the vancouver rennie advance | January 2025

the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published January 2025

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 6, 2025. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere2,684M LS salesin theVancouverRegion in D ecem ber,up 28% from D ecem ber2023 (2,097 sales).Thisw asthethird consecutivem onth w heresalesw ereup year-over-year,although lastm onth’stotalwasstil 18% below thepast10-yearD ecem beraverageof3,131. • Forthefulyear2024,therewere40,173M LS salesin theVancouverRegion,a0.6% increase over2023,though stil 21% below thepast-decadeaverageof50,774. • D etached hom esaleslastm onth werethefurthestbelow averageat-30% (833),whiletownhom e and condo saleswereboth 8% below average(529 and 1,210 respectively).

VANCOUVERREGION THERENNIEADVANCE sales

DECEMBER 2024

4,000

+ 28% vsD ec2023

3,500

3,000

2,500

2,000

1,194 10 yrDecAvg

1,500

1,000

DETACHED sales

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 833

- 30% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 45% vsD ec2023

1,000 1,200 1,400 1,600

578 10 yrDecAvg

200 400 600 800

TOWNHOME sales

529

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 8% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

3,500

+ 21% vsD ec2023

3,000

2,500

2,000

1,315 10 yrDecAvg

1,500

1,000

1,210

CONDO sales

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 8% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJanuary6,2025.Aldatafrom RealEstateBoardofGreaterVancouverand FraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Therewere2,785 new M LS listingsin D ecem ber,adeclineof52% m onth-over-m onth thatwas closeto thetypical49% N ovem ber-to-D ecem berdecrease.N ew listingswereup 34% year-over-year(from 2,072 lastD ecem ber). • N ew listingsactivity rem ained historicaly elevated at7% abovetheprior10-yearD ecem ber averageof2,610.Condonew listingswerethefurthestaboveaverage(+18%,to1,301),folowed bytownhom es(+11%,to487).In contrast,detached hom enew listingswerebelow average(-16%, to 872). • Therewere92,405new M LS listingsin theVancouverRegion in 2024,20% m orethan in 2023, 11% abovethepast-decadeaverageof83,508,and thehighestannualtotalsince2021.

VANCOUVERREGION THERENNIEADVANCE new listings

DECEMBER 2024

7,000

+ 30% vsD ec2023

6,000

5,000

4,000

1,033 10 yrDecAvg

3,000

2,000

DETACHED new listings

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000 872

- 15.6% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 48% vsD ec2023

2,500

2,000

1,500

437 10 yrDecAvg

1,000

TOWNHOME new listings

500

487

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 11% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

5,000

+ 36% vsD ec2023

4,000

3,000

1,099 10 yrDecAvg

2,000

CONDO new listings

1,000

1,301

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 18% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© January6,2025ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJanuary6,2025.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • ActiveM LS listingsfel 17% m onth-over-m onth to16,631,les than thetypical25% N ovem ber-to-D ecem berdecline.Totalinventorywasup 34% from lastD ecem berand m arked the m ostavailablelistingsto end ayearsince2012 (16,746 listings). • Totalinventorywas34% aboveitsprior10-yearaverageof11,192.Condoinventory(6,585 listings)wasthefurthestaboveaverageat61%,folowed bytownhom es(+48%,to2,261)and detached hom es(+35%,to7,070). • Therewere6.2 m onthsofinventory(M O I)in D ecem ber,which wasequaltoN ovem ber.The detached hom esegm entfavoured buyerswith an M O Iof8.5,condoswerebalanced with an M O I of5.4,whilethetowhom esegm entfavoured selerswith an M OIof4.3.

VANCOUVERREGION THERENNIEADVANCE inventory

DECEMBER 2024

14,000

+ 27% vsD ec2023

12,000

10,000

8,000

5,220 10 yrDecAvg

6,000

7,070

4,000

DETACHED inventory

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

+ 35% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

+ 47% vsD ec2023

1,523 10 yrDecAvg

2,261

TOWNHOME inventory

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

+ 48% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

12,000

+ 38% vsD ec2023

10,000

8,000

6,000

4,090 10 yrDecAvg

6,585

4,000

CONDO inventory

2,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 61% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof1.5% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of0.1%.In G reaterVancouver,m edian priceswereup acros al hom etypes:detached by0.1%, townhom esby1.7%,and condosby3%.In theFraserValey,m edian detached priceswereup 4%, townhom epricesweredown 3%,and condopricesweredown 1.0%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw ereup 3% (averaged acros hom etypes),whilein theFraserValeyboard theywereup 4%.In G reaterVancouver,m edian priceswerehigheracros al hom etypes:detached by3%,townhom esby1.3%,and condosby4%. In theFraserValey,detached hom epriceswereup 16%,townhom espricesweredown 3%,and condopricesweredown 1.9%.

VANCOUVERREGION THERENNIEADVANCE median prices

DECEMBER 2024

•

$2,000,000

+ 3% vsD ec2023 Greater Vancouver

$1.85M

$1,600,000

$1.51M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 16% vsD ec2023

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● December

$1,200,000

Greater Vancouver

$1,000,000

$1,068,000

+ 1.3% vsD ec2023

$800,000

$799,900

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 2.8% vsD ec2023

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● December

$1,000,000

+ 4% vsD ec2023 Greater Vancouver

$800,000

$720,000

$600,000

$515,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 2% vsD ec2023

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● December

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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