Vancouver Real Estate Update: Sales Surge & Key Market Insights for 2025

Written in January 2025. Some details have changed since, so check current numbers before you act on this.

📊 Vancouver Market Insights: December 2024 Recap and 2025 Real Estate Trends

Vancouver home sales climbed again in December 2024 while inventory tightened, and that's why the market headed into 2025 with competitive conditions for entry-level condos and townhomes. Whether you're planning to buy, sell or invest, these updates will give you a competitive edge.

🚀 Are Vancouver Home Sales Rising?

December kept Vancouver's housing market moving, with home sales climbing again.

Key Highlights:

• 31.2% Year-Over-Year Sales Growth, Greater Vancouver REALTORS® reported for December 2024: The strongest December performance in years.
• Single-Family Homes: A standout compared to last year.
• Condos: Experiencing steady growth but still slightly below the decade average.

Breaking It Down by Month:

• October: Sales jumped.
• November: Sales rose again.
• December: Capped off the year with another increase.

Demand was running at the highest levels since the Bank of Canada's rate hikes began in Q2 2022. Buyers are returning, encouraged by falling rates and a renewed sense of optimism. The Kyle Mark Report shows the current sales numbers for your area, free with an account.

📉 Is Vancouver's Inventory Shrinking?

While sales are climbing, the inventory is moving in the opposite direction, creating challenges for buyers.

Key Inventory Trends:

• Seasonally Adjusted New Listings: Down month-over-month in December.
• Condo Listings Surge: Up compared to last year, giving condo buyers more to choose from.
• Active Listings: Some neighbourhoods are seeing inventory at a low.

This combination of rising demand and shrinking supply is creating competitive conditions, especially for entry-level condos and townhomes.

🚨 B.C. Building Permit Values Take a Sharp Drop

A concerning trend emerged in the construction pipeline as building permit values in B.C. fell sharply in November.

Residential Sector Challenges:

• 13.4% Drop in Total Permits: From $1.79 billion in October to $1.55 billion in November 2024, on Statistics Canada's numbers as reported by Burnaby Now.
• Residential Permits Plummet 30%: Falling from $1.25 billion in October to $868 million in November.
• Multi-Unit Residential Segment: Experienced the largest decline, with permit values dropping by 37%. I dug further into this one in my B.C. construction trends post.

Why the decline? Rising construction costs and reduced investor activity have slowed pre-sale demand, leading to unsold inventory piling up in the pipeline.

A Silver Lining in Non-Residential Permits:

While residential permits are declining, non-residential permits surged, driven by demand for industrial, commercial, and institutional projects.

🏡 Coming Soon: Stunning Scandinavian Elegance

Excited about the Vancouver market? Here’s a sneak peek at an upcoming gem:

• Location: Just off Main Street.
• Design: A Scandinavian-inspired half duplex by renowned architect Randy Bens.
• Features: Clean lines, abundant natural light, and impeccable craftsmanship.

You'll find the details on this breathtaking home in my listing post.

What’s Happening in Vancouver This Week? 🎭

Exciting Local Events:

• Vancouver Symphony Orchestra – Musical Celebration
  📅 Friday, January 26 | Orpheum Theatre

• Lunar New Year Parade in Chinatown
  📅 Sunday, January 28 | Celebrate with vibrant culture!

• Winter Farmers Market at Riley Park
  📅 Saturday, January 27 | Enjoy local food and crafts.

Let’s Plan Your 2025 Real Estate Goals Together

Whether you're looking to buy, sell, or invest, the shifting market dynamics create a unique opportunity to make smart moves this year. Let’s navigate this evolving market together and achieve your real estate goals.

📞 Book a call with me today:
👉 Schedule Your Strategy Call

🔎 Check BC Assessments:
👉 BC Assessment Tool

🏡 Search Listings:
👉 Explore Vancouver Properties

Here’s to a successful and exciting year ahead in Vancouver real estate!

NOTE: this representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assume no responsibility for its accuracy.