Greater Vancouver home sales saw a significant increase in December, marking a turning point for the real estate market. While sales remained below the 10-year average, the uptick indicates a potential shift in buyer confidence.
VANCOUVER — Greater Vancouver home sales rose 31.2 per cent on a year-over-year basis in December, capping a 'pivot year' for the market where the number of homes that changed hands in the region ticked higher. Greater Vancouver Realtors says the 1,765 home sales last month were still 14.9 per cent below the 10-year seasonal average for December. It says there were 1,676 newly listed properties, up 26.3 per cent from December 2023. The composite benchmark price was $1,171,500, up 0.
5 per cent from a year earlier and 0.1 per cent below November's level. Overall, home sales throughout 2024 rose 1.2 per cent from the previous year, but the 26,561 total transactions were still 20.9 per cent below the 10-year annual sales average. The board's director of economics and data analytics Andrew Lis says that with borrowing costs on the decline, buyers have 'started to show up in numbers after somewhat of a hiatus,' which is reflected in recent monthly data.
HOMESALES REALESTATE VANCOUVER MARKETTRENDS BORROWINGCOSTS
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pitching in: Keithmas raises money for Greater Vancouver Food BankCreated by John Hewer and James Hayden, and now in its 15th year, the party regularly sells out weeks in advance and it raises about $25,000 annually
Read more »
Heavy fog envelopes parts of Vancouver Island, Metro VancouverHeavy fog has enveloped parts of southwestern B.C., including parts of Vancouver Island, a day after Metro Vancouver saw near-zero visibility.
Read more »
LaSalle College Vancouver Presents: A Night to Celebrate Vancouver's ChangemakersThis year's event, presented by LaSalle College Vancouver, promises a 'standing dinner' with a variety of food and drink options, including meal stations, grazing boards, and passed canapes. The evening will honor 50 influential changemakers and induct new members into the Hall of Fame, with special recognition for 'Ones to Watch.' Don't miss your chance to be part of this legendary night.
Read more »
10 Gifts for Men Who Live in Vancouver - Vancouver MagazineIt turns out that “gifts for men” is one of the most-searched […]
Read more »
7 Must-Try Holiday Desserts in Vancouver - Vancouver MagazineIn general, we’re pretty pro “treat yourself” at Vanmag and this goes […]
Read more »
Home sales in Greater Victoria for November increase from past yearHome sales in Greater Victoria for November saw an increase from the year before, but also reflected a decrease from October.
Read more »