Metro Vancouver February Market Update

The Metro Vancouver real estate market has started to show signs of balance after a busy January. While new listings surged by 46% in January, February saw a more moderate increase, which helped maintain balanced market conditions.

In February 2025, residential sales on the MLS® totaled 1,827, marking an 11.7% drop compared to February 2024 (2,070 sales). This is also 28.9% below the 10-year seasonal average of 2,571 sales.

Market Conditions: Finding Balance

According to Andrew Lis, the Director of Economics and Data Analytics at Greater Vancouver REALTORS® (GVR), the market is currently in a "balanced" state, with home sales and new listings in February returning to historical averages. He noted that with a possible Bank of Canada rate cut in mid-March, home-buyers may find better borrowing conditions and a larger selection of homes—something not seen since pre-pandemic times.

New Listings and Active Listings

In February 2025, 5,057 properties were newly listed for sale, a 10.9% increase compared to February 2024 (4,560 listings). This also represents an 11.6% increase above the 10-year seasonal average.

The total number of properties listed for sale in Metro Vancouver is currently 12,744, which is a 32.3% increase from February 2024 and 36.4% above the 10-year seasonal average.

Sales-to-Active Listings Ratio

The sales-to-active listings ratio for February 2025 is 14.8%. Here's the breakdown by property type:

• Detached homes: 10.7%
• Attached homes: 18.5%
• Apartments: 16.8%

A ratio under 12% typically puts downward pressure on prices, while a ratio above 20% tends to push prices up. At the current level of 14.8%, market conditions are generally balanced, and home prices have been stable for the past few months.

Home Prices

The MLS® Home Price Index for all residential properties in Metro Vancouver is currently $1,169,100, which is a 1.1% decrease compared to February 2024 and a 0.3% decrease from January 2025.

• Detached homes: The benchmark price is $2,006,100, a 1.8% increase from February 2024, with no change compared to January 2025.
• Apartment homes: The benchmark price is $747,500, a 2.8% decrease from February 2024 and a slight 0.1% dip from January 2025.
• Attached homes (townhouses): The benchmark price is $1,087,100, down 1.2% from February 2024 and 1.7% from January 2025.

What’s Next for the Market?

With spring just around the corner, the market may heat up, and it's uncertain whether more buyers will take advantage of the current conditions. Sellers may also be more willing to bring their properties to market, especially if borrowing costs decrease.

I'm Melissa Roy with TRG Realty - full time residential Realtor & Relocation Specialist in Vancouver, BC. Got questions about buying, selling, renting? Let's connect! | melissaroy.realtor@gmail.com