The year 2024 was one of transition for White Rock real estate. It began under the weight of high interest rates and uncertain buyer sentiment, weathered a cautious spring and summer, and ended with growing optimism fueled by five consecutive Bank of Canada rate cuts. It was not a banner year for sales volume, but it may be remembered as the turning point between the post-pandemic correction and the next phase of growth. Here is a detailed look at how the numbers played out.
Annual Sales Summary
Total residential sales across the White Rock/South Surrey market area came in at approximately 2,050 transactions for 2024, roughly 12 percent below the 10-year average of around 2,330 but a notable improvement over 2023's total of approximately 1,850. The recovery was weighted toward the second half of the year, with sales from July through December running about 20 percent ahead of the same period in 2023.
Total dollar volume for the year was approximately $2.8 billion, driven primarily by the detached home segment, which accounted for roughly 55 percent of total value despite representing only 38 percent of unit sales. The average sale price across all residential property types was approximately $1.37 million, essentially flat compared to 2023.
Performance by Property Type
Detached homes: Approximately 780 detached homes sold at a median price of $1.56 million, down slightly from $1.61 million in 2023. The high end of the market, properties above $3 million, saw the most significant price adjustments, with some waterfront and view properties selling 8 to 12 percent below their 2022 peak values. The most active price band was $1.2 million to $1.6 million, where demand from move-up buyers remained consistent.
Townhomes: With approximately 490 sales at a median of $905,000, townhomes were the steadiest performer of the year. Limited new supply and strong demand from both downsizers leaving detached homes and families seeking more space than condos offer kept the market tight throughout the year. Days on market averaged just 24 for well-priced townhomes.
Condos: Approximately 780 apartment-style condos sold at a median of $540,000. The condo market was the most divided segment, with newer concrete buildings near Five Corners and along North Bluff Road holding value well while older wood-frame buildings, particularly those with deferred maintenance or upcoming special assessments, saw price declines of 5 to 8 percent.
Notable Sales
The highest recorded residential sale in White Rock proper during 2024 was a newly constructed waterfront home on Marine Drive in the West Beach area, which closed at $5.2 million in May. The property featured approximately 4,200 square feet of living space, floor-to-ceiling ocean views, and a private beach access stairway.
In South Surrey, a 1.5-acre estate in the Elgin Chantrell neighbourhood sold for $6.8 million, the highest sale in the broader market area. On the other end of the spectrum, the lowest-priced sale in White Rock was a 540-square-foot studio condo in an older building on Thrift Avenue, which sold for $285,000 in September.
Neighbourhood Performance
The East Beach waterfront area maintained its position as the most expensive per-square-foot location in White Rock, with detached home prices averaging above $1,200 per square foot for newer construction. However, inventory was thin throughout the year, with rarely more than 10 detached listings available at any given time.
The town centre around Johnston Road and Five Corners saw the most transaction activity, driven by the concentration of condo inventory and the area's walkability. The Ocean Park area, straddling the White Rock-Surrey border, continued to attract families seeking larger lots at slightly lower prices than White Rock proper, with detached homes averaging around $1.45 million.
The Rate Story
The Bank of Canada's overnight rate began the year at 5.0 percent and ended at 3.75 percent after five cuts of 25 basis points each, delivered in June, July, September, October, and December. The cumulative 125-basis-point reduction improved affordability meaningfully. On a $700,000 mortgage at a five-year variable rate, the monthly payment dropped by approximately $500 between January and December.
Fixed mortgage rates, driven by bond markets, were less responsive. Five-year fixed rates began the year around 5.5 percent and ended around 4.8 percent. The narrower decline in fixed rates compared to variable rates pushed more buyers toward variable-rate products, a reversal from 2023 when most buyers favoured the certainty of fixed rates.
Looking Forward
As 2024 ends, the White Rock market enters 2025 with several tailwinds: declining rates, improving buyer sentiment, federal mortgage rule changes, and a provincial government focused on housing supply. The headwinds, still-elevated prices relative to incomes, economic uncertainty, and potential for rate cuts to slow, will keep the market from returning to the frenzied pace of 2021-2022. A balanced, gradually appreciating market is the most likely scenario for the year ahead. For our detailed outlook, see 5 White Rock Housing Market Predictions for 2025, and explore current market data on our statistics page.