News: Vancouver Real Estate Market

The BC housing market entered 2025 with a sense of optimism. After a slow couple of years, sales were finally rebounding, thanks to falling interest rates and pent-up demand. But just as momentum began to build, a new challenge emerged: uncertainty.

Specifically, the uncertainty surrounding the United States’ unpredictable tariff policy under President Donald Trump has weighed heavily on households and businesses alike, and the housing market is no exception.

How Uncertainty Is Impacting Home Sales...

VANCOUVER, BC – May 2, 2025 – The cooler trend in Metro Vancouver’s housing market continued through April, as home sales remained well below typical seasonal levels. Despite improved borrowing conditions, many buyers are still taking a wait-and-see approach.

According to the Greater Vancouver REALTORS® (GVR), residential home sales totalled 2,163 in April 2025, marking a 23.6% decline from the 2,831 sales recorded in April 2024. Sales also fell 28.2% below the 10-year seasonal average of 3,014.

“From...

Key Highlights From the Release Include:

• The national aggregate home price increased by 2.1% year over year in Q1 2025, and by a modest 1.2% compared to Q4 2024.

• Greater Vancouver experienced declines in aggregate home prices of 2.7% and 0.7%, respectively.

• Quebec City led the country in price growth, with a 17.0% year-over-year increase in Q1—the highest among major regions for the fourth consecutive quarter.

• Amid ongoing economic and political uncertainty, Canadians are divided on their confidence in...

Home sales in Metro Vancouver fell to their lowest March levels since 2019, while the number of active listings continued to rise.

According to the Greater Vancouver REALTORS® (GVR), 2,091 residential properties were sold in March 2025, marking a 13.4% decline from March 2024’s 2,415 sales. This figure was also 36.8% below the 10-year seasonal average of 3,308.

“If we put aside uncertainty surrounding the new U.S. administration, buyers in Metro Vancouver haven’t seen such favourable conditions in years,”...

Summary of Findings:

• A tariff on all Canadian imports to the United States would have serious consequences for the Canadian and BC economies.

• A 25% tariff would push both the Canadian and BC economies into recession. The impact could be compounded by a broader trade war and retaliatory tariffs by Canada.

• Under the most likely scenario, the BC housing market would see a temporary decline in activity before posting a robust recovery as mortgage rates decline substantially, thereby unleashing pent-up demand....

The number of newly listed properties on the MLS® in Metro Vancouver rose more moderately in February, after a 46% year-over-year increase of new listings in January, helping keep market conditions in balanced territory.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®) in February 2025, an 11.7% decrease from the 2,070 sales recorded in February 2024. This total was 28.9% below the 10-year seasonal...

Key Highlights:

• 40% of Canadians whose mortgage is renewing in 2025 expect their payment will stay the same or decrease, while 57% anticipate their monthly payment will increase.

• 81% of those who expect their monthly payment to increase upon renewal, say it will put financial strain on their household.

• 10% of Canadians with a mortgage renewing in 2025 are exploring downsizing, relocating and rental income options.

• As interest rates continue to decline, more Canadians are looking to sign variable-rate...

Newly listed Metro Vancouver homes on the MLS® rose 46% year-over-year in January. Sellers appear to be eager to enter the market to start the year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,552 in January 2025, an 8.8% increase from the 1,427 sales recorded in January 2024, which was 11.3% below the 10-year seasonal average of 1,749. 

Andrew Lis, GVR’s director of economics and data analytics, states, “In the three months preceding January, we’ve...

Activity picked up pace in the final quarter of 2024, leading to moderate price increases and paving the way for a brisk spring market.

Highlights:

• Royal LePage forecasts that the aggregate price of Canadian homes will increase 6.0 percent in the fourth quarter of 2025, compared to 2024’s Q4.

• Housing policy and affordability are expected to be primary ballot box issues shaping voters’ decisions in the federal election.

• Greater Montreal Area’s aggregate home price increased 8.2 percent year-over-year,...

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver increased over 30 % in December, compared to the previous year, signaling strengthening demand-side momentum to close-out the year. 

The Greater Vancouver REALTORS® (GVR) reports that regional residential sales totaled 26,561 in 2024, a 1.2 % rise from 26,249 sales in 2023, and a 9.2 % decrease from the 29,261 sales in 2022. 

