Highlights of Dexter’s February 2026 report

• February sales jump up from January

• Absorption improving across multiple areas

• Inventory continues to expand in a controlled and constructive way 

• Vancouver market showed a strong February rebound

February Market Overview: Momentum Building with Room to Improve

February delivered exactly what a transitional market needs: momentum. Slow but sure. After a tepid and more cautious start to the year, activity across Greater Vancouver accelerated in February, supported by improving buyer engagement, inventory growth, and a shift toward more balanced conditions in some of the submarkets.

While sales remain below the elevated levels seen during the post-pandemic surge years, the direction of the market is what matters most and February showed measurable improvement in nearly every key indicator. We just need more of that improvement going forward. 

Total residential sales in Greater Vancouver reached 1,648 units, rising sharply by 49% from January and surpassing December levels as seasonal demand returned as expected. This type of early-year acceleration typically signals that underlying demand has been building quietly and is now beginning to re-engage as buyers adapt to current pricing and today’s interest rate environment. There is still significant pent-up demand though, which will continue to impact the market when those buyers start to engage at a greater level. With sales for the month of February at the lowest since 2019, there is plenty of that pent-up demand. As interest rate renewals impact homeowners, from the extreme lows of 2021 to current rates, there will be more motivation for some to make a move. 

At the same time, inventory continues to expand in a controlled and constructive way. Active listings rose to 13,545 units, up 6% year-over-year and 7% month-over-month. This increase is not a sign of weakness; it represents improving choice and continued opportunities for buyers which is healthier for the market. The rapid supply shortages that defined previous cycles are giving way to a more sustainable balance between buyers and sellers.

New listings totaled 4,826 units in February, down from January partly due to the shorter month but perhaps also signaling a sign of seller exhaustion. This confirms a pattern that has been building since late 2025: sellers are not overwhelming the market.

Perhaps the most notable shift is the improvement in absorption. The sales-to-listings ratio climbed to 34%, up from 21% in January. Months of supply tightened from 11 months to 8 months, still technically within buyer-leaning conditions, but moving decisively toward balance. And in some areas balance was achieved. The townhome segment more so.

Markets rarely turn overnight. They stabilize first. February shows that stabilization phase is well underway.

A Market Transitioning Toward Balance

One of the defining characteristics of the current cycle is structure. Unlike the volatility seen between 2020 and 2022, the market is now progressing through a far more disciplined transition. Caution best describes this market right now. Demand is not surging indiscriminately; it is returning selectively.

Buyers are active where pricing aligns with value. Sellers that are motivated are adjusting expectations accordingly. This dynamic is creating steady absorption rather than speculative spikes, which is exactly what long-term market health requires.

Across most submarkets, months of supply declined materially compared to January. This indicates that while inventory remains elevated relative to past years, in some areas, demand is beginning to catch up.

Balanced conditions are expanding geographically, particularly across the Tri-Cities and some urban markets.

Greater Vancouver sales in February were 29% below the 10-year average after January was 31% below the 10-year average. While February’s numbers appeared to be low, overall, it is an improvement from January in looking longer term. Geopolitical and economic conditions continue to weigh on the market, with local politics not helping the matter either. 

The number of new listings in February were 7% above the 10-year average, after January was 19% above the 10-year average and December was 11%. Buyers take note that opportunities of abundance could be changing as sellers pull away from a buyer’s market. 

Vancouver Market Strength Returning

The city markets showed strong February rebounds, particularly across both sides of the city.

Vancouver Westside

Sales increased 57% month-over-month to 298 transactions, while the sales-to-listings ratio improved to 34%. Months of supply tightened from 12 months to 8 months, a meaningful improvement.

Inventory remains elevated, but demand is beginning to absorb it at a more sustainable pace with sales in February closer aligned to February of last year. 

Vancouver East Side

The East Side delivered one of the strongest performances in the region. Sales jumped 73% from January and 8% above February last February. Months of supply fell dramatically from 10 months to 6 months, moving firmly into balanced territory. The sales-to-listings ratio rose to 42%, reflecting strong absorption in family-oriented price ranges. This market continues to benefit from better affordability compared to the Westside

North Shore: Tale of Two Markets

North Vancouver posted a 47% month-over-month increase in sales, while months of supply tightened to 6 months giving that area balanced market conditions. Inventory has increased year-over-year, but demand is clearly improving alongside it. The combination of lifestyle demand and limited long-term supply continues to support pricing stability.

West Vancouver remains a slower-moving luxury market, though even here improvement is visible. Sales increased month-over-month, and months of supply declined slightly to 18 months.

Luxury markets typically lag broader recoveries.

Beyond Vancouver

Richmond showed modest month-over-month sales growth but continues to be a strong buyer’s market. Inventory remains elevated at 12 months of supply.

The Burnaby markets collectively showed steady improvement.

Burnaby East saw sales more than double month-over-month, while months of supply dropped sharply from 16 months to 9 months. Burnaby North and South saw more moderate gains and sales-to-listings ratios up significantly from last month.

Burnaby continues to benefit from its central location and strong condo and townhome demand tied to transit-oriented development.

Sales in New Westminster surged 58% month-over-month while months of supply fell to 7 months. This market has quietly become one of the most balanced in the region, supported by strong first-time buyer demand and relative affordability.

Coquitlam posted one of the largest increases in activity, with sales rising 83% from January. Months of supply fell from 12 months to 7 months—another strong indicator of market stabilization.

Port Moody continued its sluggish start to the year, with newer product on the way. 

Port Coquitlam stands out as one of the strongest-performing markets this month, with a 46% sales-to-listings ratio—solidly within balanced territory. Townhouse sales surged from 6 to 22 in February with more sales than new listings. Mayor Brad West said that provincial policies on density have restricted townhouse development – these numbers seem to support that. Buyers should cross over the bridge into Pitt Meadows with its 13 months supply of townhomes albeit still only 40 active listings.

Ladner experienced one of the most dramatic shifts in the region. Months of supply dropped from 29 months to just 6 months, a rapid normalization driven by a sharp increase in sales activity. The sales-to-listings ratio jumped to 43%, demonstrating how quickly smaller markets can rebalance once demand returns. While Tsawwassen also showed improving structure, with inventory stabilizing and sales rising month-over-month.

Fraser Valley Tells a Similar Story as Greater Vancouver

The Fraser Valley market acted much like Greater Vancouver in February with stronger month-over-month sales and weaker month-over-month new listings, but still down from last year in both categories. With 843 sales in February, this was up 36% from January and down 8% from February 2025. February sales in the Fraser Valley were the lowest for the month of February since 2000. Surrey continues to struggle in that market, with outer areas showing more improvement in sales activity, particularly in the townhouse segment. 

With the increase in sales last month, months of supply in the Fraser Valley decreased from 12 months in January to 10 months in February and compared to 9 months in February 2025. This is a market that continues to struggle.

The Bigger Picture: Inventory Is a Feature, Not a Problem

One of the most important narratives shaping the 2026 market is the role of inventory.

For several years, the dominant market constraint was lack of supply. Today, that constraint has eased, but not in a way that weakens the market. Instead, it is creating opportunity. The drop in months of supply from 11 to 8 across the region confirms that demand is already adjusting to this new environment. February’s performance matters because it sets the tone for the spring market.

Historically, when February shows strong month-over-month gains, as seen with the 49% increase in sales, March and April often build on that momentum. Time for buyers to spring into action!

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,648, up from 1,107 (49%) in January, up from 1,537 (7%) in December, down from 1,846 (11%) in November, down from 1,827 (10%) in February 2025, down from 2,070 (20%) in February 2024, and down from 1,824 (10%) in February 2023; Active Listings were at 13,545 at month end compared to 12,744 at that time last year (up 6%) and 12,628 at the end of January (up 7%); the 4,826 New Listings in February were down 8% compared to January, up 153% compared to December, up 29% compared to November, down 7% compared to February 2025, up 4% compared to February 2024 and up 36% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 11 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 35% in February 2025, 45% in February 2024 and 51% in February 2023. 

Vancouver Westside: Total Units Sold in February were 298, up from 190 (57%) in January, up from 287 (4%) in December, down from 363 (18%) in November, down from 307 (3%) in February 2025, down from 374 (20%) in February 2024, and down from 316 (6%) in February 2023; Active Listings were at 2,470 at month end compared to 2,780 at that time last year (up 11%) and 2,301 at the end of January (up 7%); the 870 New Listings in February were down 5% compared to January, up 174% compared to December, up 23% compared to November, down 19% compared to February 2025, down 7% compared to February 2024 and up 22% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 12 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 29% in February 2025, 40% in February 2024 and 44% in February 2023.

Vancouver East Side: Total Units Sold in February were 220, up from 127 (73%) in January, up from 158 (39%) in December, up from 210 (5%) in November, up from 204 (8%) in February 2025, down from 249 (12%) in February 2024, and up from 198 (11%) in February 2023; Active Listings were at 1,391 at month end compared to 1,313 at that time last year (up 6%) and 1,329 at the end of January (up 5%); the 524 New Listings in February were down 20% compared to January, up 139% compared to December, up 24% compared to November, down 8% compared to February 2025, down 4% compared to February 2024 and up 37% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 10 (balanced market conditions) and sales to listings ratio of 42% compared to 19% in January 2026, 36% in February 2025, 46% in February 2024 and 52% in February 2023.

North Vancouver: Total Units Sold in February were 135, up from 92 (47%) in January, up from 125 (8%) in December, down from 158 (15%) in November, down from 153 (12%) in February 2025, down from 163 (17%) in February 2024, and down from 150 (10%) in February 2023; Active Listings were at 790 at month end compared to 684 at that time last year (up 15%) and 696 at the end of January (up 14%); the 402 New Listings in February were down 1% compared to January, up 253% compared to December, up 39% compared to November, up 14% compared to February 2025, up 17% compared to February 2024 and up 58% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 43% in February 2025, 48% in February 2024 and 59% in February 2023.

West Vancouver: Total Units Sold in February were 33, up from 29 (14%) in January, up from 28 (18%) in December, down from 53 (38%) in November, down from 39 (15%) in February 2025, down from 56 (41%) in February 2024, and down from 43 (23%) in February 2023; Active Listings were at 581 at month end compared to 580 at that time last year and 557 at the end of January (up 4%); the 159 New Listings in February were down 25% compared to January, up 148% compared to December, up 37% compared to November, down 10% compared to February 2025, down 7% compared to February 2024 and up 3% compared to February 2023. Month’s supply of total residential listings is down to 18 months from 19 (buyer’s market conditions) and sales to listings ratio of 21% compared to 14% in January 2026, 22% in February 2025, 33% in February 2024 and 28% in February 2023.

Richmond: Total Units Sold in February were 143, up from 129 (11%) in January, down from 165 (13%) in December, down from 191 (25%) in November, down from 179 (20%) in February 2025, down from 231 (38%) in February 2024, and down from 227 (37%) in February 2023; Active Listings were at 1,786 at month end compared to 1,513 at that time last year (up 18%) and 1,684 at the end of January (up 6%); the 515 New Listings in February were down 14% compared to January, up 94% compared to December, up 18% compared to November, down 14% compared to February 2025, up 11% compared to February 2024 and up 12% compared to February 2023. Month’s supply of total residential listings is down to 12 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 30% in February 2025, 50% in February 2024 and 49% in February 2023.

Burnaby East: Total Units Sold in February were 19, up from 9 (111%) in January, up from 15 (27%) in December, up from 18 (6%) in November, down from 21 (10%) in February 2025, down from 25 (24%) in February 2024, and down from 21 (15%) in February 2023; Active Listings were at 162 at month end compared to 153 at that time last year (up 6%) and 141 at the end of January (up 7%); the 69 New Listings in February were up 6% compared to January, up 165% compared to December, up 109% compared to November, up 6% compared to February 2025, up 15% compared to February 2024 and up 245% compared to February 2023. Month’s supply of total residential listings is down to 9 months from 16 (buyer’s market conditions) and sales to listings ratio of 28% compared to 14% in January 2026, 32% in February 2025, 42% in February 2024 and 105% in February 2023.

Burnaby North: Total Units Sold in February were 97, up from 80 (21%) in January, down from 113 (14%) in December, down from 98 (1%) in November, down from 129 (25%) in February 2025, down from 121 (20%) in February 2024, and down from 134 (28%) in February 2023; Active Listings were at 772 at month end compared to 728 at that time last year (up 6%) and 715 at the end of January (up 8%); the 284 New Listings in February were down 17% compared to January, up 127% compared to December, up 19% compared to November, down 12% compared to February 2025, up 14% compared to February 2024 and up 39% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 40% in February 2025, 49% in February 2024 and 66% in February 2023.

Burnaby South: Total Units Sold in February were 85, up from 67 (27%) in January, the same as December, down from 89 (4%) in November, up from 75 (13%) in February 2025, down from 109 (22%) in February 2024, and down from 118 (28%) in February 2023; Active Listings were at 643 at month end compared to 597 at that time last year (up 8%) and 604 at the end of January (up 6%); the 215 New Listings in February were down 16% compared to January, up 111% compared to December, up 31% compared to November, down 13% compared to February 2025, up 3% compared to February 2024 and up 4% compared to February 2023. Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 40% compared to 26% in January 2026, 30% in February 2025, 52% in February 2024 and 57% in February 2023.

New Westminster: Total Units Sold in February were 76, up from 48 (58%) in January, up from 67 (13%) in December, up from 65 (17%) in November, down from 88 (14%) in February 2025, down from 79 (4%) in February 2024, and up from 66 (15%) in February 2023; Active Listings were at 515 at month end compared to 448 at that time last year (up 15%) and 464 at the end of January (up 11%); the 227 New Listings in February were up 4% compared to January, up 203% compared to December, up 69% compared to November, down 10% compared to February 2025, up 19% compared to February 2024 and up 112% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 33% compared to 22% in January 2026, 43% in February 2025, 41% in February 2024 and 62% in February 2023.

Coquitlam: Total Units Sold in February were 163, up from 89 (83%) in January, up from 149 (9%) in December, up from 146 (12%) in November, down from 165 (1%) in February 2025, down from 189 (14%) in February 2024, and up from 158 (3%) in February 2023; Active Listings were at 1,116 at month end compared to 1,049 at that time last year (up 6%) and 1,063 at the end of January (up 5%); the 418 New Listings in February were down 7% compared to January, up 143% compared to December, up 15% compared to November, down 11% compared to February 2025, up 13% compared to February 2024 and up 76% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 12 (balanced market conditions) and sales to listings ratio of 39% compared to 20% in January 2026, 35% in February 2025, 51% in February 2024 and 67% in February 2023.

Port Moody: Total Units Sold in February were 36, up from 25 (44%) in January, down from 50 (28%) in December, down from 46 (28%) in November, down from 40 (10%) in February 2025, down from 46 (22%) in February 2024, and down from 47 (23%) in February 2023; Active Listings were at 308 at month end compared to 233 at that time last year (up 32%) and 291 at the end of January (up 6%); the 135 New Listings in February were down 7% compared to January, up 141% compared to December, up 24% compared to November, down 12% compared to February 2025, up 67% compared to February 2024 and up 48% compared to February 2023. Month’s supply of total residential listings is down to 9 months from 12 (buyer’s market conditions) and sales to listings ratio of 27% compared to 17% in January 2026, 33% in February 2025, 57% in February 2024 and 52% in February 2023.

Port Coquitlam: Total Units Sold in February were 46, up from 28 (64%) in January, up from 43 (7%) in December, down from 61 (25%) in November, down from 58 (21%) in February 2025, down from 64 (28%) in February 2024, and up from 40 (15%) in February 2023; Active Listings were at 309 at month end compared to 262 at that time last year (up 18%) and 304 at the end of January (up 2%); the 100 New Listings in February were down 40% compared to January, up 75% compared to December, up 9% compared to November, down 22% compared to February 2025, down 33% compared to February 2024 and up 15% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 11 (balanced market conditions) and sales to listings ratio of 46% compared to 17% in January 2026, 45% in February 2025, 43% in February 2024 and 46% in February 2023.

Pitt Meadows: Total Units Sold in February were 13, up from 9 (44%) in January, down from 16 (19%) in December, down from 28 (54%) in November, down from 21 (38%) in February 2025, down from 23 (43%) in February 2024, and down from 15 (13%) in February 2023; Active Listings were at 128 at month end compared to 84 at that time last year (up 52%) and 96 at the end of January (up 33%); the 69 New Listings in February were up 30% compared to January, up 475% compared to December, up 97% compared to November, up 56% compared to February 2025, up 53% compared to February 2024 and up 156% compared to February 2023. Month’s supply of total residential listings is down to 10 months from 11 (buyer’s market conditions) and sales to listings ratio of 18% compared to 16% in January 2026, 47% in February 2025, 51% in February 2024 and 55% in February 2023.         

Maple Ridge: Total Units Sold in February were 105, up from 72 (46%) in January, up from 78 (35%) in December, up from 100 (5%) in November, down from 129 (19%) in February 2025, down from 145 (28%) in February 2024, and down from 129 (19%) in February 2023; Active Listings were at 769 at month end compared to 735 at that time last year (up 4%) and 733 at the end of January (up 5%); the 279 New Listings in February were the same as January, up 179% compared to December, up 39% compared to November, down 10% compared to February 2025, down 30% compared to February 2024 and up 34% compared to February 2023. Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 37% compared to 25% in January 2026, 41% in February 2025, 36% in February 2024 and 62% in February 2023.

Ladner: Total Units Sold in February were 26, up from 5 (420%) in January, up from 7 (271%) in December, down from 27 (4%) in November, down from 29 (10%) in February 2025, up from 23 (13%) in February 2024, and down from 27 (4%) in February 2023; Active Listings were at 154 at month end compared to 146 at that time last year (up 5%) and 147 at the end of January (up 5%); the 60 New Listings in February were down 17% compared to January, up 400% compared to December, up 15% compared to November, down 9% compared to February 2025, up 62% compared to February 2024 and down 2% compared to February 2023. Month’s supply of total residential listings is down to 6 months from 29 (balanced market conditions) and sales to listings ratio of 43% compared to 7% in January 2026, 44% in February 2025, 62% in February 2024 and 44% in February 2023.

Tsawwassen: Total Units Sold in February were 27, up from 19 (42%) in January, down from 29 (7%) in December, down from 30 (10%) in November, down from 28 (4%) in February 2025, down from 38 (29%) in February 2024, and up from 25 (8%) in February 2023; Active Listings were at 275 at month end compared to 245 at that time last year (up 12%) and 255 at the end of January (up 8%); the 98 New Listings in February were up 11% compared to January, up 326% compared to December, up 48% compared to November, the same as February 2025, up 31% compared to February 2024 and up 85% compared to February 2023. Month’s supply of total residential listings is down to 10 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 29% in February 2025, 51% in February 2024 and 47% in February 2023.

Fraser Valley: Sales in February were up 36% at 843 compared to January at 619 and were down 8% from February 2025 at 920. New listings were down 9% at 2,796 from January at 3,078 and down 10% from February 2025 at 3,121. The average price of $913,110 was down 3% month-over-month and was down 8% year-over-year. Active listings at 8,344 were up 8% compared to last month at 7,711 and up 3% from February 2025 at 8,070. Month’s supply of total residential listings is down to 10 months supply from 12 in January (buyer’s market conditions).

Highlights of Dexter’s January 2026 report

• Don’t let the numbers fool you, it’s only January

• Bank of Canada on hold for now

• One of the healthiest inventory environments in years

• It’s a buyer’s time to shine

January Market Overview: A Reset Month That’s Building the Base for 2026

January rarely defines a real estate year. It resets it.

Across Greater Vancouver, January 2026 unfolded exactly as a reset month should: slower sales, a decisive return of newish listings, and a market that continues transitioning away from volatility toward structure, choice, and long-term stability. While headline sales numbers declined month-over-month and year-over-year albeit at a better pace than January 2023 and 2019, the underlying trends point to something more constructive: One of the healthiest inventory environments the region has seen in years, paired with better buyer engagement and early signs of normalization. Ask a REALTOR® if January is feeling different so far. Sometimes the numbers do not tell the whole story, the feeling on the ground from agents is that buyers are more engaged then we saw last year. With buyers citing better purchasing power and more opportunity as 2026 begins. We’ll see if the market saw its shadow or not on Ground Hog Day and perhaps an early start to the spring market is in store.

This is not a market losing momentum. It is a market rebuilding confidence.

Greater Vancouver: More Inventory, Better Balance, Clearer Direction

Total residential sales across Greater Vancouver reached 1,107 units in January, down from the fall months and on queue with the seasonal drop from December’s numbers. Sales transactions that start in the last half of December are reflected in January sales reported, so while many celebrated the Holidays and took time away from the market, it makes for weaker results in January. Nothing to be surprised at. But activity last month still outperformed January 2023 and January 2019 and thus reflected typical winter behavior rather than structural weakness. What’s more important is that activity in the market has increased at opens and with homes getting more buyers viewing them, and even some multiple offers sprinkling into the market.

More importantly, supply continues to be a story in the market. Not just resale homes, but newly built properties – mostly apartments, are providing buyers with meaningful opportunities in the market. At the end of 2025, there were 4,350 newly built and move-in ready strata units available in Metro Vancouver according to Zonda Urban. Burnaby/New Westminster lead the way with 1,388 followed by Richmond/South Delta with 653. Those opportunities will dwindle though as developers shy away from planning and building new projects due to the high costs in development, especially ever increasing municipal and regional fees and levies. Once these new homes are gone, expect there to be a shortage in the next 2 to 5 years with many developments halted and developers having pivoted to rental buildings.

Greater Vancouver sales in January were 31% below the 10-year average after sales in December were 18% below the 10-year average, and November with 21% below the 10-year average. January lagged with the hangover from the end of 2025 as a year of uncertainty kept so many buyers on the sidelines. 

