared to November 2024, up 77% compared to December 2023, up 97% compared to December 2022, up 14% compared to December 2021, down 16% compared to December 2020, and up 97% compared to December 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 94% compared to 55% in November 2024, 117% in December 2023, and 111% in December 2022.
Month-over-month, the house price index is down 0.2% and in the last 6 months down 3.5%.
Burnaby South: Total Units Sold in December were 97 - down from 134 (28%) in November, down from 166 (42%) in October, up from 79 (23%) in December 2023, up from 94 (3%) in December 2022, down from 186 (48%) in December 2021, down from 148 (34%) in December 2020, and down from 132 (27%) in December 2019; Active Listings were at 493 at month end compared to 395 at that time last year (up 25%) and 597 at the end of November (down 17%); the 84 New Listings in December were down 46% compared to November 2024, up 12% compared to December 2023, up 42% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, and up 8% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 115% compared to 80% in November 2024, 105% in December 2023, and 159% in December 2022.
Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.2%.
New Westminster: Total Units Sold in December were 96 - up from 93 (3%) in November, down from 120 (20%) in October, up from 46 (109%) in December 2023, up from 53 (81%) in December 2022, down from 139 (31%) in December 2021, down from 151 (36%) in December 2020, and up from 77 (25%) in December 2019; Active Listings were at 360 at month end compared to 240 at that time last year (up 50%) and 464 at the end of November (down 22%); the 67 New Listings in December were down 62% compared to November 2024, up 72% compared to December 2023, up 131% compared to December 2022, down 21% compared to December 2021, down 28% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 143% compared to 53% in November 2024, 118% in December 2023, and 183% in December 2022.
Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.5%.
Coquitlam: Total Units Sold in December were 128 - down from 172 (26%) in November, down from 246 (48%) in October, up from 119 (8%) in December 2023, up from 81 (58%) in December 2022, down from 216 (41%) in December 2021, down from 309 (59%) in December 2020, and down from 197 (35%) in December 2019; Active Listings were at 867 at month end compared to 527 at that time last year (up 65%) and 1,027 at the end of November (down 16%); the 155 New Listings in December were down 51% compared to November 2024, up 80% compared to December 2023, up 104% compared to December 2022, up 1% compared to December 2021, down 27% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 82% compared to 55% in November 2024, 138% in December 2023, and 107% in December 2022.
Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.5%.
Port Moody: Total Units Sold in December were 29 - down from 63 (54%) in November, down from 66 (56%) in October, up from 25 (16%) in December 2023, up from 41 (29%) in December 2022, down from 52 (44%) in December 2021, down from 78 (63%) in December 2020, and down from 37 (22%) in December 2019; Active Listings were at 155 at month end compared to 128 at that time last year (up 21%) and 212 at the end of November (down 27%); the 27 New Listings in December were down 66% compared to November 2024, down 16% compared to December 2023, down 36% compared to December 2022, down 31% compared to December 2021, down 47% compared to December 2020, and down 4% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 107% compared to 79% in November 2024, 78% in December 2023, and 98% in December 2022.
Month-over-month, the house price index is up 0.2% and in the last 6 months down 3.1%.
Port Coquitlam: Total Units Sold in December were 51 - down from 76 (33%) in November, down from 77 (34%) in October, up from 36 (42%) in December 2023, up from 37 (38%) in December 2022, down from 107 (52%) in December 2021, down from 105 (51%) in December 2020, and down from 84 (39%) in December 2019; Active Listings were at 237 at month end compared to 154 at that time last year (up 54%) and 285 at the end of November (down 17%); the 50 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 14% compared to December 2022, down 24% compared to December 2021, down 51% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 102% compared to 70% in November 2024, 92% in December 2023, and 84% in December 2022.
Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.1%.
Pitt Meadows: Total Units Sold in December were 28 - down from 30 (7%) in November, down from 32 (12%) in October, up from 19 (47%) in December 2023, up from 23 (21%) in December 2022, down from 33 (15%) in December 2021, up from 26 (8%) in December 2020, and up from 27 (4%) in December 2019; Active Listings were at 68 at month end compared to 59 at that time last year (up 15%) and 105 at the end of November (down 35%); the 11 New Listings in December were down 74% compared to November 2024, down 21% compared to December 2023, down 8% compared to December 2022, down 61% compared to December 2021, down 45% compared to December 2020, and down 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 254% compared to 71% in November 2024, 135% in December 2023, and 191% in December 2022.
Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%.
Maple Ridge: Total Units Sold in December were 112 - down from 116 (3%) in November, down from 143 (22%) in October, up from 100 (12%) in December 2023, up from 78 (44%) in December 2022, down from 159 (30%) in December 2021, down from 214 (48%) in December 2020, and down from 130 (14%) in December 2019; Active Listings were at 611 at month end compared to 579 at that time last year (up 5%) and 765 at the end of November (down 20%); the 90 New Listings in December were down 59% compared to November 2024, down 11% compared to December 2023, up 38% compared to December 2022, down 17% compared to December 2021, down 45% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 124% compared to 52% in November 2024, 98% in December 2023, and 120% in December 2022.
Month-over-month, the house price index is up 0.4% and in the last 6 months down 1.8%.
Ladner: Total Units Sold in December were 14 - down from 33 (58%) in November, down from 31 (6%) in October, up from 12 (17%) in December 2023, up from 9 (56%) in December 2022, down from 21 (33%) in December 2021, down from 34 (59%) in December 2020, and down from 20 (30%) in December 2019; Active Listings were at 117 at month end compared to 86 at that time last year (up 36%) and 135 at the end of November (down 13%); the 15 New Listings in December were down 66% compared to November 2024, up 7% compared to December 2023, up 7% compared to December 2022, up 25% compared to December 2021, down 50% compared to December 2020, and down 50% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 93% compared to 75% in November 2024, 86% in December 2023, and 64% in December 2022.
Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.7%.
Tsawwassen: Total Units Sold in December were 21 - down from 26 (19%) in November, down from 36 (42%) in October, the same as December 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, and down from 26 (19%) in December 2019; Active Listings were at 181 at month end compared to 152 at that time last year (up 19%) and 204 at the end of November (down 11%); the 25 New Listings in December were down 43% compared to November 2024, up 39% compared to December 2023, up 25% compared to December 2022, up 25% compared to December 2021, down 42% compared to December 2020, and up 32% compared to December 2019. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 84% compared to 59% in November 2024, 117% in December 2023, and 115% in December 2022.
Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.1%.
Fraser Valley: Sales in December were down 14.6%, compared to November and were up 20% from December 2023. New listings were down 48% from November and up 41.4% from December 2023.The average price was up 3% month-over-month and is up 10.3% year-over-year. Active listings were down 27.1% to 5,392 from 7,400 last month and up 20.5% from November 2023 which was at 4,476. Month’s supply of total residential listings is down to 6 months from 7 months (balanced market conditions).
Month-over-month, the house price index is down 0.5% and in the last 6 months down 3.7%.