A market made for buyers is missing buyers
Home sales registered on the MLS® in the Metro Vancouver* for the month of March were the lowest going back to 2019 for the same month, while active listings continue their upward trend.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,091 in March 2025, a 13.4 percent decrease from the 2,415 sales recorded in March 2024. This was 36.8 percent below the 10-year seasonal average (3,308).
There were 6,455 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2025. This represents a 29 percent increase compared to the 5,002 properties listed in March 2024. This was 15.8 percent above the 10-year seasonal average (5,572).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,546, a 37.9 percent increase compared to March 2024 (10,552). This is 44.9 per cent above the 10-year seasonal average (10,038).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2025 is 14.9 per cent. By property type, the ratio is 10.3 percent for detached homes, 21.5 per cent for attached, and 16.2 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“The current market bears resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months,” Lis said.
“While market conditions overall remain balanced, it’s worth noting that the attached segment continues teetering on the threshold of a sellers’ market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,190,900. This represents a 0.6 per cent decrease over March 2024 and a 0.5 percent increase compared to February 2025.
Sales of detached homes in March 2025 reached 527, a 24.1 percent decrease from the 694 detached sales recorded in March 2024. The benchmark price for a detached home is $2,034,400. This represents a 0.8 percent increase from March 2024 and a 0.4 percent increase compared to February 2025.
Sales of apartment homes reached 1,084 in March 2025, a 10.2 percent decrease compared to the 1,207 sales in March 2024. The benchmark price of an apartment home is $767,300. This represents a 0.9 percent decrease from March 2024 and a 1 percent increase compared to February 2025.
Attached home sales in March 2025 totalled 472, a 4.6 percent decrease compared to the 495 sales in March 2024. The benchmark price of a townhouse is $1,113,100. This represents a 0.8 percent decrease from March 2024 and a 0.2 percent increase compared to February 2025.
* Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
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