Metro Vancouver Real Estate: A Market Ready for Buyers—But Where Are They?

If you’ve been waiting for the right time to buy in Metro Vancouver, the conditions are in your favour. Prices have softened, mortgage rates are low, and the number of available homes is the highest in nearly a decade. Yet, buyers are hesitating.According to Greater Vancouver REALTORS® (GVR), home sales in March 2025 totaled 2,091—down 13.4% from March 2024 and 36.8% below the 10-year seasonal average. Meanwhile, listings continue to climb, creating an ideal environment for buyers who are ready to act.

Why Are Buyers Holding Back?

“Despite economic and political uncertainties, buyers haven’t seen market conditions this favorable in years,” says Andrew Lis, GVR’s director of economics and data analytics. “Prices are more affordable, mortgage rates are low, and there are plenty of listings. Sellers are prepared to negotiate, but buyers haven’t stepped in at typical levels.”

More Homes, More Choices

In March 2025, Metro Vancouver saw 6,455 new residential listings—a 29% jump from March 2024. Total active listings reached 14,546, marking a 37.9% increase from the previous year and nearly 45% above the 10-year average. With more inventory, buyers have the upper hand in negotiations—if they decide to enter the market.

Market Trends: Prices Holding Steady

The sales-to-active listings ratio for March 2025 sits at 14.9%, suggesting a balanced market. However, trends vary by property type:

• Detached homes: 10.3% (favoring buyers)
• Townhouses: 21.5% (leaning toward sellers)
• Apartments: 16.2% (balanced but softening)

When this ratio stays below 12%, prices typically decline. If it rises above 20%, prices tend to increase. With townhouses nearing a seller’s market, prices in this category could rise sooner than others.

What Are Homes Selling For?

Despite slower sales, home prices remain stable. The MLS® Home Price Index benchmark for all homes in Metro Vancouver is $1,190,900—a slight 0.6% decrease from March 2024 but a 0.5% increase from February 2025.Price breakdown by property type:

• Detached Homes: Sales dropped 24.1% to 527, with a benchmark price of $2,034,400 (up 0.8% from March 2024 and 0.4% from February 2025).
• Apartments: Sales declined 10.2% to 1,084, with a benchmark price of $767,300 (down 0.9% from March 2024 but up 1% from February 2025).
• Townhouses: Sales dipped 4.6% to 472, with a benchmark price of $1,113,100 (down 0.8% from March 2024 but up 0.2% from February 2025).

Where Is the Market Heading?

Lis notes that today’s conditions resemble early 2023 when sales started slow before gaining momentum in the spring and summer. While the overall market is balanced, the townhouse segment is showing signs of tightening due to limited supply.For buyers, this market offers rare opportunities: high inventory, motivated sellers, and favorable rates. The question is—will buyers take advantage before conditions shift?