The Royal LePage Home Price Update and Market Forecast was just released which includes price data and insights from experts in 64 real estate markets across the country, as well as national and regional forecasts. Greater Vancouver summary follows…..
The aggregate price of a home in Greater Vancouver increased a modest 0.7 per cent to $1,229,000 year over year in the fourth quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region dipped 0.4 per cent.
Broken out by housing type, the median price of a single-family detached home increased 1.4 per cent year over year to $1,755,800 in the fourth quarter of 2024, while the median price of a condominium increased 1.0 per cent to $770,100 during the same period.
“The Greater Vancouver real estate market ended the fourth quarter on a high note, with sales activity exceeding last year’s levels, building on the steady upward trend established in October and November.” said Randy Ryalls, general manager of Royal LePage Sterling Realty. “Buyer confidence has notably improved following consecutive interest rate cuts in the second half of 2024, gradually bringing sidelined buyers back into the market.”
Ryalls acknowledged that while inventory remains tight across all housing types, it has increased compared to the same period in previous years.
“We typically see a year-end decline in inventory. However, as activity increases, I anticipate that many properties pulled from the market late last year will be relisted in the coming months, alongside new listings,” added Ryalls. “This boost in inventory should help balance market conditions as we head into what I expect will be a busy first quarter. Many buyers, particularly first-time homebuyers, are eager to transact, recognizing that prices have likely reached their lowest point and that this is the time to enter the market before competition heats up.”
In the city of Vancouver, the aggregate price of a home increased 1.8 per cent year over year to $1,416,900 in the fourth quarter of 2024. During the same period, the median price of a single-family detached home increased 1.1 per cent to $2,269,100, while the median price of a condominium remained virtually flat, decreasing 0.4 per cent to $824,500.
Looking ahead, Ryalls expects a brisk spring market with steady price growth. “Early indicators for 2025 are strong. If inventory levels continue to improve as expected, it could alleviate some of the pressure on buyers while maintaining a competitive advantage for sellers.”
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 4.0 per cent in the fourth quarter of 2025, compared to the same quarter last year.
Royal LePage House Price Survey Chart:
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Forecast”]Royal LePage Forecast Chart:
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