Greater Vancouver Real Estate Statistics - February 2025

February Brings Balance to Metro Vancouver’s Housing Market

VANCOUVER, BC – March 4, 2025 – After a 46 per cent year-over-year increase of new listings in January, the number of newly listed properties on the MLS® in Metro Vancouver rose more moderately in February, helping keep market conditions in balanced territory.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®) in February 2025, an 11.7 per cent decrease from the 2,070 sales recorded in February 2024. This total was 28.9 per cent below the 10-year seasonal average (2,571).

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,”

Andrew Lis, GVR’s director of economics and data analytics, said. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

Market Overview

• New Listings: 5,057 properties, a 10.9 per cent increase from February 2024 (4,560), and 11.6 per cent above the 10-year seasonal average (4,530).
• Total Active Listings: 12,744 properties, a 32.3 per cent increase from February 2024 (9,634), and 36.4 per cent above the 10-year seasonal average (9,341).
• Sales-to-Active Listings Ratio: 14.8 per cent overall.
• Detached homes: 10.7 per cent
• Attached homes: 18.5 per cent
• Apartments: 16.8 per cent

Analysis suggests that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices tend to rise when it surpasses 20 per cent over several months.

“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” Lis said. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”

Benchmark Prices

• All Residential Properties: $1,169,100 (1.1 per cent decrease from February 2024, 0.3 per cent decrease from January 2025).
• Detached Homes: 477 sales, a 14.8 per cent decrease from February 2024 (560 sales).
  Benchmark price: $2,006,100 (1.8 per cent increase from February 2024, unchanged from January 2025).
• Apartment Homes: 976 sales, a 10.6 per cent decrease from February 2024 (1,092 sales).
  Benchmark price: $747,500 (2.8 per cent decrease from February 2024, 0.1 per cent decrease from January 2025).
• Attached Homes: 359 sales, a 10.9 per cent decrease from February 2024 (403 sales).
  Benchmark price: $1,087,100 (1.2 per cent decrease from February 2024, 1.7 per cent decrease from January 2025).

Source - GVR