Vancouver’s real estate market is waking up – but not overheating

Prices are holding steady — and that’s a good thing

Even with more homes on the market, prices aren’t tumbling, but they’re not climbing out of reach, either.

The benchmark price for a typical home in Metro Vancouver was just over $1.16 million in February. That’s pretty much flat compared to the previous month, and only slightly down from a year ago.

Detached homes are the only category that saw a modest bump in price (up 1.8 per cent), while townhomes and condos dipped a bit.

According to Andrew Lis, director of economics and data analytics at Greater Vancouver REALTORS®, this kind of market — with healthy listings and steady demand — usually means prices stay put. “Balanced market conditions typically bring a flatter price trajectory,” Lis said on the GVR website.

In other words, we’re not likely to see major price swings anytime soon. That might not make for dramatic headlines, but it’s exactly the kind of market many buyers and sellers have been hoping for.

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What this means for you

If you're thinking about buying, this could be a sweet spot. More inventory means less competition, and with mortgage rates edging down, your budget might stretch a little further. The Bank of Canada is even hinting at possible rate cuts in the months ahead, which could make borrowing a bit easier.

If you're selling, you're in a good position too. Buyers are out there, and they have more confidence right now than they did during the high-rate chaos of 2023 and early 2024. Homes that are priced right and in good shape are still moving.

No matter which side of the transaction you’re on, this is the kind of market where good planning and solid advice can really pay off. A local real estate agent can help you figure out where you stand and how to make your move.

A refreshing change of pace

After years of red-hot bidding wars and rollercoaster rate hikes, Vancouver’s real estate market seems to be catching its breath. With more listings, steady prices and calmer conditions, spring 2025 is shaping up to be a season of opportunity, and maybe even a little relief.

If you’ve been sitting on the sidelines, now might be the time to dip your toes back in.

Sources

1. Greater Vancouver Realtors.com

2. Greater Vancouver Realtors.com: Monthly MLS® Housing Market Report