In a surprising turn, Metro Vancouver’s real estate market is presenting a rare opportunity — yet many buyers are sitting on the sidelines.
The latest data from the Greater Vancouver REALTORS® (GVR) shows that March 2025 was the slowest March for home sales since 2019, despite a significant increase in listings and improved conditions for buyers.
🏡 Sales Hit a Multi-Year Low
Only 2,091 homes sold in March — a 13.4% decrease from March 2024 and 36.8% below the 10-year seasonal average. That’s a major slowdown, especially for a time of year when we typically see activity picking up.
So what’s going on?
📈 Listings Are Rising — A Lot
While sales are down, supply is way up.
6,455 new listings came online in March — a 29% increase from last year and 15.8% above the 10-year average.
Total active listings now sit at 14,546 — nearly 38% higher than a year ago and almost 45% above the 10-year average.
This means more choice for buyers — and, in many segments, more leverage too.
⚖️ A Balanced Market (With Buyer-Friendly Pockets)
The sales-to-active listings ratio — a key indicator of market pressure — currently sits at 14.9%, suggesting a balanced market overall. But when we break it down by property type:
Detached homes: 10.3% (buyer's market territory)
Attached (townhomes): 21.5% (borderline seller’s market)
Apartments: 16.2% (balanced)
Historically, ratios below 12% lead to downward pressure on prices, while sustained levels above 20% push prices up.
💵 What’s Happening with Prices?
Prices have remained relatively flat year-over-year, with some slight month-over-month gains as the spring market approaches:
Detached homes:
Benchmark price = $2,034,400
↑ 0.8% from March 2024 | ↑ 0.4% from February 2025Townhomes:
Benchmark price = $1,113,100
↓ 0.8% from March 2024 | ↑ 0.2% from February 2025Apartments:
Benchmark price = $767,300
↓ 0.9% from March 2024 | ↑ 1.0% from February 2025
The market most closely resembles early 2023 — a slow start, followed by more activity in late spring and summer. Whether that pattern repeats will depend on how buyers respond to these favorable conditions.
🎯 What This Means for Buyers and Sellers
For buyers, especially those who’ve been waiting for prices to stabilize or selection to improve, this is the window. Mortgage rates are among the lowest we’ve seen in years, prices have eased, and there’s more inventory than at any point in nearly a decade.
For sellers, the key is pricing and presentation. While the market is balanced overall, detached homes are feeling pressure — but well-prepared properties in sought-after locations are still moving.
🤝 Let’s Talk Strategy
Thinking about buying, selling, or maybe both? Timing plays a big role — and knowing what’s happening in your part of the market can really help you make the right move.
If you're curious about how this all fits into your plans, I'm always up for a chat.
📩 Reach out anytime — even if you're just starting to explore what’s possible.
