Are buyers in Metro Vancouver finally catching a break?
Inventory levels crested 16,000 for the first time since 2014, marking the highest supply seen in over a decade, according to the Greater Vancouver Realtors April 2025 market report.
“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,” says Andrew Lis, GVR’s director of economics and data analytics.
Sales slump, but listings rise
Despite an uptick in available homes, sales activity continues to lag. GVR reported 2,163 residential sales in April, down 23.6 per cent from April 2024 and 28.2 per cent below the 10-year seasonal average. Detached, attached and apartment properties all posted year-over-year declines in sales volumes.
Lis described the situation as “unusual,” especially in light of improved borrowing conditions that would typically bring demand. Broader economic uncertainty and April’s federal election may also have given buyers reason to pause.
“What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government,” Lis explains. “These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.”
Balanced market conditions
While new listings were down 3.4 per cent year-over-year (6,850 in April 2025 vs. 7,092 in April 2024), total active listings rose sharply to 16,207—nearly 30 per cent higher than the same time last year and 47.6 per cent above the 10-year average.
The sales-to-active listings ratio, a key metric of market balance, sat at 13.8 per cent in April. By property type, the ratio was 9.9 per cent for detached homes, 17.5 per cent for attached properties and 15.7 per cent for apartments.
Stable pricing across property types
Home prices across the region have held steady despite softening demand. The benchmark price for all residential properties was $1,184,500, down 1.8 per cent from a year earlier and 0.5 per cent lower than March 2025.
Month-over-month declines remained modest across property types—detached homes had a benchmark price of $2,021,800 (down 0.7 per cent from April 2024), while attached homes were at $1,102,300 (down 2.9 per cent) and apartment units at $762,800 (down 2 per cent).
