Metro Vancouver’s housing market is seeing a strong start to 2025, with new listings up nearly 47 per cent year-over-year, according to the latest data from the Greater Vancouver Realtors(GVR). While buyer demand remains steady, the uptick in inventory is keeping price growth in check

Listings outpace demand

Residential sales in Metro Vancouver totalled 1,552 units in January, an 8.8 per cent increase compared to January 2024. Despite the rise, sales remained 11.3 per cent below the 10-year seasonal average.

“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year,” said Andrew Lis, GVR’s director of economics and data analytics. “Even with this increase in new listing activity, sales continue to outpace last year’s figures, signalling some buyer appetite remains after the upswing that finished off 2024.”

In January, there were 5,566 homes new listings on MLS—a 46.9 per cent jump year-over-year and 31.1 per cent above the 10-year seasonal average. The total number of active listings reached 11,494 units, up 33.1 per cent from January 2024.

Balanced conditions keep prices steady

With the increase in supply, GVR says market conditions are shifting towards balanced. The sales-to-active listings ratio sat at 14.1 per cent in January. Detached homes saw the lowest ratio at 9.2 per cent, while attached homes and apartments were at 18.5 per cent and 16.5 per cent, respectively.

“With new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” Lis said. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates.” 

Lis adds, “Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.” 

The benchmark price for all residential properties in Metro Vancouver sat at $1,173,000—a 0.5 per cent increase year-over-year and up 0.1 per cent from December 2024.

Market trends by property type

Detached home sales reached 380 units in January, a slight increase of 0.3 per cent compared to the same period last year. The benchmark price rose 3.1 per cent year-over-year to $2,005,400, marking a 0.4 per cent increase from December.

Apartment sales saw the most significant year-over-year growth, rising 13.4 per cent to 846 units. Despite the increase in transactions, the benchmark price dipped 1.7 per cent from January 2024 to $748,100, with a slight 0.2 per cent decrease compared to December.

Sales of attached homes totalled 321 units in January, up 12.6 per cent from the previous year. The benchmark price rose 2.7 per cent year-over-year to $1,105,600 but declined 0.8 per cent from December.

While detached and attached home prices saw moderate increases, apartment values softened slightly, reflecting higher inventory levels.