The Vancouver Life Real Estate Podcast Vancouver Real Estate Market Update for January 2025 PLUS 2024 Predictions Review
Welcome to the first episode of The Vancouver Life Real Estate Podcast for 2025! As we kick off the new year, we start this year by reflecting on an intriguing 2024 in Greater Vancouver real estate.
Today, we’re unpacking December’s freshly released market stats, analyzing how 2024 wrapped up, and exploring what’s on the horizon for 2025.
This is a special double-header episode where we’ll revisit our 2024 real estate predictions to see where we were right, where we missed the mark, and what new trends are setting up 2025 to be a dynamic and potentially surprising year.
Highlights from December reveal some fascinating trends. Sales reached their highest December total in three years, up 32% year-over-year, though still 15% below the 10-year average. New listings surged 26% year-over-year, marking the highest December total in three years. Inventory remains elevated, with December’s levels the highest since 2018 and 25% above the 10-year average•
The Sales-to-active ratios show balanced market conditions for the eighth consecutive month, with townhomes and apartments pushing us into the upper limits of a Balanced market.
In terms of pricing, Vancouver’s housing market defied more pessimistic predictions, with all three price metrics—HPI, median, and average prices—rising year-over-year. Notably, median prices climbed 4.5%, just 2% shy of the all-time high.
As we dive deeper, we’ll also compare Vancouver’s performance to Toronto’s market and national trends. While BC lagged behind the national average home price increase of 7.4%, it still holds the title for the highest average home price in Canada. Tune into the rest of the episode and find out where we right and where we went wrong as we review the predictions we made for 2024.
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Dan Wurtele, PREC, REIA
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Ryan Dash PREC
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