Vancouver Housing Market Outlook 2025
Table of contents
Vancouver Market Report Summary
- The average selling price of a home in Vancouver decreased by 1.8% year-over-year to $1,184,600 in April 2025.
- The average selling price of a single-family home in Vancouver decreased by 0.7% year-over-year to $2,019,800 in April 2025.
- The average selling price of a townhouse/multiplex in Vancouver decreased by 2.9% year-over-year to $1,102,200 in April 2025.
- The average selling price of a condo in Vancouver decreased by 2.0% year-over-year to $762,900 in April 2025.
- The average rent in Vancouver decreased by 5.0% year-over-year to $2,836 for April 2025.
- June 3, 2025: Today’s lowest mortgage rate in Vancouver is
3.91% for a 5-year fixed.
Composite Home Prices
The average selling price of a home in Vancouver was $1,184,600 for the month of April 2025, that’s decreased by 0.5% compared to the previous month. On a year-over-year basis, Vancouver home prices have decreased 1.8% over the last 12 months.
Single-family Home Prices
The average selling price of a single-family home in Vancouver was $2,019,800 for the month of April 2025, that’s decreased by 0.5% compared to the previous month. On a year-over-year basis, single-family home prices in Vancouver have decreased by 0.7% over the last 12 months.
Townhouse and Multiplex Prices
The average selling price of a townhouse in Vancouver was $1,102,200 for the month of April 2025, that’s decreased by 1.0% compared to the previous month. On a year-over-year basis, the price of a townhouse in Vancouver has decreased by 2.9% over the last 12 months.
Condo Prices
The average selling price of a condo in Vancouver was $762,900 for the month of April 2025, that’s decreased by 0.6% compared to the previous month. On a year-over-year basis, the price of a condo in Vancouver has decreased 2.0% over the last 12 months.
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Vancouver Housing Market Summary
Data from the Greater Vancouver Realtors (GVR) indicates that the average price of resale residential homes sold across Vancouver in April 2025 was $1,184,600, and it decreased of 1.8% compared to a year ago.
GVR also reported a sales-to-new-listings ratio (SNLR) of 32%, indicating a buyers market in Vancouver for April 2025.
Vancouver’s Spring Market Gives Buyers the Upper Hand
According to the Greater Vancouver Realtors (GVR), Metro Vancouver’s housing market softened further in April 2025, continuing a trend that began earlier this year. Home sales totalled just 2,163 units, a 23.6% decline compared to April 2024 and nearly 30% below the 10-year seasonal average. While borrowing costs have improved, economic uncertainty tied to trade policy and federal political shifts has led many homebuyers to take a wait-and-see approach.
Market Activity Slows, Inventory Surges
Despite the market slowdown, new listings remained strong, and total inventory levels surged to their highest April level in more than a decade. April saw 6,850 new listings, down slightly from last year but 19.5% above the 10-year average. Active listings reached 16,207, up nearly 30% year-over-year and 47.6% higher than the seasonal norm. This expansion in supply has pushed Vancouver deeper into buyer’s market territory.
- Sales: 2,163 (↓ 23.6% YoY)
- New listings: 6,850 (↓ 3.4% YoY, ↑ 19.5% vs. 10-yr avg)
- Active listings: 16,207 (↑ 29.7% YoY)
- Sales-to-active listings ratio: 13.8% (↓ from 14.8% in March)
- Sales-to-new listings ratio (SNLR): 32% (buyer’s market territory)
Vancouver Home Prices Continue Their Gradual Decline
Price trends continue to slide modestly across all property types. The MLS HPI benchmark price for all residential properties in Metro Vancouver dropped to $1,184,500 in April 2025, a 1.8% year-over-year decline and 0.5% lower than March. This marks the 4th consecutive monthly decline.
