Highlights of Dexter’s August 2025 report
The ups and downs of 2025 continued
Sales and new listings dropped in August
Prices becoming more enticing for buyers
When will the Bank of Canada act?
July hinted at showing some momentum in the real estate market, and then August stalled. The dog days of summer indeed. But is this a typical seasonal reaction? Likely yes combined with more of the uncertainty that exists in our world right now. Across Greater Vancouver and the Fraser Valley, market activity pulled back, with sales declining month-over-month and price trends showing further softening. Yet behind the broad strokes, the picture is more complex: certain submarkets held steady, some even improved compared to last year, while others saw deep year-over-year declines that underscore just how cautious buyers have become.
Greater Vancouver – Broad Market Conditions
Total residential sales in Greater Vancouver hit 1,959 in August, down 14% from July’s 2,286 transactions. This marks a sharp monthly decline from the 2025 peak in July. Compared to August 2024 though, sales were slightly higher, up3%, but compared to August 2023, they were down 15%. Anyone want to try and predict the fall market?
Greater Vancouver sales in August were 19% below the 10-year average, off from July at 14% below the 10-year average, but still better than June at 26% below the 10-year average and May at 30% below the 10-year average. While a slower month than July, it is still an improvement, another indication that buyers were far more active in August than the numbers showed.
Greater Vancouver townhome sales in August were up 10% compared to August last year, while condos sales were down again at 5% below last year, but better than June at 16% down year-over-year. Detached sales had a better month at 12% above August 2024 sales levels.
Inventory continued to shift. Active listings sat at 16,242 when the month ended, up 18% from last year’s 13,812, but down 5% from July’s 17,168. Meanwhile, new listings plunged: just 4,306 were added in August, a 25% drop from July and a striking 36% fewer than May. Still, compared to last year, new listings were modestly higher, up 3% year-over-year and 7% higher than 2023.
On balance, the region remains firmly in this buyer’s market. Months of supply held at 8, well above the 4–6 range that typically signals balance. The sales-to-listings ratio improved to 45% from 40% in July, but that number is less encouraging than it appears as much of the “gain” came from fewer new listings rather than stronger buyer demand.
The number of new listings in August were only 1% above the 10-year average after July was 12% above the 10-year average, and June at 12%.
Did the end of August bring better news to ease anxiety for buyers and sellers? Canada did announce that they would remove retaliatory tariffs on U.S. imports as they continue to negotiate a trade agreement – although retaliatory tariffs still exist on steel, aluminum and automobiles. The Canadian government reiterated that the overall effective tariff rate on Canada is around 5%. Economic growth forecasts came in below expected levels, although the Bank of Canada seems to think it is in line with where they thought it would be. Inflation came in lower as well. All told, this could leave the door open to a rate cut by the Bank of Canada when they next get together this month. But after significant rate cuts since hitting the recent peak, that should not be what buyers need to wait for. It may just be that buyers have been looking for the signal to jump back into the market, and with prices having steadily come down over the last 3 years, it may just be that time.
Sometimes seen as the bell weather for the market, Vancouver West showed signs of strength in August when most other areas were quiet. While sales fell to 381 units, they were only down 4% from July and 9% from June. Well below the average in Greater Vancouver and significantly less than the decline in some of the other Metro municipalities. Compared to last year, activity was stronger than in 2024 with sales up 13%.
Active listings ended at 3,015, up 5% from last year, but down 8% from July. Again, it is much better than the region average. New supply tightened: just 768 homes came to market in August, down 25% from July and 40% from May. Despite fewer listings, conditions stayed tilted toward buyers with 8 months of supply in Vancouver’s Westside. The sales-to-listings ratio improved sharply to 50%, up from July’s 39%, showing that homes listed in August moved relatively well.
Over on Vancouver’s Eastside, sales were softer, landing at 219, down 10% from July and 18% from June. Compared to last year, the Eastside showed a mixed picture: up 13% from 2024, but down 12% from 2023. Inventory reached 1,599 listings, 14% higher than last year, while new listings were down sharply from spring but still up 21% year-over-year.
The summer slowdown hit North Vancouver harder than most. Sales dropped to 139, a steep 27% decline from July and 30% below June but only slightly down from August 2024 total sales of 145. The once inventory starved market has seen an increase of 39% year-over-year to 938 listings, though that was 9% fewer than July. New listings at 304 were sharply lower month-to-month but still higher than both 2024 (+13%) and 2023 (+19%). Months of supply rose to 7 from 5, shifting the balance in buyers’ favour.