The total of last year’s sales was 20.9 % below the 10-year annual sales average of 33,559....

The predicted decline of interest rates along with new lending rules will bring buyers back to the market next year.

Highlights:

• Royal LePage forecasts that the aggregate price of Canadian homes will increase by 6.0 percent year-over-year in the fourth quarter of 2025.

• Nationally, single-family detached and condominiums are expected to increase 7.0 percent and 3.5 percent, respectively, year over year in Q4 of 2025.

• The Greater Montreal Area aggregate home price appreciation (6.5 percent) is expected...

Home sales registered in the MLS® in Metro Vancouver increased 28% year-over-year in November, building on the momentum of the 30 % year-over-year rise seen in October. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,181 in November 2024, a 28.1% increase from the 1,702 sales recorded in the same month last year. This was 12.8% below the 10-year seasonal average (2,500). 

“When we saw demand pick up in October, there was still a question over...

After months of tracking approximately 20% below the ten-year seasonal average, Metro Vancouver home sales surged more than 30% year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9% increase from the 1,996 sales recorded in October 2023. This was 5.5% below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand,...

Discover the latest trends shaping Canada’s housing market with our Q3 2024 House Price Survey. Here’s what you need to know.

Q3 2024 Key Highlights:

• National Trends: The aggregate home price rose a modest 1.6% year over year in Q3 2024, and decreased 1.1% over Q2.

• Regional Insights: While the greater Toronto and Vancouver markets showed little change, rising 0.7% and 0.5%, respectively, Greater Montreal’s aggregate home price increased 5.2% year over year.

• Quebec City Continue to Soar: For the second...

Home sales registered on the MLS® in Metro Vancouver declined 3.8% year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,852 in September 2024, a 3.8% decrease from the 1,926 sales recorded in September 2023. This was 26% below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed...

Home sales registered on the MLS® in Metro Vancouver remained below their 10 year seasonal averages in August as summer holidays come to a close. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1% decrease from the 2,296 sales recorded in August 2023. This total was also 26% below the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In...

A recent survey reveals that 83% of adults in British Columbia, specifically those from Generation Z and younger Millennials aged 18 to 38 (born between 1986 and 2006), view homeownership as a valuable investment. Among those who don't currently own a home, 77% plan to purchase a primary residence during their lifetime.

"Young Canadians have a strong positive outlook on owning real estate. Despite the challenges of entering urban markets like Vancouver, this demographic sees homeownership as a significant...

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly 20% year over year in July, helping to maintain a healthy level of inventory in the Metro Vancouver housing market. 

On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5% decrease from the 2,455 sales recorded in July 2023. This was 17.6% below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that...

Discover the latest trends shaping Canada’s housing market with our Q2 2024 House Price Survey. Here’s what you need to know.

Q2 2024 Key Highlights:

• National Trends: The aggregate home price in Canada rose by 1.9% year-over-year, reaching $824,300. Quarterly, prices climbed by 1.5%, despite slower activity in major markets like Toronto and Vancouver.

• Regional Insights: While Toronto and Vancouver experienced subdued market activity, prairie provinces and Quebec saw demand continue to outstrip supply....

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,418 in June 2024, a decrease of 19.1% from the 2,988 sales recorded in June 2023. This was 23.6% below the 10-year seasonal average (3,166).

“The June data continued a trend we’ve been...

As a real estate agent serving the Greater Vancouver area, I often hear from clients about the challenges and dreams of owning a home. A recent report from Royal LePage sheds light on an encouraging trend: despite affordability challenges, a quarter of Canadian renters plan to purchase a home within the next two years. This report provides valuable insights into the current mindset of renters and what it means for the real estate market.

Rising Ambitions Amidst Rising Costs

The report highlights that...

The number of transactions on the Multiple Listing Service® (MLS®) saw a decline in May compared to the usual for this period in Metro Vancouver, contributing to the ongoing accumulation of homes available for sale, with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reported that residential sales in the region totaled 2,733 in May 2024, marking a 19.9% decrease from the 3,411 sales recorded in May 2023. Last month’s sales were also down 19.6%...

Active home listings on the MLS® in Metro Vancouver continued to rise in April, showing a 42% year-over-year increase, surpassing the 12,000 mark—a level last observed in the region during the summer of 2020.

