2024 Year End

Jan. 6, 2025

The past year, the real estate market challenged conventional expectations. Despite declining interest rates, which would typically spur demand, the market showed only modest gains in sales. Compared to 2023, sales in North Vancouver increased by 2%, while West Vancouver saw a slight rise of just 1%. These figures contrasted sharply with the double-digit growth in listings - 22% in North Vancouver and 14% in West Vancouver. This dynamic underscored a unique market trend: while purchasing became more affordable, buyers remained hesitant, and sellers were more proactive in listing their properties.

Several factors likely influenced buyer hesitation. The provincial election introduced uncertainty, which has historically led to a more cautious market. Additionally, the nature of interest rate movements played a role. When rates decline, buyers often take longer to react, carefully evaluating their options in a market where affordability improves incrementally. This contrasts with the urgency typically seen during rate hikes, when buyers rush to secure favorable terms before further increases. The successive rate cuts introduced later in the year may have contributed to a measured approach from buyers, who appeared to be waiting for further rate reductions or better value before stepping into the market.

As the year progressed and rate cuts continued, there were signs of increased buyer activity, albeit at a modest pace. In North Vancouver, sales during the second half of the year rose by 6% compared to a 1% decline in the first half (versus 2023). West Vancouver followed a similar trend, with sales up 1.3% in the latter half of the year compared to a modest 0.3% increase in the first half. While this suggests a gradual shift in buyer confidence, the overall data indicates that the resurgence in activity remains measured rather than robust.

As the market moves into the new year, all eyes will be on how buyers and sellers adapt to the shifting landscape. With interest rates now at lower levels and early signs of increasing activity, the potential for a more active market is on the horizon. However, the pace of this resurgence will depend on broader economic conditions, buyer confidence, and the persistence of cautious behaviors observed last year. 

On a personal note, we are proud to celebrate another milestone - our first anniversary as an independent brokerage. While our roots in real estate go back to 1979, each year holds special meaning for us because it reflects the trust and support our clients and community have shown us. We are deeply grateful for this continued confidence and partnership - thank you!

2024 Values

North Vancouver.
For the year, the median sale price of a North Vancouver single-family home was up 4.8 per cent to $2,200,000; the median sale price of a condo was up 1.9 per cent to $800,000; and the median sale price of an attached home (townhomes and half duplexes) was up 1.5 per cent to $1,420,000.

West Vancouver.
For the year, the median sale price of a West Vancouver single-family home was down 3.7 per cent to $2,962,500; the median sale price of a condo was down 2.1 per cent to $1,220,000; while the median sale price of an attached home (townhomes and half duplexes) was up 26.3 per cent to $2,362,500.

The 2025 BC Assessments are now available with values as of July 1st, 2024. On average, the District of North Vancouver saw a 2% increase from the previous year, while the City of North Vancouver and the District of West Vancouver saw no change from 2024. If you have questions about your new assessment or would like sales information to support an appeal, you can contact us here.

Sales. Search all the North and West Vancouver homes that sold in 2024 with access to all sold data (including listed and sale prices, days on market, and more). 

North Vancouver Sales >>   |    West Vancouver Sales >>

Plus, see the top 10 sales of the year:

North Van Top 10 Sales >>   |   West Van Top 10 Sales >>

As always, we would be pleased to hear from you to answer any real estate questions or to assist you with your real estate needs in 2025.  We can be reached at 604.983.2518, by completing the form on this page, or by appointment at our office at 110 1st Street East, North Vancouver.

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