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,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have softened from previous highs, mortgage rates are among the lowest in years, and active listings on the MLS® are at their highest levels in nearly a decade. Sellers seem ready to engage, but buyers have yet to step forward in typical springtime numbers.”
In March 2025, 6,455 new listings were added to the MLS®, a 29% increase from the 5,002 new listings in March 2024 and 15.8% above the 10-year seasonal average. The total number of active listings reached 14,546—a 37.9% jump from March 2024 and 44.9% above the 10-year seasonal average.
The sales-to-active listings ratio for March 2025 was 14.9%, with ratios of 10.3% for detached homes, 21.5% for attached properties, and 16.2% for apartments. Historically, home prices tend to decline when this ratio remains below 12% for a sustained period and rise when it exceeds 20% over several months.
“The current market looks similar to early 2023, when prices remained stable, and sales were slow at the start of the year before picking up in the spring and summer,” Lis noted. “While the market remains balanced overall, the attached home segment continues to hover on the edge of a seller’s market due to ongoing supply shortages, with only about 2,200 active listings available across the region.”
• The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,190,900, reflecting a 0.6% decrease from March 2024 but a 0.5% increase from February 2025.
• Detached home sales fell 24.1% year-over-year to 527 transactions. The benchmark price for a detached home is $2,034,400, up 0.8% from March 2024 and 0.4% from February 2025.
• Apartment sales dropped 10.2% to 1,084 units. The benchmark price is $767,300, down 0.9% from a year ago but up 1% month-over-month.
• Attached home sales declined 4.6% to 472 transactions. The benchmark price for a townhouse is $1,113,100, reflecting a 0.8% decrease year-over-year and a 0.2% increase from February 2025.
As listings continue to rise and sales remain subdued, all eyes are on whether buyers will re-enter the market in greater numbers as the year progresses.
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