The Vancouver real estate market continued to show signs of softness in March 2025, as sales activity remained below historical norms for the second consecutive month. According to the latest data, 3,073 homes were sold across the region—marking a 42% decline compared to the 10-year March average of 5,325 sales. This makes March 2025 the second-slowest March on record since 2005, narrowly edging out March 2019, when 2,898 homes sold.
Sales Trends: A Slower Pace, Especially for Detached Homes
Detached homes saw the sharpest drop in activity, with just 864 units sold—a staggering 58% below the March average and the first time since 2005 that detached sales dipped below 1,000 in this month. Condos and townhomes also saw notable slowdowns, down 35% (1,419 sales) and 33% (666 sales) respectively.
Compared to a year ago, total home sales were down 17%. Detached homes once again led the decline with a 26% drop, followed by a 16% drop in townhome sales and a 12% dip in condos.
Listings Surge, But Detached Homes Lag
Despite the dip in sales, sellers are showing more confidence in listing their properties. March saw 9,868 new listings hit the market—16% above the 10-year average and up 27% compared to March 2024. The condo market saw the biggest surge in new listings, up 35% year-over-year, while new townhome listings increased by 28%. Interestingly, new listings for detached homes still came in below the long-term average, down 8%, although they did rise 23% compared to last year.
At the end of March, the region had 21,813 active MLS listings—up 44% from the same time last year and the highest March inventory since 2013. Active listings for condos saw the biggest spike (up 81% to 9,055), followed by townhomes (up 66%) and detached homes (up 31%).
A Shifting Market Balance
With inventory levels climbing, market conditions have shifted toward buyers, especially in the detached home segment. The overall months of inventory (MOI) rose to 7.1—up from 4.1 in March 2024 and the highest for any March in 21 years. The breakdown by property type shows a clear divide:
Detached homes: 10.0 MOI — firmly in buyer’s market territory
Condos: 6.4 MOI — considered a balanced market
Townhomes: 4.8 MOI — still slightly in seller’s market territory
Price Trends: A Mixed Bag
Despite the increase in supply and dip in demand, prices have remained relatively stable. Across Greater Vancouver, the median sold price (all property types combined) declined 3% year-over-year. Detached homes and townhomes both saw a 3% decrease in median price, settling at $1.48 million and $845,000, respectively. Condos were down 4% to a median price of $530,000.
Month-over-month, however, there was a slight uptick in prices. In Greater Vancouver, prices rose 0.4% overall. Condos led the charge with a 1.1% increase, while townhomes dipped slightly by 0.3%.
In the Fraser Valley, year-over-year price declines were slightly less pronounced—2% overall—with detached homes up 2% month-over-month, townhomes up 1.2%, and condos down 0.9%.
What This Means for Buyers and Sellers
The current Vancouver market is undeniably shifting, but it’s not without opportunity—especially for buyers who are ready to make their move. With inventory rising and sales volume slowing, there’s more selection and less competition. That combination has allowed some motivated buyers to secure great deals.
In fact, I’ve recently helped a couple of first-time buyers successfully secure their homes. It’s proof that even in a slower market, opportunity exists for those who are prepared.
If you’re considering buying your first home, upsizing, or even finding that perfect cozy place to move into, now may be an ideal time. Let’s talk about your real estate goals and how I can help guide you through this evolving market.
📞 Contact me today and let’s turn this market into your opportunity.
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