Greater Vancouver home sales rose 31.2 per cent on a year-over-year basis in December, capping a B次元官网网址減ivot yearB次元官网网址� for the market that saw the number of homes changing hands in the region tick higher.

The regionB次元官网网址檚 1,765 home sales last month were still 14.9 per cent below the 10-year seasonal average for December, Greater Vancouver Realtors said Friday.

The real estate board said 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 NovemberB次元官网网址檚 level.

B次元官网网址淎lthough sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory,B次元官网网址� Andrew Lis, the boardB次元官网网址檚 director of economics and data analytics, said in a press release.

B次元官网网址淲ith the data showing renewed strength to finish the year, however, it looks as though the 2025 market is positioned to be considerably more active than weB次元官网网址檝e seen in recent years.B次元官网网址�

Earlier this week, B.C.B次元官网网址檚 latest property assessments showed values were generally flat compared to the previous year.

BC Assessment said prices only fluctuated within a range of plus or minus three per cent in most communities, including major urban areas such as Vancouver, Victoria and Kelowna.

Average residential prices in Vancouver were down 0.8 per cent. Average residential valuations dropped by two per cent in Victoria, and 2.9 per cent in Kelowna.

The assessments reflected market conditions on July 1, 2024.

Overall, Vancouver-area 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, according to the real estate board.

There were 60,388 properties listed in Metro Vancouver in 2024, representing an 18.7 per cent increase compared with 2023 and 5.7 per cent above the regionB次元官网网址檚 10-year annual average.

The board said there are currently 10,948 homes listed for sale in the region, a 24.4 per cent increase compared with December 2024 and around one-quarter above the 10-year seasonal average.

B次元官网网址淟ooking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,B次元官网网址� said Lis.

B次元官网网址淲ith borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus B次元官网网址� and this renewed strength is now clearly visible in the more recent monthly data.B次元官网网址