If you've been keeping an eye on things, or if you're just starting your real estate journey, there are some interesting trends to unpack this month.
Sales Slow Down, Listings Keep Climbing
What we saw in March was a bit of a slowdown in sales activity. In fact, the number of homes that actually sold (2,091) across Metro Vancouver was the lowest we've seen for the month of March since way back in 2019. To put it in perspective, that's a 13.4% drop compared to the 2,415 sales we saw in March of last year (2024). And if we look at the bigger picture, it's a significant 36.8% below the typical number of sales we usually expect to see this time of year over the last decade (that average is 3,308).
Expert Take: A Potential Sweet Spot for Buyers
Andrew Lis, the Director of Economics and Data Analytics at Greater Vancouver REALTORS® (GVR), hit the nail on the head. He pointed out that if we can ignore some of the wider global uncertainties for a moment, the current market conditions in Metro Vancouver are actually pretty favourable for buyers – the best we've seen in years. Prices have softened a bit from their recent peaks, mortgage rates are looking pretty good compared to recent history, and there are more homes available for sale than we've seen in almost a decade. It seems sellers are ready to play ball, but buyers haven't quite jumped in with the numbers we usually expect this time of year.
More Homes on the Market Than Ever
On the flip side of the sales figures, the number of new listings hitting the market in March was significant. We saw 6,455 new detached houses, townhouses, and condos listed for sale. That's a big jump of 29% compared to the 5,002 new listings in March 2024. It's also 15.8% higher than the average number of new listings we typically see in March over the past 10 years (that average is 5,572).
And the total number of homes sitting on the market right now in Metro Vancouver? That's climbed to 14,546. That's a substantial 37.9% increase compared to the 10,552 listings we had in March of last year. It's also a whopping 44.9% above the 10-year average for active listings in March (which is 10,038). So, buyers definitely have more to choose from!
What Does This Mean for Prices? The Sales-to-Listing Ratio
To understand where prices might be heading, we look at the sales-to-active listings ratio. For March 2025, across all property types, this ratio sits at 14.9%. When we break it down by type, it's 10.3% for detached homes, 21.5% for attached homes (like townhouses), and 16.2% for apartments. Keep in mind that this is looking at the entire region as a whole - these numbers change significantly when looking at certain neighbourhoods. Take Central Coquitlam for example, where detached home sales were sitting at 25% (more than double the region-wide average).
Historically, when this ratio dips below 12% for a while, it often puts downward pressure on prices. On the other hand, when it stays above 20% for several months, we tend to see upward pressure. So, right now, we're in a bit of a balanced zone overall.
Déjà Vu? Echoes of Early 2023
Mr. Lis also pointed out that the current market feels a bit like early 2023. Back then, prices were pretty stable, and sales started slowly before picking up steam in the spring and summer. While the overall market is balanced now, he highlighted that the townhouse market is still leaning towards being a sellers' market due to a consistent shortage of available properties – only around 2,200 active listings across the entire region.
Benchmark Prices: A Mixed Bag
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,190,900. That's a slight decrease of 0.6% compared to March 2024, but a small increase of 0.5% compared to just last month (February 2025).
Here's a breakdown by property type:
- Detached Homes: 527 sales in March 2025 (down 24.1% from March 2024). The benchmark price is $2,034,400 (up 0.8% from March 2024 and up 0.4% from February 2025).
- Apartment Homes: 1,084 sales in March 2025 (down 10.2% from March 2024). The benchmark price is $767,300 (down 0.9% from March 2024 but up 1% from February 2025).
- Attached Homes (Townhouses): 472 sales in March 2025 (down 4.6% from March 2024). The benchmark price is $1,113,100 (down 0.8% from March 2024 but up 0.2% from February 2025).
What Does This All Mean for You?
For buyers in Metro Vancouver, especially those who've felt squeezed out in recent years, the increased inventory and relatively stable prices could present some real opportunities. It's a market where you might have more time to make decisions and potentially more negotiating power.
For sellers, it's crucial to be realistic about pricing and to ensure your property is presented in the best possible light and marketed well. While demand hasn't surged, well-priced and well-maintained homes will still attract attention.
As always, the real estate market is dynamic, and these are just the trends we're seeing right now. If you're thinking of buying or selling in Coquitlam or anywhere in Metro Vancouver, let's chat. I'm here to help you navigate these conditions and make informed decisions. Reach out to me below.