Welcome to our May Market Report

The Window of Opportunity for Buyers Remains Open

As we move further into the spring, the Greater Vancouver housing market is presenting mixed signals—but also real opportunities, especially for buyers. While prices have remained stable, sales volumes are soft, and inventory is rising, offering buyers more selection than we’ve seen in years.

Aggregate home prices in Greater Vancouver saw a slight 0.7% decline year-over-year in Q1 2025, landing at $1,230,100. However, market dynamics shifted further in April:

• Home sales in April totaled 2,163, down 23.6% from April 2024, and 28.2% below the 10-year average.

• New listings reached 6,850, a modest 3.4% drop year-over-year, but notably 19.5% above the 10-year seasonal average.

“While the headlines have been filled with worrying news, there are positives in the current market worth highlighting,” said Andrew Lis, GVR’s Director of Economics.

“Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable, and borrowing costs are the lowest they’ve been in years.”

We're also seeing more "subject-to-sale" transactions, allowing buyers to make contingent offers with confidence. Sellers are feeling optimistic enough to list, and buyers finally have more options to choose from. Although there are far less buyers in the market, the motivated buyers are acting quickly and are prepared to pay strong values for homes that meet their immediate needs.

If you have any questions about how these market conditions may affect your specific situation, please don’t hesitate to contact me. I’m happy to discuss your property questions.

Last Month’s Listings and Sales

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News From the Real Estate Board

Spring market brings abundance of opportunity for buyers

The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver that began early this year continued in April, with sales down nearly 24 per cent year-over-year.

"From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales.” said Andrew Lis, GVR director of economics and data analytics. “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. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm."

“Inventory levels have just crested 16,000 for the first time since 2014, 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.”

The Board reports that for Metro Vancouver the sales-to-active listings ratio for the month of April were:

• 9.9% for detached homes

• 15.7% for apartments

• 17.5% for townhomes

(The sale to active ratio indicates what type of market each sector is in. 0-12% equals a buyer’s market, 12-20% equals a balanced market and 20-100% equals a seller’s market.)

If 2025 is your year to make a move, let us help you customize a successful plan. Call us to get started.

-Dan Pigott
604-862-4124
dan@pigottproperties.com

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