As we step into April, the Metro Vancouver real estate market continues to send a clear message: conditions are aligned in buyers’ favour — yet many are still sitting on the sidelines.
📉 Sales Slowdown Despite Buyer-Friendly Conditions
March 2025 recorded 2,091 residential sales, a 13.4% decrease from March 2024, and a notable 36.8% below the 10-year seasonal average. While sales were up from February (as expected seasonally), this past month was the quietest March for sales activity since 2019.
What makes this especially striking is that today’s environment is, by many measures, the most buyer-friendly we’ve seen in years:
Benchmark prices have eased from last year’s highs.
Mortgage rates are at multi-year lows.
Inventory is up, with 14,546 active listings — the highest in almost a decade.
Yet, buyers have been slow to act.
🏷️ Price Stability Amid Growing Supply
Prices have remained relatively steady across most home types:
All residential properties: Benchmark at $1,190,900, up 0.5% from February, but down 0.6% from March 2024.
Detached homes: Benchmark at $2,034,400, up 0.4% month-over-month, and 0.8% year-over-year.
Townhomes: Benchmark at $1,113,100, up 0.2% monthly, but down 0.8% annually.
Apartments: Benchmark at $767,300, up 1.0% from February, but down 0.9% from last year.
These small month-over-month price increases are more indicative of seasonal trends than a true shift in momentum — for now.
📊 Sales-to-Active Listings Ratio: Balanced, but Telling
The sales-to-active listings ratio for March 2025 sat at 14.9%:
Detached homes: 10.3% (buyer’s market territory)
Apartments: 16.2% (balanced market)
Townhomes: 21.5% (approaching seller’s market)
These numbers suggest prices are likely to hold steady or face slight downward pressure — especially in the detached segment. However, the tight inventory in the townhouse category means that segment may remain more competitive.
🏙️ Local Market Snapshot
A few highlights from core areas:
Burnaby North: Residential benchmark rose 0.7% month-over-month to $1,009,600.
Coquitlam: Slight dip of 0.1%, now at $1,087,500.
New Westminster: Down 0.1% month-over-month, with a benchmark of $818,700.
Vancouver East: Up 0.4%, reaching $1,222,100.
Vancouver West: Benchmark at $1,345,900, up 0.5% from February.
Port Moody: Notable drop of 1.1%, likely tied to softer activity in higher-priced segments.
🤔 What's Holding Buyers Back?
Despite favourable fundamentals, economic and political uncertainty — particularly related to the new U.S. administration and potential tariffs — seems to be influencing buyer psychology. Some buyers may also be waiting for further price adjustments or struggling to find the right product in a market where condition and affordability are now more important than ever.
That said, some smart buyers are moving, especially those who understand how to leverage low rates and increased selection. There are still multiple offers happening in well-priced, well-presented listings — particularly in townhomes and west side condos.
📈 What to Watch Going Forward
The current market feels reminiscent of early 2023 — slow start, but signs that momentum could build into late spring and summer. Much will depend on how interest rates and broader economic signals evolve in the coming months.
✅ Key Takeaways
Buyers: You have more choice and better borrowing conditions than we've seen in years. If you're financially ready, this may be an ideal window to explore your options before competition potentially ramps up.
Sellers: With more listings coming online, strategic pricing and presentation are crucial. Townhomes remain in demand — especially those in family-oriented communities.
Investors: If you're holding or selling rental properties, the uptick in listings might reflect broader landlord activity. Be strategic about when and how to list.
📞 Ready to Navigate the Market?
Whether you're buying, selling, or simply trying to understand your options, we're here to help. Get in touch for a personalized market consultation, and let’s talk about your next steps.
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