Highlights of Dexter’s July 2025 report
Best month for sales in 2025
Inventory levels tighten in July
Prices continued to move down
Bank of Canada may be ready to act
If the first half of the year felt like a hesitant dance between buyers and sellers, July may have been the first sign that someone finally stepped onto the floor with some confidence. With monthly sales steadily increasing since April and a slight tightening in inventory, the Greater Vancouver housing market is giving early indications that it may be turning a corner — albeit slowly, cautiously, and in its own unpredictable way.
While the trade dispute with the United States reached an impasse on July 31st and a non-sensical 35% tariff came into place on August 1st (up from the previously threatened 25%), consumers may begin to tune out the noise. At least with the CUSMA North American Free Trade agreement in place, the actual impact of these tariffs is minimized for most goods. Buyers and sellers can only hold off for so long, and after minimal inflationary effects from tariffs, the same may be said of the Bank of Canada. After holding their rate for a third straight meeting, the next meeting could and should see a reduction in their key rate that controls variable rate mortgages.
Sales Up, but Still Below Previous Years
Across Greater Vancouver, 2,286 homes were sold in July — a 5% increase from June and the highest level of monthly sales in 2025. While this upward momentum is promising, sales still trail historical norms: down 2% from July 2024 and 7% below July 2023. The takeaway? Activity is improving but still behind historical norms — a sign that buyers remain price-sensitive and selective even as confidence builds.
Greater Vancouver sales in July were 14% below the 10-year average, a drop from June at 26% below the 10-year average and compared to May at 30% below the 10-year average, April at 31% below the 10-year average, March at 35% below the 10-year average, and February at 39% below the 10-year average. A significant improvement, another indication that buyers were far more active in July than we’ve seen. This is even more telling given July is the typical seasonal slowdown in the market due to summer holidays and sunny days – especially this year with fewer than 20mm of rain in Vancouver in July. Perhaps the excuses for not buying real estate are drying up as well.
Greater Vancouver townhome sales in July were up 5% compared to July last year, while condos sales were down 2% year-over-year after being down 16% year-over-year in June. Detached sales were consistent down 4% from July last year, like June at 5% down. All segments were vastly improved from May which saw sales down over 20% from the previous year.
Vancouver West continues to show caution. Sales dipped 5% month-over-month and are down 10% year-over-year. Inventory is down slightly from June but still sits 8% above July 2024. With 1,026 new listings in July — down 15% from June — there’s less product hitting the market, though that hasn’t translated into stronger sales. The East Side remains one of the more stable Vancouver markets. Sales fell 9% from June but are almost flat compared to spring. Inventory is up 18% year-over-year but fell slightly month-over-month.
North Vancouver has been quietly resilient. July’s 190 sales were only slightly below June, and up 3% year-over-year. Inventory dropped 7% month-over-month, while new listings declined for the third straight month — down 28% from April.
With only 5 months of inventory now (down from 6), North Vancouver edges closer to seller’s market conditions – if in numbers only.
Richmond remains one of the more inventory-heaving submarkets, with a 9-month supply but much like its topography, real estate activity remains flat. Sales were at the same level month-over-month, and year-over-year, new listings were the same year-over-year but down 13% compared to June.
Suburbs driving the market?
Burnaby East saw sales jump (up 36% from June), but slightly down year-over-year. Burnaby North saw a remarkable 40% increase in sales from June, despite a moderate rise in new listings. Burnaby South is trending stronger, with sales up 29% from June and listings beginning to tighten.
New Westminster posted one of the biggest sales surges in July, up 39% from June. Active listings are up nearly 50% year-over-year, helping give buyers more options and opportunities. The sales-to-listings ratio jumped to 42%, and months of inventory dropped to 6 - signaling improving balance.
The Tri-Cities are firming up. Coquitlam showed solid sales growth, up 20% from June and up 15% from July last year. Port Moody sales were up 38% in July over June and up 20% from July last year. Port Coquitlam had a standout month: sales jumped 47% from June and 55% from May, as well as being up 29% compared to July last year. Months of supply dropped to just 4 months - the only submarket in seller’s territory. Across the Tri-Cities, buyer interest is picking up, and the region could be among the first to shift out of a buyer’s market if trends hold.
Heading east, the Fraser Valley region sales in July were down 0.4% compared to June – the opposite of Greater Vancouver. Sales were down 3.3% compared to last year, while Greater Vancouver was down 2%. Surrey continues to be one of the more challenging markets in the Fraser Valley, especially detached homes with sales down 16% compared to June.
Inventory Holding Steady, New Listings Slowing
Inventory remains high, though slightly down month-over-month. Active listings dipped 2% from June to 17,168 but remain 20% higher than the same time last year. This was the first time since 2022 that the number of active listings declined from June through July. Meanwhile, new listings slowed notably, dropping 11% from June and 18% since April — a potential sign of seller fatigue or reluctance to list in the face of softening prices.
