METRO VANCOUVER MARKET HIGHLIGHTS
In February 2025, Metro Vancouver’s housing market remained balanced, with a moderate increase in new listings following a sharp rise in January. Residential sales totaled 1,827, an 11.7% decrease from February 2024 and 28.9% below the 10-year seasonal average.
New listings reached 5,057, up 10.9% year-over-year and 11.6% above the seasonal average, while total active listings rose 32.3% to 12,744. The sales-to-active listings ratio stood at 14.8%, indicating stable prices.
The MLS® Home Price Index composite benchmark price was $1,169,100, down 1.1% year-over-year and 0.3% from January. Detached homes saw a 14.8% drop in sales, with a benchmark price of $2,006,100 (+1.8% YoY). Apartment sales fell 10.6%, with a benchmark price of $747,500 (-2.8% YoY). Attached home sales declined 10.9%, with a benchmark price of $1,087,100 (-1.2% YoY).
Market conditions remain steady, but with the spring season approaching, shifts in buyer and seller activity could impact pricing trends.
Metro Vancouver’s housing market saw a significant increase in new listings in January 2025, with a 46.9% year-over-year rise, signaling strong seller activity. Residential sales totaled 1,552, up 8.8% from January 2024 but still 11.3% below the 10-year seasonal average. The total number of active listings grew by 33.1% to 11,494.
The sales-to-active listings ratio stood at 14.1%, indicating balanced market conditions with minimal price fluctuations. The MLS® Home Price Index composite benchmark price reached $1,173,000, reflecting a modest 0.5% annual increase. Detached home sales remained steady, while apartment and townhouse sales grew by 13.4% and 12.6%, respectively.
Looking ahead, moderate price growth is expected, though potential economic shocks, including U.S. tariffs, could influence market trends.
In December 2024, home sales in Metro Vancouver increased by over 30% compared to the previous year, indicating growing demand. In total, residential sales in the region reached 26,561 in 2024, a slight 1.2% rise from 2023 but a 9.2% decline from 2022. This total was 20.9% below the 10-year average.
The number of properties listed on the MLS® system in 2024 was 60,388, an 18.7% increase from the previous year and 9.7% higher than in 2022. This was also 5.7% above the 10-year average.
As of December 2024, there were 10,948 properties listed for sale, marking a 24.4% rise from the previous month and 25.3% above the 10-year seasonal average. The MLS® Home Price Index for residential properties stood at $1,171,500, showing a modest 0.5% increase from December 2023, but a slight decrease from November 2024.
While 2024 sales fell short of predictions, the December figures suggest that the market is gaining momentum and may continue to grow into 2025. Overall, while prices were relatively stable toward the end of the year, several market segments saw slight year-over-year increases, except for apartment units, which remained largely unchanged.
In October 2024, Metro Vancouver’s housing market saw a notable 31.9% year-over-year increase in home sales, reaching 2,632 residential transactions, though this was still 5.5% below the ten-year seasonal average. There was also a significant rise in new listings, up 16.9% from the previous year, bringing the total number of active listings to 14,477, which is 24.8% higher than in October 2023.
The sales-to-active listings ratio for October was 18.8%, indicating balanced market conditions, though it suggested a shift toward a seller’s market for attached and apartment homes. Detached homes, while not quite at seller-market levels, were approaching that threshold.
The MLS® Home Price Index composite benchmark price for all residential properties in the region was $1,172,200, showing a slight decrease compared to both October 2023 and September 2024. Prices for detached homes increased marginally by 0.3% year-over-year, while apartment prices fell slightly by 1.6%, and townhouse prices saw a small gain of 0.4% from October 2023.
Overall, the market is showing signs of returning to a more competitive environment, particularly for attached and apartment properties, with potential for price stabilization or increases in the coming months.
In August 2024, home sales in Metro Vancouver remained below the ten-year seasonal averages, with 1,904 residential sales recorded, a 17.1% decline from August 2023 and 26% below the average of 2,572. New listings increased by 4.2% to 4,109 properties, but were still 1.7% below the historical average. The total active listings rose significantly to 13,812, up 37% from the previous year and 20.8% above the ten-year average.
The sales-to-active listings ratio stood at 14.3%, indicating balanced market conditions, with lower pressure on home prices. The MLS® Home Price Index benchmark price for residential properties was $1,195,900, a slight decrease from the previous year and month. Sales of detached homes fell to 509 (down 13.9%), with a benchmark price of $2,048,400, while apartment sales dropped to 1,012 (down 20.3%) at a benchmark price of $768,200. Attached home sales totaled 370 (down 12.3%), with a benchmark price of $1,119,300.
Market analysts note that recent changes, including a rate reduction by the Bank of Canada, may influence buyer activity in the upcoming fall market.
In July 2024, newly listed properties in Metro Vancouver increased nearly 20% year-over-year, helping maintain a healthy inventory level. However, residential sales totaled 2,333, reflecting a 5% decrease from July 2023 and 17.6% below the ten-year seasonal average.
The total number of properties listed for sale reached 14,326, up 39.1% from the previous year and 21.5% above the historical average. The sales-to-active listings ratio was 16.9%, indicating balanced market conditions, with a ratio of 12.8% for detached homes, 20.1% for attached, and 19.3% for apartments.
Despite a recent decline in policy rates, transaction levels remain below historical norms. The MLS® Home Price Index benchmark price for residential properties is $1,197,700, a 0.8% decrease from both July 2023 and June 2024.
Detached home sales increased slightly to 688, with a benchmark price of $2,049,000 (up 2.1% year-over-year). Apartment sales decreased to 1,192, with a benchmark price of $768,200 (down 0.3%). Attached home sales fell to 437, with a benchmark price of $1,124,700 (up 1.4% year-over-year). Analysts suggest it may take time for improved borrowing conditions to lead to increased buyer activity.