Metro Vancouver Real Estate Market Update – April 2025: Is Now the Time to Buy in Metro Vancouver?

April continued to showcase a shifting dynamic in Metro Vancouver’s housing market. Inventory reached its highest level in over a decade, borrowing costs remained low, and prices held steady — yet buyers remained hesitant. Despite spring being historically active for real estate, this year’s market is characterized by opportunity… with patience.

Key Market Stats – April 2025

Overall Residential Market

  • Total Sales: 2,163 (↓23.6% YoY)
  • Benchmark Price: $1,184,500 (↓1.8% YoY, ↓0.5% MoM)
  • New Listings: 6,850 (↓3.4% YoY)
  • Total Active Listings: 16,207 (↑29.7% YoY)
  • Sales-to-Active Listings Ratio: 13.8% (Balanced market)

Detached Homes

  • Sales: 578 (↓29% YoY)
  • Benchmark Price: $2,021,800 (↓0.7% YoY, ↓0.6% MoM)
  • Active Listings: 5,856
  • Average Days on Market: 35
  • Sales-to-Active Ratio: 9.9% (Buyer’s market)

Townhomes

  • Sales: 442 (↓23.8% YoY)
  • Benchmark Price: $1,102,300 (↓2.9% YoY, ↓1% MoM)
  • Active Listings: 2,530
  • Average Days on Market: 25
  • Sales-to-Active Ratio: 17.5% (Balanced, trending seller’s market)

Apartments

  • Sales: 1,130 (↓20.2% YoY)
  • Benchmark Price: $762,800 (↓2% YoY, ↓0.6% MoM)
  • Active Listings: 7,219
  • Average Days on Market: 31
  • Sales-to-Active Ratio: 15.7% (Balanced market)

Market Insights

April’s sales volume was 28.2% below the 10-year average, a significant gap even with the seasonal boost of spring. Buyers appear to be holding back, influenced by broader economic concerns including federal election uncertainty and global trade shifts. However, market fundamentals remain strong for buyers:

  • Inventory levels are the highest since 2014, reaching over 16,200 listings.
  • Borrowing conditions are among the best in recent years.
  • Prices are stable, with only slight month-over-month changes.

Andrew Lis, GVR’s director of economics and data analytics, noted:

“Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years.”

Looking Ahead

As we move into late spring and summer, market watchers will be paying close attention to buyer re-entry. Historically, activity increases in May and June, but current conditions suggest a slower trajectory this year.

If current sales-to-active listing ratios persist — especially with detached homes below 10% — we could see continued downward pressure on prices, particularly for higher-priced segments. On the flip side, if consumer confidence stabilizes post-election or interest rates hold, pent-up demand could release quickly, particularly in the more affordable apartment and townhome markets.

Sellers should prepare for longer days on market and competitive pricing strategies, while buyers have a rare chance to shop with leverage — especially in the detached segment.

Download the Full Market Report

April 2025 solidified the trend we’ve seen emerging all year: a buyer-friendly market, waiting for buyers to act. With ample listings, stable pricing, and improved mortgage options, those prepared to move could find themselves with more choices and negotiating power than in recent years.

The question for many will be whether to wait out macroeconomic uncertainty — or to seize the current opportunity before competition returns.