This dynamic is nudging the market towards balance. The sales-to-new listings ratio rose to 40% (up from 34% in June), and months of inventory held steady at 8 – just into buyer’s market territory. Despite that, the environment feels less one-sided than earlier this year, especially in submarkets showing rising sales and tighter supply.
The number of new listings in July were 12% above the 10-year average, compared to June at 12%, May at 9% after April was 19% above the 10-year average.
The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos dropped to 6 months supply from 7. Perhaps a sign of the lower end of the market recovering and buyers feeling more confident with the lower price points. In the Fraser Valley, months of supply remained at 8, with detached increasing to 11 months supply from 10 months, townhomes remaining at 6 months and condos dropping to 7 months supply from 8.
In Greater Vancouver townhome inventory was up 26% year-over year compared to 29% up at the end of June, while condo inventory dropped to 17% above July 2024 after being up 24% in June year-over-year. Detached homes were up 20% year-over-year, compared to being up 25% at the end of June. Over in the Fraser Valley, detached home inventory is up 19% year-over-year compared to 27% at the end of June while townhome inventory is up 31% year-over-year after being up 40% at the end of June. Condo inventory is up 26% year-over-year after being up 39% at the end of June.
Prices Still Soft — But Could Stability Be Near?
In Greater Vancouver Prices, as measured by the MLS® Home Price Index, continued their downward drift, falling 0.7% month-over-month and down 2.7% compared to July 2024. In the Fraser Valley, prices were down 0.7% month-over-month and down 5.4% compared to July 2024. With an elevated inventory of homes available and below average sales levels, some sellers are taking less for their homes. Expect this trend to continue into the fall market. Should sales improve with continued falling inventory levels, that trend of price softening could be curtailed.
The question on everyone’s mind: Are we turning a corner?
It’s too early to declare a new market cycle, but signs of life are evident. Sales are rising steadily across most submarkets. Buyers, once hesitant, are returning with more conviction, particularly when prices have adjusted and inventory is manageable. At the same time, fewer new listings and declining inventory in some areas are subtly shifting the dynamic.
We’re not out of the woods, but we’re seeing trails forming. The shift won’t be sudden or uniform. Some areas, like Port Coquitlam, North Vancouver, and Burnaby South, are already tightening. Others, like West Vancouver and New Westminster, are showing resilience after long slumps. And then there are places like Tsawwassen and Richmond, where oversupply continues to weigh on the market.
Overall, Metro Vancouver remains a buyer’s market — for now. But the steady cadence of sales, the flattening of prices, and the pullback in listings suggest a slow rebalancing may be underway. Watch August closely.
The corner might just be in sight.
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in July were 2,286, up from 2,181 (5%) in June, up from 2,228 (3%) in May, up from 2,163 (6%) in April, down from 2,333 (2%) in July 2024, and down from 2,455 (7%) in July 2023; Active Listings were at 17,168 at month end compared to 14,326 at that time last year (up 20%) and 17,561 at the end of June (down 2%); the 5,728 New Listings in July were down 11% compared to June, down 15% compared to May, down 18% compared to April, up 1% compared to July 2024, and up 20% compared to July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 40% compared to 34% in June, 41% in July 2024, and 52% in July 2023.
Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.7%.
Vancouver Westside: Total Units Sold in July were 396, down from 417 (5%) in June, down from 412 (4%) in May, down from 427 (7%) in April, down from 416 (5%) in July 2024, and down from 438 (10%) in July 2023; Active Listings were at 3,279 at month end compared to 3,040 at that time last year (up 8%) and 3,391 at the end of June (down 3%); the 1,026 New Listings in July were down 15% compared to June, down 19% compared to May, down 22% compared to April, down 10% compared to July 2024, and the same as July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 39% compared to 35% in June, 37% in July 2024, and 43% in July 2023.
Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.5%.
Vancouver East Side: Total Units Sold in July were 242, down from 267 (9%) in June, down from 245 (1%) in May, the same as April, down from 263 (8%) in July 2024, and down from 286 (15%) in July 2023; Active Listings were at 1,737 at month end compared to 1,468 at that time last year (up 18%) and 1,777 at the end of June (down 2%); the 605 New Listings in July were down 19% compared to June, down 21% compared to May, down 17% compared to April, up 2% compared to July 2024, and up 20% compared to July 2023. Month’s supply of total residential listings is the same at 7 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 36% in June, 44% in July 2024, and 57% in July 2023.
Month-over-month, the house price index is down 1.2% and in the last 12 months down 1.6%.
