December 2024 Real Estate Market Update: Burnaby, New Westminster, and the Tri-Cities

As we close out 2024, the Metro Vancouver real estate market is showing signs of renewed activity, with a strong finish in December signaling a potential upswing in 2025. Here's a detailed breakdown of what the latest market trends mean for buyers, sellers, and investors in Burnaby, New Westminster, and the Tri-Cities.

Market Overview: A Year of Transition

2024 saw the market adapt to declining mortgage rates after significant rate hikes in previous years. By December, sales across Metro Vancouver increased by over 30% year-over-year, with renewed buyer activity driving momentum. However, sales remained below the 10-year seasonal average, reflecting cautious optimism.

Burnaby: A Balanced Market

• Detached Homes: The benchmark price for detached homes in Burnaby South is $2,233,000, marking an 8% increase year-over-year. Burnaby North followed a similar trend, with prices up 4.2%. Detached properties remain in demand, though buyers are cautious due to affordability challenges.

• Townhouses and Condos: Benchmark prices for townhouses in Burnaby East ($881,300) and Burnaby South ($1,056,300) showcase a mix of stability and moderate gains. Apartment benchmarks in Burnaby South rose to $837,000, offering affordability compared to detached options.

New Westminster: Modest Yet Steady Growth

• Overall Trends: Residential properties in New Westminster saw benchmark price increases of 1.4% year-over-year, with detached homes reaching $1,579,700. The sales-to-active listings ratio of 16.8% indicates a balanced market, though sellers may face price resistance in certain segments.

• Opportunities for Buyers: Townhouses in New Westminster, with a benchmark price of $956,600, represent value for those seeking family-friendly, central locations without the premium of detached homes.

Tri-Cities: Resilience Amid Fluctuations

• Port Moody: Detached home prices held at $2,095,800, with modest increases year-over-year. Townhouses and apartments in Port Moody also showed resilience, providing diverse opportunities for buyers.

• Coquitlam and Port Coquitlam: Coquitlam’s townhouse benchmark of $1,071,600 and Port Coquitlam’s apartment benchmark of $631,700 highlight relative affordability. Sales activity in both markets showed incremental recovery, positioning them as attractive for first-time buyers and investors.

2025 Forecast: A Year of Growth

According to the BCREA forecast, Greater Vancouver sales are expected to grow by 18.5% in 2025, with modest price increases of 1-1.5%. For buyers, this signals the importance of acting early to secure properties before potential price hikes. Sellers, on the other hand, may find stronger demand in the upcoming months.

What This Means for You

• For Buyers: Declining mortgage rates and balanced market conditions make this a strategic time to enter the market. Focus on neighborhoods with stable price trends, such as New Westminster and the Tri-Cities.

• For Sellers: A well-prepared listing and strategic pricing will be crucial to attract buyers in 2025’s competitive market. Highlight unique features and ensure your home stands out.

• For Investors: Burnaby’s mixed housing stock and New Westminster’s steady growth offer promising long-term potential. Consider areas with strong rental demand and access to transit.

Ready to Navigate the 2025 Market?

Whether you’re buying, selling, or investing, our expertise in Burnaby, New Westminster, and the Tri-Cities can help you achieve your real estate goals. Contact us today for personalized advice and insights tailored to your needs.