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Highlights of Dexter’s December 2024 repor t● Sales in December up 31% year-over-year● Was December the last of the jumbo cuts by the Bankof Canada?● Quarter 4 sales in Greater Vancouver were up 30% to2023● Townhomes continue to be too few and far between forbuyersIt’s a new year, but one with the anticipation of continuedinterest rate reductions. The Bank of Canada meets again onJanuary 29th following their rate cut of 50 points in Decemberand with a month of political and economic headwinds tocome, the 25-point drop that’s currently expected could seemore swings than the Vancouver Canuck’s season so far.Unfortunately, the new year also brought a new round oflegislation for British Columbia property owners to navigate.On January 1st, the provincial government’s flipping tax cameinto effect. Anyone who sells a property within one year ofpurchasing, starting January 1st for any sales, could be taxed20% on any profits with that tax declining in the second yearto zero.This is in addition to the federal tax that came intoeffect in 2023 which taxed any profits as income forproperties sold within one year. This new provincialtax targets not just resales but presales and theassignment of them as well. Certain life eventexemptions may apply. It remains to be seen whetherthe provincial government will double the Speculation

and Vacancy Tax in 2025 on properties as promisedduring the election. Just a few things for buyers andsellers to navigate this year.There were 1,765 properties sold in Greater Vancouver inDecember after, 2,181 properties sold in November, 2,632properties sold in October, and 1,852 sold in September.Fourth quarter sales in Greater Vancouver were 30% higherthan the fourth quarter of 2023 and 36% higher than thefourth quarter of 2022. Some areas around Metro Vancouverexperienced a greater number of sales in December than inNovember – Richmond and New Westminster, while PittMeadows, Maple Ridge and Aldergrove saw sales inDecember right near the totals for November. With the Bankof Canada rates coming down, buyer activity increased. TheBank of Canada’s final rate announcement for 2024 producinganother jumbo rate cut of 50 points, pushed some buyers tojump back into the market last month. This buyerreengagement trend is likely to continue as January comesout of the holiday season mode. The question is how activewill buyers be as we venture into a year with economic andpolitical uncertainty still ahead. That was supposed to be a2024 problem but with the U.S. Government change and afederal election in Canada (at some point), politics could playa role in real estate and the economy.Sales in December were a 31% increase from the 1,345properties sold last year and a 35% increase from the 1,303sales in December 2022. As interest rates likely come downfurther, albeit at a slower pace in 2025, buyers won’t face the

same spectre of obtaining mortgages at much higher ratesthen they experienced in the last two years. That led to moreactivity last fall compared to the last few years and as thespring market approaches, it will have an impact on how thereal estate market plays out this year.There is more optimism and opportunity in the real estatemarket, especially with new mortgage rules that took effect inDecember allowing for presale buyers to amortize theirmortgage over 30 years and increasing the threshold forinsured mortgages to $1.5M. The provincial flipping tax, thatstarted on January 1st, may keep some sellers on thesidelines as they wait out the 2-year period. And for thosebuyers looking to purchase a property and renovate, they maythink twice. Not great for those other buyers who would preferpurchasing a renovated property.Greater Vancouver sales in December were 12%below the 10-year average after November sales were13% below the 10-year average and October saleswere 5% below the 10-year average – all of which wasfar better than September and August where totalsales were 26% below the 10-year average. For aDecember that is typically the slowest month of theyear for real estate activity, there was a surprisingamount this year. Just ask some REALTORS® thathad offers come in on New Year’s Eve.

