Despite market conditions favoring them, homebuyers in Metro Vancouver are staying on the sidelines, as per the latest data from the Greater Vancouver Realtors (GVR).
In March 2025, residential home sales totaled 2,091, which is a decrease of 13.4% from March 2024 and 36.8% below the 10-year seasonal average, marking the slowest March for sales since 2019.
Active listings climbing to highest levels seen in a decade
Active listings reached levels not seen in nearly a decade, with new listings for various property types up 29% year-over-year to 6,455, which is a 15.8% increase over the 10-year average. Total active listings on the MLS reached 14,546, up 37.9% compared to March 2024 and 44.9% above the seasonal average.
“Buyers in Metro Vancouver haven’t seen market conditions this favorable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased, mortgage rates are low, and there are more active listings on the MLS than we’ve seen in almost a decade.”
Current market bares “resemblance to early 2023”
The sales-to-active listings ratio in March was 14.9%, with detached homes at 10.3%, apartments at 16.2%, and attached homes at 21.5%, just above the threshold signaling upward pressure on prices.
“The current market resembles early 2023 where price trends were flat, and sales started slowly before picking up in the spring and summer,” Lis added. “While conditions remain balanced, the attached segment is close to a sellers’ market due to undersupply.”
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,190,900 in March, down 0.6% from the previous year but up 0.5% from February.
By property type
Detached homes: 527 sales, down 24.1% year-over-year. Benchmark price: $2,034,400, up 0.8% from the previous year.
Apartment homes: 1,084 sales, down 10.2% year-over-year. Benchmark price: $767,300, down 0.9% year-over-year.
Attached homes (townhouses): 472 sales, a 4.6% decrease year-over-year. Benchmark price: $1,113,100, down 0.8% from the previous year.
Lis adds, “Prices have eased, mortgage rates are low, and there are more active listings on the MLS than we’ve seen in almost a decade.”
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