As February saw the housing market return to balanced conditions, the March 2025 market report from the Greater Vancouver Realtors (GVR) highlighted the lowest number of sales in the month of March since 2019, in a market primed for buyers.
“If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS® than we’ve seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year.”
Home Sales
Metro Vancouver recorded 2,091 residential property sales in March, marking a 13.4% decline from the 2,415 sales recorded in March 2024, and a 36.8% decrease from the 10-year seasonal average of 3,308.
The number of detached properties sold reached 526, a 24.1% decrease from March 2024.
The number of apartments sold reached 1,084, a 10.2% decrease from March 2024.
The number of attached properties sold reached 427, a 4.6% decrease from March 2024.
Home Listings
A total of 6,455 detached, attached, and apartment properties were newly listed on the Multiple Listing Service (MLS) in Metro Vancouver. This reflects a 29% increase from the 5,002 listings in March 2024, and a 15.8% rise above the 10-year seasonal average.
At the time of the report, there were 14,546 homes listed for sale on the MLS in Metro Vancouver. This represented a 37.9% increase from March 2024, and 44.9% above the 10-year seasonal average.
Sales-To-Active-Listings Ratio
This is a good indication of the supply and demand forces in the market. Downward pressure on home prices can occur when the ratio is below 12% for a sustained period, and there is upward pressure when the ratio is above 20% over several months.
For all property types, the ratio in March was 14.9%. When broken down by property types, the ratio was:
- 10.3% for detached homes
- 21.5% for attached homes
- 16.2% for apartments