Overall, total sales for the year were 26,560 in GreaterVancouver. This was slightly ahead of 2023 when 26,249homes sold but still less than the 29,227 sales in 2022.Although 2022 saw 65% of the year’s total sales in the first 6months prior to the start of rate hikes that year. In 2023, 55%of total sales were in the first half of the year while 2024 wasmore balanced with 52% of total sales in the first half. Thisshowed that momentum in the market was picking up as thesecond half of the year moved on.In Greater Vancouver due to the holiday season, the numberof new listings declined in December. There were 1,737 newlistings in December, which were down 54% compared toNovember but up 35% compared to the 1,303 new listings inDecember of last year. Sellers and buyers were far moreactive than we’ve seen in the last 3 years for the month ofDecember. And with 1,300 listings having expired at the endof December and others taking their properties off the marketover the holidays, some will come back on in January andFebruary as market conditions continue to improve. The totalnumber of new listings in 2024 came in at 60,386 which wasup significantly from the 50,883 in 2023 and the 55,028 in2022. This was still fewer than 2021 when 63,711 new listingscame out due to that year having one of the most active yearson record for real estate sales.The number of new listings in December were right at the10-year average after November was 5% above the 10-yearaverage, October 20% above the 10-year average andSeptember at 16% above. So, while we did see more listingactivity in 2024, we saw that wane as the year went on. As the

inventory of homes crept up through the year, some sellerswere not keen to adjust prices to meet the expectations ofbuyers and the reality of more competition. The wait until2025 and lower rates may have entered the minds of somesellers as the fall market moved on. Buyers certainly hope tosee more listings come on in 2025 to give more buying choicewith these lower interest rates.There were 10,948 active listings in Greater Vancouver atmonth end, compared to 13,245 at the end of November. Afterseveral listings expired at the end of December and otherscame off through the month of December, January startedwith just over 9,600 active listings. This was 23% above thetotal active listing count at the start of 2024. While above lastyear, that difference had grown to 46% year-over-year in May2024. While buyers had more choice through 2024, thatchoice diminished as the year went on. Will we see it growagain in 2025? Perhaps not to the same level but more choicewould lead to more transactions and keep price growthlimited.Months of supply overall stayed steady at 6 in GreaterVancouver. The detached market in Greater Vancouver wasthe same at 8 months supply compared to November whiletownhomes remained at 4 months just below the condomarket at 5 months – bordering on a seller’s market whiletownhomes are firmly entrenched in a seller’s market. NorthVancouver, Richmond, Burnaby, New Westminster, PortMoody, Port Coquitlam, Maple Ridge, Abbotsford andCloverdale range from 2 to 3 months supply – Pitt Meadowswith one month supply.

Townhome sales in December in the region were up 55%compared to December last year, showing what was onbuyers’ shopping list for this holiday season. Detachedhomes saw a 31% increase in sales year-over-year whilecondos were up 23%. The condo inventory is up 30%year-over year, while townhomes are up 23% and detachedhomes are up 20%. There is more oppor tunity in the condomarket for buyers, some areas more so than others. A goodopportunity for first time buyers and investors and why it’simportant to understand each market.Signs are pointing to an improved real estate market in 2025.More transactions will occur, and prices will be impacted bythe number of property listings. Who is more active in 2025will direct where prices go – more buyers than sellers thenwe’ll see more pressure on prices.There is pent up demand in the market, and arguablypent up supply. But with many new homedevelopments on hold or not viable in current marketconditions, supply in the next 2 to 5 years willcontinue to be a challenge. Rental prices aredeclining, in part due to the supply of new rentalbuildings being built and economic conditions makingit challenging for renters. It’s been a while sincelandlords have had to compete for tenants, and with adecrease in federal immigration targets, that couldcontinue. The story of 2025 is yet to be written, butlike the previous years in this decade, it is bound to bean interesting one again.

Here’s a summar y of the numbers:Greater Vancouver: Total Units Sold in December were1,765 - down from 2,181 (19%) in November, down from2,632 (33%) in October, up from 1,345 (31%) in December2023, up from 1,303 (35%) in December 2022, down from2,737 (36%) in December 2021, down from 3,157 (18%) inDecember 2020, and down from 2,046 (14%) in December2019; Active Listings were at 10,948 at month endcompared to 8,802 at that time last year (up 24%) and13,245 at the end of November (down 17%); the 1,737New Listings in December were down 54% compared toNovember 2024, up 28% compared to December 2023, up40% compared to December 2022, down 13% comparedto December 2021, down 30% compared to December2020, and up 4% compared to December 2019. Month’ssupply of total residential listings is steady at 6 month’ssupply (balanced market conditions) and sales to listingsratio of 102% compared to 58% in November 2024, 99% inDecember 2023, and 105% in December 2022.Month-over-month, the house price index is down 0.1%and in the last 6 months up 0.5%.

