December 2024 Real Estate Market Update

Greater Vancouver, Metro Vancouver, and Fraser Valley

As we wrap up the year, let’s take a look at the real estate market performance for December 2024.

Key Highlights:

• Units Sold: 1,762 units were sold this December—a significant improvement compared to December 2023.
• Seasonal Trends: December and January are traditionally slower months in the real estate market, as many people are focused on holidays and vacations.
• Market Dynamics: The variable interest rate has seen a substantial drop recently, and new regulations introduced in December are expected to positively impact the market by spring 2025.

The Good News:

• Variable Rates Are Falling: Lower variable rates could make buying more accessible for many, spurring activity in the market.

The Not-So-Good News:

• Economic Concerns: A sharp drop in interest rates often signals challenges in the broader economy. We're starting to see an uptick in foreclosure listings, reflecting financial strain for some homeowners.

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Market Strength: Sales-to-Active Ratio (SAR):

To assess the health of the market, we look at the Sales-to-Active Ratio (SAR) for both detached and attached properties in various cities. A higher SAR indicates a stronger market, with more homes selling relative to available listings. Here's what the SAR indicates:

• Balanced Market: 12% < SAR < 20%

• Buyer’s Market: SAR < 12%

• Seller’s Market: SAR > 20%

What’s Next?

I’ll be sharing another market update soon, analyzing trends and data going back to 2005. Don’t miss it—sign up for our newsletter to stay informed!

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Let’s make 2025 a great year in real estate!