Active listings rose to 12,628, up 10% year-over-year, while new listings surged to 5,253, a dramatic post-holiday return of sellers. The question is how many of these listings were brought back from 2025, some with lower prices to reflect sellers listening to the market. This influx of inventory pushed months of supply to 11 months, firmly into buyer’s market territory and giving purchasers something they have lacked for years: a continuation of time, selection, and leverage.

The number of new listings in January were 19% above the 10-year average after December was 11% above the 10-year average and November 3% above. Again, how many of these listings are new to market or back on after a break for the holidays speaks volumes. With the total active listing count having only grown by less than 1% from December, this indicates that many of these new listings aren’t that new at all. 

Yet despite this shift, the market remains orderly. The sales-to-listings ratio opened the year at 21%, a level that signals a significant buyer advantage. Buyers are present. Sellers need to be realistic. Transactions are happening—just with more deliberation.

This is the foundation of a sustainable market.

Vancouver Westside: Inventory Contracts Quietly To Tighten the Market

On the Vancouver Westside, January sales declined to 190 units, consistent with seasonal slowdowns and reflecting the discretionary nature of higher-end purchases. However, the more telling story lies on the supply side. 

Active listings fell to 2,301, down 10% year-over-year (an anomaly in Metro Vancouver), and continued to trend lower month-over-month. This decline occurred even as 916 new listings entered the market, an indication that many listings came back on as opposed to new to market. 

Months of supply rose to 12 months, maintaining buyers’ market conditions, but these metric masks the growing selectivity of demand. Buyers are active, but focused. Sellers who align pricing with today’s realities are being rewarded with successful outcomes. The Westside is not oversupplied, it is recalibrating. Buyers are finding purchasing power they didn’t know existed.

Vancouver East Side: Modestly Moving with Selection for Buyers

January sales reached 127 units, down seasonally but up 8% compared to January 2023, reinforcing the longer-term stability of demand in this submarket. Detached sales were up 9% year over year with buyers taking advantage of move-up opportunities. Active listings rose to 1,329, and new listings surged nearly 200% from December, reflecting sellers’ growing confidence in a more balanced environment.

Months of supply increased to 10 months, yet the East Side remains one of the region’s most liquid markets. Townhomes and duplexes remain fully stocked as developers shift to smaller projects.

North Shore: Inventory Rebuild Sets the Stage for Recovery

North Vancouver recorded 92 sales in January, lower than prior years but still 21% higher than January 2023, highlighting the longer-term upward trend in demand. The story here is inventory.

Active listings climbed to 696, up 17% year-over-year, while new listings rose sharply as sellers responded to improving conditions. Months of supply increased to 8 months, a notable shift from the tighter conditions of recent years. The North Shore remains highly desirable, and this period of balance is likely temporary as pent-up demand slowly reasserts itself.

Beyond Vancouver

Richmond’s January performance mirrored the broader region: slower sales at 129 units, paired with a meaningful increase in inventory. Active listings rose to 1,684, up 28% year-over-year, while new listings increased sharply from December.

Burnaby North and South outperformed the eastern part of that city with the south seeing more sales than January 2025 in detached and townhome segments. Opportunities are there for buyers in Burnaby where massive developments at Brentwood and Metrotown continue to provide significant supply of new condos including the upscale Highline at Metrotown.

The Tri-Cities experienced one of the most pronounced inventory expansions in January which includes the supply of newly built homes. Coquitlam recorded 89 sales, outperforming January 2023 by 22%, while active listings rose to 1,063. Port Moody and Port Coquitlam saw sharp seasonal slowdowns in sales, but also dramatic increases in listings, creating the most buyer-friendly conditions seen in years.

Months of supply now range from 11 to 12 months, giving buyers flexibility and encouraging longer-term planning.

Further afield, markets like Maple Ridge, Pitt Meadows, Ladner, and Tsawwassen experienced slower January sales. Ladner didn’t see a townhome or condo sale in January. Maple Ridge stood out with 72 sales, up from January 2023, and stable months of supply at 10 months which could be a sign of underlying consistency.

Fraser Valley Tells a Similar Story as Greater Vancouver

Much like Greater Vancouver, The Fraser Valley experienced a tepid start to 2026 with February showing a decline in sales and new listings year-over-year. With 619 sales in January, this was down 32% from December and down 24% from January 2025. Unlike Greater Vancouver, sales were slightly down from January 2023 and down 21% from January 2019. Affordability continues to take a toll on the Fraser Valley market with prices showing higher declines over the last year compared to Greater Vancouver, with Surrey and North Delta being the hardest hit. Inventory saw a greater increase month-over-month in the Fraser Valley, up 11% compared to Greater Vancouver at only 1%.

With the increase in listing inventory, months of supply in the Fraser Valley increased from 8 months in December to 12 months in January and compared to 9 months in January 2025. 

Big Picture: This Is What Stability Looks Like

January’s data confirms a critical shift underway across Metro Vancouver. This is no longer a market defined by scarcity, panic, or forced urgency. It is defined by choice, balance, and discipline. Inventory is being restored without overwhelming demand. Buyers are returning without overextending. Sellers are adjusting expectations without capitulating.

Sales volumes may be lower, but market quality is improving with prices experiencing sharper declines in the last 6 months. Purchasing power is at its best for buyers compared to the last 5 years.

As interest rate expectations stabilize and confidence gradually rebuilds, these conditions position the region well for more activity, particularly in the second half of 2026. Markets move in cycles, and January made one thing clear: The groundwork for the next expansion phase is already being laid. There have been far too few sales in the past 4 years to expect this market to remain quiet.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,107, down from 1,537 (28%) in December, down from 1,846 (40%) in November, down from 2,255 (51%) in October, down from 1,552 (29%) in January 2025, down from 1,427 (22%) in January 2024, and up from 1,030 (7%) in January 2023; Active Listings were at 12,628 at month end compared to 11,494 at that time last year (up 10%) and 12,550 at the end of December (up 1%); the 5,253 New Listings in January were up 176% compared to December, up 40% compared to November, down 5% compared to October, down 7% compared to January 2025, up 35% compared to January 2024 and up 55% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 27% in January 2025, 37% in January 2024, and 30% in January 2023. 

Vancouver Westside: Total Units Sold in January were 190, down from 287 (34%) in December, down from 363 (48%) in November, down from 403 (53%) in October, down from 255 (25%) in January 2025, down from 245 (22%) in January 2024, and down from 194 (2%) in January 2023; Active Listings were at 2,301 at month end compared to 2,548 at that time last year (down 10%) and 2,366 at the end of December (down 3%); the 916 New Listings in January were up 189% compared to December, up 30% compared to November, down 13% compared to October, down 22% compared to January 2025, up 8% compared to January 2024 and up 27% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 22% in January 2025, 29% in January 2024, and 27% in January 2023.

Vancouver East Side: Total Units Sold in January were 127, down from 158 (20%) in December, down from 210 (40%) in November, down from 269 (53%) in October, down from 158 (20%) in January 2025, down from 164 (23%) in January 2024, and up from 118 (8%) in January 2023; Active Listings were at 1,329 at month end compared to 1,198 at that time last year (up 11%) and 1,242 at the end of December (up 7%); the 654 New Listings in January were up 199% compared to December, up 54% compared to November, up 8% compared to October, up 0.5% compared to January 2025, up 30% compared to January 2024 and up 82% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 8 (buyer’s market conditions) and sales to listings ratio of 19% compared to 24% in January 2025, 33% in January 2024, and 33% in January 2023.

North Vancouver: Total Units Sold in January were 92, down from 125 (26%) in December, down from 158 (42%) in November, down from 188 (51%) in October, down from 148 (38%) in January 2025, down from 117 (21%) in January 2024, and up from 82 (21%) in January 2023; Active Listings were at 696 at month end compared to 596 at that time last year (up 17%) and 625 at the end of December (up 11%); the 407 New Listings in January were up 257% compared to December, up 41% compared to November, down 4% compared to October, down 5% compared to January 2025, up 50% compared to January 2024 and up 76% compared to January 2023.

Month’s supply of total residential listings is up to 8 months from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 34% in January 2025, 43% in January 2024, and 35% in January 2023.

West Vancouver: Total Units Sold in January were 29, up from 28 (4%) in December, down from 53 (45%) in November, down from 58 (50%) in October, down from 30 (3%) in January 2025, up from 23 (26%) in January 2024, and up from 28 (4%) in January 2023; Active Listings were at 557 at month end compared to 541 at that time last year (up 3%) and 573 at the end of December (down 3%); the 213 New Listings in January were up 233% compared to December, up 84% compared to November, down 4% compared to October, up 8% compared to January 2025, up 18% compared to January 2024 and up 68% compared to January 2023.

Month’s supply of total residential listings is down to 9 months from 20 (buyer’s market conditions) and sales to listings ratio of 14% compared to 15% in January 2025, 13% in January 2024, and 22% in January 2023.

Richmond: Total Units Sold in January were 129, down from 165 (22%) in December, down from 191 (32%) in November, down from 236 (45%) in October, down from 206 (37%) in January 2025, down from 161 (20%) in January 2024, and up from 120 (8%) in January 2023; Active Listings were at 1,684 at month end compared to 1,319 at that time last year (up 28%) and 1,781 at the end of December (down 5%); the 597 New Listings in January were up 125% compared to December, up 37% compared to November, down 1% compared to October, down 3% compared to January 2025, up 45% compared to January 2024 and up 47% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 11 (buyer’s market conditions) and sales to listings ratio of 22% compared to 34% in January 2025, 39% in January 2024, and 29% in January 2023.

Burnaby East: Total Units Sold in January were 9, down from 15 (40%) in December, down from 18 (50%) in November, down from 32 (72%) in October, down from 17 (47%) in January 2025, down from 17 (47%) in January 2024, and the same as January 2023; Active Listings were at 141 at month end compared to 135 at that time last year (up 4%) and 155 at the end of December (down 9%); the 65 New Listings in January were up 150% compared to December, up 97% compared to November, down 14% compared to October, down 24% compared to January 2025, up 30% compared to January 2024 and up 48% compared to January 2023.

Month’s supply of total residential listings is up to 16 months from 10 (buyer’s market conditions) and sales to listings ratio of 14% compared to 20% in January 2025, 34% in January 2024, and 20% in January 2023.

Burnaby North: Total Units Sold in January were 80, down from 113 (29%) in December, down from 98 (18%) in November, down from 147 (46%) in October, down from 104 (23%) in January 2025, down from 88 (9%) in January 2024, and up from 63 (27%) in January 2023; Active Listings were at 715 at month end compared to 649 at that time last year (up 10%) and 691 at the end of December (up 3%); the 344 New Listings in January were up 175% compared to December, up 44% compared to November, up 3% compared to October, down 2% compared to January 2025, up 86% compared to January 2024 and up 70% compared to January 2023.

Month’s supply of total residential listings is up to 9 months from 6 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in January 2025, 48% in January 2024, and 31% in January 2023.

Burnaby South: Total Units Sold in January were 67, down from 85 (21%) in December, down from 89 (25%) in November, down from 104 (36%) in October, up from 59 (14%) in January 2025, down from 102 (34%) in January 2024, and up from 54 (24%) in January 2023; Active Listings were at 604 at month end compared to 500 at that time last year (up 21%) and 639 at the end of December (down 5%); the 255 New Listings in January were up 150% compared to December, up 34% compared to November, down 9% compared to October, up 3% compared to January 2025, up 19% compared to January 2024 and up 57% compared to January 2023.

Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 26% compared to 24% in January 2025, 48% in January 2024, and 33% in January 2023.

New Westminster: Total Units Sold in January were 48, down from 67 (28%) in December, down from 65 (26%) in November, down from 98 (51%) in October, down from 61 (21%) in January 2025, down from 54 (11%) in January 2024, and up from 40 (20%) in January 2023; Active Listings were at 464 at month end compared to 404 at that time last year (up 15%) and 430 at the end of December (up 8%); the 219 New Listings in January were up 192% compared to December, up 63% compared to November, down 11% compared to October, down 4% compared to January 2025, up 63% compared to January 2024 and up 107% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 6 (buyer’s market conditions) and sales to listings ratio of 22% compared to 27% in January 2025, 40% in January 2024, and 38% in January 2023.

Coquitlam: Total Units Sold in January were 89, down from 149 (40%) in December, down from 146 (39%) in November, down from 185 (52%) in October, down from 155 (43%) in January 2025, down from 112 (21%) in January 2024, and up from 73 (22%) in January 2023; Active Listings were at 1,063 at month end compared to 917 at that time last year (up 16%) and 1,062 at the end of December; the 449 New Listings in January were up 161% compared to December, up 23% compared to November, down 15% compared to October, down 9% compared to January 2025, up 56% compared to January 2024 and up 71% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 7 (buyer’s market conditions) and sales to listings ratio of 20% compared to 32% in January 2025, 39% in January 2024, and 28% in January 2023.

Port Moody: Total Units Sold in January were 25, down from 50 (50%) in December, down from 46 (46%) in November, down from 65 (62%) in October, down from 32 (22%) in January 2025, down from 31 (19%) in January 2024, and up from 23 (9%) in January 2023; Active Listings were at 291 at month end compared to 184 at that time last year (up 58%) and 261 at the end of December (up 11%); the 145 New Listings in January were up 159% compared to December, up 33% compared to November, down 20% compared to October, up 32% compared to January 2025, up 159% compared to January 2024 and up 41% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 5 (buyer’s market conditions) and sales to listings ratio of 17% compared to 29% in January 2025, 55% in January 2024, and 22% in January 2023.

Port Coquitlam: Total Units Sold in January were 28, down from 43 (35%) in December, down from 61 (54%) in November, down from 69 (59%) in October, down from 65 (57%) in January 2025, down from 43 (35%) in January 2024, and down from 34 (18%) in January 2023; Active Listings were at 304 at month end compared to 236 at that time last year (up 29%) and 258 at the end of December (up 18%); the 168 New Listings in January were up 195% compared to December, up 83% compared to November, up 12% compared to October, up 13% compared to January 2025, up 130% compared to January 2024 and up 115% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 6 (buyer’s market conditions) and sales to listings ratio of 17% compared to 44% in January 2025, 59% in January 2024, and 44% in January 2023.

Pitt Meadows: Total Units Sold in January were 9, down from 16 (44%) in December, down from 28 (68%) in November, down from 29 (69%) in October, down from 13 (31%) in January 2025, down from 20 (55%) in January 2024, and down from 15 (40%) in January 2023; Active Listings were at 96 at month end compared to 75 at that time last year (up 28%) and 83 at the end of December (up 16%); the 53 New Listings in January were up 231% compared to December, up 51% compared to November, up 13% compared to October, up 26% compared to January 2025, up 39% compared to January 2024 and up 39% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 5 (buyer’s market conditions) and sales to listings ratio of 16% compared to 30% in January 2025, 52% in January 2024, and 39% in January 2023.        

Maple Ridge: Total Units Sold in January were 72, down from 78 (8%) in December, down from 100 (28%) in November, down from 110 (35%) in October, down from 95 (24%) in January 2025, down from 106 (32%) in January 2024, and up from 65 (11%) in January 2023; Active Listings were at 733 at month end compared to 663 at that time last year (up 10%) and 746 at the end of December (down 2%); the 279 New Listings in January were up 179% compared to December, up 39% compared to November, down 5% compared to October, down 22% compared to January 2025, up 7% compared to January 2024 and up 29% compared to January 2023.

Month’s supply of total residential listings is steady at 10 months (buyer’s market conditions) and sales to listings ratio of 25% compared to 26% in January 2025, 40% in January 2024, and 30% in January 2023.

Ladner: Total Units Sold in January were 5, down from 7 (29%) in December, down from 27 (81%) in November, down from 30 (83%) in October, down from 17 (71%) in January 2025, down from 21 (76%) in January 2024, and down from 16 (69%) in January 2023; Active Listings were at 147 at month end compared to 134 at that time last year (up 10%) and 132 at the end of December (up 11%); the 72 New Listings in January were up 500% compared to December, up 38% compared to November, up 20% compared to October, down 8% compared to January 2025, up 57% compared to January 2024 and up 67% compared to January 2023.

Month’s supply of total residential listings is up to 29 months from 19 (buyer’s market conditions) and sales to listings ratio of 7% compared to 22% in January 2025, 46% in January 2024, and 37% in January 2023.

Tsawwassen: Total Units Sold in January were 19, down from 29 (34%) in December, down from 30 (37%) in November, down from 51 (63%) in October, down from 26 (27%) in January 2025, down from 24 (21%) in January 2024, and down from 20 (5%) in January 2023; Active Listings were at 255 at month end compared to 216 at that time last year (up 18%) and 245 at the end of December (up 4%); the 88 New Listings in January were up 283% compared to December, up 33% compared to November, down 4% compared to October, down 18% compared to January 2025, up 73% compared to January 2024 and up 54% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 8 (buyer’s market conditions) and sales to listings ratio of 22% compared to 24% in January 2025, 47% in January 2024, and 35% in January 2023.

Fraser Valley: Sales in January were down 33% at 619 compared to December at 919 and were down 24% from January 2024 at 818. New listings were up 128% at 3,078 from December at 1,350 and down 10% from January 2025 at 3,432. The average price of $942,330 was down 5% month-over-month and was down 9% year-over-year. Active listings at 7,711 were up 11% compared to last month at 6,965 and up 6% from January 2025 at 7,251. Month’s supply of total residential listings is up to 12 months supply from 8 (buyer’s market conditions).

Highlights of Dexter’s December 2025 report

• Positive signs as 2025 came to a close

• Don’t wait for the rates

• Active listings down to 11,000 from the peak of 17,500

• Low sales levels show increased pent-up demand

December Market Analysis: Stability, Selective Strength, and a Foundation for 2026

December is rarely a month that defines a market. It reflects sentiment more than momentum, discipline more than urgency. This year was no different. Across Metro Vancouver, December activity cooled as expected, but beneath the seasonal slowdown lies a market that is quietly stabilizing, selectively strengthening, and positioning itself for a more active year ahead.

Sales slowed month-over-month across most regions, but that headline masks a far more important story: inventory contracted sharply, new listings fell dramatically, and sales-to-listings ratios rebounded. Total Active listings declined 29% from the peak in June. Over the last three years, total listings peaked in the fall, except for this year. A sign of some seller resistance in taking part in this market. For buyers, the time is now to take advantage of the opportunity that still exists. These are not the signs of a weakening market, moreover they are the early mechanics for returning balance after years of uncertainty.

Greater Vancouver Overview: Seasonal Level of Transactions, Healthier Structure

Total residential sales across Greater Vancouver reached 1,537 units in December, down 17% from November and well below the October peak in the fall market. Total sales in Greater Vancouver finished with 23,800 for the year, the lowest since 21,950 in 2,000. At the turn of the century, there were a lot few homes and people to buy them. A telling number that means there are a lot of people who have held off making a move and are ready to do so. 

The decline in December, however, aligns almost perfectly with historical December patterns and should not be interpreted as fading demand. In fact, sales were 14% higher than December 2023, confirming that buyer participation remains meaningfully stronger than it was two years ago even though it was down 13% from a year ago.

Greater Vancouver sales in December were 18% below the 10-year average, after November was 21% below the 10-year average. This wasn’t a slow December compared to what’s typical for the month, and perhaps with milder weather in January, the market will heat up sooner rather than later. 

The more telling data is the timing of sales.

The more significant number to look at is the comparison from the spring and fall markets. Typically, total sales in the first six months far exceed the last six months. In 2025, Greater Vancouver sales were only 2% higher in the first six months, compared to 2024 with 10% in the first six months, 2023 with 24% in the first six months and 2022 with 82% in the first six months (although attributed to the sudden rise in interest rates at the end of the first half of the year). The only year like this was 2019 with has 25% fewer sales in the first six months. After 2 down years, a recovery began in late 2019 only to be interrupted by the pandemic. This could point to improving market conditions. 

The supply side tells its own compelling story.

Active listings ended the month at 12,550, down a significant 17% from November, even though inventory remains 15% higher year-over-year. This contraction is important. It shows sellers stepping back and not just seasonally, not flooding the market, while buyers continued to transact at the same pace through the fall.

New listings tell the same story. Just 1,905 properties came to market in December which was down nearly 50% from November and more than 65% from early fall levels. While seasonal, this drop reinforces a broader theme. And opposite to the breakdown in sales over the year, 37% of new listings occurred in the first six months, compared to 22% in 2024 and 13% in 2023. Sellers held back as the year progressed, which contributed to the decline in active listings. Buyer choice decreased, which will slow the decline of prices.

The number of new listings in November were 11% above the 10-year average after November was 3% above, October at 16%, and September at 20%.  November and December showed a decline in Seller activity in the market, which resulted in the steep decline of new listings. Savy buyers will take advantage before more buyer competition in the market and less choice. 

By numbers the region remained at 8 months’ supply, with December typically seeing a rise in that number due to the seasonal nature of a slower market. Still on the border of a balanced to buyer’s market.

Vancouver Westside: Quiet Strength Beneath the Surface

Vancouver’s Westside followed the seasonal script, with 287 sales in December, down from November and October but still 22% higher than December 2023. Activity slowed, but it did not disappear—and that distinction matters.

Active listings fell 18% month-over-month to 2,366, leaving inventory essentially unchanged year-over-year. This is not excess supply building; it’s a market finding equilibrium.

The Westside remains selective, not stagnant. Buyers are cautious, but motivated. Sellers are patient, but realistic. That’s how stable markets behave.

Vancouver East: Stabilizing After a Reset

The East Side of Vancouver experienced a more pronounced slowdown in December sales, finishing the month at 158 transactions. While down from recent months, sales were still 7% higher than December 2023, confirming a floor under demand.

Inventory tightened meaningfully, with active listings dropping 18% from November. New listings also fell sharply yet remained well above year-ago levels, evidence of renewed seller confidence compared to last winter.

The Suburb Story

With just five months of inventory, North Vancouver sits squarely in balanced market territory. The sales-to-listings ratio surged to 110%, signaling competition on the right properties and renewed urgency among buyers. This is not a market waiting for clarity—it already has it.