The Late Summer Suburb Slowdown
Real estate in the suburbs slowed in August, especially Burnaby, after a robust July. Burnaby East: Sales were down 30% from July while inventory surged 64% year-over-year. With 11 months of supply, it’s a clear buyer’s market. Burnaby North: 115 sales marked a 30% drop from July. Listings climbed 7% from last year. With 8 months of supply, buyers are in control. Burnaby South: Sales landed at 103, down 27% from July. Inventory rose 28% year-over-year. With 8 months of supply, the buyer’s edge continues.
Things weren’t much better heading east as all areas out to the Valley saw sales drop 19 to 46% depending on the municipality. Maple Ridge and Tsawwassen were the bright spots with total sales up 5% and 30% respectively. Higher inventory in the suburbs has left many municipalities with 8 months of supply, giving buyers the continued opportunity of choice.
Fraser Valley
The Fraser Valley mirrored Greater Vancouver’s slowdown but at an even steeper pace. Sales dropped 22% from July and 13% from last year.
New listings fell 19% month-over-month, holding almost flat year-over-year. Total inventory ended at 10,445, down from July but still 21% higher than August 2024. Months of supply climbed to 11, cementing the buyer’s market.
Takeaways
Momentum slowed in August: was this just the usual summer being a distraction?
Inventory is up year-over-year but tightening month-to-month, mostly because fewer new listings are coming onto the market.
Buyers hold the advantage: With most submarkets showing 7–11 months of supply, buyers have negotiating power and are mostly dictating terms.
Prices continue to soften, with August marking another month of incremental declines almost everywhere.
Pockets of resilience exist: Maple Ridge, Ladner, and Tsawwassen saw relative strength, showing that demand is still present where affordability is better or lifestyle drivers are stronger.
Outlook
Heading into fall, the question is whether activity will pick up with the traditional September listing wave, or whether buyers will remain cautious in the face of stalled interest rate cuts and economic uncertainty. There is every reason for buyers to jump back into the market, and after 8 years of below average sales save for the brief COVID and low interest rate surge, there is tremendous pent-up demand. It’s only a matter of time before it enters the market.
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in August were 1,959, down from 2,286 (14%) in July, down from 2,181 (10%) in June, down from 2,228 (12%) in May, up from 1,903 (3%) in August 2024, and down from 2,296 (15%) in August 2023; Active Listings were at 16,242 at month end compared to 13,812 at that time last year (up 18%) and 17,168 at the end of July (down 5%); the 4,306 New Listings in August were down 25% compared to July, down 33% compared to June, down 36% compared to May, up 3% compared to August 2024, and up 7% compared to August 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 45% compared to 40% in July, 45% in August 2024, and 57% in August 2023.
Month-over-month, the house price index is down 1.3% and in the last 12 months down 3.8%.
Vancouver Westside: Total Units Sold in August were 381, down from 396 (4%) in July, down from 417 (9%) in June, down from 412 (8%) in May, up from 337 (13%) in August 2024, and down from 433 (12%) in August 2023; Active Listings were at 3,015 at month end compared to 2,873 at that time last year (up 5%) and 3,279 at the end of July (down 8%); the 768 New Listings in August were down 25% compared to July, down 36% compared to June, down 40% compared to May, up 0.2% compared to August 2024, and down 7% compared to August 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 50% compared to 39% in July, 44% in August 2024, and 53% in August 2023.
Month-over-month, the house price index is down 1.6% and in the last 12 months down 3.7%.
Vancouver East Side: Total Units Sold in August were 219, down from 242 (10%) in July, down from 267 (18%) in June, down from 245 (11%) in May, up from 193 (13%) in August 2024, and down from 250 (12%) in August 2023; Active Listings were at 1,599 at month end compared to 1,407 at that time last year (up 14%) and 1,737 at the end of July (down 8%); the 461 New Listings in August were down 24% compared to July, down 38% compared to June, down 40% compared to May, up 1% compared to August 2024, and up 21% compared to August 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 48% compared to 40% in July, 42% in August 2024, and 66% in August 2023.
Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.6%.
North Vancouver: Total Units Sold in August were 139, down from 190 (27%) in July, down from 200 (30%) in June, down from 203 (32%) in May, down from 145 (4%) in August 2024, and down from 160 (13%) in August 2023; Active Listings were at 938 at month end compared to 675 at that time last year (up 39%) and 1,029 at the end of July (down 9%); the 304 New Listings in August were down 35% compared to July, down 43% compared to June, down 46% compared to May, up 13% compared to August 2024, and up 19% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 46% compared to 41% in July, 54% in August 2024, and 63% in August 2023.
