Home sales in Metro Vancouver for March were the lowest they've been for that month since 2019, while the number of homes listed for sale keeps going up. According to Greater Vancouver REALTORS® (GVR), there were 2,091 homes sold in March 2025 — that's a 13.4% drop compared to March 2024, when there were 2,415 sales. It's also 36.8% lower than the average number of March sales over the past 10 years, which is 3,308.
“If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS® than we’ve seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year.”
In March 2025, 6,455 homes — including detached houses, townhomes, and condos — were newly listed for sale in Metro Vancouver. That’s a 29% jump compared to the 5,002 new listings in March 2024 and 15.8% higher than the 10-year average for this time of year.
Right now, there are 14,546 homes for sale in the region, which is 37.9% more than in March 2024 and 44.9% above the 10-year seasonal average.
When we look at how many homes are selling compared to how many are available (called the sales-to-active listings ratio), it was 14.9% overall in March 2025. Broken down by type, it was 10.3% for detached homes, 21.5% for townhomes, and 16.2% for condos.
Historical data suggests that sustained ratios below 12% exert downward pressure on home prices, while those exceeding 20% over several months typically lead to upward price trends.
“The current market bares 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 typical (benchmark) price for a home in Metro Vancouver is now $1,190,900. That’s 0.6% lower than it was in March 2024, but 0.5% higher than just last month (February 2025).
In March 2025:
- Detached home sales dropped to 527, down 24.1% from 694 sales in March 2024. The typical price for a detached home is $2,034,400 — up 0.8% from last year and up 0.4% from last month.
- Condo (apartment) sales were 1,084, down 10.2% from 1,207 sales in March 2024. The benchmark price is $767,300 — down 0.9% from last year, but up 1% from February.
- Townhouse (attached home) sales hit 472, a 4.6% decrease from 495 sales in March 2024. The typical price is $1,113,100 — down 0.8% from last year and up 0.2% from last month.
The Takeaway:
There has been a lot of build up for the spring market, which typically starts around April as the weather gets better, the "holiday hangover" shakes off and those credit cards bills get paid. HOWEVER, this one has a little bit of stranger timing in that not only is the next Bank of Canada rate announcement to take place on April 16th with many believing we may see a full 0.5% drop, but we also have a federal election 12 days later on April 28th.
These two items I believe are the final pieces that have buyers waiting to get moving in the market that is ready an waiting for their arrival to the "real estate party" and will likely kick off a significant lift in activity in the market.
The breath holding for the saber rattling in the U.S.A. has also started to subside slightly as people, businesses, everyone adjusts to the tariffs and how they seem to get walked back a few days after they are implemented.
Buyers that are standing on the sidelines may want to start moving earlier as when the signal is lit for the market to start, there will be more competitors in it than there currently is.
Currently, Sellers are waiting for the buyers to arrive, but should they arrive in droves, Sellers will be back in the drivers seat and we may see prices rise.
If you would like to have to some real world advice about how to navigate the current market and plan for the future call or text me at 604-522-4777 or e-mail directly at: haze@hazerealtor.com or join us at our Facebook Page (www.facebook.com/HazeRealtor) and we see what the best move can be.