After a tumultuous period defined by high interest rates, home sales in the Greater Vancouver real estate market began improving in October. That recovery continued for several months, with year-over-year improvements occurring in every month since then. Until now.
According to statistics published by Greater Vancouver Realtors (GVR) on Tuesday, the region recorded a total of 1,827 residential sales in February, a 11.7% year-over-year decrease from the 2,070 recorded in February 2024. Furthermore, last month’s total is also 28.9% lower than the 10-year February average of 2,571.
On the other side of the equation, 5,057 new homes were listed last month, a year-over-year increase of 10.9% compared to the 4,560 added in February 2024 and 11.6% above the 10-year February average of 4,530.
With that new batch of listings, the total amount of active listings in the Greater Vancouver region is now up to 12,744, a substantial 32.3% increase compared to the 9,634 after February 2024 and 36.4% above the 10-year February average of 9,341.
In terms of prices, the composite residential benchmark price in the region is now at $1,169,100, a 0.3% decrease from January 2025 and a 1.1% decrease from February 2024.
By residential type, the benchmark price is now at $2,006,100 for single-detached homes, which stayed flat from January to February, but remains 1.8% higher year over year. For attached homes, the benchmark price is now at $1,087,100, a 0.1% decrease from January 2025 and a 2.8% decrease from February 2024. For condominiums, the benchmark price is at $747,500, a 1.7% decrease from January 2025 and a 1.2% decrease from February 2024.
Market Analysis
Based on the above data, the Greater Vancouver real estate market is now at a relative balance that favours neither sellers nor buyers.
“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” said GVR Director of Economics and Data Analytics Andrew Lis. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”
“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” added Lis. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”
With Canada now officially engaged in a trade war with the United States, economic conditions going forward are uncertain to say the least. However, the trade war may inadvertently have a positive impact on the resell market by pushing the Bank of Canada to continue lowering interest rates. At least one big bank, BMO, is now forecasting that the BoC will cut its rate to 2.00% by July.