market updates - DECEMBER 2024
Average Sale Price Residential: $663,781 up 4.4% over December 2023
Average Sale Price Condo: $423,612 down -3.6% over December 2023
Total Residential Homes Sold: 613 up 7.9% from December 2023
Total Condo Sales: 113 up 13.0% from December 2023
“A year of wait-and-see came to a close with the expected slowdown over the holiday season,” says OREB President Paul Czan. “The latter half of the year brought signs of more favourable market conditions with consecutive interest rate drops, higher insured mortgage limits and extended amortizations. It’s early to assess the impact of these measures. And it’s an uphill battle against affordability and supply issues that persist.”
“Listing activity indicates that sellers anticipate improved conditions could spur more activity from buyers who have been keeping a close eye on the market but hesitant to make moves. Buyers are still limited in their selection of affordable inventory that can meet current demands, which stalls movement. While the improving market conditions are encouraging, the supply needs to be there. Coming political shifts are adding a layer of uncertainty but there is a trending optimism for more increased market activity in the months ahead.”
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