There was a strong finish to real estate sales in the Metro Vancouver market at the end of 2024, and there were more single family residences sold in the Maple Ridge-Pitt Meadows market than any other in the Greater Vancouver Realtors (GVR) association.
The past year saw the sales of 976 detached houses in Ridge Meadows. By comparison, East Vancouver sold the next highest number at 882, Richmond 783, and Coquitlam 607.
The local sales were also an slight increase over 926 Ridge Meadows house sales in 2023.
There were 602 townhouses sold – one of the highest numbers in GVR, and an increase on 493 the previous year. The 443 apartments sold in 2024 was down slightly from 455 in 2023.
The median selling prices in Ridge Meadows over the past year were $1.3 million for houses, $810,000 for townhouses, and $535,000 for apartments.
Home sales registered on the Multiple Listing Service (MLS) in Metro Vancouver rose over 30 per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.
The GVR reports residential sales in the region totalled 26,561 in 2024, a 1.2 per cent increase from 26,249 in 2023.
Last year’s sales total was 20.9 per cent below the 10-year annual sales average (33,559).
"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," said Andrew Lis, GVR director of economics. "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."
Properties listed on the MLS system in GVR totalled 60,388 in 2024 – a 19 per cent increase compared to the 50,894 properties listed in 2023. That wass 5.7 per cent above the region’s 10-year annual average (57,136).
The total number of homes listed for sale on MLS in Metro Vancouver is 10,948, a 24.4 per cent increase compared to December 2024 (8,802). This total is also 25 per cent above the 10-year seasonal average (8,737).
“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said.
“These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue.
"With 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 we’ve seen in recent years.”
Residential sales in the region totalled 1,765 in December 2024, a 31.2 per cent increase from the 1,345 sales recorded in December 2023. This was 15 per cent below the 10-year seasonal average (2,074) for the month.
There were 1,676 detached, attached and apartment properties newly listed for sale on the MLS® system in Metro Vancouver in December 2024. This represents a 26.3 per cent increase compared to the 1,327 properties listed in December 2023. This was 1.1 per cent below the 10-year seasonal average (1,695).
