Vancouver real estate market shifting

24-Feb-2025

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Greater Vancouver home sales totalled 1,552 in January, up 8.8 per cent on a year-over-year basis, but still 11.3 per cent below the 10-year seasonal average for the month. There were 5,566 newly listed properties, a 46.9 per cent increase from January 2024.

“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year. Even with this increase in new listing activity, sales continue to outpace last years’ figures, signalling some buyer appetite remains after the upswing that finished off 2024,” said Andrew Lis, director of economics and data analytics for Greater Vancouver Realtors, in a press release.

The board said there are currently 11,494 homes listed for sale in the region, a 33.1 per cent increase compared with January 2024 and around one-third above the 10-year seasonal average.

Lis said the momentum shift in market dynamics has helped preserve balance and limit price fluctuations.

The composite benchmark price in January was $1,173,000, up 0.5 per cent from a year earlier and 0.1 per cent above December’s level.

"The board is forecasting moderate price growth by the end of the year, but cautioned that potential U.S. tariffs on Canadian goods or other economic shocks could alter those estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any,” he said.