March Home Sales Dip, Listings Keep Climbing

Last month, Vancouver home sales hit their lowest levels seen in March since 2019, while active listings continue to climb. Buyers have significant opportunity to benefit from increased inventory and low mortgage rates, but most are still hesitating to enter the market, leaving conditions more favourable for those prepared to make a move. 
 

Residential sales in Metro Vancouver totalled 2,091 in March 2025, marking a 13.4% decrease from the 2,415 sales recorded in March 2024. This represents a significant drop of 36.8% below the 10-year seasonal average of 3,308, highlighting the slower-than-usual start to the spring market.
 

However, new listings surged, with 6,455 detached, attached, and apartment properties hitting the market—an increase of 29% from March 2024 and 15.8% above the 10-year seasonal average. This influx of inventory pushed the total number of active listings to 14,546 homes, up 37.9% from March 2024 and 44.9% above the 10-year average.

Despite the pronounced decline in sales, prices have remained stable, with all segments showing modest growth month-over-month. The MLS® Home Price Index composite benchmark price for all residential properties is currently $1,190,900, reflecting a 0.6% decrease year-over-year but a 0.5% increase from February 2025.

• Sales of detached homes dropped to 527 units, marking a 24.1% decrease from March 2024. Though significantly fewer sales recorded, the benchmark price for a detached home edged up to $2,034,400, reflecting a 0.8% increase year-over-year and a 0.4% increase from February 2025.

• Among all property types, attached homes demonstrated the most stability, with 472 units sold — down just 4.6% compared to March 2024. The benchmark price for an attached home crept up to $1,113,100, reflecting a slight 0.8% decrease year-over-year but a minor 0.2% increase from February.

• While apartment sales cooled off in March with 1,084 units sold, down 10.2% from last year, prices showed resilience. The benchmark price climbed to $767,300, reflecting a slight 0.9% drop year-over-year and a 1% increase from February of this year.

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““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.””

— Andrew Lis | REBGV Director, Economics and Data Analytics

Will The Vancouver Spring Market Spark A Sales Rebound?

As the market moves into the spring season, there’s a sense of cautious optimism. According to Andrew Lis, the current conditions resemble those seen in early 2023 when price trends remained flat and sales started slowly before gaining momentum in the warmer months.

With mortgage rates low and inventory high, buyers are positioned well to find opportunities, but economic and political uncertainties—including potential impacts from the new U.S. administration—could continue to affect buyer confidence. Sellers may need to remain flexible in pricing strategies to attract hesitant buyers.

For those looking to make a move this spring, now may be the time to capitalize on the increased availability of homes. For those considering selling, reach out today for a complimentary home equity health check to assess your property’s value and explore your options in this evolving market.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.