Vancouver Westside: Total Units Sold in December were307 - down from 383 (20%) in November, down from 472(35%) in October, up from 235 (31%) in December 2023,up from 244 (26%) in December 2022, down from 468(34%) in December 2021, down from 486 (37%) inDecember 2020, and up from 190 (62%) in December2019; Active Listings were at 2,396 at month endcompared to 1,998 at that time last year (up 20%) and2,856 at the end of November (down 16%); the 331 NewListings in December were down 53% compared toNovember 2024, up 34% compared to December 2023, up36% compared to December 2022, down 17% comparedto December 2021, down 22% compared to December2020, and up 28% compared to December 2019. Month’ssupply of total residential listings is up to 8 month’ssupply from 7 (buyer’s market conditions) and sales tolistings ratio of 92% compared to 54% in November 2024,95% in December 2023, and 100% in December 2022.Month-over-month, the house price index is down 0.3%and in the last 6 months down 3.1%.

Vancouver East Side: Total Units Sold in December were198 - down from 268 (26%) in November, down from 282(30%) in October, up from 148 (34%) in December 2023,up from 122 (62%) in December 2022, down from 295(33%) in December 2021, down from 348 (43%) inDecember 2020, and down from 208 (5%) in December2019; Active Listings were at 1,151 at month endcompared to 977 at that time last year (up 18%) and1,407 at the end of November (down 18%); the 185 NewListings in December were down 61% compared toNovember 2024, up 25% compared to December 2023, up28% compared to December 2022, down 14% comparedto December 2021, down 31% compared to December2020, and up 15% compared to December 2019. Month’ssupply of total residential listings is up to 6 month’ssupply from 5 (balanced market conditions) and sales tolistings ratio of 107% compared to 56% in November2024, 100% in December 2023, and 85% in December2022.Month-over-month, the house price index is up down 0.1%and in the last 6 months down 2.1%.

North Vancouver: Total Units Sold in December were 138- down from 173 (20%) in November, down from 224(38%) in October, up from 106 (30%) in December 2023,up from 107 (29%) in December 2022, down from 195(29%) in December 2021, down from 250 (45%) inDecember 2020, and down from 155 (11%) in December2019; Active Listings were at 532 at month end comparedto 392 at that time last year (up 61%) and 716 at the endof November (down 12%); the 105 New Listings inDecember were down 59% compared to November 2024,up 5% compared to December 2023, up 30% compared toDecember 2022, down 12% compared to December 2021,down 36% compared to December 2020, and down 5%compared to December 2019. Month’s supply of totalresidential listings is steady at 4 month’s supply (seller’smarket conditions) and sales to listings ratio of 131%compared to 67% in November 2024, 106% in December2023, and 132% in December 2022.Month-over-month, the house price index is down 0.5%and in the last 6 months down 5.5%.

West Vancouver: Total Units Sold in December were 39 -down from 45 (13%) in November, down from 59 (34%) inOctober, down from 41 (5%) in December 2023, downfrom 40 (2%) in December 2022, down from 62 (37%) inDecember 2021, down from 82 (52%) in December 2020,and down from 46 (15%) in December 2019; ActiveListings were at 546 at month end compared to 487 atthat time last year (up 12%) and 645 at the end ofNovember (down 15%); the 78 New Listings in Decemberwere down 35% compared to November 2024, up 44%compared to December 2023, up 66% compared toDecember 2022, up 56% compared to December 2021, up16% compared to December 2020, and up 30% comparedto December 2019. Month’s supply of total residentiallistings is steady at 14 month’s supply (buyer’s marketconditions) and sales to listings ratio of 50% compared to38% in November 2024, 76% in December 2023, and 85%in December 2022.Month-over-month, the house price index is up 2.4% but inthe last 6 months down 2.9%.

