RENNIE OUTLOOK 2025
prices and rents: diverging paths ahead
HOME PRICES There wasn’t a lot of movement for MLS benchmark prices in the Vancouver Region in 2024. After starting last year at 95% of its 2022 peak value, the condo benchmark recovered almost all the way to its previous peak (99%) in the first half of the year, before declining in the back-half (as the Bank of Canada began to cut its policy rate) and finishing the year down 2.1%. Detached home benchmark prices followed a similar path, although starting from a lower level (90% of previous peak value), and finished the year 1.9% higher than the end of 2023. With further interest rate cuts on the horizon, alongside our expectation of increased sales activity, we expect prices to rise modestly in 2025.
OUR 2025 OUTLOOK
While we expect benchmark MLS prices for both condos and detached homes to increase in 2025, neither will reach their previous peak values from 2022. For condos we expect a 4.4% increase this year and 6.4% growth for detached homes.
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 29, 2025. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 5
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