Home sales across the Greater Vancouver Region rose 31.2% on a year-over-year basis in December.
However, according to the Greater Vancouver Realtor Association, the 1,765 homes sold on Canada’s West Coast last month was 14.9% below the 10-year seasonal average for the month of December.
The real estate board said 1,676 newly listed properties hit the market in December, up 26.3% from the same month in 2023.
The average price of a home sold in Vancouver was $1.17 million in December, up 0.5% from a year earlier and 0.1% below November 2024 levels.
The latest property assessments conducted by the British Columbia government showed home values were generally flat in the Vancouver area compared to 2023.
Average residential prices in Vancouver were down 0.8% in 2024 from a year earlier, while average residential valuations dropped by 2% in Victoria and 2.9% in Kelowna.
Overall, Vancouver-area home sales throughout 2024 rose 1.2% from the previous year, but the 26,561 total transactions were 20.9% below the 10-year annual sales average.
The realtor board said there are currently 10,948 homes listed for sale in Vancouver, a 24.4% increase compared with December 2024 and one-quarter above the 10-year seasonal average.
The realtor association said that lower interest rates charged on home mortgages have yet to spur greater demand within the Vancouver real estate market.
