As we wrap up 2024, the real estate market in Mission, BC, provides an insightful snapshot of trends in detached homes, townhomes, and apartments. Despite challenges in affordability across the Fraser Valley, Mission has shown resilience in pricing, while sales volumes reflect the caution of buyers in a shifting market. Let’s take a closer look at what happened in December 2024.
Detached Homes: Holding Strong Despite Fewer Sales
Detached home sales in Mission saw a significant decline, with only 15 transactions completed—a 53.1% drop compared to December 2023 and a 48.3% drop from November 2024. While activity slowed, prices remained stable and even showed year-over-year growth:
•Benchmark Price: $1,023,000 (+4.2% YoY; -0.3% MoM)
•Median Price: $980,000 (+8.0% YoY; -1.0% MoM)
•Average Price: $1,044,296 (+12.0% YoY; -1.6% MoM)
Active listings for detached homes increased by 24.5% year-over-year to 178, though they were down 22.6% compared to November. New listings for the month were up slightly from December 2023, reaching 20, but dropped sharply from November’s 52 listings. This reflects seasonal patterns and buyer caution amid ongoing affordability concerns.
Townhomes: A Tight Market with Limited Activity
Townhomes in Mission continued to see limited activity, with only 3 sales recorded in December—down 57.1% from December 2023 and 66.7% from November 2024. However, pricing remained strong:
•Benchmark Price: $682,700 (+4.5% YoY; +0.6% MoM)
•Median Price: $735,000 (+0.7% YoY; -0.5% MoM)
•Average Price: $763,633 (+12.0% YoY; +10.6% MoM)
New listings held steady at 8 compared to last year but dropped slightly from November. Active listings stood at 39, up 21.9% year-over-year and unchanged from the previous month. These numbers highlight a market with tight inventory and cautious buyers.
Apartments: Resilient Prices Amid Declining Activity
Apartments in Mission also experienced a quieter December, with 4 sales—a 33.3% decline compared to both December 2023 and November 2024. Despite lower sales, prices showed positive momentum:
•Benchmark Price: $457,900 (+2.1% YoY; -1.2% MoM)
•Median Price: $484,500 (+5.4% YoY; +12.7% MoM)
•Average Price: $501,867 (+10.1% YoY; +18.9% MoM)
Inventory remained tight, with active listings at 28—a 17.6% decrease year-over-year and 26.3% drop from November. New listings fell dramatically, with only 5 apartments hitting the market, down 75% compared to December 2023.
A Year in Perspective
2024 closed out with some important milestones in the Fraser Valley. New listings reached a 10-year high, with over 35,000 properties hitting the market—a 9% increase over the 10-year average. However, affordability challenges persisted despite mid-year interest rate cuts by the Bank of Canada, leading to the lowest annual sales in a decade.
For Mission, the market remains resilient in pricing across all property types, even as sales volumes decline. Buyers are navigating affordability challenges, and sellers are adjusting to longer timeframes on the market. The benchmark price for detached homes in the Fraser Valley closed the year at $965,000—down 2% year-over-year.
Looking Ahead to 2025
With interest rate cuts and government initiatives aimed at improving housing supply and affordability, the outlook for 2025 could bring renewed energy to the market. For now, Mission remains an attractive option for buyers and sellers looking for stability in a challenging real estate landscape.
If you’re thinking about buying or selling in Mission, BC, I’d love to help. Let’s talk about your real estate goals and how we can navigate this market together.