Richmond: Total Units Sold in December were 235 - upfrom 234 (0.5%) in November, down from 290 (19%) inOctober, up from 169 (39%) in December 2023, up from171 (37%) in December 2022, down from 387 (39%) inDecember 2021, down from 343 (31%) in December 2020,and down from 281 (16%) in December 2019; ActiveListings were at 1,351 at month end compared to 1,043 atthat time last year (up 30%) and 1,584 at the end ofNovember (down 15%); the 195 New Listings inDecember were down 58% compared to November 2024,up 20% compared to December 2023, up 13% comparedto December 2022, down 29% compared to December2021, down 36% compared to December 2020, and down24% compared to December 2019. Month’s supply oftotal residential listings is down to 6 month’s supply from7 (balanced market conditions) and sales to listings ratioof 120% compared to 50% in November 2024, 104% inDecember 2023, and 99% in December 2022.Month-over-month, the house price index is up 0.1% andin the last 6 months down 2.6%.

Burnaby East: Total Units Sold in December were 21 -down from 38 (45%) in November, down from 25 (16%) inOctober, up from 18 (17%) in December 2023, up from 12(75%) in December 2022, down from 32 (34%) inDecember 2021, down from 41 (49%) in December 2020,and up from 17 (24%) in December 2019; Active Listingswere at 116 at month end compared to 75 at that timelast year (up 55%) and 144 at the end of November (down19%); the 24 New Listings in December were down 57%compared to November 2024, up 100% compared toDecember 2023, up 71% compared to December 2022, up9% compared to December 2021, down 26% compared toDecember 2020, and up 20% compared to December2019. Month’s supply of total residential listings is up to 6month’s supply from 4 (balanced market conditions) andsales to listings ratio of 87% compared to 68% inNovember 2024, 150% in December 2023, and 86% inDecember 2022.Month-over-month, the house price index is up 0.6% andin the last 6 months down 3.1%.

Burnaby North: Total Units Sold in December were 130 -down from 145 (10%) in November, down from 168 (14%)in October, up from 91 (43%) in December 2023, up from78 (67%) in December 2022, down from 157 (17%) inDecember 2021, down from 171 (24%) in December 2020,and up from 113 (15%) in December 2019; Active Listingswere at 595 at month end compared to 417 at that timelast year (up 43%) and 729 at the end of November (down18%); the 138 New Listings in December were down 47%compared to November 2024, up 77% compared toDecember 2023, up 97% compared to December 2022, up14% compared to December 2021, down 16% comparedto December 2020, and up 97% compared to December2019. Month’s supply of total residential listings is steadyat 5 month’s supply (balanced market conditions) andsales to listings ratio of 94% compared to 55% inNovember 2024, 117% in December 2023, and 111% inDecember 2022.Month-over-month, the house price index is down 0.2%and in the last 6 months down 3.5%.

Burnaby South: Total Units Sold in December were 97 -down from 134 (28%) in November, down from 166 (42%)in October, up from 79 (23%) in December 2023, up from94 (3%) in December 2022, down from 186 (48%) inDecember 2021, down from 148 (34%) in December 2020,and down from 132 (27%) in December 2019; ActiveListings were at 493 at month end compared to 395 atthat time last year (up 25%) and 597 at the end ofNovember (down 17%); the 84 New Listings in Decemberwere down 46% compared to November 2024, up 12%compared to December 2023, up 42% compared toDecember 2022, down 38% compared to December 2021,down 42% compared to December 2020, and up 8%compared to December 2019. Month’s supply of totalresidential listings is up to 5 month’s supply from 4(balanced market conditions) and sales to listings ratio of115% compared to 80% in November 2024, 105% inDecember 2023, and 159% in December 2022.Month-over-month, the house price index is up 0.2% andin the last 6 months down 2.2%.