Greater Vancouver REALTORS® (GVR) report that residential sales in the area totaled 2,831 in April 2024, marking a 3.3% increase from the 2,741 sales recorded in April 2023. However, this figure was 12.2% below the 10-year seasonal average of 3,223.

“It’s a feat to see inventory finally climb above...

Typically, spring marks the peak activity season for Canada's real estate sector, as warmer weather prompts a surge in buying and selling nationwide. However, in 2024, this bustling spring market began earlier than usual and is experiencing added pressure. Aspiring homebuyers, who had been waiting on the sidelines, are now reentering the market ahead of anticipated interest rate cuts. This rush is expected to intensify competition and drive home prices even higher.

Royal LePage® projects that the overall...

The amount of Metro Vancouver homes listed for sale on the MLS® rose nearly 23% year-over-year, providing more opportunity for buyers looking for a home this spring.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the area totalled 2,415 in March 2024, a 4.7% decrease from the 2,535 sales recorded in March 2023. This was 31.2% below the 10-year seasonal average (3,512).

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that...

Purchasing your first home is a significant milestone, but it often comes with a multitude of financial considerations. In British Columbia, one consideration is the Property Transfer Tax (PTT), which can add a significant cost to your home purchase. However, there's good news for first-time homebuyers in BC: the First-Time Home Buyer Property Transfer Tax Exemption. As a future home owner, it is important to know the exemption details and how it can benefit you as a first-time homebuyer.

Understanding...

In the ever-shifting landscape of real estate regulations, British Columbia is implementing a transformative measure: the BC Home Flipping Tax. Set to take effect on January 1, 2025, this tax targets income derived from the sale of properties owned for less than two years. As we go through how this tax works, it is important to note this tax is on top of our already established (January 1, 2023) Federal Flipping Tax. This rule ensures that profits from flipped properties are treated as business income,...

In January, Metro Vancouver home sellers appeared mostly hesitant, however new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR) reports that the residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly,...

When comparing the real estate markets from coast to coast across Canada, a home with a price tag of $1 million can differ greatly. As the nation’s short supply persists and buyers struggle with affording housing, there remains a vast variation of the definition of a $1-million home across major markets.  

In examining what a budget of around $1 million – give or take $50,000 – can buy in Canada’s major housing markets, Royal LePage® determined in a new report that the average home in Canada...

Bill 44 Housing Statutes (Residential Development) Amendment Act, 2023 has the potential to make housing for affordable by increasing the amount of small-scale multi-unit housing in neighbourhoods that are mostly comprised of single-family homes. This includes townhomes, triplexes and laneway homes, and a plan to fix outdated zoning rules to help the process of building homes quicker. These new zoning requirements would permit higher density in areas previously zoned for single family or...

The Canadian government has recently announced a two-year extension to the ban on foreign ownership of Canadian housing. This move reflects the government's commitment to ensuring that Canadians have access to affordable housing, promoting stability in the real estate market, and addressing concerns about the impact of foreign investment on housing prices.

The decision to extend the ban comes in the wake of growing concerns about the role of foreign investors in the Canadian real estate market. In...

While the Metro Vancouver market ended 2023 in balanced market territory, in January conditions began shifting back in favor of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that in the region residential sales totaled 1,427 in January 2024, a 38.5% increase from the 1,030 sales recorded in January 2023. This was 20.2% below the 10-year seasonal average (1,788).

“It’s hard to believe that...

Royal LePage expects sidelined buyers to re-engage this quarter ahead of expected rate cuts by the Bank of Canada.

National Summary

National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter. Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023.

Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%);...

 In 2023, Metro Vancouver’s housing market closed out with balanced market conditions, but the year-end totals there is a story of surprising resilience in the face of the highest borrowing costs seen in over a 10 years. 

The Real Estate Board of Greater Vancouver (REBGV) reports that there was a total of 26,249 residential sales in the region in 2023, a 10.3 per cent decrease from the 29,261 sales recorded in 2022, and a 41.5 per cent decrease from the 44,884 sales in 2021. ...

Canada’s housing market could return to more normal levels of activity and price trends next year, following several years of unprecedented ups and downs. The Bank of Canada is expected to lower its overnight lending rate in the second half of 2024, which will lead to an rise in demand from sidelined buyers as they adjust to today’s lending realities. New household formation and newcomers to Canada will put additional upward pressure on prices. 