Month-over-month, the house price index is down 1.8% and in the last 12 months down 1.5%.
West Vancouver: Total Units Sold in August were 43, down from 62 (31%) in July, down from 53 (19%) in June, down from 68 (37%) in May, up from 57 (25%) in August 2024, and down from 57 (25%) in August 2023; Active Listings were at 717 at month end compared to 678 at that time last year (up 6%) and 747 at the end of July (down 4%); the 140 New Listings in August were down 33% compared to July, down 38% compared to June, down 39% compared to May, up 3% compared to August 2024, and down 5% compared to August 2023. Month’s supply of total residential listings is up to 17 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 31% compared to 30% in July, 42% in August 2024, and 39% in August 2023.
Month-over-month, the house price index is down 3.2% but in the last 12 months down 7.6%.
Richmond: Total Units Sold in August were 223, down from 241 (7%) in July, down from 243 (8%) in June, down from 231 (3%) in May, up from 191 (17%) in August 2024, and down from 319 (30%) in August 2023; Active Listings were at 2,129 at month end compared to 1,632 at that time last year (up 30%) and 2,143 at the end of July (down 1%); the 557 New Listings in August were down 13% compared to July, down 24% compared to June, down 24% compared to May, up 5% compared to August 2024, and up 12% compared to August 2023. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 40% compared to 38% in July, 35% in August 2024, and 64% in August 2023.
Month-over-month, the house price index is down 0.8% and in the last 12 months down 5.9%.
Burnaby East: Total Units Sold in August were 21, down from 30 (30%) in July, down from 22 (5%) in June, down from 32 (34%) in May, down from 25 (16%) in August 2024, and down from 31 (32%) in August 2023; Active Listings were at 229 at month end compared to 140 at that time last year (up 64%) and 236 at the end of July (down 3%); the 64 New Listings in August were down 23% compared to July, down 20% compared to June, down 36% compared to May, up 31% compared to August 2024, and up 68% compared to August 2023. Month’s supply of total residential listings is up to 11 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 33% compared to 36% in July, 51% in August 2024, and 82% in August 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.7%.
Burnaby North: Total Units Sold in August were 115, down from 164 (30%) in July, down from 117 (2%) in June, down from 140 (18%) in May, down from 145 (21%) in August 2024, and down from 139 (17%) in August 2023; Active Listings were at 883 at month end compared to 826 at that time last year (up 7%) and 946 at the end of July (down 7%); the 256 New Listings in August were down 30% compared to July, down 28% compared to June, down 29% compared to May, down 13% compared to August 2024, and down 1% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 45% compared to 45 in July, 49% in August 2024, and 54% in August 2023.
Month-over-month, the house price index is down 1.1% and in the last 12 months down 5.0%.
Burnaby South: Total Units Sold in August were 103, down from 142 (27%) in July, down from 110 (6%) in June, up from 90 (14%) in May, down from 112 (8%) in August 2024, and down from 133 (23%) in August 2023; Active Listings were at 811 at month end compared to 634 at that time last year (up 28%) and 835 at the end of July (down 3%); the 207 New Listings in August were down 30% compared to July, down 33% compared to June, down 35% compared to May, down 6% compared to August 2024, and down 3% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply form 6 (buyer’s market conditions) and sales to listings ratio of 50% compared to 48% in July, 51% in August 2024, and 62% in August 2023.
Month-over-month, the house price index is down 2.0% and in the last 12 months down 6.0%.
New Westminster: Total Units Sold in August were 73, down from 99 (27%) in July, up from 71 (3%) in June, down from 92 (21%) in May, down from 79 (8%) in August 2024, and down from 87 (16%) in August 2023; Active Listings were at 607 at month end compared to 406 at that time last year (up 50%) and 633 at the end of July (down 4%); the 188 New Listings in August were down 20% compared to July, down 30% compared to June, down 28% compared to May, up 33% compared to August 2024, and up 21% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply form 6 (buyer’s market conditions) and sales to listings ratio of 39% compared to 42% in July, 56% in August 2024, and 56% in August 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 3.9%.
Coquitlam: Total Units Sold in August were 164, down from 205 (20%) in July, down from 171 (4%) in June, down from 189 (13%) in May, down from 171 (4%) in August 2024, and down from 203 (19%) in August 2023; Active Listings were at 1,280 at month end compared to 1,052 at that time last year (up 22%) and 1,349 at the end of July (down 5%); the 421 New Listings in August were down 16% compared to July, down 26% compared to June, down 18% compared to May, down 0.3% compared to August 2024, and up 43% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 39% compared to 41% in July, 41% in August 2024, and 69% in August 2023.
Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.7%.
Port Moody: Total Units Sold in August were 46, down from 66 (30%) in July, down from 48 (4%) in June, down from 61 (25%) in May, up from 39 (18%) in August 2024, and down from 58 (21%) in August 2023; Active Listings were at 332 at month end compared to 243 at that time last year (up 37%) and 376 at the end of July (down 12%); the 85 New Listings in August were down 47% compared to July, down 48% compared to June, down 55% compared to May, down 6% compared to August 2024, and up 10% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 54% compared to 41% in July, 43% in August 2024, and 75% in August 2023.
Month-over-month, the house price index is flat and in the last 12 months down 4.3%.
Port Coquitlam: Total Units Sold in August were 46, down from 85 (46%) in July, down from 58 (21%) in June, down from 55 (16%) in May, down from 56 (18%) in August 2024, and down from 69 (33%) in August 2023; Active Listings were at 354 at month end compared to 306 at that time last year (up 16%) and 357 at the end of July (down 1%); the 121 New Listings in August were down 18% compared to July, down 32% compared to June, down 35% compared to May, up 19% compared to August 2024, and up 5% compared to August 2023. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 38% compared to 57% in July, 55% in August 2024, and 60% in August 2023.
Month-over-month, the house price index is down 1.1% and in the last 12 months down 4.0%.
Pitt Meadows: Total Units Sold in August were 19, down from 25 (24%) in July, down from 26 (27%) in June, up from 18 (6%) in May, down from 21 (10%) in August 2024, and down from 23 (17%) in August 2023; Active Listings were at 137 at month end compared to 105 at that time last year (up 30%) and 139 at the end of July (down 1%); the 45 New Listings in August were down 27% compared to July, down 12% compared to June, down 41% compared to May, up 12% compared to August 2024, and up 18% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 42% compared to 40% in July, 52% in August 2024, and 60% in August 2023.
Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.7%.
Maple Ridge: Total Units Sold in August were 128, up from 122 (5%) in July, up from 122 (5%) in June, down from 134 (4%) in May, up from 123 (4%) in August 2024, and up from 119 (8%) in August 2023; Active Listings were at 962 at month end compared to 855 at that time last year (up 12%) and 1,033 at the end of July (down 7%); the 241 New Listings in August were down 32% compared to July, down 35% compared to June, down 45% compared to May, down 12% compared to August 2024, and down 12% compared to August 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 53% compared to 34% in July, 44% in August 2024, and 34% in August 2023.
Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.3%.
Ladner: Total Units Sold in August were 26, down from 36 (28%) in July, down from 35 (26%) in June, down from 33 (21%) in May, up from 25 (4%) in August 2024, and up from 24 (8%) in August 2023; Active Listings were at 174 at month end compared to 124 at that time last year (up 40%) and 172 at the end of July (down 1%); the 51 New Listings in August were down 29% compared to July, down 29% compared to June, down 37% compared to May, up 13% compared to August 2024, and up 55% compared to August 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 51% compared to 50% in July, 56% in August 2024, and 73% in August 2023.
Month-over-month, the house price index is down 1.6% and in the last 12 months down 2.7%.
Tsawwassen: Total Units Sold in August were 39, up from 30 (30%) in July, down from 55 (29%) in June, down from 42 (7%) in May, up from 32 (22%) in August 2024, and up from 28 (39%) in August 2023; Active Listings were at 325 at month end compared to 199 at that time last year (up 63%) and 347 at the end of July (down 6%); the 81 New Listings in August were down 28% compared to July, down 28% compared to June, down 40% compared to May, up 35% compared to August 2024, and up 50% compared to August 2023. Month’s supply of total residential listings is down to 8 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 48% compared to 27% in July, 53% in August 2024, and 52% in August 2023.
Month-over-month, the house price index is down 1.3% and in the last 12 months down 8.4%.
Fraser Valley: Sales in August were down 21.8%, compared to July and were down 12.7% from August 2024. New listings were down 19.1% from July and up 0.5% from August 2024.The average price was up 1.3% month-over-month and was down 4.0% year-over-year. Active listings were down 1.9% to 10,445 from 10,650 last month and up 21.1% from August 2024 which was at 8,626. Month’s supply of total residential listings climbed to 11 months from 9 (buyer’s market conditions).
Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.4%.