Market Highlights For April 2025

What if You Had Choices?

• Active listing count at the highest since 2014
• Sales down 24% in April year-over-year
• Sellers continue to be very active in the market
• Buyer’s advantage continue

It’s 2022, 2021, 2016, 2015—or any time buyers were looking for a home—and whether they found the perfect home to purchase for the first time, to move up to, to downsize to, or to invest in, there were other buyers who felt the same way, and the multiple-offer dance began. What if you had choice? What if all buyers had choices so they didn’t have to compete? Welcome to 2025—buyers now have a much greater selection of homes to choose from. Sellers have that, too, when they want to buy after selling. Metro Vancouver’s real estate market currently has the most selection of homes available since 2014. Active listing counts are at their highest since then. But in 2015, buyers again started to ask, “What if I had more to choose from? Take advantage of this opportunity—it may change before we know it.

Elections and taxes, two things we can’t avoid. And two things that take up our attention and did so in April. Will the newly elected prime minister improve upon the record of the previous elected prime minister? With a minority government, he will be held more accountable without the NDP’s support to prop up his government. Promises to eliminate the GST on new construction for first time buyers will provide stimulus in some markets but may also encourage the construction of smaller units in larger markets. This doesn’t help the missing middle. More needs to be done on this. New homes don’t materialize from promises alone. And our prime minister will meet with the U.S. President on May 6th, in hopes of reaching tariff agreements. All the while many buyers have held off on moves they desperately want to make, and with more selection we could start to see those moves unfold.

There were 2,163 properties sold in Greater Vancouver in April after 2,091 properties sold in March, 1,827 properties sold in February, and 1,552 properties sold in January. This is not your traditional spring market. The news cycle took buyers’ focus more than the MLS® last month as distractions like the federal election and ongoing economic and political uncertainty kept buyers on the sidelines. But it’s not all bad. Properties that are well priced and attractive to buyers are selling, even the odd multiple offers sale spilled into the market in April. The backlog of buyers continues to grow, and at some point, they will jump into the market in greater numbers to take advantage of the much healthier stock of homes available. Even with the Bank of Canada holding its overnight rate at their meeting in April, interest rates are lower than historical norms.

Greater Vancouver home sales in April have outpaced the previous month in 2025 so far, but those monthly sales are still tracking below last year. Sales in April were down 24% compared to April last year after sales in March were down 13% compared to March 2024. Squamish was the lone bright spot with sales up 33% above last year in April, and up in all product segments. And while sales continue to lag behind an already underwhelming 2024, May could lead to a jump in sales with some positive news. It wouldn’t be the first time when May significantly outperformed April in volume of sales. In 2019, April sales in Greater Vancouver were 1,850 and jumped up to 2,669 in May that year. And with the increase in listing inventory this year, there will be plenty for buyers to choose from.

Heading east, the Fraser Valley region saw sales in April down 29% compared to April 2024 after being down 26% year-over-year in March and down 27% year-over-year in February. Like Greater Vancouver though, sales were up slightly in April from March, increasing almost 1% month-over-month.

Greater Vancouver sales in April were 31% below the 10-year average compared to March at 35% below the 10-year average, February at 39% below the 10-year average and January where sales were 29% below the 10-year average. This was the second lowest total sales for the month of April going back to 2000, with April 2019 being the lowest at 1,850 sales that year.

The theme of active sellers continued in April with 6,952 new listings coming on the MLS®. This compares to 6,565 new listings in March and 5,163 new listings in February.

Although the absorption rate fell to 31% in April, down from 32% in March and 35% in February, this trend isn’t unusual as April tends to see more listings come out which will bring down the absorption rate. Coincidentally in April 2019, the absorption rate was the same at 31% after being 35% the month prior. May 2019 saw a jump to 45% so we could see more listings bought up by buyers this May compared to April. The number of listings that came on was on the higher side for April but was less than the 7,229 new listings that came out in April 2024. The higher number this year could also be due to properties that are taken off the market and put back on at a lower price as sellers adjusted to buyer hesitation.

The number of new listings in April were 19% above the 10-year average compared with March at 15% above the 10-year average, February which were 12% above the 10-year average, and January which saw the number of new listings 30% above the 10-year average.

There were 16,207 active listings in Greater Vancouver at month end, compared to 14,546 at the end of March. Total active listings are up from 12,491 at the end of April last year, a 30% increase year-over-year. After the year-over-year spread at the end of March being at 38%, that spread has diminished pointing again to some new listings being recycled. But the current active listing count is the highest it has been since July 2014 when there were 16,838 active listings on the market.

Months of supply remained at 7 months in Greater Vancouver despite the increase in new listings in April. Again, part of that could be due to the number of properties that may have been taken off the market and relisted at a lower price. There are likely some sellers coming off the market completely due to an inability to get a sale price they are comfortable with. Benchmark prices have come down 6% in the last 3 years so comparisons to sales prices prior to the interest rate increases have kept some sellers from pricing in today’s market.

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes climbed to 6 months and condos stayed at 6 months supply – putting both those in a balanced market. In the Fraser Valley, months of supply crept up to 10 months from 9, with detached climbing to 11 months supply, townhomes up to 6 months and condos still at 7 months supply.

Greater Vancouver townhome sales in April were down 23% compared to April last year, while condo sales were down 20% year-over-year. Detached sales struggled again compared to, down 28% from April last year. Townhome inventory overall was up 35% year-over year compared to 39% at the end of March, while condo inventory climbed to 32% above April 2024 after being up 42% in March year-over-year. Detached homes were up 26% year-over-year, compared to 33% at the end of March above the previous year. Over in the Fraser Valley, detached home inventory is up 36% year-over-year compared to 51% at the end of March while townhome inventory is up 57% year-over-year after being up 72% at the end of March and condo inventory is up 45% year-over-year after being up 67% at the end of March.

For the first time in over a decade, buyers have real choices, with active listings reaching their highest level since 2014. This abundance of inventory is empowering not only buyers but also sellers, who now have greater flexibility when planning their next move. Despite a quieter spring market influenced by political distractions and economic uncertainty, sales have been steadily increasing month over month, and interest rates remain below historic norms. As we head into May—a month that has historically seen a strong sales rebound—the stage is set for more confident movement in the market. With buyer demand quietly building and inventory levels providing ample opportunity, now is a rare moment to make a move without the pressure of bidding wars.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in April were 2,163 – up from 2,091 (3%) in March, up from 1,827 (18%) in February, up from 1,552 (39%) in January, down from 2,831 (24%) in April 2024, and down from 2,741 (21%) in April 2023; Active Listings were at 16,207 at month end compared to 12,491 at that time last year (up 30%) and 14,546 at the end of March (up 11%); the 6,952 New Listings in April were up 6% compared to March, up 35% compared to February, down 4% compared to April 2024, and up 58% compared to April 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 32% in March, 39% in April 2024, and 62% in April 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.8%.