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February 2025 Market Report

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.

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Happy New Year and Welcome to 2025!

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.

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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.

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