Metro Vancouver’s real estate market is off to a busy start in 2025, especially for home sellers. In January 2025, there were 1,552 residential homes sold, up 8.8% from the 1,427 sales in January 2024. While that’s still 11.3% below the 10-year average for this time of year, it shows that buyer interest remains solid.

At the same time, more sellers are jumping into the market. In January 2025, 5,566 homes were newly listed on the MLS®, a 46.9% increase from the 3,788 listings in January 2024 — and 31.1% higher than the 10-year average of 4,247 listings.

Right now, there are 11,494 homes listed for sale in Metro Vancouver. That’s up 33.1% from the 8,633 homes on the market in January 2024 and is also 33.2% higher than the 10-year average.

What the Numbers Mean for Prices

The sales-to-active listings ratio is one of the best ways to understand where the market stands:

• Detached homes: 9.2%

• Attached homes: 18.5%

• Apartments: 16.5%

• Overall ratio: 14.1%

Generally, if the ratio stays below 12%, prices tend to go down over time. If it’s above 20%, prices often go up. With the current ratio sitting in the middle, the market is considered balanced.

Price Trends and Forecast

Despite the strong listing activity, prices remained steady in January. The benchmark price for all homes is now $1,174,400, which is:

• Up 0.7% from January 2024

• Up 0.2% from December 2024

Here’s how things look by property type:

Detached Homes

• Sales: 380 (up 0.3% from Jan 2024)

• Benchmark Price: $2,010,100

  • Up 3.4% from Jan 2024

  • Up 0.7% from Dec 2024

Apartments

• Sales: 846 (up 13.4% from Jan 2024)

• Benchmark Price: $748,100

  • Down 1.7% from Jan 2024

  • Down 0.2% from Dec 2024

Townhomes/Attached Homes

• Sales: 321 (up 12.6% from Jan 2024)

• Benchmark Price: $1,105,600

  • Up 2.7% from Jan 2024

  • Down 0.8% from Dec 2024

Looking Ahead

The forecast for 2025 expects moderate price growth overall. However, outside factors — like U.S. tariffs and any possible Canadian responses — could impact this prediction. How long such tariffs last and how Canada responds could shape the housing market in the months ahead.

Note: GVR discovered a technical issue that affected how the Home Price Index was calculated in January and February. While the correction doesn’t affect sales or listing numbers, some HPI values may have been slightly off, especially in smaller regions.