METRO VANCOUVER

Inventory grows, sales lag; benchmark prices dropping  

 

At the mid-year mark, Metro Vancouver’s residential market continued its slow recovery trending since the start of 2025. June’s total of 2,181 sales was only 305 over the previous month, a dip of 2.0% from the preceding month. On a year-over-year comparison, however, the 10% decrease was a considerable improvement over 20% decline for the same period last year. It appears that many potential buyers remain hesitant to make a commitment to a home purchase while general economic uncertainty persists in the current climate of international trade tensions and tariff wars. The rapid advance of Canada’s reduction in its own internal trade barriers is providing some economic optimism for the country. For those buyers currently taking advantage of the excellent selection of homes, last month’s 6,315 new listings across all property types continued significantly to outpace sales bringing the total inventory at the end of June to 17,561 available properties, close to 44% above the 10-year seasonal average. Condominiums remained the highest number of sold properties followed by detached homes and townhouses respectively. Notably, the benchmark prices for all property type declined slightly, with the biggest decrease also for condominiums at 1.2% for the month. This peculiar inverse of demand and price in the case of condominium sales should be watched by shoppers who have been holding off for lower prices in a previously overheated market segment. Overall purchase conditions in the midst of an abundance of choice are very favourable to buyers. The current Bank of Canada policy rate remains at 2.75%. With the next rate announcement scheduled for July 30, five of Canada’s big six banks forecast the rate will be further reduced by the end of this year. Both variable and five-year fixed mortgage rates at commercial lenders remain on average in a range between 4%-5%. With relatively stable prices across the marketplace, a relaxed purchase environment offers an excellent buying opportunity. At the end of June, the composite benchmark price for a residential property in Metro Vancouver was $1,173,100, a 0.4% decrease from the preceding month.

 

Please review my monthly selection below of comparative benchmark prices for each property type in different areas of Metro Vancouver. The month-over-month price changes also shown are typically fluctuations reflecting the relative demand in an area.  Each overall benchmark average represents an index for comparable homes. But remember that benchmarks are averages. They provide you with a guide to shopping within in your budget. The range of prices for each average is indicated by the price extremities shown, so there may be a particular actual asking price not visible in the average that is more attractive to your budget.  For specific listed prices in any neighbourhood, please don’t hesitate to call me. I can provide you with the most up-to-date listing information; and if you are thinking of selling your home, I can prepare a Customized Market Analysis for your property and advise you on the optimal asking price in the current market conditions.  

 

Detached homes

 

The benchmark price for a single-family detached home in Metro Vancouver at the end of June was $1,994,500, a decrease of 0.1% from the preceding month. The extremities of this average were Vancouver West at $3,399,000 and Sunshine Coast at $891,600. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,116,200, an increase of 1.9% from the preceding month; Richmond at $2,117,100, an increase of 0.8% from the preceding month; and Burnaby North at $2,131,900, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,869,700, an increase of 0.1% from the preceding month; Vancouver East at $1,831,800, an increase of 0.2% from the preceding month; and Coquitlam at $1,750,800, a decrease of 1.6% from the preceding month.

 

Townhouses

 

The benchmark price for a townhouse in Metro Vancouver at the end of June was $1,103,900, a decrease of 0.3% from the preceding month. The extremities of this average were Whistler at $1,672,900 and Sunshine Coast at $756,900. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,104,400, a decrease of 1.5% from the preceding month; North Vancouver at 1,351,100, an increase of 0.1% from the preceding month; and Vancouver West at $1,432,300, an increase of 1.0% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,098,300, a decrease of 2.5% from the preceding month; Coquitlam at $1,096,600, an increase of 1.1% from the preceding month; and Burnaby South at $1,075,700, an increase of 0.4% from the preceding month.

 

Condominiums                           

 

The benchmark price for a condominium in Metro Vancouver at the end of June was $748,400, a decrease of 1.2% from the preceding month. The extremities of this average were: West Vancouver at $1,324,500 and Sunshine Coast at $509,700. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East $773,200, a decrease of 2.3% from the preceding month; North Vancouver at $817,600, an increase of 0.2% from the preceding month; and Vancouver West at $824,500, a decrease of 1.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Port Moody at $741,300, an increase of 0.7% from the preceding month; Burnaby North at $724,900, an increase 1.5% from preceding month; and Coquitlam at $710,800, a decrease of 1.8% from the preceding month.

 

Let me help

 

There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.