GVR Market Review
Opportunity for buyers & strategic sellers reigns in the Lower Mainland
Wondering what changed in Metro Vancouver's real estate market last month?
While other markets across Canada have taken substantial dips Metro Vancouver’s market continued to perform moderately in April. Last month sales were down nearly 24% year-over-year…but prices proved resilient. Despite many buyers remaining cautious, active listings still rose nearly 30%. Both sides of the market are still active participants as we both foward towards summer.
Buyers now have more choice, less competition, and stronger negotiating power—a major shift as Greater Vancouver often favors sellers. Conditions now favour thoughtful buyers and strategic sellers. There is a window of opportunity for both sides.
2/3 of the market remains well within the statistical boundary of being balanced.
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Let’s break down the numbers and what they mean for you.
Market at a Glance
Sales Activity:
- 2,163 residential sales in April 2025
- Down 23.6% from April 2024
- 28.2% below the 10-year average
New Listings:
- 6,850 properties listed in April 2025
- Down 3.2% from April 2024
- 19.5% above the 10-year seasonal average
Total Active Listings:
- 16,207 homes on the market
- Up 29.7% from April 2024
- 47.6% higher than the 10-year average
MLS® HPI Composite Benchmark Price:
- $1,184,500
- Down 1.8% year-over-year
- Up 0.5% from March 2025
Greater Vancouver now, mostly, favors buyers. Prices remain relatively stable. New listings persist despite sellers being aware of the current market situation.
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Breaking Down the Property Types
Detached Homes
- 578 sales in April 2025
- Down 24.1% from April 2024
- 51 more sales than March
- Benchmark Price: $2,021,800
- Down 0.7% from April 2024
- Down 0.6% from March 2025
Apartment Homes
- 1,130 sales in April 2025
- Down 20.2% from April 2024
- 46 more than March
- Benchmark Price: $762,800
- Down 2% from April 2024
- Down 0.6% from March 2025
Attached Homes (Townhouses)
- 442 sales in April 2025
- Down 23.8 from April 2024
- 30 less than March
- Benchmark Price: $1,102,300
- Down 2.9% from April 2024
- Down 1% from March 2025
Metro Vancouver Market Highlights April 2025:
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What's Driving Trends?
Inventory Growth vs. Buyer Hesitation
- Metro Vancouver's housing market continued to cool in April…despite this slowdown, active listings surged to the highest level since 2014.
- While the growing inventory provided buyers with more options many remained hesitant due to continued economic uncertainties surrounding trade tensions and the federal election which didn’t take place until April 28th.
- The sales-to-active listings ratio stands at 13.8%, indicating a balanced market, but with detached homes at a lower 9.9%, there is downward pressure on prices in that segment. If detached prices drop more buyers may step forward.
Mortgage Rate Impacts
- While borrowing costs have improved, they remain elevated compared to the historical lows everyone experienced just a few years ago.
- Some buyers are waiting for clearer signals from the Bank of Canada before making a move.
- It now seems unlikely that rates will drop much further in 2025.
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Expert Insight
Andrew Lis, the Director of Economics and Data Analytics at Greater Vancouver REALTORS attempts to encapsulate the current Metro Vancouver housing market:
“From a historical perspective, today’s slower sales are unusual—especially with much better borrowing conditions, which usually boost activity. Add in looming recession concerns from the U.S. and a federal election year, and it’s no surprise buyers are still waiting out the storm.”
Lis further observed:
"While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers. Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase."
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What This Means for Buyers & Sellers
For Buyers
- Increased Inventory: More choices than at any point since 2014.
- Stable Prices: MLS Home Price Index has only fluctuated within 1% over the last several months.
- Balanced Market Conditions: The sales-to-active listings ratio stands at 13.8%, suggesting a balanced market that may offer more negotiating power to buyers.
- Favorable Borrowing Costs: Borrowing costs have improved, making financing more accessible for qualified buyers. It may not be the rock bottom it was in 2021…but it is the best it has been in years.
For Sellers
- Strategic Pricing is Crucial: With increased inventory and cautious buyers, competitively pricing your property is essential to attract interest. It doesn’t need to be a fire-sale…but it needs to be sharp.
- Detached Homes Market: The sales-to-active listings ratio for detached homes is 9.9%, indicating potential downward pressure on prices in this segment. (condos and townhouses are not facing the same situation & are more stable).
- Opportunity in Balanced Market: Despite slower sales, the market remains balanced, presenting opportunities for sellers who position their properties effectively. The current pace is more relaxed than is traditional in Greater Vancouver.
- Highlight Property Strengths: Emphasizing unique features and ensuring high-quality marketing can make listings stand out in a more competitive environment.
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April brings opportunity for buyers
Greater Vancouver Home Sales 2025 VS 2024
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Looking Ahead
As we progress through spring, Metro Vancouver’s housing market is navigating a nuanced shift. Sales activity has slowed notably compared to last year, yet prices have shown remarkable resilience, fluctuating within a 1% window over the last three months despite a near 30% surge in active listings. For the first time in over a decade, inventory has crossed 16,000 homes, giving buyers more options, more leverage, and more time—marking a substantial departure from the region’s historically fast-paced, seller-driven market.
The result? A window of opportunity.
Two-thirds of the market remains statistically balanced, and while detached homes are experiencing downward pressure due to a softer sales ratio it is minor, attached and condo segments continue to demonstrate steadier footing. Sellers who approach pricing strategically and market effectively can still find success. At the same time, buyers who are prepared and well-informed may benefit from favorable borrowing conditions and a more relaxed environment to negotiate.
Key takeaway:
Inventory is up, sales are down, but prices remain steady. With market conditions leaning toward balance, thoughtful buyers and strategic sellers are best positioned to act. The opportunities are here—but hesitation may soon shift the scales.
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CLICK HERE FOR THE FULL GVR April 2025 STATISTICS PACKAGE
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