New Westminster: Total Units Sold in December were 96 -up from 93 (3%) in November, down from 120 (20%) inOctober, up from 46 (109%) in December 2023, up from53 (81%) in December 2022, down from 139 (31%) inDecember 2021, down from 151 (36%) in December 2020,and up from 77 (25%) in December 2019; Active Listingswere at 360 at month end compared to 240 at that timelast year (up 50%) and 464 at the end of November (down22%); the 67 New Listings in December were down 62%compared to November 2024, up 72% compared toDecember 2023, up 131% compared to December 2022,down 21% compared to December 2021, down 28%compared to December 2020, and up 31% compared toDecember 2019. Month’s supply of total residentiallistings is down to 4 month’s supply from 5 (seller’smarket conditions) and sales to listings ratio of 143%compared to 53% in November 2024, 118% in December2023, and 183% in December 2022.Month-over-month, the house price index is up 1.1% andin the last 6 months down 0.5%.

Coquitlam: Total Units Sold in December were 128 - downfrom 172 (26%) in November, down from 246 (48%) inOctober, up from 119 (8%) in December 2023, up from 81(58%) in December 2022, down from 216 (41%) inDecember 2021, down from 309 (59%) in December 2020,and down from 197 (35%) in December 2019; ActiveListings were at 867 at month end compared to 527 atthat time last year (up 65%) and 1,027 at the end ofNovember (down 16%); the 155 New Listings inDecember were down 51% compared to November 2024,up 80% compared to December 2023, up 104% comparedto December 2022, up 1% compared to December 2021,down 27% compared to December 2020, and up 31%compared to December 2019. Month’s supply of totalresidential listings is up to 7 month’s supply from 6(balanced market conditions) and sales to listings ratio of82% compared to 55% in November 2024, 138% inDecember 2023, and 107% in December 2022.Month-over-month, the house price index is up 0.7% andin the last 6 months down 3.5%.

Port Moody: Total Units Sold in December were 29 - downfrom 63 (54%) in November, down from 66 (56%) inOctober, up from 25 (16%) in December 2023, up from 41(29%) in December 2022, down from 52 (44%) inDecember 2021, down from 78 (63%) in December 2020,and down from 37 (22%) in December 2019; ActiveListings were at 155 at month end compared to 128 atthat time last year (up 21%) and 212 at the end ofNovember (down 27%); the 27 New Listings in Decemberwere down 66% compared to November 2024, down 16%compared to December 2023, down 36% compared toDecember 2022, down 31% compared to December 2021,down 47% compared to December 2020, and down 4%compared to December 2019. Month’s supply of totalresidential listings is up to 5 month’s supply from 3(balanced market conditions) and sales to listings ratio of107% compared to 79% in November 2024, 78% inDecember 2023, and 98% in December 2022.Month-over-month, the house price index is up 0.2% andin the last 6 months down 3.1%.

Port Coquitlam: Total Units Sold in December were 51 -down from 76 (33%) in November, down from 77 (34%) inOctober, up from 36 (42%) in December 2023, up from 37(38%) in December 2022, down from 107 (52%) inDecember 2021, down from 105 (51%) in December 2020,and down from 84 (39%) in December 2019; ActiveListings were at 237 at month end compared to 154 atthat time last year (up 54%) and 285 at the end ofNovember (down 17%); the 50 New Listings in Decemberwere down 54% compared to November 2024, up 28%compared to December 2023, up 14% compared toDecember 2022, down 24% compared to December 2021,down 51% compared to December 2020, and down 14%compared to December 2019. Month’s supply of totalresidential listings is up to 5 month’s supply from 4(balanced market conditions) and sales to listings ratio of102% compared to 70% in November 2024, 92% inDecember 2023, and 84% in December 2022.Month-over-month, the house price index is up 0.4% andin the last 6 months down 2.1%.

Pitt Meadows: Total Units Sold in December were 28 -down from 30 (7%) in November, down from 32 (12%) inOctober, up from 19 (47%) in December 2023, up from 23(21%) in December 2022, down from 33 (15%) inDecember 2021, up from 26 (8%) in December 2020, andup from 27 (4%) in December 2019; Active Listings wereat 68 at month end compared to 59 at that time last year(up 15%) and 105 at the end of November (down 35%);the 11 New Listings in December were down 74%compared to November 2024, down 21% compared toDecember 2023, down 8% compared to December 2022,down 61% compared to December 2021, down 45%compared to December 2020, and down 15% comparedto December 2019. Month’s supply of total residentiallistings is up to 6 month’s supply from 4 (balancedmarket conditions) and sales to listings ratio of 254%compared to 71% in November 2024, 135% in December2023, and 191% in December 2022.Month-over-month, the house price index is down 1.3%and in the last 6 months down 0.4%.

