GVR Market Review
Number of listings increase, low buyers activity continues; a fragile balance between supply & demand
Wondering what changed in Metro Vancouver's real estate market last month?
The Greater Vancouver housing market continues to evolve, reflecting changing buyer sentiment and economic conditions. As we progress through the first quarter of 2025, the real estate market is shifting with rising inventory and moderating sales. Buyers now have more options and lower interest rates, while sellers must focus on pricing and presentation to remain competitive.
As we move deeper in to spring market activity is showing signs of continued stabilization, but challenges remain for both buyers and sellers navigating the landscape. Staying informed and working with an experienced real estate team is essential for navigating this evolving market.
Let’s break down the numbers and what they mean for you.
Market at a Glance
Sales Activity:
- 2,091 residential sales in March 2025
- Down 13.4% from March 2024
- 36.8% below the 10-year average
New Listings:
- 6,455 properties listed in March 2025
- Up 29% from March 2024
- 15.8% above the 10-year seasonal average
Total Active Listings:
- 14,546 homes on the market
- Up 37.9% from March 2024
- 44.9% higher than the 10-year average
MLS® HPI Composite Benchmark Price:
- $1,190,900
- Down 0.6% year-over-year
- Up 0.5% from February 2025
Greater Vancouver remains in a balanced market...however supply levels are increasing while demand is remaining flat. The scales could tip.
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Breaking Down the Property Types
Detached Homes
- 527 sales in March 2025
- Down 24.1% from March 2024
- Benchmark Price: $2,034,400
- Up 0.8% from March 2024
- Up 0.4% from February 2025
Apartment Homes
- 1,084 sales in March 2025
- Down 10.2% from March 2024
- Benchmark Price: $767,300
- Down 0.9% from March 2024
- Up 1% from February 2025
Attached Homes (Townhouses)
- 472 sales in March 2025
- Down 4.6% from March 2024
- Benchmark Price: $1,113,100
- Down 0.8% from March 2024
- Up 0.2% from February 2025
Metro Vancouver Market Highlights March 2025:
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What's Driving Trends?
Inventory Growth vs. Buyer Hesitation
- Total active listings have increased substantially year-over-year, creating more options for buyers. However, higher inventory levels have yet to translate into a surge in sales, as many prospective buyers remain hesitant due to economic uncertainty and interest rate fluctuations.
- This past month was the slowest March in terms of sales since 2019.
Mortgage Rate Impacts
- Despite recent rate cuts and growing speculation of rate cuts later in the year, mortgage rates remain elevated.
- This continues to weigh on affordability, with some buyers waiting for clearer signals from the Bank of Canada before making a move.
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Expert Insight
Andrew Lis, GVR’s director of economics and data analytics, commented on the current market dynamics:
“Metro Vancouver buyers haven’t seen conditions this favorable in years. Prices have eased, mortgage rates are low, and active listings are at their highest in nearly a decade. Sellers are engaging, but buyers have yet to show up in typical numbers.”
Lis further observed:
“The market resembles early 2023, with flat price trends and slow sales gaining momentum into spring. While balanced overall, the attached segment is nearing a sellers’ market due to persistent undersupply, with just 2,200 active listings across the region.”
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What This Means for Buyers & Sellers
For Buyers:
- More choices and less competition compared to last year.
- Potential negotiating power with motivated sellers.
- Keeping an eye on interest rate movements is key to securing the best mortgage terms.
For Sellers:
- Pricing strategically is essential in a market with rising inventory.
- Well-prepared homes with strong marketing continue to attract serious buyers.
- Market conditions favor realistic expectations over speculative pricing.
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Balance teters in March
Greater Vancouver Home Sales 2025 VS 2024
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Looking Ahead
Metro Vancouver’s housing market is experiencing a shift as we move further into 2025. While sales activity has slowed compared to last year, the number of new listings has increased, leading to the highest inventory levels seen in nearly a decade. This rise in available homes is helping to create more balanced market conditions, giving buyers greater choice while keeping price growth in check. Experts anticipate that market activity may pick up in the coming months, particularly in certain segments where demand remains strong and supply is more limited. Sellers will need to price strategically, while buyers may find improved opportunities.
Key takeaway:
A balanced market continues. Prices remain stable. Buyers and sellers must stay informed and adaptable. Although experts forecast the return of buyers...if it does not happen within a few months the market may fully tip in favor of buyers.
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CLICK HERE FOR THE FULL GVR March 2025 STATISTICS PACKAGE
As always, we’re here to help you navigate the market.
Whether you have questions about your neighborhood’s trends or need personalized advice on buying or selling, reach out—we’d love to chat! 
Ryan: 604.561.2127
Rod & Rhea: 604.240.1927
[email protected]