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

Interested in another area?

Click the images below for other market stats!

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

Copyright (C) 2025 Dan Pigott - Royal LePage Sussex Pigott Properties. All rights reserved.

Welcome to our April Market Report

Despite favourable market conditions—including softened prices, increased inventory, and lower mortgage rates—spring activity across Metro Vancouver has been slower than anticipated. Political uncertainty ahead of the federal election and ongoing volatility in the U.S. continues to weigh on buyer confidence, pushing much of the Lower Mainland into buyers’ market territory.

North Vancouver, however, remains a notable exception with some areas and housing types  favouring sellers. Detached homes and townhouses continue to perform well, with sales-to-active listings ratios of 21.7% and 24%, respectively—well above Greater Vancouver’s 10.3% and 21.5%. While the broader market waits for momentum to return, North Vancouver continues to show resilience and remains steady.

Although buyer activity is lower than usual, well-priced homes are still selling—and sellers across all markets are finding success with the right strategy. Whether you're ready to list or just want to stay informed, we're here to help. Let's put a plan together or simply keep you updated on what’s happening in your area. Reach out anytime! 

Last Month’s Listings and Sales

Interested in another area?

Click the images below for other market stats!

News From the Real Estate Board

A Market Made for Buyers is Missing Buyers

Home sales registered on the MLS® in Metro Vancouver* for the month of March were the lowest going back to 2019 for the same month, while active listings continue to their upward trend.

"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. 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. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year."

“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 said. “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 Board reports that for Metro Vancouver the sales-to-active listings ratio for the month of March were:

• 10.3% for detached homes

• 16.2% for apartments

• 21.5% 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

Copyright (C) 2025 Dan Pigott - Royal LePage Sussex Pigott Properties. All rights reserved.

Welcome to our March Market Report

Canada and the U.S. have officially entered a trade war, with tariffs taking effect on Tuesday, March 4. The economic consequences—both immediate and long-term—are undeniable and demand strategic navigation.

This trade conflict is creating significant economic uncertainty, with widespread repercussions across industries, including real estate. Higher tariffs on goods and materials will drive up construction and renovation costs, disrupt supply chains, and slow economic growth. As a result, consumer and investor confidence is already wavering, leading to more cautious spending and investment decisions.

The housing market will not be immune. Rising construction costs, potential interest rate fluctuations, and shifts in market demand will directly impact housing prices, inventory levels, and overall market activity. Despite the Bank of Canada’s interest rate cut on March 12, consumer uncertainty remains high. Many submarkets experienced a rare decline in activity and pricing between January and February—something seen only a handful of times in the past two decades.

Month-over-month growth in Q1 traditionally signals the start of the spring market’s surge, yet consumer hesitation is undeniable, causing a cooling effect on the real estate market. Nonetheless, well-priced properties, particularly in the detached and townhouse segments, continue to sell. In every market, opportunities exist—it’s about recognizing and seizing them.

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

Interested in another area?

Click the images below for other market stats!

News From the Real Estate Board

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”

“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said. “These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue.

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few per cent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”

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

• 12.1% for detached homes

• 18.7% for apartments

• 23.6% 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

Copyright (C) 2025 Dan Pigott - Royal LePage Sussex Pigott Properties. All rights reserved.

Home sellers off to an active start in 2025

This month has been busier than ever in my 19 years as a Realtor, with many questions about market momentum, interest rates, and potential tariffs.

The North Vancouver market is off to a strong start this year. Buyers have been active in January, with solid sales and listing totals for apartments, townhouses, and detached houses. The detached market is particularly busy in the entry-level range, with competitive offers becoming more frequent. Despite a 49% increase in inventory levels compared to last year, there’s a shortage of high-quality options, and well-priced, move-in ready homes.

We’re also seeing renewed activity at higher price points, with more traction in the $3 million+ range than we’ve seen in quite some time. Nearly a third of January sales were above this threshold.

The North Vancouver condo market was the busiest segment, with 82 sales in January, a 30% increase from last year. Most were entry level one- and two-bedroom properties, suggesting strong activity from first-time buyers. Townhouses on the North Shore remain stable, but off the North Shore, this market segment is very active. Specifically, East Van and Burnaby have posted some impressive sale values well above list price.

West Vancouver and the Westside are showing signs of improvement but remain slow providing for great opportunity for buyers. Their higher home prices make it difficult to predict future sales performance given the current affordability challenges that remain prevalent with many of today’s buyers. We’ll continue to monitor these markets closely as activity increases in higher-priced properties.

