Hello Everyone! At this point in the year I was expecting more inventory, but I have to keep reminding myself that it’s still only early February and the market doesn’t really wake up until March. The December Market saw some decent activity and that has continued into this year. There is a lot of positivity from Buyers going forward and lots of sales compared to last year, including multiple offer situations for the right properties. This isn’t a strategy I would suggest for every Seller because the market can still be finicky, but it shows that Buyers are ready to move when there is a good property at a good price on the line.
Interest rates dropped 25points in January, putting the policy rate at 3%, down from 5% at the start of 2024. There is some uncertainties in the market given the potential for American Tariffs and the potential for Canadian retaliation. I don’t believe we’ll see tariffs for a long period of time but the new American Administration is a little unpredictable.
At this point, good detached houses, townhouses and 2 bedroom condos are the busiest markets. There is opportunity for Buyers in the 1 bed condo market. Start planning your search now so you can be ready to pounce when your perfect home hits the market.
Here’s a snippet from the Real Estate Board’s Monthly Update:
“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,” Andrew Lis, GVR’s director of economics and data analytics said. “Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.”
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1 per cent increase compared to January 2024 (8,633). This is 33.2 per cent above the 10-year seasonal average (8,632).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2025 is 14.1 per cent. By property type, the ratio is 9.2 per cent for detached homes, 18.5 per cent for attached, and 16.5 per cent for apartments.
Sales of detached homes in January 2025 reached 380, a 0.3 per cent increase from the 379 detached sales recorded in January 2024. The benchmark price for a detached home is $2,005,400. This represents a 3.1 per cent increase from January 2024 and a 0.4 per cent increase compared to December 2024.
Sales of apartment homes reached 846 in January 2025, a 13.4 per cent increase compared to the 746 sales in January 2024. The benchmark price of an apartment home is $748,100. This represents a 1.7 per cent decrease from January 2024 and a 0.2 per cent decrease compared to December 2024.
Attached home sales in January 2025 totalled 321, a 12.6 per cent increase compared to the 285 sales in January 2024. The benchmark price of a townhouse is $1,105,600. This represents a 2.7 per cent increase from January 2024 and a 0.8 per cent decrease compared to December 2024.
Onto the stats:
Vancouver West Real Estate Stats up to and including January 2025
Prices remained fairly steady this past month. Overall inventory numbers aren’t especially strong but we’ll see more as we get closer to the Spring. The Westside is still primarily a Buyer’s Market, if not balanced, but good properties are moving quickly.
HPI Price for Vancouver West
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for Vancouver West
Median Percentage of Original Price for Vancouver West
New Listings for Vancouver West
Total Inventory for Vancouver West
Total Sales for Vancouver West
Sales to Active Ratio for Vancouver West
Median Days on Market for Vancouver West
East Vancouver Real Estate Stats up to and including January 2025
The sales to active ratio shows a slight Seller’s Market for condos and townhouses and a Buyer’s Market for houses, though much of the detached market are tear-down homes that are bringing down the average – a nice house will still sell quickly. Average sales price has remained steady.
HPI Price for East Vancouver
*Unfortunately HPI Price can’t be any more specific than Condo/Townhouse/House*
Average Sales Price for East Vancouver
Median Percentage of Original Price for East Vancouver
New Listings for East Vancouver
Total Inventory for East Vancouver
Total Sales for East Vancouver
Sales to Active Ratio for East Vancouver
Median Days on Market for East Vancouver
As always, if you have questions on a particular kind of property or neighbourhood, get in touch with me!
And if you’re thinking about selling your property, give me a call to chat about value, pricing strategy and the sale process. There are plenty of details to chat about – including timing, value, staging and your potential purchase – so don’t hesitate to contact me if you’d like to get started kristi@realestatevancity.ca or 778-387-7371. The better you understand your current value and what Buyers may be looking for, the more successful your sale.