Maple Ridge: Total Units Sold in December were 112 -down from 116 (3%) in November, down from 143 (22%)in October, up from 100 (12%) in December 2023, up from78 (44%) in December 2022, down from 159 (30%) inDecember 2021, down from 214 (48%) in December 2020,and down from 130 (14%) in December 2019; ActiveListings were at 611 at month end compared to 579 atthat time last year (up 5%) and 765 at the end ofNovember (down 20%); the 90 New Listings in Decemberwere down 59% compared to November 2024, down 11%compared to December 2023, up 38% compared toDecember 2022, down 17% compared to December 2021,down 45% compared to December 2020, and down 14%compared to December 2019. Month’s supply of totalresidential listings is down to 5 month’s supply from 7(balanced market conditions) and sales to listings ratio of124% compared to 52% in November 2024, 98% inDecember 2023, and 120% in December 2022.Month-over-month, the house price index is up 0.4% andin the last 6 months down 1.8%.

Ladner: Total Units Sold in December were 14 - downfrom 33 (58%) in November, down from 31 (6%) inOctober, up from 12 (17%) in December 2023, up from 9(56%) in December 2022, down from 21 (33%) inDecember 2021, down from 34 (59%) in December 2020,and down from 20 (30%) in December 2019; ActiveListings were at 117 at month end compared to 86 at thattime last year (up 36%) and 135 at the end of November(down 13%); the 15 New Listings in December were down66% compared to November 2024, up 7% compared toDecember 2023, up 7% compared to December 2022, up25% compared to December 2021, down 50% comparedto December 2020, and down 50% compared toDecember 2019. Month’s supply of total residentiallistings is up to 8 month’s supply from 4 (buyer’s marketconditions) and sales to listings ratio of 93% compared to75% in November 2024, 86% in December 2023, and 64%in December 2022.Month-over-month, the house price index is down 0.4%and in the last 6 months down 0.7%.

Tsawwassen: Total Units Sold in December were 21 -down from 26 (19%) in November, down from 36 (42%) inOctober, the same as December 2023, down from 23 (9%)in December 2022, down from 43 (51%) in December2021, down from 74 (72%) in December 2020, and downfrom 26 (19%) in December 2019; Active Listings were at181 at month end compared to 152 at that time last year(up 19%) and 204 at the end of November (down 11%);the 25 New Listings in December were down 43%compared to November 2024, up 39% compared toDecember 2023, up 25% compared to December 2022, up25% compared to December 2021, down 42% comparedto December 2020, and up 32% compared to December2019. Month’s supply of total residential listings is up to 9month’s supply from 8 (buyer’s market conditions) andsales to listings ratio of 84% compared to 59% inNovember 2024, 117% in December 2023, and 115% inDecember 2022.Month-over-month, the house price index is down 0.3%and in the last 6 months down 2.1%.

Fraser Valley: Sales in December were down 14.6%,compared to November and were up 20% from December2023. New listings were down 48% from November andup 41.4% from December 2023. The average price was up3% month-over-month and is up 10.3% year-over-year.Active listings were down 27.1% to 5,392 from 7,400 lastmonth and up 20.5% from November 2023 which was at4,476. Month’s supply of total residential listings is downto 6 months from 7 months (balanced marketconditions).Month-over-month, the house price index is down 0.5%and in the last 6 months down 3.7%

Download December Sales andListings Statistics All RegionalDownload December Sales andListings Statistics HousesTownhouses CondosKevin SkipworthPartner/Broker and Chief Economist at DexterRealtyWant to know more? We'd be happy to assist.Simply drop us an email atinfo@dexterrealty.com or give us a call at604.263.1144. Our team will connect you to alocal Dexter agent or refer you through ournetwork outside Metro Vancouver.