Homebuyers in Metro Vancouver are sitting on the sidelines despite market conditions tipping in their favour, according to the latest data from the Greater Vancouver Realtors (GVR).
Residential home sales in March 2025 totalled just 2,091—down 13.4 per cent from March 2024 and 36.8 per cent below the 10-year seasonal average. It marked the slowest March for sales since 2019.
Active listings climbing to highest levels seen in a decade
At the same time, active listings reached levels not seen in nearly a decade. New listings for detached, attached and apartment properties were up 29 per cent year-over-year to 6,455—a 15.8 per cent increase over the 10-year average. Total active listings on the MLS reached 14,546, up 37.9 per cent compared to March 2024 and 44.9 per cent above the seasonal average.
“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.”
Current market bares “resemblance to early 2023”
The region’s overall sales-to-active listings ratio sat at 14.9 per cent in March. Detached homes saw the lowest ratio at 10.3 per cent, while apartments came in at 16.2 per cent, and attached homes led the pack at 21.5 per cent — just over the 20 per cent threshold that typically signals upward pressure on prices.
“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 added. “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 was $1,190,900 in March — down 0.6 per cent from the year before, but up 0.5 per cent compared to February.
By property type
Detached homes: 527 sales, down 24.1 per cent year-over-year. Benchmark price: $2,034,400 (up 0.8 per cent from March 2024).
Apartment homes: 1,084 sales, down 10.2 per cent year-over-year. Benchmark price: $767,300 (down 0.9 per cent year-over-year).
Attached homes (townhouses): 472 sales, a 4.6 per cent decrease year-over-year. Benchmark price: $1,113,100 (down 0.8 per cent from a year ago).
Lis adds, “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.”
Not sure how many people have 2+M to buy a detached property that likely requires extensive updates, repairs. Vancouver, no the entire lower main land… as far even into the interior is wildly over priced. Sure, BC is bring cash, the interior has the ‘sunshine tax’, but let’s get real. Economic times are not on pace to sustain these elevated prices across all housing types. Reality is coming home to roost. There are not enough programs or incentives to help keep this provinces working class housed. We are seeing an exodus of the working class to other provinces. One of the primary reasons we see many ER closures throughout the province is not just related to doctor shortages, it is also tied to lack of affordable housing in communities. Nurses, cleaners, cooks, maintenance staff must commute very long distance to get to work… snarling traffic, increased costs to maintain a commuter lifestyle are driving many hard working people out of BC. The market might recover, pick up, but my thoughts are not until we have a normalization of house prices in many of the communities will we see buyers. It’s sad, the brain drain that happened decades ago to the US is now happening to BC. Housing should never had been a means to profit off. Prices on some homes at $2M are practically knock-downs. For the same price in AB, you can buy a nice new property. It’s simple math.