Richmond posted 165 December sales, down from earlier months and well below year-ago levels. Inventory remains elevated, with 11 months of supply. This is a market transitioning from oversupply toward normalization. Momentum is slow—but direction matters more than speed.

Burnaby continues to behave as several distinct markets rather than one. Burnaby North posted a strong December, with sales up 15% month-over-month and inventory dropping significantly. Months of supply fell to 6, and the sales-to-listings ratio climbed to 90%. Burnaby South showed improving balance, with inventory declining and ratios rebounding into the low 80s. Burnaby East remains slower, but even there, inventory is contracting and year-over-year listing growth suggests confidence is returning. Overall, Burnaby’s trajectory is improving, led by transit-oriented and well-priced segments.

New Westminster is one of the most encouraging stories in December. Sales increased month-over-month and were 46% higher than December 2023. Inventory dropped sharply, months of supply declined to 6, and the sales-to-listings ratio rose to 89%.

The Tri-Cities: Clear Signs of Recovery. Across Coquitlam, Port Moody, and Port Coquitlam, December data points to strengthening fundamentals. Coquitlam saw sales rise year-over-year, inventory fall, and months of supply improve to 7. Port Moody stood out with sales doubling year-over-year and inventory contracting sharply, settling into balanced conditions. Coquitlam remains stable, with improving ratios and steady demand.

Maple Ridge and Pitt Meadows experienced slower December volumes, but inventory tightened and ratios improved. These areas often lag during seasonal slowdowns but respond quickly when confidence returns. Ladner remains challenged with elevated supply and saw extremely low levels of sales in December, while Tsawwassen showed meaningful improvement, with sales up strongly year-over-year and months of supply declining.

Fraser Valley Listings sees Massive Drop to Finish 2025

Much like Greater Vancouver, The Fraser Valley experienced one of the slowest years for sales in decades. With 943 sales in December, they were down 3% from November and down 8% from December 2024. Like Greater Vancouver, sales were up from December 2023 at 10% higher.  The biggest surprise though came on the inventory side where the total number of active listings finished 25% lower in December compared to November, only 10% higher from the end of 2024. This tightening supply will help to stabilize the market in the Fraser Valley. 

With the reduction of inventory, months of supply in the Fraser Valley dropped down to 8 months compared to 10 in November, closer to balance than we’ve seen through 2025. A positive sign to start the year, especially with Surrey showing the best improvement in December.

The Bigger Picture: December Did Its Job

December did exactly what December is supposed to do: slow the market down, clear excess, and reset expectations.

What matters is what didn’t happen: Inventory did not surge and demand did not disappear. Instead, the market quietly absorbed listings, and entered the new year with leaner supply and stronger ratios. That is not a fragile setup. It’s a constructive one.

As we move into 2026, the groundwork is being laid for a more active spring, one driven not by speculation or urgency, but by confidence, affordability adjustments, and a growing acceptance that the market has already done most of its correcting.

Markets don’t need fireworks to turn. Sometimes they just need December to be December.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in December were 1,537, down from 1,846 (17%) in November, down from 2,255 (32%) in October, down from 1,875 (18%) in September, down from 1,765 (13%) in December 2024, and up from 1,345 (14%) in December 2023; Active Listings were at 12,550 at month end compared to 10,948 at that time last year (up 15%) and 15,149 at the end of November (down 17%); the 1,905 New Listings in December were down 49% compared to November, down 65% compared to October, down 71% compared to September, up 10% compared to December 2024, and up 41% compared to December 2023. Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 49% in November, 102% in December 2024, and 99% in December 2023. 

Vancouver Westside: Total Units Sold in December were 287, down from 363 (21%) in November, down from 403 (29%) in October, down from 316 (9%) in September, down from 307 (7%) in December 2024, and up from 235 (22%) in December 2023; Active Listings were at 2,366 at month end compared to 2,396 at that time last year (down 1%) and 2,396 at the end of November (down 18%); the 317 New Listings in December were down 55% compared to November, down 70% compared to October, down 74% compared to September, down 4% compared to December 2024, and up 28% compared to December 2023. Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 51% in November, 93% in December 2024, and 95% in December 2023.

Vancouver East Side: Total Units Sold in December were 158, down from 210 (25%) in November, down from 269 (41%) in October, down from 208 (24%) in September, down from 198 (20%) in December 2024, and up from 148 (7%) in December 2023; Active Listings were at 1,242 at month end compared to 1,151 at that time last year (up 8%) and 1,517 at the end of November (down 18%); the 219 New Listings in December were down 48% compared to November, down 64% compared to October, down 73% compared to September, up 18% compared to December 2024, and up 48% compared to December 2023. Month’s supply of total residential listings is up to 8 month’s from 7 (buyer’s market conditions) and sales to listings ratio of 72% compared to 50% in November, 107% in December 2024, and 100% in December 2023.

North Vancouver: Total Units Sold in December were 125, down from 158 (21%) in November, down from 188 (34%) in October, down from 159 (21%) in September, down from 138 (9%) in December 2024, and up from 106 (18%) in December 2023; Active Listings were at 625 at month end compared to 532 at that time last year (up 17%) and 863 at the end of November (down 28%); the 114 New Listings in December were down 61% compared to November, down 73% compared to October, down 81% compared to September, up 33% compared to December 2024, and up 14% compared to December 2023. Month’s supply of total residential listings is steady at 5 month’s (balanced market conditions) and sales to listings ratio of 110% compared to 55% in November, 131% in December 2024, and 106% in December 2023.

West Vancouver: Total Units Sold in December were 28, down from 53 (47%) in November, down from 58 (52%) in October, down from 52 (46%) in September, down from 39 (28%) in December 2024, and down from 41 (32%) in December 2023; Active Listings were at 573 at month end compared to 546 at that time last year (up 5%) and 681 at the end of November (down 16%); the 64 New Listings in December were down 45% compared to November, down 71% compared to October, down 77% compared to September, down 18% compared to December 2024, and up 19% compared to December 2023. Month’s supply of total residential listings is up to 20 month’s from 13 (buyer’s market conditions) and sales to listings ratio of 44% compared to 46% in November, 50% in December 2024, and 76% in December 2023.

Richmond: Total Units Sold in December were 165, down from 191 (14%) in November, down from 236 (30%) in October, down from 191 (14%) in September, down from 235 (30%) in December 2024, and down from 169 (2%) in December 2023; Active Listings were at 1,781 at month end compared to 1,351 at that time last year (up 32%) and 1,992 at the end of November (down 11%); the 265 New Listings in December were down 39% compared to November, down 56% compared to October, down 43% compared to September, up 36% compared to December 2024, and up 64% compared to December 2023. Month’s supply of total residential listings is up to 11 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 62% compared to 44% in November, 121% in December 2024, and 104% in December 2023.

Burnaby East: Total Units Sold in December were 15, down from 18 (17%) in November, down from 32 (53%) in October, down from 34 (56%) in September, down from 21 (39%) in December 2024, and down from 18 (17%) in December 2023; Active Listings were at 155 at month end compared to 116 at that time last year (up 34%) and 189 at the end of November (down 18%); the 26 New Listings in December were down 21% compared to November, down 66% compared to October, down 73% compared to September, up 8% compared to December 2024, and up 117% compared to December 2023. Month’s supply of total residential listings is down to 10 month’s from 11 (buyer’s market conditions) and sales to listings ratio of 58% compared to 55% in November, 88% in December 2024, and 150% in December 2023.

Burnaby North: Total Units Sold in December were 113, up from 98 (15%) in November, down from 147 (23%) in October, down from 137 (18%) in September, down from 130 (13%) in December 2024, and up from 91 (24%) in December 2023; Active Listings were at 691 at month end compared to 595 at that time last year (up 16%) and 845 at the end of November (down 18%); the 125 New Listings in December were down 48% compared to November, down 62% compared to October, down 67% compared to September, down 9% compared to December 2024, and up 60% compared to December 2023. Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 90% compared to 41% in November, 94% in December 2024, and 117% in December 2023.

Burnaby South: Total Units Sold in December were 85, down from 89 (4%) in November, down from 104 (18%) in October, down from 96 (11%) in September, down from 97 (12%) in December 2024, and up from 79 (8%) in December 2023; Active Listings were at 639 at month end compared to 493 at that time last year (up 30%) and 773 at the end of November (down 16%); the 102 New Listings in December were down 66% compared to November, down 64% compared to October, down 66% compared to September, up 21% compared to December 2024, and up 36% compared to December 2023. Month’s supply of total residential listings is down to 8 month’s from 9 (buyer’s market conditions) and sales to listings ratio of 83% compared to 47% in November, 115% in December 2024, and 105% in December 2023.

New Westminster: Total Units Sold in December were 67, up from 65 (3%) in November, down from 98 (32%) in October, down from 84 (20%) in September, down from 96 (30%) in December 2024, and up from 46 (46%) in December 2023; Active Listings were at 430 at month end compared to 360 at that time last year (up 19%) and 556 at the end of November (down 23%); the 75 New Listings in December were down 40% compared to November, down 69% compared to October, down 62% compared to September, up 12% compared to December 2024, and up 92% compared to December 2023. Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 89% compared to 49% in November, 143% in December 2024, and 118% in December 2023.

Coquitlam: Total Units Sold in December were 149, up from 146 (2%) in November, down from 185 (19%) in October, down from 167 (11%) in September, up from 128 (16%) in December 2024, and up from 119 (25%) in December 2023; Active Listings were at 1,062 at month end compared to 867 at that time last year (up 22%) and 1,269 at the end of November (down 16%); the 172 New Listings in December were down 53% compared to November, down 67% compared to October, down 70% compared to September, up 11% compared to December 2024, and up 100% compared to December 2023. Month’s supply of total residential listings is down to 7 month’s from 9 (balanced market conditions) and sales to listings ratio of 87% compared to 40% in November, 83% in December 2024, and 138% in December 2023.

Port Moody: Total Units Sold in December were 50, up from 46 (9%) in November, down from 65 (23%) in October, up from 46 (9%) in September, up from 29 (72%) in December 2024, and up from 25 (100%) in December 2023; Active Listings were at 261 at month end compared to 155 at that time last year (up 68%) and 352 at the end of November (down 26%); the 56 New Listings in December were down 49% compared to November, down 69% compared to October, down 71% compared to September, up 107% compared to December 2024, and up 75% compared to December 2023. Month’s supply of total residential listings is down to 5 month’s (balanced market conditions) and sales to listings ratio of 89% compared to 42% in November, 107% in December 2024, and 78% in December 2023.

Port Coquitlam: Total Units Sold in December were 43, down from 61 (30%) in November, down from 69 (38%) in October, down from 45 (4%) in September, down from 51 (16%) in December 2024, and up from 36 (19%) in December 2023; Active Listings were at 258 at month end compared to 237 at that time last year (up 9%) and 323 at the end of November (down 20%); the 57 New Listings in December were down 38% compared to November, down 62% compared to October, down 69% compared to September, up 14% compared to December 2024, and up 46% compared to December 2023. Month’s supply of total residential listings is up to 6 month’s (balanced market conditions) and sales to listings ratio of 75% compared to 66% in November, 102% in December 2024, and 92% in December 2023.

Pitt Meadows: Total Units Sold in December were 16, down from 28 (43%) in November, down from 29 (45%) in October, up from 15 (7%) in September, down from 28 (43%) in December 2024, and down from 19 (16%) in December 2023; Active Listings were at 83 at month end compared to 68 at that time last year (up 22%) and 109 at the end of November (down 24%); the 12 New Listings in December were down 65% compared to November, down 74% compared to October, down 77% compared to September, up 9% compared to December 2024, and down 14% compared to December 2023. Month’s supply of total residential listings is up to 5 month’s from 4 (balanced market conditions) and sales to listings ratio of 133% compared to 61% in November, 254% in December 2024, and 135% in December 2023.         

Maple Ridge: Total Units Sold in December were 78, down from 100 (22%) in November, down from 110 (29%) in October, down from 97 (20%) in September, down from 112 (30%) in December 2024, and down from 100 (22%) in December 2023; Active Listings were at 746 at month end compared to 611 at that time last year (up 22%) and 881 at the end of November (down 15%); the 100 New Listings in December were down 50% compared to November, down 66% compared to October, down 70% compared to September, up 11% compared to December 2024, and down 2% compared to December 2023. Month’s supply of total residential listings is down to 7 month’s from 7 (balanced market conditions) and sales to listings ratio of 78% compared to 49% in November, 124% in December 2024, and 98% in December 2023.

Ladner: Total Units Sold in December were 7, down from 27 (74%) in November, down from 30 (77%) in October, down from 34 (79%) in September, down from 15 (20%) in December 2024, and down from 12 (50%) in December 2023; Active Listings were at 132 at month end compared to 117 at that time last year (up 13%) and 155 at the end of November (down 15%); the 12 New Listings in December were down 77% compared to November, down 80% compared to October, down 83% compared to September, down 20% compared to December 2024, and down 14% compared to December 2023. Month’s supply of total residential listings is up to 19 month’s from 6 (buyer’s market conditions) and sales to listings ratio of 58% compared to 52% in November, 93% in December 2024, and 86% in December 2023.

Tsawwassen: Total Units Sold in December were 29, down from 30 (3%) in November, down from 51 (43%) in October, down from 38 (24%) in September, up from 21 (38%) in December 2024, and up from 21 (38%) in December 2023; Active Listings were at 245 at month end compared to 181 at that time last year (up 35%) and 292 at the end of November (down 16%); the 23 New Listings in December were down 65% compared to November, down 75% compared to October, down 77% compared to September, down 8% compared to December 2024, and up 28% compared to December 2023. Month’s supply of total residential listings is down to 8 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 126% compared to 45% in November, 84% in December 2024, and 117% in December 2023.

Fraser Valley: Sales in December were down 3% at 919 compared to November at 943 and were down 8% from December 2024 at 994. New listings were down 39% at 1,350 from November at 2,210 and down 5% from December 2024 at 2,101. The average price of $993,519 was down 1% month-over-month and was down 5% year-over-year. Active listings at 6,965 were down 24% compared to last month at 9,201 and up 11% from December 2024 at 6,285. Month’s supply of total residential listings is down to 8 months supply from 10 (buyer’s market conditions).

Highlights of Dexter’s November 2025 report

• Look how much you can spend with lower rates

• Listings are shrinking and ratios improving, hinting at a stronger 2026.

• Inventory is falling faster than sales, strengthening market balance.

• Pent up demand continues to grow to unprecedented levels

If home buying is on your holiday shopping list, you’re in luck. Better than any Black Friday sales, Metro Vancouver real estate provides some of the best deals we’ve seen in the last few years. And like those Black Friday deals, these opportunities won’t last forever before inventory shrinks and more buyers come to the table. With interest rates having come down after 9 Bank of Canda rate cuts since the peak in 2024, both variable and fixed rate mortgages are finally at a point that buyers can’t use them as an excuse not to buy. It’s time. In fact, since that peak in 2024, for an average Vancouver household income of $180,000, their purchasing power has gone from $710,000 to $950,000. And home prices have also come down. Two reasons why buyers will be back into the market with greater energy in 2026.

Confidence Ready to Build as Listings Pull Back and Ratios Improve

November delivered a noticeable shift in the Greater Vancouver market, one driven less by headline sales numbers and more by the underlying signals that matter. Yes, sales eased month-over-month across most submarkets, and listings remain higher than last year, but November also brought a sizable pullback in new inventory, firmer sales-to-listings ratios, and early signs that buyers are getting ready for a more active 2026. Taken together, the market is quietly setting the stage for stronger conditions ahead.

This is a month where context is everything. Sales always fall in November, but the real story is how sharply new listings contracted and how much the market’s pace tightened as a result. The region’s sales-to-listings ratio climbed to 49%, a clear improvement from October’s 41%. Months’ supply edged up only slightly to eight months, keeping the market favouring buyers. Despite softer benchmark prices (down 0.3% from October and 3.9% year-over-year), confidence continues to build as inventory normalizes, and interest rate visibility improves.

All the while, pent up demand continues to build. Sales in Greater Vancouver for 2025 will be the lowest total number of transactions since 2000. With a million more people living in the region and over 200,000 more dwellings, logic would suggest that the number of real estate transactions would grow in a similar way. That lack of activity suggests how many buyers and sellers have held back in recent years, but they won’t forever. Changes happen due to needing more space, less space, people coming together or moving apart and sadly passing away. And yes, people do still move to Metro Vancouver.

Greater Vancouver: A Market Ready To Move

Greater Vancouver recorded 1,846 sales in November, an 18% drop from October and while below typical autumn levels, still 8% higher than November 2023. This improvement comes despite a slower autumn season and reflects a market where underlying demand remains intact.

With mortgage rates already down from their peak and buyer sentiment ready to improve, November looks more like a pause than a downturn.

The Supply Side Shrinking

The big move this month came on the supply side. New listings fell 32% from October and were 44% below September levels. Sellers clearly decided to step back, to either wait for improved pricing conditions or to avoid coming to market during the traditionally softest window of the year. With only 3,741 new listings, and active listings dropping 8% from October to 15,149, the market shed some of the excess inventory that accumulated during spring and summer.

Even with softer sales, the sharper decline in new supply pushed the sales-to-listings ratio up to 49%, a healthy improvement that signals tightening conditions underneath the headline numbers. Month’s supply rose slightly to eight months, which still places the region broadly in buyer’s market territory, but the trend is clear: the pace is stabilizing.

Greater Vancouver sales in November were 21% below the 10-year average, after October was 15% below the 10-year average. The momentum builds as sellers wait for the right opportunity signaling it is time to buy and move on from their current home.  

The number of new listings in November were 3% above the 10-year average after October at 16% above the 10-year average, and September at 20% above the 10-year average. November was a sudden shift of sellers holding on listing after a year that will likely produce near record highs for total new listings. With the holiday season upon us, expect this trend of decreasing listing totals to continue as sellers wait to see how 2026 starts. Savy buyers will take advantage of opportunities through December though, as this month can produce motivated sellers to engage with those interested buyers.

By numbers the region shifted back into a buyer’s market, after one month of balanced. But let’s be clear, 2025 has been the year of the buyer’s market.  

Vancouver Westside: Stable Conditions With a Healthier Ratio

Vancouver’s Westside saw 363 sales, down modestly from October’s 403 but up a solid 15% year-over-year. The seasonal slowdown was met with a significant reduction in new listings, down 33% month-over-month which helped ease active listings to 2,885 (a 7% monthly drop).

This pullback in supply had an immediate effect: the sales-to-listings ratio climbed to 51%, a sharp improvement from October’s 38%. Even with eight months of supply on the ground, November’s numbers point to a market that is far more balanced than the summer peak.

The luxury segment in Vancouver tends to lag broader market shifts, so a stabilizing ratio at this time of year is a positive sign heading into early 2026. Price softness may still be in play, but the fundamentals are firmer than they appear.

Vancouver East Side: Activity Softens but Demand Holds

East Vancouver saw sales fall to 210 units, a 22% drop from October, but almost identical to September and up 20% from November 2023. Active listings declined 9% month-over-month to 1,517, and new listings dropped 30% compared to October with half as many as September.

This tightening brought month’s supply up slightly to seven months, still balanced and pushed the sales-to-listings ratio to a healthy 50%, better than both October at 45%.

The Suburb Story

North Vancouver, West Vancouver, Richmond, and much of Burnaby showed a clear pattern in November: softer seasonal sales paired with a meaningful pullback in new listings, which helped strengthen sales-to-listings ratios across the board. North Vancouver and Burnaby East led with notably strong ratios of 55%, supported by shrinking inventory and steady buyer engagement. West Vancouver also posted an encouraging jump to a 46% ratio—an early sign that higher-end buyers are re-entering the market ahead of spring. Richmond, Burnaby South, Burnaby North, and New Westminster all benefited from fewer new sellers, which tightened conditions.

Across the Tri-Cities, Pitt Meadows, Maple Ridge, all showed similar stabilization. Port Coquitlam stood out with one of the strongest ratios in the region at 66%, backed by falling inventory and steady demand driven by relative affordability. Pitt Meadows remained firmly in seller’s territory with an exceptional 80% ratio, while Maple Ridge and Port Moody each saw improved balance as listings contracted. Even in slower markets like Tsawwassen and New Westminster, buyer activity proved more resilient than headline sales suggest, with ratios improving and inventory trending down. Overall, despite November’s seasonal cooling, most submarkets strengthened beneath the surface, setting the stage for a more confident start to the new year.

Fraser Valley Sees Listing Drop

The Fraser Valley saw 943 sales, down from October, but the more important story is the sharp drop in new listings (down 26%) and a sizable 9% reduction in active inventory over last month and 13% down from a year ago. With fewer homes coming to market, buyer competition increased, and the average price rose 2% month-over-month.

Despite being in a buyers’ market with 10 months of supply, the Fraser Valley Region, there could be some early signs of stabilization and price recovery after a more difficult reaction to higher rates and economic turmoil. Surrey continues to struggle with 17 months’ supply of detached homes and 20 months supply of condos. Opportunity awaits buyers there.

Outlook: A Quiet November with a Positive Undercurrent

November didn’t deliver big numbers, but it delivered something more important: tightening conditions across the board. Sales slowed down, but inventory came down even faster. Ratios improved. Buyers showed up where pricing was right. And early signs of confidence driven by improving interest rates and a steep drop in new listings are now visible across nearly every submarket.

As we move toward 2026, Greater Vancouver is poised for a more active environment than we saw in the second half of 2025. The fundamentals are better than they look, and the region is entering winter on far more stable footing than it did a year ago.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in November were 1,846 down from 2,255 (18%) in October, down from 1,875 (2%) in September, down from 1,959 (6%) in August, down from 2,181 (15%) in November 2024, and up from 1,702 (8%) in November 2023; Active Listings were at 15,149 at month end compared to 13,245 at that time last year (up 14%) and 16,393 at the end of October (down 8%); the 3,741 New Listings in November were down 32% compared to October, down 44% compared to September, down 13% compared to August, down 1% compared to November 2024, and up 9% compared to November 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 49% compared to 41% in October, 58% in November 2024, and 49% in November 2023. 