The recent interest rate drop, the sixth from the Bank of Canada, continues to boost market confidence, as evidenced by the increase in buyers across all markets.

There are concerns about a potential tariff war, which is new territory for the real estate industry. Some buyers and sellers are taking a wait-and-see approach, but our market remains strong. There will always be people looking to buy and sell in our beautiful cities that we call home.

Even with the recent snowfall, which tends to slow the market, overall activity remains strong. The coming months will provide more clarity on the trajectory of the 2025 housing market.

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.

-Dan Pigott

604-862-4124

Last Month’s Listings and Sales

Interested in another area?

Click the images below for other market stats!

News From the Real Estate Board for Greater Vancouver

Homes newly listed on the MLS® in Metro Vancouver rose 46 per cent year-over-year in January, as sellers appear eager to enter the market to start the year. 

“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the new year,” Andrew Lis, GVR’s director of economics and data analytics said. “Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.

“With new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” Lis said. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.”

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

• 9.2% for detached homes

• 16.5% for apartments

• 18.5% 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

Copyright (C) 2025 Dan Pigott - Royal LePage Sussex Pigott Properties. All rights reserved.

As we welcome 2025, we reflect with gratitude on the trust and relationships we’ve built with all of you. From downsizing, buying your first home, finding dream homes to helping families transition to new chapters, it has been a true honour to be a part of your journey.

In our ever-changing market, we always find a way to assist you. Whether buying, selling, or planning your next move, we’re here to provide expert advice and personalized strategies to help you achieve your goals. Your referrals are always welcome.

We hope you enjoy our monthly newsletter. Here’s to a wonderful year ahead.

A 2025 Housing Surge: What’s Fueling Market Optimism

As the calendar turns and we move into another year in real estate, there is great optimism about what lies ahead despite ever-shifting political landscapes domestically and abroad. Although the job market is difficult, affordability is a challenge for many, and times are as uncertain as ever, most predict the best year in real estate since 2021.

No matter the market type, seller’s, buyer’s or balanced market, the spring brings the most robust sales totals of the year. What sets 2025 apart from recent years? We are heading into a spring market in a diminishing interest rate cycle for the first time since the post-COVID interest rate slide in 2020.

Leading up to 2024’s transition to falling rates, there was downward pressure on sales and activity with each rate increase (see graph above). As rates began to drop in the 2nd half of 2024, the market was slow to react. This all changed in October 2024, leading to the strongest Q4 sales totals across the lower mainland since Q4 of 2021. This surge of activity will carry into our 2025 market.

Last Month’s Listings and Sales

Interested in another area?

Click the images below for other market stats!

News From the Real Estate Board

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver rose over thirty per cent in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.

“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months,” Lis said. “These more recent sales figures are now trending back towards long-term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue.

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few per cent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”

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

• 12.1% for detached homes

• 18.7% for apartments

• 23.6% 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.)

We would like to take this opportunity to say thank you
to our clients for their business and support in 2024.

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

Copyright (C) 2025 Dan Pigott - Royal LePage Sussex Pigott Properties. All rights reserved.

Affordability in our real estate market has long been a top of mind issue, exacerbated now by the rise in rates. We have discussed the inventory shortage over the past several months and many have asked, “why not simply build more homes to solve the problem?” 

Not only does the shortage of developeable land and cost to acquire it pose major hurdles, a recent study by the Urban Development Institute in Vancouver shows that taxes and fees to develop can be prohibitive for many smaller developers. The report looked at the costs of an 800 sqft. condo in Vancouver in 2023 and contributing factors to the unit’s staggering average price of $1,120,000. Fees and taxes per unit were 29.25% of the imagined condo’s cost. Keep in mind these do not include the cost to build or for land acquisition. (Click here to see the report)

 While the Vancouver market is already wildly out of price for many, developers will always look at their bottom line, keeping their prices as high as the market will allow. The only way forward in this situation would be to flood the market forcing prices down, and while the expense to build is so high, this scenario seems an unlikely solution.

 Creative home-ownership may be a way forward. 

 Rising values have led to an increasing number of homeowners opting to become co-owners. This can take various forms, whether it be splitting a single family dwelling with friends, building a laneway house, or buying duplexes for extended families to live next door. Census data shows that multi-generational households are now the fastest growing household type in Canada. In cases where home-buyers cannot afford to purchase on their own, they are combining their buying power with their parents, children, siblings or friends. (Click here to read the Royal Lepage article)

 Interested in learning more about The Urban Development Institute report? 

Call us today for more info and market updates!