Metro Vancouver March Home Sales Hit Five-Year Low as Inventory Climbs
Home sales in Metro Vancouver reached their lowest March level since 2019, according to MLS® data, while active listings maintained their upward trajectory.
The Greater Vancouver REALTORS® (GVR) reported 2,091 residential sales in March 2025, marking a 13.4% year-over-year decline from March 2024 (2,415 sales). The figure also fell 36.8% below the region’s 10-year March average of 3,308 transactions, signalling sustained cooling in housing market activity.
A total of 6,455 residential properties (detached, attached, and apartments) were newly listed on the MLS® in Metro Vancouver during March 2025 – a 29% year-over-year jump from March 2024 (5,002 listings) and 15.8% above the 10-year March average of 5,572.
Total active listings climbed to 14,546 by month’s end, soaring 37.9% compared to March 2024 (10,552) and eclipsing the 10-year seasonal average (10,038) by 44.9%.
The overall sales-to-active-listings ratio settled at 14.9% for March 2025, signalling a shift toward balanced market conditions.
Sector breakdowns reveal diverging pressures:
Detached homes: 10.3% (favouring buyers)
Attached homes: 21.5% (seller-friendly territory)
Apartments: 16.2% (balanced)
Historical trends indicate sustained ratios below 12% typically drive price declines, while markets above 20% lean toward price growth. With the overall ratio now hovering near equilibrium, analysts suggest moderating price pressures across most segments.
The current market mirrors the early 2023 trend, characterized by relatively flat price movement and a slow start to the year, with anticipated momentum building in the spring and summer, stated Andrew Lis, Director of Economics at the Greater Vancouver REALTORS® (GVR).
While the overall market maintains a balanced state, the attached housing segment is nearing seller's market conditions due to persistent undersupply, with only approximately 2,200 active listings available region-wide.
The MLS® Home Price Index composite benchmark for all residential properties in Metro Vancouver stands at $1,190,900, reflecting a 0.6% year-over-year decrease and a 0.5% month-over-month increase.
Detached Homes: March 2024 saw 527 detached home sales, a 24.1% decline from the previous year's 694. The benchmark price for detached homes is $2,034,400, representing a 0.8% annual increase and a 0.4% monthly increase.
Apartment Homes: Apartment sales reached 1,084 in March 2024, a 10.2% decrease from March 2023. The benchmark apartment price is $767,300, showing a 0.9% year-over-year decrease and a 1% month-over-month increase.
Attached Homes (Townhouses): Attached home sales totaled 472 in March 2024, a 4.6% decrease from the previous year's 495. The benchmark townhouse price is $1,113,100, indicating a 0.8% annual decrease and a 0.2% monthly increase.
*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.*
Source: Greater Vancouver Realtors (2025).