Month-over-month, the house price index is down 0.3% and in the last 12 months down 3.9%.

Vancouver Westside: Total Units Sold in November were 363 down from 403 (10%) in October, up from 316 (15%) in September, down from 381 (5%) in August, down from 383 (5%) in November 2024, and up from 315 (15%) in November 2023; Active Listings were at 2,885 at month end compared to 2,856 at that time last year (up 1%) and 3,104 at the end of October (down 7%); the 705 New Listings in November were down 33% compared to October, down 45% compared to September, down 8% compared to August, down 1% compared to November 2024, and up 4% compared to November 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 51% compared to 38% in October, 54% in November 2024, and 47% in November 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.

Vancouver East Side: Total Units Sold in November were 210 down from 269 (22%) in October, up from 208 (1%) in September, down from 219 (4%) in August, down from 268 (22%) in November 2024, and up from 175 (20%) in November 2023; Active Listings were at 1,517 at month end compared to 1,407 at that time last year (up 8%) and 1,654 at the end of October (down 9%); the 424 New Listings in November were down 30% compared to October, down 47% compared to September, down 8% compared to August, down 11% compared to November 2024, and up 4% compared to November 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 50% compared to 45% in October, 56% in November 2024, and 43% in November 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.7%.

North Vancouver: Total Units Sold in November were 158 down from 188 (16%) in October, down from 159 (1%) in September, up from 139 (14%) in August, down from 173 (9%) in November 2024, and up from 157 (1%) in November 2023; Active Listings were at 863 at month end compared to 716 at that time last year (up 21%) and 1,000 at the end of October (down 14%); the 289 New Listings in November were down 32% compared to October, down 52% compared to September, down 5% compared to August, up 12% compared to November 2024, and up 8% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 55% compared to 44% in October, 67% in November 2024, and 59% in November 2023.

Month-over-month, the house price index is flat and in the last 12 months down 0.7%.

West Vancouver: Total Units Sold in November were 53 down from 58 (9%) in October, up from 52 (2%) in September, up from 43 (23%) in August, up from 45 (18%) in November 2024, and up from 48 (10%) in November 2023; Active Listings were at 681 at month end compared to 645 at that time last year (up 6%) and 761 at the end of October (down 11%); the 116 New Listings in November were down 48% compared to October, down 58% compared to September, down 17% compared to August, down 3% compared to November 2024, and down 18% compared to November 2023. Month’s supply of total residential listings is steady at 13 month’s supply (buyer’s market conditions) and sales to listings ratio of 46% compared to 26% in October, 38% in November 2024, and 34% in November 2023.

Month-over-month, the house price index is up 1.3% and in the last 12 months down 3.0%.

Richmond: Total Units Sold in November were 191 down from 236 (19%) in October, the same as September, down from 223 (14%) in August, down from 234 (18%) in November 2024, and up from 179 (7%) in November 2023; Active Listings were at 1,992 at month end compared to 1,584 at that time last year (up 26%) and 2,137 at the end of October (down 7%); the 436 New Listings in November were down 28% compared to October, down 39% compared to September, down 22% compared to August, down 7% compared to November 2024, and up 8% compared to November 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 44% compared to 39% in October, 50% in November 2024, and 44% in November 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.6%.

Burnaby East: Total Units Sold in November were 18 down from 32 (44%) in October, down from 34 (47%) in September, down from 21 (14%) in August, down from 38 (53%) in November 2024, and up from 13 (38%) in November 2023; Active Listings were at 189 at month end compared to 144 at that time last year (up 32%) and 212 at the end of October (down 11%); the 33 New Listings in November were down 57% compared to October, down 66% compared to September, down 48% compared to August, down 41% compared to November 2024, and up 10% compared to November 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 55% compared to 42% in October, 68% in November 2024, and 43% in November 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 7.4%.

Burnaby North: Total Units Sold in November were 98 down from 147 (33%) in October, down from 137 (28%) in September, down from 115 (28%) in August, down from 145 (32%) in November 2024, and down from 119 (18%) in November 2023; Active Listings were at 845 at month end compared to 729 at that time last year (up 16%) and 880 at the end of October (down 4%); the 239 New Listings in November were down 28% compared to October, down 37% compared to September, down 7% compared to August, down 9% compared to November 2024, and up 28% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 41% compared to 44% in October, 55% in November 2024, and 64% in November 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 6.6%.

Burnaby South: Total Units Sold in November were 89 down from 104 (14%) in October, down from 96 (7%) in September, down from 103 (14%) in August, down from 134 (34%) in November 2024, and up from 83 (7%) in November 2023; Active Listings were at 773 at month end compared to 597 at that time last year (up 29%) and 814 at the end of October (down 5%); the 190 New Listings in November were down 32% compared to October, down 37% compared to September, down 8% compared to August, up 14% compared to November 2024, and up 14% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 47% compared to 37% in October, 80% in November 2024, and 50% in November 2023.

Month-over-month, the house price index is down 2.4% and in the last 12 months down 7.4%.

New Westminster: Total Units Sold in November were 65 down from 98 (34%) in October, down from 84 (23%) in September, down from 73 (11%) in August, down from 93 (30%) in November 2024, and the same as November 2023; Active Listings were at 556 at month end compared to 464 at that time last year (up 20%) and 596 at the end of October (down 7%); the 134 New Listings in November were down 45% compared to October, down 50% compared to September, down 29% compared to August, down 24% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 49% compared to 40% in October, 53% in November 2024, and 50% in November 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 4.7%. 

Coquitlam: Total Units Sold in November were 146 down from 185 (21%) in October, down from 167 (13%) in September, down from 164 (11%) in August, down from 172 (15%) in November 2024, and down from 159 (8%) in November 2023; Active Listings were at 1,269 at month end compared to 1,027 at that time last year (up 24%) and 1,341 at the end of October (down 5%); the 364 New Listings in November were down 31% compared to October, down 36% compared to September, down 14% compared to August, up 16% compared to November 2024, and up 26% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 40% compared to 35% in October, 55% in November 2024, and 55% in November 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 3.1%.

Port Moody: Total Units Sold in November were 46 down from 65 (29%) in October, the same as September and August, down from 63 (27%) in November 2024, and up from 40 (15%) in November 2023; Active Listings were at 352 at month end compared to 212 at that time last year (up 66%) and 386 at the end of October (down 9%); the 109 New Listings in November were down 40% compared to October, down 43% compared to September, up 28% compared to August, up 36% compared to November 2024, and up 27% compared to November 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 42% compared to 36% in October, 79% in November 2024, and 47% in November 2023.

Month-over-month, the house price index is up 0.3% and in the last 12 months down 2.8%.

Port Coquitlam: Total Units Sold in November were 61 down from 69 (12%) in October, up from 45 (36%) in September, up from 46 (33%) in August, down from 76 (20%) in November 2024, and up from 55 (11%) in November 2023; Active Listings were at 323 at month end compared to 285 at that time last year (up 13%) and 374 at the end of October (down 14%); the 92 New Listings in November were down 39% compared to October, down 49% compared to September, down 24% compared to August, down 16% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 66% compared to 46% in October, 70% in November 2024, and 61% in November 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 3.0%.

Pitt Meadows: Total Units Sold in November were 28 down from 29 (3%) in October, up from 15 (87%) in September, up from 19 (47%) in August, down from 30 (7%) in November 2024, and up from 21 (33%) in November 2023; Active Listings were at 109 at month end compared to 105 at that time last year (up 4%) and 129 at the end of October (down 16%); the 35 New Listings in November were down 26% compared to October, down 33% compared to September, down 22% compared to August, down 16% compared to November 2024, and down 10% compared to November 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 80% compared to 61% in October, 71% in November 2024, and 53% in November 2023.         

Month-over-month, the house price index is down 1.0% and in the last 12 months down 7.8%.

Maple Ridge: Total Units Sold in November were 100 down from 110 (9%) in October, up from 97 (3%) in September, down from 128 (22%) in August, down from 116 (14%) in November 2024, and down from 103 (3%) in November 2023; Active Listings were at 881 at month end compared to 765 at that time last year (up 15%) and 951 at the end of October (down 7%); the 201 New Listings in November were down 31% compared to October, down 39% compared to September, down 17% compared to August, down 8% compared to November 2024, and up 1% compared to November 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 49% compared to 37% in October, 52% in November 2024, and 51% in November 2023.

Month-over-month, the house price index is down 1.3% and in the last 12 months down 4.6%.

Ladner: Total Units Sold in November were 27 down from 30 (10%) in October, down from 34 (21%) in September, up from 26 (4%) in August, down from 33 (18%) in November 2024, and up from 21 (29%) in November 2023; Active Listings were at 155 at month end compared to 135 at that time last year (up 15%) and 156 at the end of October (down 1%); the 52 New Listings in November were down 13% compared to October, down 28% compared to September, up 2% compared to August, up 18% compared to November 2024, and up 100% compared to November 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 52% compared to 50% in October, 75% in November 2024, and 81% in November 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.

Tsawwassen: Total Units Sold in November were 30 down from 51 (41%) in October, down from 38 (21%) in September, down from 39 (23%) in August, up from 26 (15%) in November 2024, and up from 20 (50%) in November 2023; Active Listings were at 292 at month end compared to 204 at that time last year (up 43%) and 314 at the end of October (down 7%); the 66 New Listings in November were down 29% compared to October, down 35% compared to September, down 19% compared to August, up 50% compared to November 2024, and up 47% compared to November 2023. Month’s supply of total residential listings is up to 10 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 45% compared to 55% in October, 59% in November 2024, and 44% in November 2023.

Month-over-month, the house price index is down 0.2% and in the last 12 months down 7.9%.

Fraser Valley: Sales in November were down 16% at 943 compared to October at 1,123 and were down 17% from November 2024 at 1,136. New listings were down 26% at 2,210 from October at 2,967 and down 7% from November 2024 at 2,367. The average price of $1,003,693 was up 2% month-over-month and was down 2% year-over-year. Active listings were down 9% to 9,201 compared to last month at 10,121 and up 13% from November 2024 at 8,125. Month’s supply of total residential listings is up to 10 months supply from 9 (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.9%.

Highlights of Dexter’s October 2025 report

• Sales up 20% month-over-month across Greater Vancouver

• Sales-to-listings ratio shoots up to 41%

• Pent Up Demand at All Time Highs

• Affordability got that much better with lower rates

Imagine if all those buyers and sellers decided that now was the time to act. Interest rates are no longer a brake on the market, but more so a motivation to buy with sub 4% mortgage rates now available. Variable rate mortgages haven’t looked this good in over 3 years! Markets move in unison. At some point, buyers and sellers will too, and with every month that demand builds, it comes closer to unleashing into the market. There are historical dips in the market such as the financial crisis of 2008 or the suite of government interventions after 2016 that lead to periods of optimal purchasing power. Those who purchased during those times didn’t regret it. It’s happened before and will happen again. Think about how many people in the last 3 years who have waited to buy their first home, move up, move down, part ways and sadly pass away. Movements happen in real estate out of necessity, that can only be held back so long. Life is too short to time the market perfectly, if you find the home you know you want – buy it!

Momentum Carries Metro Vancouver Market Into the Fall

October brought a much-needed lift to Metro Vancouver’s housing market after the seasonally quiet September. Across Greater Vancouver, sales rose sharply from September, new listings moderated, and inventory tightened, pushing the market back toward balanced conditions in some areas. Make no mistake, buyers have tremendous opportunity in this market still.

Stronger Sales, Tighter Supply in Greater Vancouver

Total residential sales in October across the region reached 2,255 units, up 20% from September and 15% higher than August. That’s a healthy improvement heading into the winter months and a clear sign of underlying market demand. Year-over-year, sales were down 15% from October 2024 but they were only down 1% from July, which was the monthly high for 2025. Many buyers are taking advantage of recent interest rate drops and continued elevated listing inventory. In comparison to October 2023, sales are up a solid 17%, reinforcing that demand is there, with plenty of it still waiting in the wings.

Active listings ended the month at 16,393, down 4% from August and 13% higher than last year, marking the first time in several months that inventory began to contract meaningfully. With fewer new listings entering the system, 5,518 in October, down 17% from September, buyers are now seeing less new competition for desirable homes.

The sales-to-listings ratio climbed to 41%, up from 28% in September. That’s pushing some markets to balanced territory, and a clear shift from the slower late-summer pace. Months of inventory fell to 7 months, down from 9, suggesting a tightening dynamic where well-priced listings are attracting offers faster.

Greater Vancouver sales in October were 15% below the 10-year average, better than the previous months where September was 20% below the 10-year average, August was 19% below the 10-year average, but like July at 14% below the 10-year average. The market is showing signs of buyers making moves, and with this latest interest rate drop by the Bank of Canada, there is more motivation to get out and buy. 

Greater Vancouver townhome sales in October were down 4% year-over-year after being down 5% compared to September last year, while condos sales dropped to 23% down year-over-year after being up 1% last month. With the stock of condos piling up, literally, buyers have the best opportunity in decades to purchase new product at prices below what it cost to build them. Expect condo sales to propel in the coming months as this supply is consumed. A great opportunity for first time buyers that can take advantage of GST rebates for new properties up to $1.5M. Detached sales dropped in October to 4% below October last year after being up 6% year-over-year in September. Townhome inventory shrunk in October with many areas shifting back to seller market conditions, showing just how much is missing in the “missing middle” segment of the market. This is a continued ask of the government to look at addressing this supply constrained type of home which prevents many buyers from moving up or moving down in the market.

Active Listings Shrink in October

Inventory dropped down as is seasonally typical for October. Active listings finished October at 16,393, up 13% from last year’s 14,477, and a drop of 4% from September’s 17,079. This was a more significant drop from September compared to last year when there was a smaller decline in active listings between September and October, and it was much different than 2023 when the number of active listings increased between September and October. The window of choice and opportunity for buyers shifted in October, and this could be a signal for buyers not to continue the waiting game. With the choice of listings, and good listings at that, declining, as buyers come forward more competition can become present in the market.

The region shifted out of a buyer’s market to a balanced market, technically, in October. The months of supply dropped down to 7 from 9 in September which is the lowest it has been since April of this year. 

The number of new listings in October were 16% above the 10-year average, after September was 20% above the 10-year average. With the decline in new listings, sellers may be starting to resist in the market and shifting towards the wait and see game as well. Buyers should be careful that waiting could lead to less available properties, especially those properties with willing sellers.

Vancouver: Buyers Step Back In, But a Tale of Two Markets

Vancouver Westside did well in detached and townhome segments while the condo market struggled to keep up. The one saving grace for condos was a significant drop in new listings. Detached and townhouse segments are drawing renewed attention, with sellers pricing or negotiating in line with buyer expectations. The sales-to-listings ratio rose to 38% overall from 24%, edging closer balanced range, while inventory dropped to 3,100 listings. 

Vancouver Eastside was reliable and active as it continued its path of showing strength, with 269 sales, up 29% from September and 16% above last year while achieving the highest number by month this year. Active listings eased to 1,654, and the sales-to-listings ratio jumped to 45%, signaling a potential trend to confident, balanced demand. 

The Suburb Story

Areas east of Vancouver showed less growth in sales in October compared to Vancouver, perhaps a sign of a market shifting outwards as a lagging trend. September saw the opposite effect, but sales corrections typically start from Vancouver so this could be a sign of what’s to come in the suburbs. Port Moody was one of the better performing markets in the suburbs in October, which is surprising given the price points are typically on the higher side. Pitt Meadows saw double the total sales in October compared to the previous month and achieved one of the better months this year for that municipality. 

Ladner & Tsawwassen: South Delta had some strong numbers in October. Ladner with 30 sales, a balanced 50% ratio, and consistent demand through the fall. Tsawwassen had 51 sales, up 34% from September and 42% above last year, with a 55% ratio, signaling one of the most active sales to listing ratios in the Lower Mainland. Buyers continue to chase lifestyle-driven value, and South Delta is delivering it.

Fraser Valley

The Fraser Valley kept the positive trend rolling, posting 1,123 sales, up 17% from September. Active listings fell 4% to 10,121, while new listings dropped 14% month-over-month, tightening conditions.

Average prices climbed 0.1% month-over-month remaining under $1 million, while months of inventory dropped to 9 from 11, showing meaningful progress toward balanced conditions but still technically a buyer’s market.

Detached homes in North Delta and Langley saw the most activity, with townhouse demand following closely behind. After months of hesitation, confidence is quietly returning across the Valley.

Looking Ahead

October showed what a healthy market could look like with stronger sales, and a balancing of conditions with inventory declining while demand picks up. The excess quality listings from earlier in the year are being absorbed, and both buyers and sellers are adjusting to the new rate and home price landscape.

While we’re unlikely to see fireworks through the winter, the fundamentals are encouraging with fewer new listings, steady demand, and pricing that will try to hold its ground with quality listings. As 2025 winds down, confidence is quietly creeping back with demand ready to enter the market after playing the waiting game for the past 3 years and beyond save for the Covid years. So if you are a buyer, why wait?

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in October were 2,255 up from 1,875 (20%) in September, up from 1,959 (15%) in August, down from 2,286 (1%) in July, down from 2,632 (14%) in October 2024, and up from 1,926 (17%) in October 2023; Active Listings were at 16,393 at month end compared to 14,477 at that time last year (up 13%) and 17,079 at the end of August (down 4%); the 5,518 New Listings in October were down 17% compared to September, up 28% compared to August, down 4% compared to July, down 1% compared to October 2024, and up 16% compared to October 2023. Month’s supply of total residential listings is down to 7 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 41% compared to 28% in September, 47% in October 2024, and 42% in October 2023. 

Month-over-month, the house price index is down 0.8% and in the last 12 months down 3.4%.

Vancouver Westside: Total Units Sold in October were 403 up from 316 (28%) in September, up from 381 (6%) in August, up from 396 (2%) in July, down from 472 (15%) in October 2024, and up from 352 (14%) in October 2023; Active Listings were at 3,104 at month end compared to 3,106 at that time last year (own 0.1%) and 3,188 at the end of August (down 1%); the 1,056 New Listings in October were down 18% compared to September, up 38% compared to August, up 3% compared to July, down 7% compared to October 2024, and up 6% compared to October 2023. Month’s supply of total residential listings is down to 8 month’s supply from 10 (balanced market conditions) and sales to listings ratio of 38% compared to 24% in September, 41% in October 2024, and 35% in October 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 October were 269 up from 208 (29%) in September, up from 219 (23%) in August, up from 242 (11%) in July, down from 282 (5%) in October 2024, and up from 231 (16%) in October 2023; Active Listings were at 1,654 at month end compared to 1,512 at that time last year (up 9%) and 1,740 at the end of August (down 5%); the 603 New Listings in October were down 25% compared to September, up 31% compared to August, down 0.5% compared to July, down 2% compared to October 2024, and up 6% compared to October 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 26% in September, 46% in October 2024, and 41% in October 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.0%. 

North Vancouver: Total Units Sold in October were 188 up from 159 (18%) in September, up from 139 (35%) in August, down from 190 (1%) in July, down from 224 (16%) in October 2024, and down from 194 (3%) in October 2023; Active Listings were at 1,000 at month end compared to 848 at that time last year (up 18%) and 1,072 at the end of August (down 7%); the 426 New Listings in October were down 30% compared to September, up 40% compared to August, down 8% compared to July, down 13% compared to October 2024, and up 14% compared to October 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 44% compared to 26% in September, 46% in October 2024, and 52% in October 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months up 0.8%. 

West Vancouver: Total Units Sold in October were 58 up from 52 (12%) in September, up from 43 (35%) in August, down from 62 (6%) in July, down from 59 (2%) in October 2024, and up from 53 (9%) in October 2023; Active Listings were at 761 at month end compared to 707 at that time last year (up 8%) and 781 at the end of August (down 3%); the 222 New Listings in October were down 20% compared to September, up 59% compared to August, up 6% compared to July, up 4% compared to October 2024, and up 32% compared to October 2023. Month’s supply of total residential listings is down to 13 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 26% compared to 19% in September, 28% in October 2024, and 32% in October 2023.

Month-over-month, the house price index is down 0.3% but in the last 12 months down 5.6%.

Richmond: Total Units Sold in October were 236 up from 191 (24%) in September, up from 223 (6%) in August, down from 241 (2%) in July, down from 290 (19%) in October 2024, and up from 217 (9%) in October 2023; Active Listings were at 2,137 at month end compared to 1,657 at that time last year (up 29%) and 2,210 at the end of August (down 3%); the 606 New Listings in October were down 15% compared to September, up 9% compared to August, down 5% compared to July, up 3% compared to October 2024, and up 26% compared to October 2023. Month’s supply of total residential listings is down to 9 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 39% compared to 27% in September, 49% in October 2024, and 45% in October 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.9%. 

Burnaby East: Total Units Sold in October were 32 down from 34 (6%) in September, up from 21 (52%) in August, up from 30 (7%) in July, up from 25 (28%) in October 2024, and up from 21 (52%) in October 2023; Active Listings were at 212 at month end compared to 158 at that time last year (up 34%) and 219 at the end of August (down 3%); the 76 New Listings in October were down 21% compared to September, up 19% compared to August, down 8% compared to July, up 10% compared to October 2024, and up 58% compared to October 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 35% in September, 36% in October 2024, and 44% in October 2023.

Month-over-month, the house price index is down 2.5% and in the last 12 months down 8.9%. 

Burnaby North: Total Units Sold in October were 147 up from 137 (7%) in September, up from 115 (28%) in August, down from 164 (10%) in July, down from 168 (12%) in October 2024, and up from 137 (7%) in October 2023; Active Listings were at 880 at month end compared to 791 at that time last year (up 11%) and 908 at the end of August (down 3%); the 333 New Listings in October were down 12% compared to September, up 30% compared to August, down 10% compared to July, down 13% compared to October 2024, and up 14% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 44% compared to 36% in September, 57% in October 2024, and 47% in October 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 5.3%. 

