Market Highlights For August 2025

Let the Autumn Sales Begin Now!

• The ups and downs of 2025 continued
• Sales and new listings dropped in August
• Prices becoming more enticing for buyers
• When will the Bank of Canada act?

July hinted at showing some momentum in the real estate market, and then August stalled. The dog days of summer indeed. But is this a typical seasonal reaction? Likely yes combined with more of the uncertainty that exists in our world right now. Across Greater Vancouver and the Fraser Valley, market activity pulled back, with sales declining month-over-month and price trends showing further softening. Yet behind the broad strokes, the picture is more complex: certain submarkets held steady, some even improved compared to last year, while others saw deep year-over-year declines that underscore just how cautious buyers have become.

Greater Vancouver – Broad Market Conditions

Total residential sales in Greater Vancouver hit 1,959 in August, down 14% from July’s 2,286 transactions. This marks a sharp monthly decline from the 2025 peak in July. Compared to August 2024 though, sales were slightly higher, up3%, but compared to August 2023, they were down 15%. Anyone want to try and predict the fall market?

Greater Vancouver sales in August were 19% below the 10-year average, off from July at 14% below the 10-year average, but still better than June at 26% below the 10-year average and May at 30% below the 10-year average. While a slower month than July, it is still an improvement, another indication that buyers were far more active in August than the numbers showed.

Greater Vancouver townhome sales in August were up 10% compared to August last year, while condos sales were down again at 5% below last year, but better than June at 16% down year-over-year. Detached sales had a better month at 12% above August 2024 sales levels.

Inventory continued to shift. Active listings sat at 16,242 when the month ended, up 18% from last year’s 13,812, but down 5% from July’s 17,168. Meanwhile, new listings plunged: just 4,306 were added in August, a 25% drop from July and a striking 36% fewer than May. Still, compared to last year, new listings were modestly higher, up 3% year-over-year and 7% higher than 2023.

On balance, the region remains firmly in this buyer’s market. Months of supply held at 8, well above the 4–6 range that typically signals balance. The sales-to-listings ratio improved to 45% from 40% in July, but that number is less encouraging than it appears as much of the “gain” came from fewer new listings rather than stronger buyer demand.

The number of new listings in August were only 1% above the 10-year average after July was 12% above the 10-year average, and June at 12%.

Did the end of August bring better news to ease anxiety for buyers and sellers? Canada did announce that they would remove retaliatory tariffs on U.S. imports as they continue to negotiate a trade agreement – although retaliatory tariffs still exist on steel, aluminum and automobiles. The Canadian government reiterated that the overall effective tariff rate on Canada is around 5%. Economic growth forecasts came in below expected levels, although the Bank of Canada seems to think it is in line with where they thought it would be. Inflation came in lower as well. All told, this could leave the door open to a rate cut by the Bank of Canada when they next get together this month. But after significant rate cuts since hitting the recent peak, that should not be what buyers need to wait for. It may just be that buyers have been looking for the signal to jump back into the market, and with prices having steadily come down over the last 3 years, it may just be that time.

Sometimes seen as the bell weather for the market, Vancouver West showed signs of strength in August when most other areas were quiet. While sales fell to 381 units, they were only down 4% from July and 9% from June. Well below the average in Greater Vancouver and significantly less than the decline in some of the other Metro municipalities. Compared to last year, activity was stronger than in 2024 with sales up 13%.

Active listings ended at 3,015, up 5% from last year, but down 8% from July. Again, it is much better than the region average. New supply tightened: just 768 homes came to market in August, down 25% from July and 40% from May. Despite fewer listings, conditions stayed tilted toward buyers with 8 months of supply in Vancouver’s Westside. The sales-to-listings ratio improved sharply to 50%, up from July’s 39%, showing that homes listed in August moved relatively well.

Over on Vancouver’s Eastside, sales were softer, landing at 219, down 10% from July and 18% from June. Compared to last year, the Eastside showed a mixed picture: up 13% from 2024, but down 12% from 2023. Inventory reached 1,599 listings, 14% higher than last year, while new listings were down sharply from spring but still up 21% year-over-year.

The summer slowdown hit North Vancouver harder than most. Sales dropped to 139, a steep 27% decline from July and 30% below June but only slightly down from August 2024 total sales of 145. The once inventory starved market has seen an increase of 39% year-over-year to 938 listings, though that was 9% fewer than July. New listings at 304 were sharply lower month-to-month but still higher than both 2024 (+13%) and 2023 (+19%). Months of supply rose to 7 from 5, shifting the balance in buyers’ favour.

The Late Summer Suburb Slowdown

Real estate in the suburbs slowed in August, especially Burnaby, after a robust July. Burnaby East: Sales were down 30% from July while inventory surged 64% year-over-year. With 11 months of supply, it’s a clear buyer’s market. Burnaby North: 115 sales marked a 30% drop from July. Listings climbed 7% from last year. With 8 months of supply, buyers are in control. Burnaby South: Sales landed at 103, down 27% from July. Inventory rose 28% year-over-year. With 8 months of supply, the buyer’s edge continues.

Things weren’t much better heading east as all areas out to the Valley saw sales drop 19 to 46% depending on the municipality. Maple Ridge and Tsawwassen were the bright spots with total sales up 5% and 30% respectively. Higher inventory in the suburbs has left many municipalities with 8 months of supply, giving buyers the continued opportunity of choice.

Fraser Valley

The Fraser Valley mirrored Greater Vancouver’s slowdown but at an even steeper pace. Sales dropped 22% from July and 13% from last year.

New listings fell 19% month-over-month, holding almost flat year-over-year. Total inventory ended at 10,445, down from July but still 21% higher than August 2024. Months of supply climbed to 11, cementing the buyer’s market.

Takeaways

• Momentum slowed in August: was this just the usual summer being a distraction?
• Inventory is up year-over-year but tightening month-to-month, mostly because fewer new listings are coming onto the market.
• Buyers hold the advantage: With most submarkets showing 7–11 months of supply, buyers have negotiating power and are mostly dictating terms.
• Prices continue to soften, with August marking another month of incremental declines almost everywhere.
• Pockets of resilience exist: Maple Ridge, Ladner, and Tsawwassen saw relative strength, showing that demand is still present where affordability is better or lifestyle drivers are stronger.

Outlook

Heading into fall, the question is whether activity will pick up with the traditional September listing wave, or whether buyers will remain cautious in the face of stalled interest rate cuts and economic uncertainty. There is every reason for buyers to jump back into the market, and after 8 years of below average sales save for the brief COVID and low interest rate surge, there is tremendous pent-up demand. It’s only a matter of time before it enters the market.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in August were 1,959, down from 2,286 (14%) in July, down from 2,181 (10%) in June, down from 2,228 (12%) in May, up from 1,903 (3%) in August 2024, and down from 2,296 (15%) in August 2023; Active Listings were at 16,242 at month end compared to 13,812 at that time last year (up 18%) and 17,168 at the end of July (down 5%); the 4,306 New Listings in August were down 25% compared to July, down 33% compared to June, down 36% compared to May, up 3% compared to August 2024, and up 7% compared to August 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 45% compared to 40% in July, 45% in August 2024, and 57% in August 2023.

Month-over-month, the house price index is down 1.3% and in the last 12 months down 3.8%.