In March 2025, Metro Vancouver’s housing market exhibited clear signs of a buyer-favourable environment, with weaker sales, surging supply, and modest downward pressure on prices.
Prices
Source: GVR
Source: GVR
Sales
Greater Vancouver REALTORS® (GVR) recorded 2,091 MLS®-registered sales in Metro Vancouver during March 2025, a 13.4% decline from the 2,415 sales posted in March 2024 and 36.8% below the ten-year seasonal average of 3,308 transactions for that month.
In seasonally adjusted terms, home sales edged up slightly in March but remained near historic lows. Edge Realty Analytics reported a 1 % month-over-month (m/m) increase in seasonally adjusted Vancouver home sales for March 2025, but sales were down 13.4 % year-over-year (y/y) compared to March 2024, and stood at the second-lowest level in the past 20 years after seasonal adjustment.
New Listings and Active Inventory
GVR reported 6,455 new MLS® listings in March 2025, up 29% y/y from 5,002 listings in March 2024 and 15.8% above the 10-year seasonal average of 5,572, while Edge Realty indicated a seasonally adjusted 14% m/m jump in new listings and a 29% y/y increase in March 2025.
There were 14,546 active listings as of March 2025, for a 37.9% y/y increase from March 2024 and 44.9% above the ten-year seasonal average.
Edge Realty noted the sales-to-new-listings ratio of 33% in March 2025 was one of the lowest readings in 25 years.
Construction Activity
Edge Realty Analytics reported that dwellings under construction across Metro Vancouver fell 1.2% in February 2025 and are 6.3% below last year’s peak, leaving only 3,100 single-family homes under construction. This signals potential tightening ahead if new-build activity does not accelerate.
In March 2025, Metro Vancouver’s residential market showed weaker sales, with rising new and active listings, and modest price easing. Although seasonally adjusted figures and raw benchmarks suggested a buyer advantage, the construction pipeline indicates a potential concern about future supply, which could change this buyer advantage.