2024/2025 Housing Market Update
2024 was yet another lacklustre year in terms of total home sales in Greater Vancouver, with sales reaching almost 20% below the 10-year average. This ongoing trend suggests that we are indeed due for a correction in the market, there is some pent-up demand that has been building in the market, which I believe will likely translate more sales throughout 2025.
We haven’t seen any price growth for almost 3 years. In fact, we are still below the peak of spring 2022 prices. Even with the lowering of interest rates and inventory rising My prediction is that with the lower interest rates and pent up demand, prices will inevitably rise slightly with the spring market. That being said, I believe the days of unsustainable price growth are behind us, for the next few years at least.
There are a record number of rental houses being completed in the next couple years. Most of these are one or two bedroom condos. When you consider rental prices have started to soften and population growth is going to slow (or stop) it’s hard to think that many first time home buyers will opt to purchase vs. rent when the rental prices going lower and lower. Which will drive purchase prices of these types of condos (entry level one/two bedroom condos) lower
We’ll see were 2025 takes us. We’re expecting more rate cuts from the BOC, but if we learned anything from the past, rate cuts don’t necessarily mean higher prices. There’s a few more pieces to that puzzle.
In summary, I think we are do for a more active market this year and a slight rise in sales and prices as we go into spring. If you are thinking of making a move in 2025 please feel free to book a consultation with me or Steve Saretsky.
If you’re thinking of making a move in 2025 feel free to reach out to me or Steve Saretsky.
We’re proud to say we helped sell 78 homes last year and happy to help you too!
Feel free to reach out if you want to connect with me! 778-951-5853 LUKE@SARETSKYGROUP.COM
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Luke Annunziello | Vancouver Realtor
About Luke
Luke is a real estate professional with a distinguished career as a realtor since 2019, specializing in the Greater Vancouver market. His expertise extends beyond traditional real estate services, as he possesses a comprehensive understanding of property renovations, accumulated over a period of seven years. Clients appreciate Luke for his friendly nature and ability to establish rapport, making complex transactions more accessible.
Luke is a part of the esteemed Saretsky group which is part of the top 1% of all realtors in Vancouver. This affiliation with the Saretsky group translates into a range of benefits for his clients. From market expertise and extensive networks to enhanced marketing capabilities and exclusive opportunities, Luke can provide a superior level of service and results for those seeking assistance in the competitive Vancouver real estate market.
When not doing real estate transactions you can find him playing hockey, snowboarding on the mountains or spending time with his wife and daughter. Whether navigating the dynamic Vancouver market or incorporating renovation insights into property dealings, Luke stands as a reliable and professional ally, ensuring a seamless and positive experience for his clientele.
Whether you're looking to buy or sell a property in North Vancouver or elsewhere in Vancouver, Luke is the agent you can trust to guide you through the process and achieve your goals.