Burnaby South: Total Units Sold in October were 104 up from 96 (8%) in September, up from 103 (1%) in August, down from 142 (27%) in July, down from 166 (37%) in October 2024, and down from 120 (13%) in October 2023; Active Listings were at 814 at month end compared to 675 at that time last year (up 21%) and 841 at the end of August (down 3%); the 281 New Listings in October were down 8% compared to September, up 36% compared to August, down 5% compared to July, down 1% compared to October 2024, and up 24% compared to October 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 37% compared to 32% in September, 58% in October 2024, and 53% in October 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.0%. 

New Westminster: Total Units Sold in October were 98 up from 84 (17%) in September, up from 73 (34%) in August, down from 99 (1%) in July, down from 120 (18%) in October 2024, and up from 81 (21%) in October 2023; Active Listings were at 596 at month end compared to 480 at that time last year (up 24%) and 626 at the end of August (down 5%); the 245 New Listings in October were down 8% compared to September, up 30% compared to August, up 4% compared to July, down 4% compared to October 2024, and up 60% compared to October 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 40% compared to 31% in September, 47% in October 2024, and 53% in October 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.7%. 

Coquitlam: Total Units Sold in October were 185 up from 167 (11%) in September, up from 164 (13%) in August, down from 205 (10%) in July, down from 246 (25%) in October 2024, and up from 167 (11%) in October 2023; Active Listings were at 1,341 at month end compared to 1,102 at that time last year (up 22%) and 1,322 at the end of August (up 1%); the 528 New Listings in October were down 7% compared to September, up 25% compared to August, up 5% compared to July, up 13% compared to October 2024, and up 30% compared to October 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 35% compared to 29% in September, 53% in October 2024, and 41% in October 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.0%. 

Port Moody: Total Units Sold in October were 65 up from 46 (41%) in September, up from 46 (41%) in August, down from 66 (2%) in July, down from 66 (2%) in October 2024, and up from 51 (27%) in October 2023; Active Listings were at 386 at month end compared to 253 at that time last year (up 53%) and 390 at the end of August (down 1%); the 182 New Listings in October were down 5% compared to September, up 114% compared to August, up 14% compared to July, up 25% compared to October 2024, and up 114% compared to October 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 36% compared to 24% in September, 45% in October 2024, and 60% in October 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 2.3%. 

Port Coquitlam: Total Units Sold in October were 69 up from 45 (53%) in September, up from 46 (50%) in August, down from 85 (19%) in July, down from 77 (10%) in October 2024, and up from 54 (28%) in October 2023; Active Listings were at 374 at month end compared to 328 at that time last year (up 14%) and 394 at the end of August (down 5%); the 150 New Listings in October were down 18% compared to September, up 24% compared to August, up 1% compared to July, up 1% compared to October 2024, and up 32% compared to October 2023. Month’s supply of total residential listings is down to 5 month’s supply from 9 (balanced market conditions) and sales to listings ratio of 46% compared to 25% in September, 52% in October 2024, and 47% in October 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 3.7%. 

Pitt Meadows: Total Units Sold in October were 29 up from 15 (93%) in September, up from 19 (53%) in August, up from 25 (16%) in July, down from 32 (9%) in October 2024, and up from 21 (38%) in October 2023; Active Listings were at 129 at month end compared to 121 at that time last year (up 6%) and 151 at the end of August (down 15%); the 47 New Listings in October were down 10% compared to September, up 4% compared to August, down 24% compared to July, down 17% compared to October 2024, and the same compared to October 2023. Month’s supply of total residential listings is down to 4 month’s supply from 10 (seller’s market conditions) and sales to listings ratio of 61% compared to 28% in September, 56% in October 2024, and 44% in October 2023.        

Month-over-month, the house price index is down 3.7% and in the last 12 months down 9.3%.

Maple Ridge: Total Units Sold in October were 110 up from 97 (13%) in September, down from 128 (14%) in August, down from 122 (10%) in July, down from 143 (23%) in October 2024, and the same as October 2023; Active Listings were at 951 at month end compared to 848 at that time last year (up 12%) and 985 at the end of August (down 3%); the 293 New Listings in October were down 11% compared to September, up 22% compared to August, down 17% compared to July, down 23% compared to October 2024, and down 11% compared to October 2023. Month’s supply of total residential listings is down to 9 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 37% compared to 29% in September, 45% in October 2024, and 33% in October 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 4.5%. 

Ladner: Total Units Sold in October were 30 down from 34 (18%) in September, up from 26 (15%) in August, down from 36 (17%) in July, down from 31 (3%) in October 2024, and up from 24 (25%) in October 2023; Active Listings were at 156 at month end compared to 142 at that time last year (up 10%) and 168 at the end of August (down 7%); the 60 New Listings in October were down 17% compared to September, up 18% compared to August, down 17% compared to July, the same compared to October 2024, and up 36% compared to October 2023. Month’s supply of total residential listings is the same at 5 month’s supply (balanced market conditions) and sales to listings ratio of 50% compared to 47% in September, 51% in October 2024, and 55% in October 2023.

Month-over-month, the house price index is down 2.3% and in the last 12 months down 5.6%. 

Tsawwassen: Total Units Sold in October were 51 up from 38 (34%) in September, up from 39 (31%) in August, up from 30 (70%) in July, up from 36 (42%) in October 2024, and up from 27 (89%) in October 2023; Active Listings were at 314 at month end compared to 223 at that time last year (up 41%) and 329 at the end of August (down 5%); the 92 New Listings in October were down 10% compared to September, up 14% compared to August, down 19% compared to July, up 15% compared to October 2024, and up 23% compared to October 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 55% compared to 37% in September, 45% in October 2024, and 36% in October 2023.

Month-over-month, the house price index is down 2.5% and in the last 12 months down 4.5%. 

Fraser Valley: Sales in October were up 17% at 1,123 compared to September at 962 and were down 16% from October 2024 at 1,330. New listings were down 14% at 2,967 from September at 3,447 and down 7% from October 2024 at 3,194. The average price of $987,199 was up 0.1% month-over-month and was down 3% year-over-year. Active listings were down 4% to 10,121 compared to last month at 10,583 and up 15% from October 2024 at 8,799. Month’s supply of total residential listings is down to 9 months supply from 11 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.3%. 

Highlights of Dexter’s September 2025 report

• Buyer’s advantage continues

• Listings pile back on in September

• At least we beat September 2024 sales

• The cuts continue from the Bank of Canada

The heat of the summer market cooled in September – but that is to be expected. Don’t let the headlines fool you when you read that September sales in Metro Vancouver were less then August. That’s typical. September carries forwards the dog days of summer as the lack of activity in August translates to fewer sales reported in September. And as everyone focusses on getting back to routines to start September, real estate takes a back seat. But that could change as we move through the remainder of 2025 with the Bank of Canada stepping out of the shadows and putting a rate drop into the mix in September which lowered variable rate mortgages. Will there be more to finish the year? Likely, but when depends on the economic data released this month. 

September closed the books on a transitional quarter in Metro Vancouver real estate, a month where the market showed resilience amid shifting conditions. While overall sales softened compared to the swifter pace of the spring and early summer, inventory expanded again, giving buyers continued choice. For sellers, the takeaway isn’t necessarily negative either—while pricing has edged lower, the depth of demand in certain submarkets and the surge of new listings suggest that activity is far from stalling out. Instead, we’re watching a marketplace realign itself after an extended stretch of volatility.

Greater Vancouver – The Big Picture

Across Greater Vancouver, September registered 1,875 sales, slipping 4% from August and off 18% compared to July. But context matters: sales were still higher than September 2024, and only marginally below September 2023. On the supply side, the changes were striking. Active listings reached 17,079, a 14% jump from last year and 5% above August. Even more telling, September brought in 6,631 new listings, a 54% leap month-over-month, and one of the strongest listing surges in years to enter the fall market. But were they all new?

This supply dynamic matters. Months of inventory now sit at nine, technically a buyer’s market, but one that comes with an important nuance: choice has returned, and that encourages engagement. Buyers who have been sitting on the sidelines now have room to negotiate, while sellers who adapt quickly to pricing and marketing strategies are still finding success. The sales-to-listings ratio, at 28%, shows the market activity lagged below August’s 45% ratio, but it remains healthier than many downturn periods of the past.

Greater Vancouver sales in September were 20% below the 10-year average, just off August at 19% below the 10-year average, but an improvement from June at 26% below the 10-year average and May at 30% below the 10-year average. The market is trying its best to get to average and expect October to get closer than we’ve seen this year.

Greater Vancouver townhome sales in September were surprisingly down 5% after being up 10% compared to August last year, while condos sales were up 1% after being down 5% from the previous year in August and in July and June at 16% down year-over-year. Detached sales continued its positive trajectory at 6% above last year to go with August at 12% year-over-year. 

Back Above 17,000 

Inventory ramped up again. Active listings finished September at 17,079, up 14% from last year’s 14,932, and a jump of 5% from August’s 16,242. While a seemingly significant increase, it was less than the month-over-month gain seen in September 2024 and 2023 likely due to a recycling of listings coming off and back on at lower price points. Meanwhile, new listings jumped again in September with 6,631 coming on the market in September, of course not all being new as previously identified. Price adjustments are commonplace in the market and show up many times as a new listing. 

The region remains firmly in this buyer’s market. Months of supply climbed up to 9, the first time it’s been that high since the end of 2018 and start of 2019. Buyers certainly need to take note of that.

The number of new listings in September were 20% above the 10-year average after August was only 1% above the 10-year average.

Vancouver’s Westside produced 316 sales in September, down from August but nearly identical to last year’s levels. Active listings edged just above 3,100, essentially flat year-over-year, while new listings exploded up 68% from August. That kind of surge is a sign that sellers are re-engaging, confident enough in the long-term appeal of Vancouver’s premier submarket to list now or adjust already active listings to an improved price for buyers.

While the months of supply moved up to 10, clearly favouring buyers, the sales-to-listings ratio of 24% still shows that transactions are happening albeit at a slower pace.

Over on Vancouver’s Eastside, there were 208 sales in September, down just 5% from August and very close to September 2024 levels. Active listings reached 1,740, 14% higher than a year ago, and new listings jumped a remarkable 75% compared to August. This flood of inventory helped push months of supply to 8, technically a buyer’s market but closer to balance than many other areas.

Resilience in North Vancouver stood out in September as one of the few bright spots on the sales front. With 159 sales, transactions rose 14% from August and 10% from September 2024, even though they remained lower than peak summer volumes. Inventory climbed to 1,072 active listings, up sharply from last year, while new listings nearly doubled month-over-month.

Despite this, months of supply stayed at 7—a balanced market reading which also shows it being the only city other than Squamish with a positive year-over-year benchmark price reading.

Richmond continues to reset with 191 sales in September, down from August and well below last year, but inventory levels tell a bigger story. Active listings climbed to 2,210, up 27% from 2024, while new listings rose 28% from August. That pushed months of supply to 12, clearly tilting the market to buyers. For buyers, this creates leverage; for sellers, it emphasizes the need for accurate pricing. The market is not silent, but it is selective, rewarding homes that are well-positioned.

The Suburb Story

Burnaby and New Westminster both outperformed their fellow municipalities to the east with month-over-month growth in sales not seen elsewhere. The difference in markets is an important story for buyers that shows they really need to do their homework when comparing market trends. One city’s trend does not make a market elsewhere.

Delta – Positive Momentum

Delta markets, Ladner and Tsawwassen, delivered some of the strongest performances in September. Ladner’s sales rose 31% from August and an impressive 55% compared to 2024. Months of supply dropped to just 5, a balanced level, but prices were down 4.2% year-over-year.

Tsawwassen saw stable sales compared to August, higher listings, and a healthy 37% sales-to-listings ratio. Despite price declines of 5.1% year-over-year, the market is showing renewed momentum as buyers are drawn to the value relative to Richmond and Vancouver.

Fraser Valley

The Fraser Valley mirrored many of the Greater Vancouver trends but with its own resilience. Sales rose 3% month-over-month from 931 to 962 in September, even if they were slightly below last year’s September total 982 (down 2%). New listings climbed 23%, and active inventory rose 1% compared to August, keeping the market relatively balanced. Months of supply remained at 11, and while average prices softened 2% month-over-month and 4% year-over-year, the adjustments remain controlled.

The Takeaway – A Market of Opportunities

September’s real estate numbers confirm what many on the ground are already seeing: Metro Vancouver is not in retreat, it’s in recalibration. Sales volumes may have temporarily cooled from the heights of spring and early summer, but new listings have surged, creating a far more balanced environment. Prices are adjusting modestly, but the declines are far from catastrophic, particularly when compared to the rapid gains of past cycles.

For buyers, this is the most opportunity-rich market in years, with choice across virtually every submarket and negotiability returning to the table, be it resale or brand-new homes especially. For sellers, the message is about strategy: homes that are well-prepared, priced in line with today’s sales, and marketed effectively are still transacting.

We may not see this kind of opportunity for years. And with developers selling off existing stock with few new developments coming online, expect to see a shortage of new homes in the coming years. 

The next few months will likely see this balance persist. Interest rate stability, buyer choice, and steady demand are all factors suggesting that while we are in a buyer’s market by definition, it is one characterized more by opportunity than by distress. In other words, Greater Vancouver real estate is moving into a more sustainable gear.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in September were 1,875 down from 1,959 (4%) in August, down from 2,286 (18%) in July, down from 2,181 (14%) in June, up from 1,852 (1%) in September 2024, and down from 1,926 (3%) in September 2023; Active Listings were at 17,079 at month end compared to 14,932 at that time last year (up 14%) and 16,242 at the end of August (up 5%); the 6,631 New Listings in September were up 54% compared to August, up 16% compared to July, up 3% compared to June, up 6% compared to September 2024, and up 19% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 28% compared to 45% in August, 30% in September 2024, and 35% in September 2023. 

Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.2%.

Vancouver Westside: Total Units Sold in September were 316 down from 381 (17%) in August, down from 396 (20%) in July, down from 417 (24%) in June, up from 312 (1%) in September 2024, and down from 338 (7%) in September 2023; Active Listings were at 3,188 at month end compared to 3,174 at that time last year (up 0.5%) and 3,105 at the end of August (up 3%); the 1,293 New Listings in September were up 68% compared to August, up 26% compared to July, up 7% compared to June, down 1% compared to September 2024, and up 12% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 24% compared to 50% in August, 24% in September 2024, and 29% in September 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.9%. 

Vancouver East Side: Total Units Sold in September were 208 down from 219 (5%) in August, down from 242 (14%) in July, down from 267 (20%) in June, down from 211 (2%) in September 2024, and up from 192 (8%) in September 2023; Active Listings were at 1,740 at month end compared to 1,529 at that time last year (up 14%) and 1,599 at the end of August (up 9%); the 807 New Listings in September were up 75% compared to August, up 33% compared to July, up 8% compared to June, up 5% compared to September 2024, and up 29% compared to September 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 26% compared to 48% in August, 27% in September 2024, and 31% in September 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 2.5%. 

North Vancouver: Total Units Sold in September were 159 up from 139 (14%) in August, down from 190 (16%) in July, down from 200 (20%) in June, up from 144 (10%) in September 2024, and down from 169 (6%) in September 2023; Active Listings were at 1,072 at month end compared to 856 at that time last year (up 25%) and 938 at the end of August (up 14%); the 605 New Listings in September were up 99% compared to August, up 30% compared to July, up 13% compared to June, up 11% compared to September 2024, and up 26% compared to September 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 26% compared to 46% in August, 27% in September 2024, and 35% in September 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months up 0.6%. 

West Vancouver: Total Units Sold in September were 52 up from 53 (2%) in August, down from 62 (16%) in July, down from 53 (2%) in June, up from 45 (16%) in September 2024, and down from 53 (2%) in September 2023; Active Listings were at 781 at month end compared to 724 at that time last year (up 8%) and 717 at the end of August (up 9%); the 278 New Listings in September were up 99% compared to August, up 32% compared to July, up 22% compared to June, up 17% compared to September 2024, and up 10% compared to September 2023. Month’s supply of total residential listings is down to 15 month’s supply from 17 (buyer’s market conditions) and sales to listings ratio of 19% compared to 31% in August, 19% in September 2024, and 21% in September 2023.

Month-over-month, the house price index is down 2.1% but in the last 12 months down 6.7%.

Richmond: Total Units Sold in September were 191 down from 223 (14%) in August, down from 241 (21%) in July, down from 243 (21%) in June, down from 197 (3%) in September 2024, and down from 256 (25%) in September 2023; Active Listings were at 2,210 at month end compared to 1,736 at that time last year (up 27%) and 2,129 at the end of August (up 4%); the 711 New Listings in September were up 28% compared to August, up 11% compared to July, down 3% compared to June, up 13% compared to September 2024, and up 17% compared to September 2023. Month’s supply of total residential listings is up to 12 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 27% compared to 40% in August, 31% in September 2024, and 43% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.7%. 

Burnaby East: Total Units Sold in September were 34 up from 21 (62%) in August, up from 30 (13%) in July, up from 22 (55%) in June, up from 29 (17%) in September 2024, and up from 18 (89%) in September 2023; Active Listings were at 219 at month end compared to 148 at that time last year (up 48%) and 229 at the end of August (down 4%); the 96 New Listings in September were up 50% compared to August, up 16% compared to July, up 20% compared to June, up 43% compared to September 2024, and up 96% compared to September 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 35% compared to 33% in August, 43% in September 2024, and 37% in September 2023.

Month-over-month, the house price index is down 3.3% and in the last 12 months down 6.6%. 

Burnaby North: Total Units Sold in September were 137 up from 115 (19%) in August, down from 164 (16%) in July, up from 117 (17%) in June, up from 122 (12%) in September 2024, and up from 113 (21%) in September 2023; Active Listings were at 908 at month end compared to 839 at that time last year (up 8%) and 883 at the end of August (up 3%); the 380 New Listings in September were up 48% compared to August, up 3% compared to July, up 6% compared to June, up 12% compared to September 2024, and up 25% compared to September 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 36% compared to 45% in August, 36% in September 2024, and 37% in September 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.3%. 

Burnaby South: Total Units Sold in September were 96 down from 103 (7%) in August, down from 142 (32%) in July, down from 110 (13%) in June, down from 114 (16%) in September 2024, and down from 126 (24%) in September 2023; Active Listings were at 841 at month end compared to 694 at that time last year (up 26%) and 811 at the end of August (up 4%); the 304 New Listings in September were up 47% compared to August, up 3% compared to July, down 2% compared to June, down 8% compared to September 2024, and up 9% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 32% compared to 50% in August, 34% in September 2024, and 45% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.7%. 

New Westminster: Total Units Sold in September were 84 up from 73 (15%) in August, down from 99 (15%) in July, up from 71 (18%) in June, up from 73 (15%) in September 2024, and up from 72 (17%) in September 2023; Active Listings were at 626 at month end compared to 468 at that time last year (up 34%) and 607 at the end of August (up 3%); the 267 New Listings in September were up 42% compared to August, up 14% compared to July, down 1% compared to June, up 10% compared to September 2024, and up 54% compared to September 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 31% compared to 39% in August, 30% in September 2024, and 42% in September 2023.

Month-over-month, the house price index is down 1.4% and in the last 12 months down 5.8%. 

Coquitlam: Total Units Sold in September were 167 up from 164 (2%) in August, down from 205 (19%) in July, down from 171 (2%) in June, up from 155 (8%) in September 2024, and down from 170 (2%) in September 2023; Active Listings were at 1,322 at month end compared to 1,146 at that time last year (up 15%) and 1,280 at the end of August (up 3%); the 568 New Listings in September were up 35% compared to August, up 13% compared to July, the same as June, up 11% compared to September 2024, and up 29% compared to September 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 34% compared to 39% in August, 30% in September 2024, and 38% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.2%. 

Port Moody: Total Units Sold in September were 46 the same as August, down from 66 (30%) in July, down from 48 (4%) in June, down from 61 (25%) in September 2024, and up from 44 (5%) in September 2023; Active Listings were at 390 at month end compared to 251 at that time last year (up 55%) and 332 at the end of August (up 17%); the 191 New Listings in September were up 125% compared to August, up 19% compared to July, up 18% compared to June, up 34% compared to September 2024, and up 84% compared to September 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 24% compared to 54% in August, 43% in September 2024, and 42% in September 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.9%. 

Port Coquitlam: Total Units Sold in September were 45 down from 46 (2%) in August, down from 85 (47%) in July, down from 58 (22%) in June, down from 52 (13%) in September 2024, and down from 65 (31%) in September 2023; Active Listings were at 394 at month end compared to 358 at that time last year (up 10%) and 354 at the end of August (up 11%); the 182 New Listings in September were up 50% compared to August, up 23% compared to July, up 2% compared to June, up 6% compared to September 2024, and up 29% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 25% compared to 38% in August, 28% in September 2024, and 47% in September 2023.

Month-over-month, the house price index is down 0.9% and in the last 12 months down 2.8%. 

Pitt Meadows: Total Units Sold in September were 15 down from 19 (20%) in August, down from 25 (40%) in July, down from 26 (42%) in June, down from 24 (4%) in September 2024, and down from 24 (37%) in September 2023; Active Listings were at 151 at month end compared to 125 at that time last year (up 20%) and 137 at the end of August (up 10%); the 52 New Listings in September were up 16% compared to August, down 16% compared to July, up 2% compared to June, down 25% compared to September 2024, and down 4% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 28% compared to 42% in August, 34% in September 2024, and 44% in September 2023.       

Month-over-month, the house price index is down 0.2% and in the last 12 months down 2.5%.

Maple Ridge: Total Units Sold in September were 97 down from 128 (24%) in August, down from 122 (20%) in July, down from 122 (20%) in June, down from 114 (15%) in September 2024, and down from 108 (10%) in September 2023; Active Listings were at 985 at month end compared to 887 at that time last year (up 11%) and 962 at the end of August (up 2%); the 329 New Listings in September were up 37% compared to August, down 7% compared to July, down 11% compared to June, down 4% compared to September 2024, and down 9% compared to September 2023. Month’s supply of total residential listings is up to 10 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 29% compared to 53% in August, 33% in September 2024, and 30% in September 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 3.4%. 

