Homebuyers in Metro Vancouver are sitting on the sidelines despite market conditions tipping in their favour, according to the latest data from the Greater Vancouver Realtors (GVR).
Residential home sales in March 2025 totalled just 2,091—down 13.4 per cent from March 2024 and 36.8 per cent below the 10-year seasonal average. It marked the slowest March for sales since 2019.
Active listings climbing to highest levels seen in a decade
At the same time, active listings reached levels not seen in nearly a decade. New listings for detached, attached and apartment properties were up 29 per cent year-over-year to 6,455—a 15.8 per cent increase over the 10-year average. Total active listings on the MLS reached 14,546, up 37.9 per cent compared to March 2024 and 44.9 per cent above the seasonal average.
“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.”
Current market bares “resemblance to early 2023”
The region’s overall sales-to-active listings ratio sat at 14.9 per cent in March. Detached homes saw the lowest ratio at 10.3 per cent, while apartments came in at 16.2 per cent, and attached homes led the pack at 21.5 per cent — just over the 20 per cent threshold that typically signals upward pressure on prices.
“The current market bares resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months,” Lis added. “While market conditions overall remain balanced, it’s worth noting that the attached segment continues teetering on the threshold of a sellers’ market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region.”
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,190,900 in March — down 0.6 per cent from the year before, but up 0.5 per cent compared to February.
By property type
Detached homes: 527 sales, down 24.1 per cent year-over-year. Benchmark price: $2,034,400 (up 0.8 per cent from March 2024).
Apartment homes: 1,084 sales, down 10.2 per cent year-over-year. Benchmark price: $767,300 (down 0.9 per cent year-over-year).
Attached homes (townhouses): 472 sales, a 4.6 per cent decrease year-over-year. Benchmark price: $1,113,100 (down 0.8 per cent from a year ago).
Lis adds, “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.”