In March 2025, residential property sales in Metro Vancouver dropped to their lowest level since 2019 for the same month, even though active listings continued to rise. Sales totalled 2,091 in March 2025, down 13.4% from 2,415 sales in March 2024. This is also 36.8% below the 10-year seasonal average of 3,308 sales.

Despite more favorable market conditions, including lower mortgage rates, eased prices, and the largest selection of homes in almost a decade, buyers have been slow to respond.

New Listings and Active Listings

There were 6,455 newly listed homes in Metro Vancouver in March 2025, which is a 29% increase from 5,002 listings in March 2024. This figure was also 15.8% above the 10-year seasonal average of 5,572 new listings.

The total number of properties listed for sale on the MLS® in March 2025 is 14,546, a 37.9% increase from 10,552 listings in March 2024 and 44.9% above the 10-year seasonal average of 10,038.

Sales-to-Active Listings Ratio

The sales-to-active listings ratio for March 2025 is 14.9%. Breaking it down by property type:

• Detached homes: 10.3%

• Attached homes: 21.5%

• Apartments: 16.2%

When the ratio is below 12%, home prices typically face downward pressure, while a ratio above 20% can lead to price increases. The current ratio of 14.9% suggests a balanced market overall, but attached homes are approaching a sellers’ market due to limited supply.

Price Trends

The MLS® Home Price Index for all residential properties is $1,190,900, which represents:

• A 0.6% decrease from March 2024

• A 0.5% increase compared to February 2025

Here’s a breakdown of price trends by property type:

Detached Homes

• Sales: 527 (down 24.1% from March 2024)

• Benchmark Price: $2,034,400

  • Up 0.8% from March 2024

  • Up 0.4% from February 2025

Apartments

• Sales: 1,084 (down 10.2% from March 2024)

• Benchmark Price: $767,300

  • Down 0.9% from March 2024

  • Up 1% from February 2025

Townhomes/Attached Homes

• Sales: 472 (down 4.6% from March 2024)

• Benchmark Price: $1,113,100

  • Down 0.8% from March 2024

  • Up 0.2% from February 2025

Looking Ahead

Though market conditions are balanced, buyers have yet to fully respond, which is slowing down sales. If the market shifts, sellers may adjust their expectations and become more active in listing homes. The spring market could bring some movement, especially in the attached property segment, which remains undersupplied.

Note: The areas covered by Greater Vancouver REALTORS® include Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.