“Looking ahead, we see 2024 as an important tipping...

Canadians may see the real estate market return closer to normal in 2024, after years of unprecedented irregularity. According to the Royal LePage Market Survey Forecast, the aggregate price of a home in Canada is set to increase 5.5 per cent year over year to $843,684 in the fourth quarter of 2024, with the median price of a single-family detached property and condominium projected to increase 6.0 per cent and 5.0 to $879,164 and $616,140.

“Looking ahead, we see 2024 as an important tipping point...

The Bank of Canada is widely expected to hold its benchmark interest rate when it meets next week, but a lot has changed since October. Cooling inflation, here and south of the border, and a weakening economy have turned markets’ attention from rate hikes to rate cuts. Investors are now fully pricing in a 25 bps rate cut by April, a 75 per cent chance by March and even a 20 per cent chance by next week.

Stephen Brown, deputy chief North American economist for Capital Economics, thinks odds of a cut...

With 2023 coming to an end, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region was 1,702 in November 2023, which was a 4.7% increase from the 1,625 sales recorded in last year in November. This was 33% below the 10-year seasonal average (2,538).

Andrew Lis, REBGV’s director of economics and data analytics said,...

Royal LePage predicts continued stability in Canada’s winter recreational real estate market as interest rates expected to hold or moderate

• National single-family home price in Canada’s winter recreational market decreased 0.7% year over year in the first 10 months of 2023

• 24% of Royal LePage recreational property market experts reported a decline in buyer demand this year as a result of climate factors or environmental disasters, following unprecedented wildfire season

• 41% of experts reported an increase...

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver, but sales remain below long-term averages.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7 per cent increase from the 1,924 sales recorded in October 2022. This total is 29.5 per cent below the 10-year seasonal average (2,832) for October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,996 in October 2023, a 3.7% increase from the 1,924 sales recorded in October 2022. This total is 29.5% below the 10-year seasonal average (2,832) for October.

"With properties coming to market at a rate roughly five% above the ten-year seasonal average,...

Choosing the right REALTOR® is a crucial step to ensure your journey to buying or selling real estate in Coquitlam is a success. A skilled and experienced REALTOR® can make the process smoother and more successful, while an inexperienced or ineffective agent can lead to frustration and missed opportunities. To ensure you make the best choice, this blog post will guide you through the essential factors to consider when selecting the best Coquitlam REALTOR® for your needs.

Experience and Local Knowledge...

The Bank of Canada announced on October 25th it would be holding its key lending rate at 5.0%, the second consecutive hold since two quarter-point increases were made over the summer. Since March of last year, the central bank has imposed an unprecedented number of rate hikes in an effort to reduce pandemic-fueled inflation, taking interest rates from historic lows to a more than two-decade high. While approximately three quarters (74%) of Canadian mortgage holders currently have a fixed-rate agreement...

The month-over-month price gains seen earlier this year abated in the Metro Vancouver housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614). ...

As we near the end of summer, higher borrowing costs have begun to permeate the Greater Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per cent increase from the 1,892 sales recorded in August 2022. This was 13.8 per cent below the 10-year seasonal average (2,663). ...

Home prices across all home types in Metro Vancouver rose again in July, as strong sales figures continue to push up against low levels of housing inventory in the region. 

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,455 in July 2023, a 28.9 per cent increase from the 1,904 sales recorded in July 2022. This was 15.6 per cent below the 10-year seasonal average (2,909). 

 “While sales remain about 15 per...

Canadians continue to grapple with the increased cost of living, and the Bank of Canada’s latest hike to interest rates this week will add more pressure to variable rate mortgage holders, as well as those looking to qualify for lending. While buyers who have secured a rate hold are anxious to make a purchase before it expires, some sellers have hit the pause button on listing their homes until economic conditions stabilize, further contributing to a lack of available inventory. Additional demand pressures...

REBGV Market Activity – June 2023

The Greater Vancouver real estate housing market is showing some conflicting indicators, suggesting a potential shift on the horizon. While the REBGV aggregate HPI benchmark price rose to $1,203,000, the overall average sales price experienced a decline, marking the first decrease since January. In June, the aggregate average property value decreased by $41,275, resulting in a final price of $1,270,619. However, when compared to the previous year, average sale prices...

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

REBGV 

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver1 increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269)....