Ladner: Total Units Sold in September were 34 up from 26 (31%) in August, down from 36 (6%) in July, down from 35 (3%) in June, up from 22 (55%) in September 2024, and up from 26 (31%) in September 2023; Active Listings were at 168 at month end compared to 136 at that time last year (up 23%) and 174 at the end of August (down 3%); the 72 New Listings in September were up 41% compared to August, the same as July and June, down 1% compared to September 2024, and up 11% compared to September 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 47% compared to 51% in August, 30% in September 2024, and 40% in September 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 4.2%. 

Tsawwassen: Total Units Sold in September were 38 down from 39 (3%) in August, up from 30 (27%) in July, down from 55 (31%) in June, up from 34 (11%) in September 2024, and down from 42 (10%) in September 2023; Active Listings were at 329 at month end compared to 215 at that time last year (up 53%) and 325 at the end of August (up 1%); the 102 New Listings in September were up 26% compared to August, down 10% compared to July, down 10% compared to June, up 28% compared to September 2024, and up 38% compared to September 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 37% compared to 48% in August, 43% in September 2024, and 57% in September 2023.

Month-over-month, the house price index is up 0.7% and in the last 12 months down 5.1%. 

Fraser Valley: Sales in September were up 3% at 962 compared to August at 931 and were down 2% from September 2024 at 982. New listings were up 23% at 3,447 from August at 2,793 and up 3% from September 2024 at 3,352. The average price of $986,674 was down 2% month-over-month and was down 4.0% year-over-year. Active listings were up 1% to 10,583 compared to last month at 10,445 and up 10% from September 2024 at 9,045. Month’s supply of total residential listings remained at 11 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.0% and in the last 12 months down 5.4%. 

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%. 

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%. 

Highlights of Dexter’s June 2025 report

• Development Relief Could Boost Housing Starts

• Buyer’s Market Remains in Place

• Sales Stabilizing But at Below Average Pace

• Fraser Valley Shows Improvement

Earlier this year, the challenges of developing new homes had a lot to do with fees paid to municipalities before shovels even hit the ground: “It’s not an affordability crisis, it’s a cost-of-delivery crisis” as said by one of Metro Vancouver’s developers.

Developers are struggling to build in this economy and with the state of current government regulations. And there are developers struggling to exist at all. For buyers, the adage “buy land because they aren’t making more of it” – could also be coined “buy condos, because they aren’t making more of them.” At least until it becomes more feasible. 

New housing may have received a lifeline by the provincial government after announcing this week that they are loosening the rules for payment of development fees. The housing minister said that the biggest change will be the ability to pay 25% of development fees at permit approval and 75% at occupancy or within four years (whichever comes first) instead of paying all municipal development charges upfront. 

The Greater Vancouver housing market continued to navigate through a period of elevated inventory and tempered buyer activity in June 2025. While sales held steady month-over-month, underlying trends suggest an increasingly selective buyer pool and a market firmly tilted in favour of buyers across most areas. Broadly speaking, June followed the familiar seasonal path of spring activity cooling into the summer, though the degree of softening and disparity across submarkets continues to reflect the cautious sentiment in the region.

Sales Activity: Flatlined but Stabilizing

In Greater Vancouver, a total of 2,181 residential properties were sold in June 2025. This figure is down 2% from May (2,228) but up 1% from April and up 4% from March. Compared to June 2024, sales are down 10%, and year-over-year, sales have dropped a more notable 27% compared to June 2023, when 2,988 properties were sold.

Total sales for the first 6 months of 2025 came in at 12,042. Not as low as 2019 that saw 10,992 homes sold in Greater Vancouver in the first 6 months of that year, but well below where sales volumes have typically been for the first half of the year. In looking at the last 8 years going back to the start of 2017, total sales in the region were 10% lower than the 8 years before 2017. All while 2021 being a record year for sales volumes. And with housing stock having increased year by year, it shows that fewer homeowners are selling, perhaps indicating a need to incentivize homeowners to sell rather than punishing them selling.

Greater Vancouver sales in June were 26% below the 10-year average 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. An indication of an improving market.

New Westminster continues to be among the weaker performers. With 71 sales, down 23% from May and 40% year-over-year, the market now carries 9 months of supply. The sales-to-listings ratio has dropped to just 26%, and prices declined 1.0% in June, now 3.7% lower year-over-year. Tsawwassen on the other side had the strongest June in since 2022 for sales.

The trend in Greater Vancouver illustrates a pattern of short-term resilience but long-term cooling. The month-over-month decline was modest, suggesting that activity has found a near-term floor. However, the steep drop from last year highlights the impact of trade related and economic uncertainty, affordability constraints, and increasing supply on the purchasing behaviour of buyers.

Heading east, the Fraser Valley region saw sales in June up 2.2% compared to May and fared better than its neighbouring region compared to June last year. Sales were down 9.3% compared to last year, while Greater Vancouver was down 10%. New listings saw a larger month-over-month decline as well as year-over-year compared to Greater Vancouver. A welcome sight in the Fraser Valley that was impacted to a greater degree over the last 3 years of higher interest rates. 

On July 30, the Bank of Canada will hold its next interest rate meeting and decide whether to hold or cut. Given inflation pressures due to tariffs, it may not be an easy decision for the Bank of Canada even with the economy and labour market being sub-optimal. There are cases to be made for both arguments to cut their key rate or hold until inflationary pressures ease. With a July 21st deadline by our Prime Minister to settle the trade dispute, it may take until the following meeting in September to convince the Bank of Canada to make another drop in its rate. 

Inventory Build: A Market of Choices

One of the most defining characteristics of today’s market is the abundance of inventory. June closed with 17,561 active listings, up 24% year-over-year and 3% month-over-month. Buyers currently have more properties to choose from than at any point in recent years, a dynamic further reinforced by a not so modest 6,424 new listings in June. While new listings were down month-over-month by 5% and have declined since April, they still exceed 2024 and 2023 levels by 10% and 18% respectively.

This steady influx of listings without a corresponding rise in sales has held the month’s supply of inventory at 8 months, squarely placing the region in buyer’s market territory. The sales-to-new-listings ratio stood at 34%, up slightly from May’s 33%, but well below 42% in June 2024 and 55% in June 2023.

The number of new listings in June were 12% above the 10-year average compared to May at 9% above the 10-year average, and April 19% above the 10-year average. Sellers are still very active!

Not All Homes are the Same

No changes in all markets as 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 stayed at 7 months supply: a balanced market for both. In the Fraser Valley, months of supply stayed at 9, with detached continuing to linger at 10 months supply, townhomes remaining at 6 months and condos stuck at 8 months.

A Market of Patience and Positioning

As we close out the first half of 2025, the Metro Vancouver real estate market is in a state of cautious equilibrium. Inventory continues to climb, sales levels are consistent, and pricing is under persistent downward pressure. Although some sellers have shown to be more ambitious in meeting buyer demands. Buyer conditions prevail in most communities, and sellers are increasingly being challenged to price realistically or risk prolonged time on market.For buyers, this is a window of opportunity. Choice abounds, competition is limited, and price trends are more negotiable than they’ve been in years. For sellers, preparation and pricing strategy are everything in this new environment. As we move into the second half of the year it remains to be seen whether interest rate cuts or macroeconomic shifts can turn the tide.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in June were 2,181, down from 2,228 (2%) in May, up from 2,163 (1%) in April, up from 2,091 (4%) in March, down from 2,418 (10%) in June 2024, and down from 2,988 (27%) in June 2023; Active Listings were at 17,561 at month end compared to 14,180 at that time last year (up 24%) and 17,094 at the end of May (up 3%); the 6,424 New Listings in June were down 5% compared to May, down 8% compared to April, down 2% compared to March, up 10% compared to June 2024, and up 18% compared to June 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 May, 42% in June 2024, and 55% in June 2023. 

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.8%.

Vancouver Westside: Total Units Sold in June were 417, up from 412 (1%) in May, down from 427 (2%) in April, up from 394 (6%) in March, down from 470 (11%) in June 2024, and down from 527 (21%) in June 2023; Active Listings were at 3,391 at month end compared to 3,069 at that time last year (up 10%) and 3,393 at the end of May (down .1%); the 1,204 New Listings in June were down 5% compared to May, down 8% compared to April, down 8% compared to March, up 2% compared to June 2024, and up 10% compared to June 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 35% compared to 32% in May, 40% in June 2024, and 48% in June 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 2.3%. 

Vancouver East Side: Total Units Sold in June were 267, up from 245 (9%) in May, up from 242 (10%) in April, up from 247 (8%) in March, down from 270 (1%) in June 2024, and down from 325 (18%) in June 2023; Active Listings were at 1,777 at month end compared to 1,491 at that time last year (up 19%) and 1,729 at the end of May (up 3%); the 749 New Listings in June were down 2% compared to May, up 2% compared to April, up 2% compared to March, up 16% compared to June 2024, and up 21% compared to June 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 32% in May, 42% in June 2024, and 52% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%. 

North Vancouver: Total Units Sold in June were 200, down from 203 (1%) in May, down from 204 (2%) in April, up from 171 (17%) in March, down from 221 (10%) in June 2024, and down from 247 (19%) in June 2023; Active Listings were at 1,104 at month end compared to 793 at that time last year (up 39%) and 1,071 at the end of May (up 3%); the 535 New Listings in June were down 5% compared to May, down 15% compared to April, up 4% compared to March, up 17% compared to June 2024, and up 35% compared to June 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 37% compared to 36% in May, 48% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%. 

West Vancouver: Total Units Sold in June were 53, down from 68 (22%) in May, up from 38 (39%) in April, up from 40 (33%) in March, down from 75 (29%) in June 2024, and down from 56 (5%) in June 2023; Active Listings were at 775 at month end compared to 716 at that time last year (up 8%) and 743 at the end of May (up 4%); the 227 New Listings in June were down 1% compared to May, down 19% compared to April, up 10% compared to March, up 6% compared to June 2024, and up 5% compared to June 2023. Month’s supply of total residential listings is up to 15 month’s supply from 11 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in May, 35% in June 2024, and 26% in June 2023.

Month-over-month, the house price index is up 0.6% but in the last 12 months down 5.1%.

Richmond: Total Units Sold in June were 243, up from 231 (5%) in May, up from 213 (14%) in April, up from 220 (10%) in March, down from 263 (8%) in June 2024, and down from 362 (33%) in June 2023; Active Listings were at 2,136 at month end compared to 1,482at that time last year (up 44%) and 2,047 at the end of May (up 4%); the 730 New Listings in June were down 1% compared to May, down 1% compared to April, down 0.5% compared to March, up 29% compared to June 2024, and up 15% compared to June 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 33% compared to 31% in May, 46% in June 2024, and 57% in June 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.4%. 

Burnaby East: Total Units Sold in June were 22, down from 32 (31%) in May, down from 24 (8%) in April, down from 27 (19%) in March, up from 17 (29%) in June 2024, and down from 47 (53%) in June 2023; Active Listings were at 242 at month end compared to 163 at that time last year (up 48%) and 227 at the end of May (up 7%); the 80 New Listings in June were down 20% compared to May, down 8% compared to April, down 6% compared to March, up 21% compared to June 2024, and up 25% compared to June 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 28% compared to 32% in May, 21% in June 2024, and 73% in June 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 7.2%. 

Burnaby North: Total Units Sold in June were 117, down from 140 (16%) in May, down from 140 (16%) in April, up from 107 (9%) in March, down from 172 (32%) in June 2024, and down from 170 (31%) in June 2023; Active Listings were at 969 at month end compared to 761 at that time last year (up 27%) and 954 at the end of May (up 2%); the 357 New Listings in June were down 1% compared to May, down 5% compared to April, down 16% compared to March, down 5% compared to June 2024, and up 33% compared to June 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 33% compared to 39% in May, 46% in June 2024, and 63% in June 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.0%. 

Burnaby South: Total Units Sold in June were 110, up from 90 (11%) in May, up from 97 (13%) in April, up from 94 (17%) in March, down from 135 (19%) in June 2024, and down from 174 (37%) in June 2023; Active Listings were at 862 at month end compared to 699 at that time last year (up 23%) and 831 at the end of May (up 5%); the 310 New Listings in June were down 2% compared to May, down 4% compared to April, up 9% compared to March, down 5% compared to June 2024, and up 8% compared to June 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 35% compared to 28% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.5%. 

New Westminster: Total Units Sold in June were 71, down from 92 (23%) in May, down from 87 (18%) in April, down from 104 (32%) in March, down from 108 (34%) in June 2024, and down from 119 (40%) in June 2023; Active Listings were at 644 at month end compared to 433 at that time last year (up 49%) and 599 at the end of May (up 8%); the 271 New Listings in June were up 4% compared to May, down 3% compared to April, up 1% compared to March, up 26% compared to June 2024, and up 46% compared to June 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 26% compared to 35% in May, 50% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.7%. 

Coquitlam: Total Units Sold in June were 171, down from 189 (10%) in May, down from 189 (10%) in April, down from 233 (27%) in March, down from 189 (10%) in June 2024, and down from 267 (36%) in June 2023; Active Listings were at 1,372 at month end compared to 961 at that time last year (up 43%) and 1,344 at the end of May (up 2%); the 568 New Listings in June were up 9% compared to May, down 10% compared to April, down 4% compared to March, up 25% compared to June 2024, and up 31% compared to June 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 30% compared to 36% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.4%. 

Port Moody: Total Units Sold in June were 48, down from 61 (21%) in May, down from 51 (6%) in April, down from 51 (6%) in March, down from 56 (14%) in June 2024, and down from 97 (51%) in June 2023; Active Listings were at 394 at month end compared to 241 at that time last year (up 63%) and 372 at the end of May (up 6%); the 162 New Listings in June were down 15% compared to May, down 12% compared to April, up 7% compared to March, up 21% compared to June 2024, and up 7% compared to June 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 30% compared to 32% in May, 42% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 3.6%. 

Port Coquitlam: Total Units Sold in June were 58, up from 55 (5%) in May, down from 70 (17%) in April, down from 62 (6%) in March, down from 62 (6%) in June 2024, and down from 91 (36%) in June 2023; Active Listings were at 391 at month end compared to 313 at that time last year (up 25%) and 384 at the end of May (up 2%); the 179 New Listings in June were down 4% compared to May, down 9% compared to April, up 2% compared to March, up 4% compared to June 2024, and up 27% compared to June 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 30% in May, 36% in June 2024, and 65% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.6%. 

Pitt Meadows: Total Units Sold in June were 26, up from 18 (44%) in May, down from 27 (4%) in April, down from 27 (4%) in March, down from 28 (7%) in June 2024, and down from 36 (28%) in June 2023; Active Listings were at 142 at month end compared to 97 at that time last year (up 46%) and 147 at the end of May (down 3%); the 51 New Listings in June were down 33% compared to May, down 18% compared to April, down 18% compared to March, down 5% compared to June 2024, and up 13% compared to June 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 50% compared to 23% in May, 51% in June 2024, and 80% in June 2023.       

Month-over-month, the house price index is down 1.1% and in the last 12 months down 1.6%.

Maple Ridge: Total Units Sold in June were 122, down from 134 (9%) in May, down from 127 (4%) in April, up from 108 (13%) in March, down from 130 (6%) in June 2024, and down from 199 (49%) in June 2023; Active Listings were at 1,034 at month end compared to 889 at that time last year (up 16%) and 1,009 at the end of May (up 2%); the 369 New Listings in June were down 15% compared to May, down 4% compared to April, up 4% compared to March, up 4% compared to June 2024, and up 4% compared to June 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 33% compared to 30% in May, 36% in June 2024, and 56% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 2.3%. 

Ladner: Total Units Sold in June were 35, up from 33 (6%) in May, up from 16 (119%) in April, up from 31 (13%) in March, up from 27 (30%) in June 2024, and up from 34 (3%) in June 2023; Active Listings were at 191 at month end compared to 140 at that time last year (up 36%) and 192 at the end of May (up 1%); the 72 New Listings in June were down 11% compared to May, down 6% compared to April, up 6% compared to March, up 20% compared to June 2024, and up 31% compared to June 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 49% compared to 41% in May, 45% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 1.1%. 

Tsawwassen: Total Units Sold in June were 55, up from 42 (31%) in May, up from 40 (38%) in April, up from 36 (53%) in March, up from 44 (25%) in June 2024, and up from 41 (34%) in June 2023; Active Listings were at 334 at month end compared to 224 at that time last year (up 49%) and 331 at the end of May (up 1%); the 113 New Listings in June were down 17% compared to May, down 10% compared to April, down 14% compared to March, up 35% compared to June 2024, and up 61% compared to June 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 49% compared to 31% in May, 52% in June 2024, and 59% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.1%. 

Fraser Valley: Sales in June were up 1.0%, compared to May and were down 9.3% from June 2024. New listings were down 9.7% from May and up 5.9% from June 2024.The average price was up 7.1% month-over-month and is up 3.6% year-over-year. Active listings were up 2.0% to 10,842 from 10,626 last month and up 29.8% from June 2024 which was at 8,350. Month’s supply of total residential listings remained at 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.0%. 

Highlights of Dexter’s May 2025 report

• Buyers are throwing more offers against listings

• Active listing count continues to rise, but at a slower pace

• Sales continue to increase month over month

• Bank of Canada stays the course for now

Month by month, sales have increased in 2025, although not at the pace familiar to the Metro Vancouver housing market. Even with this slower pace, there appears to be signs of increased buyer activity. And it might just be that buyers are throwing spaghetti against the wall. Offers sent out to see if they will stick. Buyers know they have choice and are exercising it liberally. Some sellers are coming down to meet buyers and the spaghetti is sticking, where others aren’t and it’s falling away. Expect the trend of more offers sticking to continue through the next few months.

May was for the most part a month of reprieve from elections, Bank of Canada decisions and tariff talks – until the very end of the month. In comes June, with the Bank of Canada meeting on June 4th and potential fallout from an increase in tariffs for steel and aluminum. Of course, tariff threats can change direction quicker than emails can be opened. The Canadian government has its work cut out for it, but they talk a good game promising better housing affordability through record supply and tax cuts while transforming the Canadian economy, all told when their throne speech was read out by King Charles. If they can bring some stability to the rhetoric from down south, it may help to get buyers more excited about real estate. While the Bank of Canada paused rate cuts again this month due to sticky inflation and GDP numbers showing some life in the economy – albeit front loaded from early purchases at the start of 2025 to avoid said tariffs, these pauses can’t last forever. But let’s not focus on interest rates, they are at levels matching the 10-year average. Confidence is what needs to be driving the real estate market, and the lack there of it, is keeping sales down.

There were 2,228 properties sold in Greater Vancouver in May, after 2,163 properties sold in April, 2,091 properties sold in March, and 1,827 properties sold in February. Uncertainty continued to keep buyers on the sidelines through May, much like the previous months this year. Imagine how many people are in the wrong homes and wishing they weren’t.  Much like a box of chocolates though, you don’t know what each neighbourhood is doing until you dig into them. Some slowed in May while others pushed ahead. Take West Vancouver which saw sales double in May from April and achieve the highest monthly sales since June of last year. While areas like Vancouver West, Port Coquitlam and Pitt Meadows saw less sales in May compared to April. In a market where price sensitivity is one of the most important, condo sales slowed in May compared to April, down 4%. It took a 25% off sale in Surrey to get buyers back to the table at that project.

Even though Greater Vancouver home sales in May have outpaced the previous months in 2025 so far, sales levels are still well below last year. Sales in May were down 18% compared to May last year after sales in April were down 24% compared to April last year. West Vancouver, Burnaby East, Port Moody, Tsawwassen Squamish showed sales increases over May of last year. Perhaps the bright side of where sales in May tallied is that the month of May typically lags April. While only a slight gain over April, an improvement it was.

Heading east, the Fraser Valley region saw sales in May down 22% compared to May last year after being down 29% in April this year compared to April 2024. Although, compared to Greater Vancouver, sales were up much more month-over-month in May, showing 15% growth compared to April. Much better than the 3% month-over-month gain in Greater Vancouver. The Fraser Valley is showing signs of buyer engagement.

Greater Vancouver sales in May were 30% below the 10-year average, compared to 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. Outside of 2020, total home sales in May were the lowest going back to the last two years of the 1900’s. It’s hard to believe that May 1991 saw 3800 sales with much less people and far fewer homes available in Greater Vancouver. Pent up demand is a thing and it’s growing by the day. 

Sellers slowed down slightly in May with 6,728 new listings hitting the MLS® last month. This compared with April where 6,952 new listings came on, March with 6,565 new listings and 5,163 new listings in February. And while the absorption rate rose to 33% in May, it was only just above April at 31%, and March at 32%. Only a third of new listings are selling in 2025, which has caused the number of for sale signs in Metro Vancouver to swell with many staying up longer without “sold” on them. It’s at the point where availability of for sale signs has become a challenge in some areas. Sellers aren’t slowing enough though, so we’re going to need more signs.  

The number of new listings in May were 9% above the 10-year average after April was 19% above the 10-year average and compared with March at 15% above the 10-year average.  

There were 17,094 active listings in Greater Vancouver at month end compared to 16,207 active listings at the end of April, and 14,546 at the end of March. Total active listings are up from 13,600 at the end of May last year, a 26% year-over-year increase. This number has been steadily falling though, with April at a 30% increase year-over-year, and March at 38% year-over-year. There are several listings that get recycled after being cancelled and then brought back on the market at a lower price as well. And as we get closer to the summer months, expect to see some sellers come off the market either for the summer or until the market is more in favour of sellers. 

Months of supply increased to 8 in May from 7 months in April pushing the region into more of a buyer’s market. With active listings climbing and sales growth slow, it’s not surprising to see Greater Vancouver move into this buyer’s market. But what an opportunity for buyers. Expect to see more spaghetti thrown against the walls over the next few months as buyers take advantage of the greatest buying opportunity we’ve seen in many years.

