Every month I receive an email from BCREA (BC Real Estate Association) regarding the market trends, based on data from the MLS. It's a long and pretty boring looking email but it has some good nuggets in it and I am going to share this with you monthly this year. (but I'm going to summarise this email so you don't fall asleep. If there are things you want more info on, just call/text/email me! :)
As 2024 wraps up, the North Vancouver real estate market is gaining strength, showing signs of a more active 2025. With borrowing costs easing and buyer activity picking up, here’s a closer look at the key trends shaping our local market.
Key Highlights for December 2024:
Sales Activity
Detached Homes: Sales increased by ~30% year-over-year, with family homes in popular neighbourhoods like Edgemont Village and Lynn Valley in high demand.
Attached Homes: Sales jumped over 50%, driven by affordability and the appeal of townhomes in areas like Lower and Central Lonsdale.
Apartments: Apartment sales grew by 20-25%, creating opportunities for first-time buyers and investors, as prices remain stable year-over-year.
Pricing Trends
Detached Homes: Benchmark price at ~$2.1M, up 1.5%-2% from December 2023.
Attached Homes: Townhomes at ~$1.15M, up 3%-4% year-over-year.
Apartments: Prices are just under $800K, showing stability and value for buyers.
Listings & Inventory
Inventory growth across all property types offers buyers more options, while the sales-to-active listings ratio indicates a shift toward a seller’s market at ~20%.
What This Means for You
For Buyers:
First-time buyers and investors: Stable apartment prices present a great entry point.
Detached homes: Be prepared for competition in sought-after family-friendly neighbourhoods.
For Sellers:
Timing: Listing early in 2025 could capture renewed market momentum.
Highlight value: Updated, competitively priced homes in desirable areas are well-positioned to attract multiple offers.
2025 Market Outlook
North Vancouver is set for an active market year, with buyer demand expected to grow alongside easing mortgage rates. If you’re planning to buy, sell, or simply want to stay informed, feel free to reach out for a personalized market consultation.
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