December 2024 Real Estate Market Update

by Hassenn Khaseipoul

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.

If you're interested in receiving foreclosure listings, please share your name, email address, and details about the type of property you're looking for.

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%

Real estate market update