North Vancouver: Total Units Sold in July were 190, down from 200 (5%) in June, down from 203 (6%) in May, down from 204 (7%) in April, down from 201 (5%) in July 2024, and up from 185 (3%) in July 2023; Active Listings were at 1,029 at month end compared to 740 at that time last year (up 39%) and 1,104 at the end of June (down 7%); the 465 New Listings in July were down 13% compared to June, down 18% compared to May, down 26% compared to April, up 9% compared to July 2024, and up 50% compared to July 2023. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 41% compared to 37% in June, 47% in July 2024, and 59% in July 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.0%.
West Vancouver: Total Units Sold in July were 62, up from 53 (17%) in June, down from 68 (9%) in May, up from 38 (63%) in April, up from 59 (5%) in July 2024, and up from 47 (32%) in July 2023; Active Listings were at 747 at month end compared to 733 at that time last year (up 2%) and 775 at the end of June (down 4%); the 210 New Listings in July were down 7% compared to June, down 8% compared to May, down 25% compared to April, down 2% compared to July 2024, and up 13% compared to July 2023. Month’s supply of total residential listings is down to 12 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 30% compared to 23% in June, 27% in July 2024, and 25% in July 2023.
Month-over-month, the house price index is up 0.2% but in the last 12 months down 3.8%.
Richmond: Total Units Sold in July were 241, down from 243 (1%) in June, up from 231 (4%) in May, up from 213 (13%) in April, down from 255 (5%) in July 2024, and down from 294 (18%) in July 2023; Active Listings were at 2,143 at month end compared to 1,563 at that time last year (up 37%) and 2,136 at the end of June (up 0.3%); the 638 New Listings in July were down 13% compared to June, down 13% compared to May, down 13% compared to April, up 0.3% compared to July 2024, and up 18% compared to July 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 38% compared to 33% in June, 40% in July 2024, and 54% in July 2023.
Month-over-month, the house price index is down 1.4% and in the last 12 months down 4.9%.
Burnaby East: Total Units Sold in July were 30, up from 22 (36%) in June, down from 32 (6%) in May, up from 24 (25%) in April, down from 33 (11%) in July 2024, and up from 25 (20%) in July 2023; Active Listings were at 236 at month end compared to 160 at that time last year (up 48%) and 242 at the end of June (down 2%); the 83 New Listings in July were up 4% compared to June, down 17% compared to May, down 5% compared to April, up 32% compared to July 2024, and up 113% compared to July 2023. Month’s supply of total residential listings is down to 8 month’s supply from 11 (buyer’s market conditions) and sales to listings ratio of 36% compared to 28% in June, 52% in July 2024, and 64% in July 2023.
Month-over-month, the house price index is up 1.9% and in the last 12 months down 4.5%.
Burnaby North: Total Units Sold in July were 164, up from 117 (40%) in June, up from 140 (17%) in May, up from 140 (17%) in April, up from 137 (20%) in July 2024, and up from 160 (3%) in July 2023; Active Listings were at 946 at month end compared to 837 at that time last year (up 13%) and 969 at the end of June (down 2%); the 368 New Listings in July were up 3% compared to June, up 2% compared to May, down 9% compared to April, down 7% compared to July 2024, and up 26% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 45% compared to 33% in June, 35% in July 2024, and 55% in July 2023.
Month-over-month, the house price index is down 0.9% and in the last 12 months down 4.5%.
Burnaby South: Total Units Sold in July were 142, up from 110 (29%) in June, up from 90 (58%) in May, up from 97 (46%) in April, up from 140 (1%) in July 2024, and up from 139 (2%) in July 2023; Active Listings were at 835 at month end compared to 682 at that time last year (up 22%) and 862 at the end of June (down 3%); the 368 New Listings in July were down 5% compared to June, down 7% compared to May, down 9% compared to April, up 6% compared to July 2024, and up 25% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 48% compared to 35% in June, 50% in July 2024, and 59% in July 2023.
Month-over-month, the house price index is down 0.2% and in the last 12 months down 4.2%.
New Westminster: Total Units Sold in July were 99, up from 71 (39%) in June, up from 92 (9%) in May, up from 87 (14%) in April, up from 98 (1%) in July 2024, and down from 119 (17%) in July 2023; Active Listings were at 633 at month end compared to 428 at that time last year (up 48%) and 644 at the end of June (down 2%); the 235 New Listings in July were down 13% compared to June, down 10% compared to May, down 16% compared to April, up 12% compared to July 2024, and up 27% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 42% compared to 26% in June, 47% in July 2024, and 64% in July 2023.
Month-over-month, the house price index is up 0.8% and in the last 12 months down 2.4%.
