Metro Vancouver’s housing market is experiencing a strong start in 2025, with new listings up nearly 47% year-over-year, according to the latest data from the Greater Vancouver Realtors(GVR). Despite steady buyer demand, the increase in inventory is helping to control price growth.
Listings outpace demand
Residential sales in Metro Vancouver totaled 1,552 units in January, an 8.8% increase compared to January 2024. However, sales remained 11.3% below the 10-year seasonal average.
“In the three months leading up to January, we saw buyer demand picking up, but now it seems that momentum is shifting towards sellers at the beginning of the New Year,” said Andrew Lis, GVR’s director of economics and data analytics. “Even with the surge in new listings, sales continue to surpass last year’s numbers, indicating that there is still some buyer interest after the strong finish to 2024.”
In January, there were 5,566 new homes listed on MLS, a 46.9% increase year-over-year and 31.1% above the 10-year seasonal average. The total number of active listings reached 11,494 units, up 33.1% from January 2024.
Balanced conditions keep prices steady
With the increase in supply, GVR notes that market conditions are moving towards balanced. The sales-to-active listings ratio was 14.1% in January, with detached homes having the lowest ratio at 9.2%, while attached homes and apartments were at 18.5% and 16.5%, respectively.
“With new listings surpassing demand at the beginning of 2025, price trends remained relatively stable in January across all segments, indicating balanced market conditions,” Lis explained. “Our forecast for 2025 predicts moderate price growth by the end of the year, but we caution that economic shocks such as the current threats of tariffs from the US could impact these estimates.”
Lis also added, “Moving forward, the implementation of these tariffs, their duration, and Canada’s response will determine any potential impact on the housing market in our region in the coming months.”
The benchmark price for all residential properties in Metro Vancouver stood at $1,173,000, a 0.5% increase year-over-year and a 0.1% increase from December 2024.
Market trends by property type
Detached home sales reached 380 units in January, a slight increase of 0.3% compared to the same period last year. The benchmark price rose 3.1% year-over-year to $2,005,400, marking a 0.4% increase from December.
Apartment sales saw the most significant year-over-year growth, rising 13.4% to 846 units. Despite the increase in transactions, the benchmark price decreased by 1.7% from January 2024 to $748,100, with a slight 0.2% decrease compared to December.
Sales of attached homes totaled 321 units in January, up 12.6% from the previous year. The benchmark price rose 2.7% year-over-year to $1,105,600 but declined by 0.8% from December.
While detached and attached home prices saw moderate increases, apartment values softened slightly, reflecting higher inventory levels.
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