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 increased to 7 months supply on the heels of a slower month – keeping those in a balanced market. In the Fraser Valley, months of supply dropped down to 8 months from 10 months, with detached dropping to 10 months supply from 11 months, townhomes remaining at 6 months and condos climbing to 8 months supply from 7.

Greater Vancouver townhome sales in May were down 10% compared to May last year, while condos sales were down 18% year-over-year. Detached sales struggled again compared to last year, down 22% from May last year. Townhome inventory was up 29% year-over year compared to 32% up at the end of April, while condo inventory dropped to 24% above May 2024 after being up 32% in April year-over-year. Detached homes were up 27% year-over-year, compared to being up 26% at the end of April. Over in the Fraser Valley, detached home inventory is up 24% year-over-year compared to 36% at the end of April while townhome inventory is up 40% year-over-year after being up 57% at the end of April and up 72% year-over-year at the end of March. Condo inventory is up 31% year-over-year after being up 45% at the end of April and 67% year-over-year at the end of March. Surrey and Delta continue to struggle with inflated inventory and slower sales, while areas east like Abbotsford and Aldergrove performed better year-over-year in May. 

Despite ongoing economic uncertainties and a slower-than-usual pace for Metro Vancouver's housing market, 2025 has seen steady month-over-month sales growth, with May continuing that trend. Increased buyer activity, encouraged by greater choice and moderating prices, signals growing confidence. While total sales remain below historical and year-over-year averages, regions like West Vancouver and parts of the Fraser Valley posted strong gains, highlighting a patchwork of momentum across neighborhoods. Inventory levels are up, creating a clear buyer’s market, and with interest rates stabilizing and pent-up demand growing, many see this as one of the best buying opportunities in recent years. 

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May were 2,228 – up from 2,163 (3%) in April, up from 2,091 (7%) in March, up from 1,827 (22%) in February, down from 2,733 (18%) in May 2024, and down from 3,411 (35%) in May 2023; Active Listings were at 17,094 at month end compared to 13,600 at that time last year (up 26%) and 16,207 at the end of April (up 5%); the 6,728 New Listings in May were down 3% compared to April, up 2% compared to March, up 30% compared to February, up 4% compared to May 2024, and up 16% compared to May 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 33% compared to 31% in April, 42% in May 2024, and 59% in May 2023. 

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.9%.

Vancouver Westside: Total Units Sold in May were 412 – down from 427 (4%) in April, up from 394 (5%) in March, up from 307 (34%) in February, down from 501 (18%) in May 2024, and down from 624 (34%) in May 2023; Active Listings were at 3,393 at month end compared to 2,962 at that time last year (up 15%) and 3,306 at the end of April (up 3%); the 1,270 New Listings in May were down 3% compared to April, down 3% compared to March, up 19% compared to February, down 4% compared to May 2024, and up 8% compared to May 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 32% compared to 33% in April, 38% in May 2024, and 53% in May 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.7%. 

Vancouver East Side: Total Units Sold in May were 245 – up from 242 (1%) in April, down from 247 (1%) in March, up from 204 (20%) in February, down from 329 (26%) in May 2024, and down from 360 (32%) in May 2023; Active Listings were at 1,729 at month end compared to 1,459 at that time last year (up 19%) and 1,658 at the end of April (up 4%); the 766 New Listings in May were up 5% compared to April, up 5% compared to March, up 35% compared to February, up 6% compared to May 2024, and up 18% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 33% in April, 45% in May 2024, and 56% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 0.9%. 

North Vancouver: Total Units Sold in May were 203 – down from 204 (0.5%) in April, up from 171 (19%) in March, up from 153 (33%) in February, down from 245 (17%) in May 2024, and down from 288 (30%) in May 2023; Active Listings were at 1,071 at month end compared to 796 at that time last year (up 35%) and 1,016 at the end of April (up 5%); the 565 New Listings in May were down 11% compared to April, up 10% compared to March, up 61% compared to February, up 6% compared to May 2024, and up 29% compared to May 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 32% in April, 46% in May 2024, and 66% in May 2023. 

Month-over-month, the house price index is up 1.6% and in the last 12 months down 1.9%. 

West Vancouver: Total Units Sold in May were 68 – up from 38 (79%) in April, up from 40 (70%) in March, up from 39 (74%) in February, down from 67 (1%) in May 2024, and down from 80 (15%) in May 2023; Active Listings were at 743 at month end compared to 696 at that time last year (up 7%) and 718 at the end of April (up 3%); the 229 New Listings in May were down 18% compared to April, up 11% compared to March, up 29% compared to February, down 12% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is down to 11 month’s supply from 19 (buyer’s market conditions) and sales to listings ratio of 30% compared to 14% in April, 26% in May 2024, and 35% in May 2023.

Month-over-month, the house price index is down 2.6% but in the last 12 months down 6.0%.

Richmond: Total Units Sold in May were 231 – up from 213 (8%) in April, up from 220 (5%) in March, up from 179 (29%) in February, down from 299 (23%) in May 2024, and down from 396 (42%) in May 2023; Active Listings were at 2,047 at month end compared to 1,440 at that time last year (up 42%) and 1,908 at the end of April (up 7%); the 737 New Listings in May were the same as April, up 1% compared to March, up 23% compared to February, up 14% compared to May 2024, and up 14% compared to May 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 31% compared to 29% in April, 46% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.2%. 

Burnaby East: Total Units Sold in May were 32 – up from 24 (33%) in April, up from 27 (19%) in March, up from 21 (52%) in February, down from 31 (3%) in May 2024, and down from 39 (18%) in May 2023; Active Listings were at 227 at month end compared to 117 at that time last year (up 94%) and 201 at the end of April (up 13%); the 100 New Listings in May were up 15% compared to April, up 18% compared to March, up 54% compared to February, up 64% compared to May 2024, and up 47% compared to May 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 32% compared to 28% in April, 51% in May 2024, and 57% in May 2023.

Month-over-month, the house price index is down 3.1% and in the last 12 months down 7.0%. 

Burnaby North: Total Units Sold in May were 140 – the same as April, up from 107 (31%) in March, up from 129 (9%) in February, down from 166 (16%) in May 2024, and down from 195 (28%) in May 2023; Active Listings were at 954 at month end compared to 749 at that time last year (up 27%) and 940 at the end of April (up 1%); the 360 New Listings in May were down 11% compared to April, down 16% compared to March, up 12% compared to February, down 8% compared to May 2024, and up 17% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 35% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 1.8% and in the last 12 months down 3.8%. 

Burnaby South: Total Units Sold in May were 90 – down from 97 (7%) in April, down from 94 (4%) in March, up from 75 (20%) in February, down from 127 (29%) in May 2024, and down from 233 (61%) in May 2023; Active Listings were at 821 at month end compared to 645 at that time last year (up 27%) and 754 at the end of April (up 9%); the 317 New Listings in May were down 2% compared to April, up 11% compared to March, up 28% compared to February, down 8% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 28% compared to 30% in April, 37% in May 2024, and 73% in May 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 4.4%. 

New Westminster: Total Units Sold in May were 92 – up from 87 (6%) in April, down from 104 (12%) in March, up from 88 (5%) in February, down from 115 (20%) in May 2024, and down from 142 (35%) in May 2023; Active Listings were at 599 at month end compared to 428 at that time last year (up 40%) and 582 at the end of April (up 3%); the 261 New Listings in May were down 6% compared to April, down 3% compared to March, up 26% compared to February, up 21% compared to May 2024, and up 27% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 31% in April, 53% in May 2024, and 69% in May 2023.

Month-over-month, the house price index is down 1.6% and in the last 12 months down 4.5%. 

Coquitlam: Total Units Sold in May were 189 – the same as April, down from 233 (19%) in March, up from 165 (15%) in February, down from 228 (17%) in May 2024, and down from 284 (33%) in May 2023; Active Listings were at 1,344 at month end compared to 914 at that time last year (up 1%) and 1,325 at the end of April (up 5%); the 520 New Listings in May were down 17% compared to April, down 12% compared to March, up 10 % compared to February, up 1% compared to May 2024, and up 12% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 30% in April, 44% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.6%. 

Port Moody: Total Units Sold in May were 61 – up from 51 (20%) in April, up from 51 (20%) in March, up from 40 (53%) in February, up from 58 (5%) in May 2024, and down from 87 (30%) in May 2023; Active Listings were at 372 at month end compared to 219 at that time last year (up 70%) and 343 at the end of April (up %8); the 190 New Listings in May were up 3% compared to April, up 25% compared to March, up 57% compared to February, up 56% compared to May 2024, and up 42% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 32% compared to 28% in April, 48% in May 2024, and 65% in May 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 4.4%. 

Port Coquitlam: Total Units Sold in May were 55 – down from 70 (21%) in April, down from 62 (11%) in March, up from 58 (5%) in February, down from 95 (42%) in May 2024, and down from 91 (40%) in May 2023; Active Listings were at 384 at month end compared to 278 at that time last year (up 38%) and 353 at the end of April (up 9%); the 186 New Listings in May were down 6% compared to April, up 6% compared to March, up 44% compared to February, up 7% compared to May 2024, and up 27% compared to May 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 30% compared to 36% in April, 55% in May 2024, and 62% in May 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 1.4%. 

Pitt Meadows: Total Units Sold in May were 18 – down from 27 (33%) in April, down from 27 (33%) in March, down from 21 (14%) in February, down from 30 (40%) in May 2024, and down from 39 (54%) in May 2023; Active Listings were at 147 at month end compared to 94 at that time last year (up 56%) and 122 at the end of April (up 20%); the 76 New Listings in May were up 23% compared to April, up 15% compared to March, up 73% compared to February, up 5% compared to May 2024, and up 69% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 43% in April, 41% in May 2024, and 86% in May 2023.      

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.1%.

Maple Ridge: Total Units Sold in May were 134 – up from 127 (6%) in April, up from 108 (24%) in March, up from 129 (4%) in February, down from 172 (22%) in May 2024, and down from 218 (39%) in May 2023; Active Listings were at 1,009 at month end compared to 850 at that time last year (up 18%) and 920 at the end of April (up 10%); the 435 New Listings in May were up 14% compared to April, up 23% compared to March, up 39% compared to February, up 8% compared to May 2024, and up 26% compared to May 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 30% compared to 33% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.9%. 

Ladner: Total Units Sold in May were 33 – up from 16 (106%) in April, up from 31 (6%) in March, up from 29 (14%) in February, the same as May 2024, and down from 54 (39%) in May 2023; Active Listings were at 192 at month end compared to 139 at that time last year (up 8%) and 178 at the end of April (up 5%); the 81 New Listings in May were up 5% compared to April, up 19% compared to March, up 23% compared to February, up 7% compared to May 2024, and up 62% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 11 (balanced market conditions) and sales to listings ratio of 41% compared to 21% in April, 43% in May 2024, and 108% in May 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 2.2%. 

Tsawwassen: Total Units Sold in May were 42 – up from 40 (5%) in April, up from 36 (17%) in March, up from 28 (50%) in February, up from 40 (5%) in May 2024, and down from 62 (32%) in May 2023; Active Listings were at 331 at month end compared to 218 at that time last year (up 52%) and 306 at the end of April (up 8%); the 136 New Listings in May were up 9% compared to April, up 37% compared to March, up 39% compared to February, up 37% compared to May 2024, and up 49% compared to May 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 31% compared to 32% in April, 40% in May 2024, and 68% in May 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.9%. 

Fraser Valley: Sales in May were up 13.4%, compared to April and were down 22.0% from May 2024. New listings were up 6.5% from April and up 6.6% from May 2024.The average price was down 0.5% month-over-month and is down 8.3% year-over-year. Active listings were up 5.8% to 10,626 from 10,046 last month and up 34.4% from May 2024 which was at 7,904. Month’s supply of total residential listings decreased from 10 to 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.3%. 

Highlights of Dexter’s April 2025 report

• Active listing count at the highest since 2014

• Sales down 24% in April year-over-year

• Sellers continue to be very active in the market

• Buyer’s advantage continue 

It’s 2022, 2021, 2016, 2015—or any time buyers were looking for a home—and whether they found the perfect home to purchase for the first time, to move up to, to downsize to, or to invest in, there were other buyers who felt the same way, and the multiple-offer dance began. What if you had choice? What if all buyers had choices so they didn’t have to compete? Welcome to 2025—buyers now have a much greater selection of homes to choose from. Sellers have that, too, when they want to buy after selling. Metro Vancouver’s real estate market currently has the most selection of homes available since 2014. Active listing counts are at their highest since then. But in 2015, buyers again started to ask, “What if I had more to choose from? Take advantage of this opportunity—it may change before we know it.

Elections and taxes, two things we can’t avoid. And two things that take up our attention and did so in April. Will the newly elected prime minister improve upon the record of the previous elected prime minister? With a minority government, he will be held more accountable without the NDP’s support to prop up his government. Promises to elimnate the GST on new construction for first time buyers will provide stimulus in some markets but may also encourage the construction of smaller units in larger markets. This doesn’t help the missing middle. More needs to be done on this. New homes don’t materialize from promises alone. And our prime minister will meet with the U.S. President on May 6th, in hopes of reaching tariff agreements. All the while many buyers have held off on moves they desperately want to make, and with more selection we could start to see those moves unfold.

There were 2,163 properties sold in Greater Vancouver in April after 2,091 properties sold in March, 1,827 properties sold in February, and 1,552 properties sold in January. This is not your traditional spring market. The news cycle took buyers’ focus more than the MLS® last month as distractions like the federal election and ongoing economic and political uncertainty kept buyers on the sidelines. But it’s not all bad. Properties that are well priced and attractive to buyers are selling, even the odd multiple offers sale spilled into the market in April. The backlog of buyers continues to grow, and at some point, they will jump into the market in greater numbers to take advantage of the much healthier stock of homes available. Even with the Bank of Canada holding its overnight rate at their meeting in April, interest rates are lower than historical norms. 

Greater Vancouver home sales in April have outpaced the previous month in 2025 so far, but those monthly sales are still tracking below last year. Sales in April were down 24% compared to April last year after sales in March were down 13% compared to March 2024. Squamish was the lone bright spot with sales up 33% above last year in April, and up in all product segments. And while sales continue to lag behind an already underwhelming 2024, May could lead to a jump in sales with some positive news. It wouldn’t be the first time when May significantly outperformed April in volume of sales. In 2019, April sales in Greater Vancouver were 1,850 and jumped up to 2,669 in May that year. And with the increase in listing inventory this year, there will be plenty for buyers to choose from.

Heading east, the Fraser Valley region saw sales in April down 29% compared to April 2024 after being down 26% year-over-year in March and down 27% year-over-year in February. Like Greater Vancouver though, sales were up slightly in April from March, increasing almost 1% month-over-month.

Greater Vancouver sales in April were 31% below the 10-year average compared to March at 35% below the 10-year average, February at 39% below the 10-year average and January where sales were 29% below the 10-year average. This was the second lowest total sales for the month of April going back to 2000, with April 2019 being the lowest at 1,850 sales that year. 

The theme of active sellers continued in April with 6,952 new listings coming on the MLS®. This compares to 6,565 new listings in March and 5,163 new listings in February. Although the absorption rate fell to 31% in April, down from 32% in March and 35% in February, this trend isn’t unusual as April tends to see more listings come out which will bring down the absorption rate. Coincidentally in April 2019, the absorption rate was the same at 31% after being 35% the month prior. May 2019 saw a jump to 45% so we could see more listings bought up by buyers this May compared to April. The number of listings that came on was on the higher side for April but was less than the 7,229 new listings that came out in April 2024. The higher number this year could also be due to properties that are taken off the market and put back on at a lower price as sellers adjusted to buyer hesitation.  

The number of new listings in April were 19% above the 10-year average compared with March at 15% above the 10-year average, February which were 12% above the 10-year average, and January which saw the number of new listings 30% above the 10-year average.  

There were 16,207 active listings in Greater Vancouver at month end, compared to 14,546 at the end of March. Total active listings are up from 12,491 at the end of April last year, a 30% increase year-over-year. After the year-over-year spread at the end of March being at 38%, that spread has diminished pointing again to some new listings being recycled. But the current active listing count is the highest it has been since July 2014 when there were 16,838 active listings on the market. 

Months of supply remained at 7 months in Greater Vancouver despite the increase in new listings in April. Again, part of that could be due to the number of properties that may have been taken off the market and relisted at a lower price. There are likely some sellers coming off the market completely due to an inability to get a sale price they are comfortable with. Benchmark prices have come down 6% in the last 3 years so comparisons to sales prices prior to the interest rate increases have kept some sellers from pricing in today’s market. 

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes climbed to 6 months and condos stayed at 6 months supply – putting both those in a balanced market. In the Fraser Valley, months of supply crept up to 10 months from 9, with detached climbing to 11 months supply, townhomes up to 6 months and condos still at 7 months supply.

Greater Vancouver townhome sales in April were down 23% compared to April last year, while condo sales were down 20% year-over-year. Detached sales struggled again compared to, down 28% from April last year. Townhome inventory overall was up 35% year-over year compared to 39% at the end of March, while condo inventory climbed to 32% above April 2024 after being up 42% in March year-over-year. Detached homes were up 26% year-over-year, compared to 33% at the end of March above the previous year. Over in the Fraser Valley, detached home inventory is up 36% year-over-year compared to 51% at the end of March while townhome inventory is up 57% year-over-year after being up 72% at the end of March and condo inventory is up 45% year-over-year after being up 67% at the end of March. 

For the first time in over a decade, buyers have real choices, with active listings reaching their highest level since 2014. This abundance of inventory is empowering not only buyers but also sellers, who now have greater flexibility when planning their next move. Despite a quieter spring market influenced by political distractions and economic uncertainty, sales have been steadily increasing month over month, and interest rates remain below historic norms. As we head into May—a month that has historically seen a strong sales rebound—the stage is set for more confident movement in the market. With buyer demand quietly building and inventory levels providing ample opportunity, now is a rare moment to make a move without the pressure of bidding wars.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,163 – up from 2,091 (3%) in March, up from 1,827 (18%) in February, up from 1,552 (39%) in January, down from 2,831 (24%) in April 2024, and down from 2,741 (21%) in April 2023; Active Listings were at 16,207 at month end compared to 12,491 at that time last year (up 30%) and 14,546 at the end of March (up 11%); the 6,952 New Listings in April were up 6% compared to March, up 35% compared to February, down 4% compared to April 2024, and up 58% compared to April 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 32% in March, 39% in April 2024, and 62% in April 2023. 

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.8%.

Vancouver Westside: Total Units Sold in April were 427 – up from 394 (8%) in March, up from 307 (39%) in February, up from 255 (67%) in January, down from 471 (9%) in April 2024, and down from 468 (9%) in April 2023; Active Listings were at 3,306 at month end compared to 2,778 at that time last year (up 19%) and 3,093 at the end of March (up 7%); the 1,313 New Listings in April were down 0.2% compared to March, up 23% compared to February, down 12% compared to April 2024, and up 56% compared to April 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 33% compared to 30% in March, 31% in April 2024, and 56% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 0.8%. 

Vancouver East Side: Total Units Sold in April were 242 – down from 247 (2%) in March, up from 204 (19%) in February, up from 158 (53%) in January, down from 349 (31%) in April 2024, and down from 267 (9%) in April 2023; Active Listings were at 1,658 at month end compared to 1,369 at that time last year (up 21%) and 1,494 at the end of March (up 11%); the 733 New Listings in April were the same as March, up 29% compared to February, down 15% compared to April 2024, and up 52% compared to April 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 33% compared to 34% in March, 41% in April 2024, and 55% in April 2023.

Month-over-month, the house price index is up 0.2% and in the last 12 months up 0.1%. 

North Vancouver: Total Units Sold in April were 204 – up from 171 (19%) in March, up from 153 (33%) in February, up from 148 (38%) in January, down from 248 (18%) in April 2024, and down from 218 (6%) in April 2023; Active Listings were at 1,016 at month end compared to 711 at that time last year (up 43%) and 844 at the end of March (up 20%); the 632 New Listings in April were up 23% compared to March, up 80% compared to February, up 5% compared to April 2024, and up 90% compared to April 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 32% compared to 33% in March, 41% in April 2024, and 66% in April 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 2.1%. 

West Vancouver: Total Units Sold in April were 38 – down from 40 (5%) in March, down from 39 (3%) in February, up from 30 (27%) in January, down from 70 (46%) in April 2024, and down from 69 (45%) in April 2023; Active Listings were at 718 at month end compared to 628 at that time last year (up 14%) and 626 at the end of March (up 15%); the 279 New Listings in April were up 35% compared to March, up 58% compared to February, down 5% compared to April 2024, and up 52% compared to April 2023. Month’s supply of total residential listings is up to 19 month’s supply from 16 (buyer’s market conditions) and sales to listings ratio of 14% compared to 19% in March, 24% in April 2024, and 38% in April 2023.

Month-over-month, the house price index is up 0.8% but in the last 12 months down 1.3%.

Richmond: Total Units Sold in April were 213 – down from 220 (3%) in March, up from 179 (19%) in February, up from 206 (3%) in January, down from 336 (37%) in April 2024, and down from 338 (37%) in April 2023; Active Listings were at 1,908 at month end compared to 1,339 at that time last year (up 42%) and 1,728 at the end of March (up 10%); the 737 New Listings in April were up 1% compared to March, up 23% compared to February, down 4% compared to April 2024, and up 46% compared to April 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 29% compared to 30% in March, 44% in April 2024, and 67% in April 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 3.7%. 

Burnaby East: Total Units Sold in April were 24 – down from 27 (11%) in March, up from 21 (14%) in February, up from 17 (41%) in January, down from 30 (20%) in April 2024, and down from 34 (29%) in April 2023; Active Listings were at 201 at month end compared to 114 at that time last year (up 76%) and 174 at the end of March (up 16%); the 87 New Listings in April were up 2% compared to March, up 34% compared to February, up 32% compared to April 2024, and up 107% compared to April 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 28% compared to 32% in March, 45% in April 2024, and 81% in April 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 3.0%. 