Coquitlam: Total Units Sold in July were 205, up from 171 (20%) in June, up from 189 (8%) in May, up from 189 (8%) in April, up from 178 (15%) in July 2024, and down from 223 (8%) in July 2023; Active Listings were at 1,349 at month end compared to 1,047 at that time last year (up 29%) and 1,372 at the end of June (down 2%); the 368 New Listings in July were down 11% compared to June, down 3% compared to May, down 20% compared to April, up 0.1% compared to July 2024, and up 23% compared to July 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 41% compared to 30% in June, 35% in July 2024, and 55% in July 2023.
Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.6%.
Port Moody: Total Units Sold in July were 66, up from 48 (38%) in June, up from 61 (8%) in May, up from 51 (29%) in April, up from 58 (14%) in July 2024, and down from 85 (22%) in July 2023; Active Listings were at 376 at month end compared to 238 at that time last year (up 58%) and 394 at the end of June (down 5%); the 368 New Listings in July were down 1% compared to June, down 16% compared to May, down 13% compared to April, up 43% compared to July 2024, and up 44% compared to July 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 41% compared to 30% in June, 52% in July 2024, and 77% in July 2023.
Month-over-month, the house price index is down 1.2% and in the last 12 months down 4.5%.
Port Coquitlam: Total Units Sold in July were 85, up from 58 (47%) in June, up from 55 (55%) in May, up from 70 (21%) in April, up from 66 (29%) in July 2024, and up from 73 (16%) in July 2023; Active Listings were at 357 at month end compared to 331 at that time last year (up 8%) and 391 at the end of June (down 9%); the 148 New Listings in July were down 17% compared to June, down 20% compared to May, down 25% compared to April, down 10% compared to July 2024, and up 21% compared to July 2023. Month’s supply of total residential listings is down to 4 month’s supply from 7 (seller’s market conditions) and sales to listings ratio of 57% compared to 32% in June, 40% in July 2024, and 60% in July 2023.
Month-over-month, the house price index is down 1.5% and in the last 12 months down 3.0%.
Pitt Meadows: Total Units Sold in July were 25, down from 26 (4%) in June, up from 18 (39%) in May, down from 27 (7%) in April, down from 27 (7%) in July 2024, and up from 24 (4%) in July 2023; Active Listings were at 139 at month end compared to 108 at that time last year (up 28%) and 142 at the end of June (down 2%); the 62 New Listings in July were up 22% compared to June, down 18% compared to May, the same as April, down 12% compared to July 2024, and up 35% compared to July 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 50% in June, 38% in July 2024, and 52% in July 2023.
Month-over-month, the house price index is down 1.7% and in the last 12 months down 3.3%.
Maple Ridge: Total Units Sold in July were 122, the same as June, down from 134 (9%) in May, down from 127 (4%) in April, down from 166 (27%) in July 2024, and down from 143 (15%) in July 2023; Active Listings were at 1,033 at month end compared to 879 at that time last year (up 17%) and 1,034 at the end of June (down 0.1%); the 353 New Listings in July were down 4% compared to June, down 19% compared to May, down 3% compared to April, up 3% compared to July 2024, and up 24% compared to July 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 34% compared to 33% in June, 48% in July 2024, and 50% in July 2023.
Month-over-month, the house price index is down 1.2% and in the last 12 months down 3.2%.
Ladner: Total Units Sold in July were 36, up from 35 (3%) in June, up from 33 (9%) in May, up from 16 (125%) in April, up from 31 (16%) in July 2024, and up from 26 (38%) in July 2023; Active Listings were at 172 at month end compared to 138 at that time last year (up 25%) and 191 at the end of June (down 10%); the 72 New Listings in July were the same as June, down 11% compared to May, down 6% compared to April, up 36% compared to July 2024, and up 24% compared to July 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 49% in June, 58% in July 2024, and 45% in July 2023.
Month-over-month, the house price index is up 0.5% and in the last 12 months down 0.1%.
Tsawwassen: Total Units Sold in July were 30, down from 55 (44%) in June, down from 42 (29%) in May, down from 40 (25%) in April, down from 45 (33%) in July 2024, and down from 33 (9%) in July 2023; Active Listings were at 347 at month end compared to 206 at that time last year (up 68%) and 334 at the end of June (up 4%); the 113 New Listings in July were the same as June, down 17% compared to May, down 10% compared to April, up 59% compared to July 2024, and up 77% compared to July 2023. Month’s supply of total residential listings is up to 12 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 27% compared to 49% in June, 63% in July 2024, and 52% in July 2023.
Month-over-month, the house price index is down 2.6% and in the last 12 months down 6.7%.
Fraser Valley: Sales in July were down 0.4%, compared to June and were down 3.3% from July 2024. New listings were down 4.6% from June and up 1.2% from July 2024.The average price was down 5.0% month-over-month and was down 2.0% year-over-year. Active listings were down 1.8% to 10,650 from 10,842 last month and up 22.0% from July 2024 which was at 8,732. Month’s supply of total residential listings remained at 9 months (buyer’s market conditions).
Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.4%.