Metro Vancouver’s real estate market opened 2025 with a notable surge in seller activity, as new residential listings on the Multiple Listing Service® (MLS®) skyrocketed by 46% year-over-year in January. This influx suggests heightened seller confidence, while buyer demand remains resilient despite shifting dynamics.
According to the Greater Vancouver REALTORS® (GVR), residential sales totaled 1,552 in January 2025, marking an 8.8% increase from January 2024 (1,427 sales). However, sales remained 11.3% below the 10-year seasonal average of 1,749.
“While buyer demand strengthened in late 2024, the momentum is now tilting toward sellers as we enter the new year,” remarked Andrew Lis, GVR’s director of economics and data analytics. “Despite the surge in listings, sales continue to outpace last year’s figures, indicating sustained buyer interest following 2024’s upward trend.”
Listings Climb to Decade Highs
A total of 5,566 new residential properties—spanning detached homes, townhouses, and apartments—hit the market in January 2025, a 46.9% jump from January 2024 (3,788 listings). This figure also surpassed the 10-year seasonal average by 31.1% (4,247). Active listings surged to 11,494, up 33.1% year-over-year and 33.2% above the 10-year average (8,632), signaling a significantly expanded inventory.
Balanced Market Conditions Emerge
The sales-to-active listings ratio settled at 14.1% in January, reflecting balanced market conditions. By property type, the ratios were 9.2% for detached homes, 18.5% for townhouses, and 16.5% for apartments. Historical trends suggest sustained ratios below 12% typically soften prices, while ratios above 20% drive price growth.
“With listings outpacing sales growth, prices remained stable across all segments in January,” Lis noted. “While our 2025 forecast anticipates moderate price appreciation, external risks—such as potential U.S. tariffs and Canada’s response—could influence these projections. The scale and duration of such economic shocks will determine their impact on Metro Vancouver’s housing market.”
Price Trends Show Mixed Movements
The MLS® Home Price Index composite benchmark for all residential properties reached $1,173,000 in January 2025, up 0.5% year-over-year and 0.1% month-over-month.
Detached Homes: Sales edged up 0.3% year-over-year to 380 units. The benchmark price rose 3.1% annually to $2,005,400.
Apartments: Sales climbed 13.4% to 846 units, though prices dipped 1.7% year-over-year to $748,100.
Townhouses: Sales increased 12.6% to 321 units, with prices up 2.7% annually to $1,105,600.
Outlook: Stability Amid Uncertainty
While the market begins 2025 in equilibrium, analysts caution that broader economic headwinds—particularly trade tensions—could disrupt forecasts. For now, Metro Vancouver’s housing sector reflects a delicate balance between eager sellers and steady demand, setting the stage for a year of measured growth tempered by external uncertainties.