Burnaby North: Total Units Sold in April were 140 – up from 107 (31%) in March, up from 129 (9%) in February, up from 104 (35%) in January, down from 162 (14%) in April 2024, and down from 176 (16%) in April 2023; Active Listings were at 940 at month end compared to 700 at that time last year (up 34%) and 878 at the end of March (up 7%); the 403 New Listings in April were down 6% compared to March, up 25% compared to February, down 14% compared to April 2024, and up 53% compared to April 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 35% compared to 25% in March, 35% in April 2024, and 67% in April 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.1%. 

Burnaby South: Total Units Sold in April were 97 – up from 94 (3%) in March, up from 75 (29%) in February, up from 59 (64%) in January, down from 143 (32%) in April 2024, and down from 215 (55%) in April 2023; Active Listings were at 754 at month end compared to 537 at that time last year (up 40%) and 671 at the end of March (up 12%); the 324 New Listings in April were up 14% compared to March, up 31% compared to February, down 1% compared to April 2024, and up 21% compared to April 2023. Month’s supply of total residential listings is up to 8 month’s supply 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 33% in March, 44% in April 2024, and 81% in April 2023.

Month-over-month, the house price index is flat and in the last 12 months down 2.4%. 

New Westminster: Total Units Sold in April were 87 – down from 104 (16%) in March, down from 88 (1%) in February, up from 61 (43%) in January, down from 105 (17%) in April 2024, and down from 113 (23%) in April 2023; Active Listings were at 582 at month end compared to 408 at that time last year (up 43%) and 513 at the end of March (up 14%); the 279 New Listings in April were up 4% compared to March, up 35% compared to February, up 12% compared to April 2024, and up 72% compared to April 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 31% compared to 39% in March, 42% in April 2024, and 70% in April 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.7%. 

Coquitlam: Total Units Sold in April were 189 – down from 233 (19%) in March, up from 165 (15%) in February, up from 155 (22%) in January, down from 238 (21%) in April 2024, and down from 210 (10%) in April 2023; Active Listings were at 1,325 at month end compared to 802 at that time last year (up 66%) and 1,173 at the end of March (up 13%); the 628 New Listings in April were up 6% compared to March, up 33% compared to February, up 15% compared to April 2024, and up 86% compared to April 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 30% compared to 39% in March, 43% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.0%. 

Port Moody: Total Units Sold in April were 51 the same as March, up from 40 (28%) in February, up from 32 (59%) in January, down from 73 (30%) in April 2024, and down from 91 (44%) in April 2023; Active Listings were at 343 at month end compared to 203 at that time last year (up 69%) and 279 at the end of March (up 38%); the 184 New Listings in April were up 21% compared to March, up 52% compared to February, up 14% compared to April 2024, and up 84% compared to April 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 28% compared to 34% in March, 45% in April 2024, and 91% in April 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.1%. 

Port Coquitlam: Total Units Sold in April were 70 – up from 62 (13%) in March, up from 58 (21%) in February, up from 65 (8%) in January, down from 102 (31%) in April 2024, and down from 76 (8%) in April 2023; Active Listings were at 353 at month end compared to 254 at that time last year (up 39%) and 313 at the end of March (up 13%); the 197 New Listings in April were up 12% compared to March, up 53% compared to February, up 4% compared to April 2024, and up 153% compared to April 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 35% in March, 54% in April 2024, and 97% in April 2023.

Month-over-month, the house price index is flat and in the last 12 months down 1.5%. 

Pitt Meadows: Total Units Sold in April were 27 – the same as March, up from 21 (29%) in February, up from 13 (108%) in January, down from 32 (16%) in April 2024, and the same as April 2023; Active Listings were at 122 at month end compared to 71 at that time last year (up 71%) and 105 at the end of March (up 16%); the 62 New Listings in April were down 6% compared to March, up 41% compared to February, up 9% compared to April 2024, and up 15% compared to April 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 43% compared to 40% in March, 56% in April 2024, and 50% in April 2023.      

Month-over-month, the house price index is down 1.1% and in the last 12 months down 2.3%.

Maple Ridge: Total Units Sold in April were 127 – up from 108 (18%) in March, down from 129 (2%) in February, up from 95 (34%) in January, down from 191 (34%) in April 2024, and down from 161 (21%) in April 2023; Active Listings were at 920 at month end compared to 817 at that time last year (up 13%) and 832 at the end of March (up 11%); the 382 New Listings in April were up 8% compared to March, up 22% compared to February, down 13% compared to April 2024, and up 49% compared to April 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 33% compared to 30% in March, 43% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 1.2%. 

Ladner: Total Units Sold in April were 16 – down from 31 (48%) in March, down from 29 (45%) in February, down from 17 (6%) in January, down from 33 (52%) in April 2024, and down from 43 (63%) in April 2023; Active Listings were at 178 at month end compared to 121 at that time last year (up 47%) and 158 at the end of March (up 13%); the 77 New Listings in April were up 13% compared to March, up 17% compared to February, down 3% compared to April 2024, and up 33% compared to April 2023. Month’s supply of total residential listings is up to 11 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 21% compared to 46% in March, 42% in April 2024, and 74% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 2.1%. 

Tsawwassen: Total Units Sold in April were 40 – up from 36 (11%) in March, up from 28 (43%) in February, up from 26 (54%) in January, down from 51 (22%) in April 2024, and down from 54 (26%) in April 2023; Active Listings were at 306 at month end compared to 204 at that time last year (up 50%) and 270 at the end of March (up 13%); the 125 New Listings in April were up 26% compared to March, up 28% compared to February, up 17% compared to April 2024, and up 69% compared to April 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 32% compared to 36% in March, 48% in April 2024, and 73% in April 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.6%. 

Fraser Valley: Sales in April were up 0.7%, compared to March and were down 29.1% from April 2024. New listings were down 1.0% from March and down 5.4% from April 2024.The average price was down 4.4% month-over-month and is down 5.5% year-over-year. Active listings were up 9.0% to 10,046 from 9,219 last month and up 37.4% from April 2024 which was at 7,313. Month’s supply of total residential listings increased to 10 from 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.5% and in the last 12 months down 3.2%. 

Highlights of Dexter’s March 2025 report

Sales in March up 14% month-over-month

Best market for buyers in years

New listings continue to be on the rise

Time to move on from tariffs

When Phil Collins came out with the hit song Land of Confusion in 1986 (highly recommend watching the video), who knew it was 39 years early! With politics on both sides of the border creating distraction and confusion for buyers and sellers, a solution might be to listen to more music and less news! Although as of April 2nd, the confusion may have come to an end as the U.S. tariff announcement came, and Canada seems to be in a better position than anticipated with the CUSMA free trade agreement mostly upheld and other tariffs levied around escaping Canadian imports. Yes, we still have tariffs in place but it may just be time to get this market started!

Moving to politics in our country, we can expect a whole host of promises to come this month as the Conservatives and Liberals try to sway voters their way. Housing will be a hot topic for both parties as they try to convince Canadians they have a better model for easing affordability and supply issues in Canadian markets. GST cuts have been promised on new homes, capital gains relief and boosting supply through higher construction targets. Expect some of this might stick when a new government is formed. Whichever party forms government, hopefully they realize that investment in Canada is going to be a key piece moving forward. If we want capital to come to Canada, we need to incentivize it, and the housing market is one avenue that needs to be considered.

There were 2,091 properties sold in Greater Vancouver in March, after 1,827 properties sold in February, 1,552 properties sold in January, 1,765 properties sold in December, and 2,181 properties sold in November. Spring break and tariff talk held back buyer activity in March, and while spring break typically keeps buyers preoccupied, it was mostly the uncertainty of tariffs that continued to affect buyers. Perhaps the noise will quiet down enough to bring more buyers back. They are certainly out there and just needing a reason to jump back into the market. The Bank of Canada is doing their part. The campaign promises in Canada could also help kick start buyers. 

Greater Vancouver home sales while up over the last 3 months, were below the total sales for the last two years in March. This was not unexpected though and while lower, there is still an opportunity to see an improvement in April. Sales in March were down 13% compared to March 2024 with 2,415 homes sold and down from March 2023 which saw 2,535 sales. This is the second straight month that sales lagged the previous year after January was 9% higher compared to the 1,427 properties sold in January 2024 and a 51% increase from the 1,030 sales in January 2023. Without tariff talk, this would be a completely different real estate market and it could be going forward – but in a positive direction. Buyers enjoy the moment, because it won’t last. Heading east, the Fraser Valley region saw sales in March down 26% compared to March 2024 after being down 27% year-over-year in February. 

Greater Vancouver sales in March were 35% below the 10-year average compared to February at 39% below the 10-year average and January where sales were 29% below the 10-year average. This was the second lowest total sales for the month of March going back to 1986, with March 2019 being the lowest at 1,743 sales that year. Given how much more is happening this March with the political uncertainty, it’s encouraging that sales for this March were higher than 2019. 

Greater Vancouver sellers were much more active in March compared to buyers. There were 6,565 new listings in March compared with 5,163 new listings in February. And with sales levels still lagging this past month, the absorption rate of new listings dropped in March with 32% of new listings being purchased, compared to 35% in February and 47% in March 2024. That percentage favours buyers that are serious in this market as it allows the inventory of homes available to grow and thus provide much more opportunity for buyers to negotiate on the home they want. Other than the super heated market of 2021 and 2022, the number of new listings for the month of March haven’t been that high since 2010 and 2011.  New listings in March this year were significantly higher compared to the 5,112 and 4,427 in March 2024 and 2023 respectively.  

The number of new listings in March were 15% above the 10-year average, compared with February which were 12% above the 10-year average, and January which saw the number of new listings 30% above the 10-year average. With total listings well below the all-time highs, it is keeping the real estate market in a balanced to border line buyer’s market. Owning real estate is still a sound investment. And don’t listen to the news story that mortgage delinquencies are on the rise. In British Columbia, mortgages in arrears are only 0.19% of all mortgages. That’s 7 times lower than the United States. So that’s not driving listings counts. And with B.C. lower than the national rate of delinquency, we won’t be seeing any real uptick in distressed home sales.  

There were 14,546 active listings in Greater Vancouver at month end, compared to 12,744 at the end of February. Total active listings are up from 10,552 at the end of March last year, a 38% increase year-over-year. This year-over-year increase was almost as high as what we saw between March 2018 and 2019 – the highest going back to over 30 years. Finally, buyers have choice and opportunity. With lower interest rates and less competition for now, this is the best buying opportunity we’ve seen in some time. 

Months of supply remained at 7 months in Greater Vancouver due to the uptick in sales and despite higher inventory numbers. The detached market in Greater Vancouver bumped up to 10 from 9 months supply, while townhomes stayed at 5 months and condos also held, staying at 6 months. Townhomes will continue to be undersupplied in the market, especially in Greater Vancouver as land prices make it more challenging to develop. In the Fraser Valley, months of supply is at 9, while detached is at 10 months supply, townhomes are at 5 months and condos are at 7 months.

With the push for more purpose-built rental buildings over the last few years, there are fewer new strata ownership units being built which will keep supply constrained in the coming years. Even with the increase in listings and slower activity, what’s most affordable is still the hardest to get into. This could be the opportunity for the presale market to jump back into the picture, with the help of higher GST exemptions for buyers and the promise of lower development costs charges by the Federal Liberals. 

Greater Vancouver townhome sales in March were down 4% compared to March last year, while condos sales were down 10% year-over-year. Detached sales struggled the most in March, down 24% from March last year. Townhome inventory overall was up 39% year-over year compared to 34% at the end of February, while condo inventory climbed to 42% above March 2024 after being up 37% in February year-over-year. Detached homes were up 33% year-year-year, compared to 27% at the end of February above the previous year. Over in the Fraser Valley, detached home inventory is up 51% year-over-year while townhome inventory is up 72% and condo inventory is up 67%. Buyers have even greater opportunities in the Fraser Valley. Expect to see sales increase in the coming months.

The Greater Vancouver real estate market is showing resilience despite recent political and economic uncertainties. With the U.S. tariff announcement bringing clarity and the CUSMA trade agreement mostly upheld, confidence could begin to return. While sales in March remained below last year’s levels, they have been gradually increasing over the past three months, and an influx of new listings is giving buyers more choices and negotiating power. Political parties in Canada are focusing on housing policies, which could further support the market. With stable mortgage delinquency rates, balanced conditions, and potential interest rate declines, this may be one of the best opportunities for buyers in recent years.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in March were 2,091 – up from 1,827 (14%) in February, up from 1,552 (35%) in January, down from 2,415 (13%) in March 2024, and down from 2,535 (18%) in March 2023; Active Listings were at 14,546 at month end compared to 10,552 at that time last year (up 38%) and 12,744 at the end of February (up 14%); the 6,565 New Listings in March were up 27% compared to February 2025, up 28% compared to March 2024, and up 48% compared to March 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 35% in February, 47% in March 2024, and 57% in March 2023. 

Month-over-month, the house price index is up 0.5% and in the last 6 months up 1.0%.

Vancouver Westside: Total Units Sold in March were 394 – up from 307 (28%) in February, up from 255 (55%) in January, down from 424 (7%) in March 2024, and down from 449 (12%) in March 2023; Active Listings were at 3,098 at month end compared to 2,342 at that time last year (up 32%) and 2,780 at the end of February (up 11%); the 1,315 New Listings in March were up 23% compared to February 2025, up 35% compared to March 2024, and up 42% compared to March 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 30% compared to 29% in February, 44% in March 2024, and 49% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.0%. 

Vancouver East Side: Total Units Sold in March were 247 – up from 204 (21%) in February, up from 158 (56%) in January, down from 285 (13%) in March 2024, and down from 287 (14%) in March 2023; Active Listings were at 1,494 at month end compared to 1,198 at that time last year (up 25%) and 1,313 at the end of February (up 14%); the 733 New Listings in March were up 29% compared to February 2025, up 23% compared to March 2024, and up 59% compared to March 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 36% in February, 48% in March 2024, and 62% in March 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months up 1.3%. 

North Vancouver: Total Units Sold in March were 171 – up from 153 (12%) in February, up from 148 (16%) in January, down from 187 (9%) in March 2024, and down from 215 (20%) in March 2023; Active Listings were at 844 at month end compared to 523 at that time last year (up 61%) and 684 at the end of February (up 23%); the 512 New Listings in March were up 45% compared to February 2025, up 54% compared to March 2024, and up 39% compared to March 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 33% compared to 43% in February, 56% in March 2024, and 58% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 2.8%. 

West Vancouver: Total Units Sold in March were 40 – up from 39 (3%) in February, up from 30 (33%) in January, down from 53 (25%) in March 2024, and down from 64 (37%) in March 2023; Active Listings were at 626 at month end compared to 560 at that time last year (up 12%) and 580 at the end of February (up 8%); the 206 New Listings in March were up 16% compared to February 2025, up 10% compared to March 2024, and up 26% compared to March 2023. Month’s supply of total residential listings is up to 16 month’s supply from 15 (buyer’s market conditions) and sales to listings ratio of 19% compared to 22% in February, 28% in March 2024, and 39% in March 2023.

Month-over-month, the house price index is up 0.2% but in the last 6 months down 0.4%. 

Richmond: Total Units Sold in March were 220 – up from 179 (23%) in February, up from 206 (7%) in January, down from 279 (21%) in March 2024, and down from 352 (37%) in March 2023; Active Listings were at 1,728 at month end compared to 1,166 at that time last year (up 48%) and 1,513 at the end of February (up 14%); the 733 New Listings in March were up 22% compared to February 2025, up 32% compared to March 2024, and up 53% compared to March 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 30% compared to 30% in February, 50% in March 2024, and 74% in March 2023.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 0.3%. 

Burnaby East: Total Units Sold in March were 27 – up from 21 (29%) in February, up from 17 (59%) in January, down from 32 (16%) in March 2024, and up from 20 (35%) in March 2023; Active Listings were at 174 at month end compared to 101 at that time last year (up 72%) and 153 at the end of February (up 14%); the 85 New Listings in March were up 31% compared to February 2025, up 60% compared to March 2024, and up 81% compared to March 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 31% compared to 32% in February, 60% in March 2024, and 43% in March 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 0.2%. 

Burnaby North: Total Units Sold in March were 107 – down from 129 (17%) in February, up from 104 (3%) in January, down from 109 (2%) in March 2024, and down from 169 (37%) in March 2023; Active Listings were at 878 at month end compared to 535 at that time last year (up 64%) and 728 at the end of February (up 21%); the 427 New Listings in March were up 33% compared to February 2025, up 40% compared to March 2024, and up 79% compared to March 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 25% compared to 40% in February, 36% in March 2024, and 71% in March 2023.

Month-over-month, the house price index is up 0.7% and in the last 6 months up 1.2%. 

Burnaby South: Total Units Sold in March were 94 – up from 75 (25%) in February, up from 59 (59%) in January, down from 142 (29%) in March 2024, and down from 130 (28%) in March 2023; Active Listings were at 671 at month end compared to 446 at that time last year (up 50%) and 597 at the end of February (up 12%); the 285 New Listings in March were up 15% compared to February 2025, up 16% compared to March 2024, and up 20% compared to March 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 32% compared to 30% in February, 58% in March 2024, and 55% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 2.1%. 

New Westminster: Total Units Sold in March were 104 – up from 88 (18%) in February, up from 61 (70%) in January, down from 108 (4%) in March 2024, and up from 96 (8%) in March 2023; Active Listings were at 513 at month end compared to 350 at that time last year (up 47%) and 448 at the end of February (up 15%); the 269 New Listings in March were up 30% compared to February 2025, up 27% compared to March 2024, and up 91% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 38% compared to 43% in February, 51% in March 2024, and 68% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 2.2%. 

Coquitlam: Total Units Sold in March were 233 – up from 165 (41%) in February, up from 155 (50%) in January, down from 235 (1%) in March 2024, and up from 196 (19%) in March 2023; Active Listings were at 1,173 at month end compared to 663 at that time last year (up 77%) and 1,049 at the end of February (up 12%); the 593 New Listings in March were up 26% compared to February 2025, up 40% compared to March 2024, and up 94% compared to March 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 39% compared to 35% in February, 55% in March 2024, and 64% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months down 0.1%. 

Port Moody: Total Units Sold in March were 51 – up from 40 (28%) in February, up from 32 (59%) in January, up from 45 (13%) in March 2024, and down from 80 (36%) in March 2023; Active Listings were at 279 at month end compared to 160 at that time last year (up 74%) and 233 at the end of February (up 20%); the 152 New Listings in March were up 26% compared to February 2025, up 45% compared to March 2024, and up 33% compared to March 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 33% compared to 33% in February, 43% in March 2024, and 70% in March 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 4.4%. 

Port Coquitlam: Total Units Sold in March were 62 – up from 58 (7%) in February, down from 65 (5%) in January, down from 89 (30%) in March 2024, and down from 69 (10%) in March 2023; Active Listings were at 313 at month end compared to 213 at that time last year (up 47%) and 262 at the end of February (up 19%); the 176 New Listings in March were up 36% compared to February 2025, up 26% compared to March 2024, and up 39% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 45% in February, 64% in March 2024, and 54% in March 2023.

Month-over-month, the house price index is down 0.1% and in the last 6 months up 1.6%. 

Pitt Meadows: Total Units Sold in March were 27 – up from 21 (29%) in February, up from 13 (108%) in January, down from 29 (7%) in March 2024, and down from 28 (4%) in March 2023; Active Listings were at 105 at month end compared to 66 at that time last year (up 59%) and 84 at the end of February (up 25%); the 66 New Listings in March were up 50% compared to February 2025, up 57% compared to March 2024, and up 53% compared to March 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 40% compared to 47% in February, 69% in March 2024, and 65% in March 2023.     

Month-over-month, the house price index is up 2.2% and in the last 6 months up 3.0%.

Maple Ridge: Total Units Sold in March were 108 – down from 129 (16%) in February, up from 95 (14%) in January, down from 187 (42%) in March 2024, and down from 149 (28%) in March 2023; Active Listings were at 832 at month end compared to 714 at that time last year (up 16%) and 735 at the end of February (up 13%); the 354 New Listings in March were up 13% compared to February 2025, down 4% compared to March 2024, and up 29% compared to March 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 30% compared to 41% in February, 50% in March 2024, and 60% in March 2023.

Month-over-month, the house price index is up 0.2% and in the last 6 months flat. 

Ladner: Total Units Sold in March were 31 – up from 29 (7%) in February, up from 17 (82%) in January, up from 30 (3%) in March 2024, and down from 38 (19%) in March 2023; Active Listings were at 158 at month end compared to 90 at that time last year (up 76%) and 146 at the end of February (up 8%); the 68 New Listings in March were up 3% compared to February 2025, up 28% compared to March 2024, and down 1% compared to March 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 45% compared to 44% in February, 57% in March 2024, and 55% in March 2023.

Month-over-month, the house price index is up flat and in the last 6 months down 1.3%. 

Tsawwassen: Total Units Sold in March were 36 – up from 28 (29%) in February, up from 26 (38%) in January, up from 34 (6%) in March 2024, and up from 35 (3%) in March 2023; Active Listings were at 270 at month end compared to 172 at that time last year (up 57%) and 245 at the end of February (up 10%); the 99 New Listings in March were up 1% compared to February 2025, up 39% compared to March 2024, and up 21% compared to March 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 36% compared to 29% in February, 48% in March 2024, and 43% in March 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months up 0.6%. 

Fraser Valley: Sales in March were up 12.6%, compared to February and were down 25.7% from March 2024. New listings were up 21.8% from February and up 27.3% from March 2024.The average price was up 3.5% month-over-month and is down 2.1% year-over-year. Active listings were up 14.2% to 9,219 from 8,070 last month and up 48.8% from March 2024 which was at 6,197. Month’s supply of total residential listings increased to 9 from 8 months (buyer’s market conditions).

Month-over-month, the house price index is up 0.4% and in the last 6 months down 0.5%.