Major Cities Report Victoria 2024 Victoria Real Estate Market Year In Review A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023. “2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages.” There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023. Source Vancouver Home Sales Register A Strong Finish To Cap Off 2024 Home sales registered on the Multiple Listing Service® in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signaling strengthening demand-side momentum to close out 2024. “Looking 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. With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.” says Andrew Lis, GVR director of economics and data analytics. The Greater Vancouver REALTORS® reports that residential sales in the region totaled 26,561 in 2024, a 1.2 per cent increase from the 26,249 sales recorded in 2023, and a 9.2 per cent decrease from the 29,261 sales in 2022. Source Calgary 2024 Marks Another Strong Year For Sales And Price Growth The year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges. “Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.” As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Source Edmonton Low Inventory Sets Stage For Continued Seller’s Market There were a total of 1,428 residential unit sales in the Greater Edmonton Area (GEA) real estate market during December 2024, a 25.4% decrease from November 2024 and 17.2% higher than December 2023. New residential listings amounted to 1,367, down 33.3% from November 2024 and 7.3% from December 2023. Overall inventory in the GEA decreased 22.5% month-over-month and 24.6% year-over-year. “It’s no surprise that we saw a decrease in the number of total residential new listings and unit sales month-over-month,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “Despite this typical cooling off period of the market, we’re still feeling encouraged about the year ahead as average prices and unit sales were still ahead from this time last year.” Total residential average prices came in at $435,549, reporting no change from the previous month, but reflected an overall increase of 12.2% compared to December 2023. Source Toronto Housing Market Gets More Affordable In 2024 With Lower Rates And Prices The Greater Toronto Area (GTA) housing market experienced a transitionary year in 2024. Annual sales were up slightly compared to 2023, and new listings were up significantly year-over-year. Buyers benefited from substantial negotiating power on price, especially in the condominium apartment market. Average selling prices in 2024 dipped in comparison to 2023 as a result. “Borrowing costs were top of mind for home buyers in 2024. High interest rates presented significant affordability hurdles and kept home sales well below the norm. The housing market did benefit from substantial Bank of Canada rate cuts in the second half of the year, including two large back-to-back reductions. All else being equal, further rate cuts in 2025 and home prices remaining below their historic peaks should result in improved market conditions over the next 12 months,” said the Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. GTA home sales amounted to 3,359 in December 2024 – down slightly from December 2023. New listings were up over the same period, continuing the trend of a well-supplied market. The MLS® Home Price Index Composite Benchmark was up by less than one per cent year-over-year in December. Over the same period, the average price, at $1,067,186, edged lower. Source |