Vancouver Real Estate: 2024 Year in Review 🎉

2024 was a year of steady home prices in Vancouver, but the winds of change are blowing! 🌬️ With mortgage rates starting to drop, 2025 could see prices heading up again. So, what does this mean for you if you’re thinking about buying or selling next year?

In this video, I’ll break down the big trends from this year and share what you need to know to get ahead in 2025. Planning early isn’t just smart—it’s the key to making confident, informed moves in a market that’s ready to heat up.

👉 Ready to chat about your real estate goals? Reach out!
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glenn@thenextdoor.ca

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Vancouver Market Stats:

Based on the data from the Greater Vancouver REALTORS® (GVR) statistics package for November 2024 (December stats are not available until early January), here's an analysis of the Vancouver East and Vancouver West markets:

Vancouver East

*Residential Composite:*
Benchmark Price: $1,208,400
1 Month Change: -0.7%
1 Year Change: 0.2%

*Single Family Detached:*
Benchmark Price: $1,862,700
1 Month Change: -1.5%
1 Year Change: 0.1%

*Townhouse:*
Benchmark Price: $1,118,200
1 Month Change: -3.3%
1 Year Change: 1.0%

Vancouver West

*Residential Composite:*
Benchmark Price: $1,314,000
1 Month Change: 1.1%
1 Year Change: -0.4%

*Single Family Detached:*
Benchmark Price: $3,384,400
1 Month Change: 0.5%
1 Year Change: -2.4%

*Townhouse:*
Benchmark Price: $1,519,600
1 Month Change: 4.3%
1 Year Change: 6.7%

Key Observations:

1. Townhouses in Vancouver West showed the strongest performance with a 4.3% increase in the past month and a 6.7% increase over the year.

2. Single family detached homes in Vancouver East remained relatively stable over the year, while those in Vancouver West experienced a slight decline.

3. The residential composite in Vancouver East showed a minor increase over the year, while Vancouver West saw a slight decrease.

4. Vancouver East's townhouse market experienced a notable monthly decrease but still maintained positive year-over-year growth.

The data suggests that while both areas are experiencing some fluctuations, Vancouver West's townhouse market is particularly strong, and Vancouver East's market is showing slightly more stability overall.

Again, reach out to start the process!

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