Hi, it’s Cari Mai and this is your Vancouver real estate market update for February 2025.
A Surge in Listings & Sales 📈
Man, did we see a flurry of activity last month!
Sellers were eager to list, which resulted in a 46% surge in new listings compared with last January. Even with this increase in new listing activity, home sales still outpaced last January’s sales numbers by increasing around 9%!
That said, overall home sales across Greater Vancouver still fell 11% below the 10-year seasonal average. Meanwhile, the total number of homes for sale increased by 33% over last year, which presents some choice for buyers.
Balanced Market Conditions ⚖️
The sales-to-active listings ratio stands at 14%, indicating a balanced market. A ‘balanced market’ simply means supply and demand are about the same.
- Single-family homes are a little quieter with a 9.2% ratio, leaning slightly toward a buyer’s market as there's more supply than demand.
- Townhouses and condos are more active while still being in balanced market territory.
Even with this balanced activity, the MLS benchmark price nudged up slightly to $1,173,000 from December 2024, across all home types in Greater Vancouver. However, we’re just 0.5% over last January’s benchmark price.
Potential Economic Impacts 📊
As we progress into 2025, we're monitoring potential economic shocks, such as the US tariffs on Canadian imports, which could impact our real estate market.
Last month, the Bank of Canada’s policy interest rate dropped to 3% after a 25 basis point reduction. Economists at major Canadian banks project rates to decrease to 2.5% by mid-year 2025.
However, if tariffs continue for an extended period, the Bank may consider more aggressive rate cuts to mitigate the economic impact. As a result, economists expect moderate price growth by year’s end, contingent on global geopolitical and economic developments.
Looking Ahead in 2025 👀
With new listings at a record high since 2005 and a significant increase in inventory last month, 2025 is shaping up to be an interesting year in Greater Vancouver’s real estate market. Single-family homes, condos, and townhouses all showed varying degrees of activity and price changes across different neighbourhoods.
Now, if you’d like to know how your neighbourhood is performing, contact me and we can do a personalized review for you!
I hope that helps! Stay updated on what’s happening in Greater Vancouver by subscribing.
💕 Happy Valentine’s Day, Happy Lunar New Year, and have an amazing Family Day long weekend ahead! See you next month!
