The Metro Vancouver housing market showed signs of balance in February 2025, after a busy start to the year. Residential sales in the region totalled 1,827 in February 2025, which is an 11.7% decrease compared to 2,070 sales in February 2024. This figure was also 28.9% below the 10-year seasonal average of 2,571 sales.

February’s market is closer to historical averages, signaling more balance between buyers and sellers after the surge in new listings seen in January. With the possibility of a Bank of Canada rate cut in March, buyers might find more favorable borrowing conditions, while the selection of homes on the market is larger than it’s been in years.

New Listings and Active Listings

In February 2025, there were 5,057 newly listed homes in Metro Vancouver. This is a 10.9% increase compared to 4,560 properties listed in February 2024 and 11.6% above the 10-year seasonal average of 4,530 listings.

Currently, there are 12,744 properties listed for sale on the MLS®, which is up 32.3% from 9,634 listings in February 2024 and 36.4% higher than the 10-year seasonal average of 9,341.

Sales-to-Active Listings Ratio

The sales-to-active listings ratio for February 2025 is 14.8%. Here’s how it breaks down by property type:

• Detached homes: 10.7%

• Attached homes: 18.5%

• Apartments: 16.8%

Typically, if the ratio is below 12% for a long period, home prices may drop. If it’s above 20%, prices often go up. With the ratio sitting at 14.8%, the market is considered balanced, meaning home prices are likely to stay steady.

Price Trends

With the market in balance, home prices remained stable in February 2025. The MLS® Home Price Index for all residential properties is $1,185,100, which represents:

• A 0.3% increase from February 2024

• A 0.9% increase from January 2025

Here’s a breakdown of price trends for different types of homes:

Detached Homes

• Sales: 477 (down 14.8% from February 2024)

• Benchmark Price: $2,026,500

  • Up 2.8% from February 2024

  • Up 0.8% from January 2025

Apartments

• Sales: 976 (down 10.6% from February 2024)

• Benchmark Price: $759,600

  • Down 1.2% from February 2024

  • Up 1.5% from January 2025

Townhomes/Attached Homes

• Sales: 359 (down 10.9% from February 2024)

• Benchmark Price: $1,111,100

  • Up 1% from February 2024

  • Up 0.5% from January 2025

Looking Ahead

With the spring market approaching, it’s expected that more buyers may take advantage of favorable market conditions. Sellers may also become more willing to list their properties. But, as always, the market could shift depending on economic changes, like potential Bank of Canada rate cuts or external factors such as global trade.

Note: GVR discovered a technical error affecting the calculation of the Home Price Index for January and February, particularly in smaller areas. The error has been corrected, but other statistics like sales and listings were not impacted.