METRO VANCOUVER
Huge inventory as new listings spring up; prices stable.
Closing the first quarter of 2025, Metro Vancouver residential sales for March continued the month-over-over rise seen since the beginning of the year. The sales total of 2,091 last month was a 14% increase over February’s 1,827, and a steady increase from January’s total of 1,552. While still sluggish by historical standards, down 13% from this time last year and 37% below the 10-year seasonal average, the current upward curve is an optimistic sign for more spring activity to come. Sunny days normally see an increased number of potential customers browsing at open houses, and with a multitude of sellers now listing their homes, Metro Vancouver residential shoppers have a huge selection from which to choose. In fact, the Metro Vancouver market at the end of March had the most plentiful inventory of available home in years. New listings shot up last month to 6,455, a 28% increase over new listings in February and 16% higher than the 10-year season average. This pushed up Meto Vancouver total inventory of available homes at the end of March to 14,546 properties, 38% more than the same period last year, and 45% above the 10-year average. Market watchers will also be eager to see of the Bank of Canada makes another rate cut in its announcement scheduled for today. Mortgage rates are quite enticing at present with five-year fixed rates as low as 4.29% and variable rates starting at 4.0%. The overall Metro Vancouver market is still balanced. Prices remain stable across property types as the plentiful supply moderates upward price pressure, although it has been noted that townhouses are in shorter supply making this segment more vulnerable to price rises with increased demand. At the end of March, the composite benchmark price for a residential property in Metro Vancouver was 1,190,900, a 0.5% increase from the preceding month.
Please review my monthly selection of homes below. This selection compares benchmark prices in different geographical areas of Metro Vancouver based on the overall benchmark price for a specific area. You will find a cluster of the three closest average prices on the upper and lower sides of the benchmark average. The month-over-month price changes are also shown as this provides a guide to the relative sales activity in the area. Note also the extremities of each average, giving an idea of the range of prices making up the average. Remember that benchmarks are averages, so there may be concealed in the average an actual price that is closer to your budget. Please give me a call if you would like more information on any area, including the most up-to-date listings and prices. And If you are considering listing your home for sale, I can prepare a Customizes Market Analysis for your property and advise you on the optimal listing price in the current market conditions. I love to help my clients in any way I can, so please don’t hesitate to call.
Detached homes
The benchmark price for a single-family detached home in Metro Vancouver at the end of March was $2,034,400, an increase of 0.4% from the preceding month. The extremities of this average were Vancouver West at $3,451,900 and Sunshine Coast at $873,800. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $2,1111,300, an increase of 0.7% from the preceding month; Burnaby North at $2,163,600, an increase of 0.4% from the preceding month; and Richmond at $2,171,100, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby East at $1,994,800, an increase of 0.1 from the preceding month; Vancouver East at $1,854,600, a decrease of 0.4% from the preceding month; and Coquitlam at $1,814,200, a decrease of 0.6% from the preceding month.
Townhouses
The benchmark price for a townhouse in Metro Vancouver at the end of March was $1,113,100, an increase of 0.2% from the preceding month. The extremities of this average were Vancouver West at $1,478,800 and Sunshine Coast at $766,700. The three municipalities closest to the benchmark on the higher side of the average were Richmond at $1,124,100, an increase of 1.4% from the preceding month; Vancouver East at 1,159,400, no change from the preceding month; and North Vancouver at $1,313,200, a decrease of 0.8% from the preceding month; The three municipalities closest to the benchmark on the lower side of the average were Ladner at $1,041,400, an increase of 1.1% from the preceding month; Burnaby South at $1,052,000, a decrease of 2.3% from the preceding month; and Port Moody at $1,034,600, an increase of 1.9% from the preceding month. (Squamish is omitted here because it is too far out for my clients.)
Condominiums
The benchmark price for a condominium in Metro Vancouver at the end of March was $747,00, an increase of 1.0% from the preceding month. The extremities of this average were: West Vancouver at $1,265,800 and Sunshine Coast at $493,800. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby East at $784,200, an increase of 1.2% from the preceding month; North Vancouver at $817,700, an increase of 0.6% from the preceding month; and Burnaby South at $837,500, an increase of 0.1% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $757,200, an increase of 1.6% from the preceding month; Richmond at $745,400, increase 1.9% from preceding month; and Port Moody at $738,200, an increase of 0.7% 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.