- Benchmark price (all property types): $1,184,500 (↓ 1.8% YoY, ↓ 0.5% MoM)
- Average home price: $1,211,073 (↓ 7.4% YoY)
- Median price: Not reported, but average and benchmark suggest buyer leverage
Vancouver Housing Trends by Property Type
Detached Homes
- Sales: 578 (↓ 29% YoY)
- Benchmark price: $2,021,800 (↓ 0.7% YoY, ↓ 0.6% MoM)
- Average price: $2,002,033 (↓ 8.2% YoY, ↓ 6.5% MoM)
- Sales-to-active listings ratio: 9.9% (strong buyer’s market)
Townhomes
- Sales: 442 (↓ 23.8% YoY)
- Benchmark price: $1,102,300 (↓ 2.9% YoY, ↓ 1% MoM)
- Average price: $1,217,671 (↓ 4.2% YoY, ↓ 1.0% MoM)
- Sales-to-active listings ratio: 17.5%
Condo Apartments
- Sales: 1,130 (↓ 20.2% YoY)
- Benchmark price: $762,800 (↓ 2% YoY, ↓ 0.6% MoM)
- Average price: $804,951 (↓ 0.7% YoY, ↓ 0.1% MoM)
- Sales-to-active listings ratio: 15.7%
Buyer Opportunity Expands
With a 13.8% sales-to-active listings ratio and consistent SNLR around 32%, Vancouver continues to offer favourable conditions for buyers. Inventory growth has outpaced sales for several months, giving buyers more leverage and time to negotiate. Price declines have been modest to date, but ongoing softness in demand may accelerate this trend in the near term, especially if economic concerns deepen.
Vancouver’s spring market is firmly tilted in favour of buyers. Inventory is high, prices are softening, and borrowing conditions have improved. While many prospective buyers remain cautious, those who are active in the market have a rare window of opportunity to purchase with leverage.
Month-over-Month Market Expectations for Vancouver
Transactions – Number of Sales
The number of sales in Vancouver was 2,163 during April 2025, that’s increased by 3.4% compared to the previous month. On a year-over-year basis, sales in Vancouver have decreased by 23.6% over the last 12 months.
New Listings
The number of new listings in Vancouver was 6,850 during April 2025, that’s increased by 6.1% compared to the previous month. On a year-over-year basis, new listings in Vancouver have decreased by 3.4% over the last 12 months.
Real Estate Market
The sales-to-new-listings ratio (SNLR) in Vancouver was 32% during April 2025, indicating a buyers market. On a monthly basis, that’s increased by 2.5% compared to the previous month. Vancouver’s yearly sales-to-new-listings ratio has decreased by 20.9% over the last 12 months.
The sales-to-new-listings ratio (SNLR) measures the number of home sales compared to new listings. An SNLR under 40% suggests a buyer’s market in which buyers have the upper hand and more negotiating power. An SNLR between 40% and 60% is a balanced market, while an SNLR of over 60% is considered a seller’s market.
Annual Changes to Composite Home Prices in Vancouver
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Vancouver Market Rents Summary
The average rent in Vancouver was $2,836 for the month of April 2025, which decreased by 5.0% on a year-over-year basis.
The average rent for a bachelor apartment in Vancouver was $0 for the month of April 2025, which 0 by 0% on a year-over-year basis.
The average rent for a 1-bedroom apartment in Vancouver was $2,544 for the month of April 2025, which decreased by 4.0% on a year-over-year basis.
The average rent for a 2-bedroom apartment in Vancouver was $3,536 for the month of April 2025, which decreased by 5.0% on a year-over-year basis.
The average rent for a 3-bedroom apartment in Vancouver was $2,544 for the month of April 2025, which decreased by 5.0% on a year-over-year basis.
How Does Renting Compare with Homeownership in Vancouver?
Each $100,000 in mortgage balance costs an average of $533.43 per month on nesto’s lowest fixed 5-year rate at
Rates used for calculation are those offered on insured purchases with less than a 20% downpayment on a 25-year amortization. Canada’s policy rate is
Rental Price Changes by City
Rental Price Changes by Province
Rental Price Growth by Housing Type
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Frequently Asked Questions on Vancouver Housing Market Outlook for 2025
Will Vancouver’s housing prices increase in 2025?
Vancouver’s home prices are expected to rise slightly in 2025 as demand remains strong and housing supply struggles to keep pace.
Is Vancouver’s housing market going to crash?
A crash is unlikely in Vancouver. Despite affordability concerns, low inventory and high demand will sustain home prices.
How affordable will Vancouver homes be in 2025?
Vancouver remains Canada’s most expensive housing market. Buyers may consider condos or suburban areas in the GVA for better affordability.
What trends will drive Vancouver’s market in 2025?
Factors include low housing supply, increasing demand, and declining mortgage rates.
Should I buy a home in Vancouver in 2025?
If you’re financially prepared to become a homeowner, buying during periods of price stabilization in 2025 could offer long-term benefits.
Housing Market Glossary and Definitions
MLS® Home Price Index (HPI)
The MLS® Home Price Index (HPI) is a real estate price index compiled by the Canadian Real Estate Association (CREA) that tracks the price of homes in your neighbourhood. It’s a quick way for Canadians to compare home prices in different parts of Canada and between different periods without having to factor in the unique characteristics of a particular property.
While market prices can vary from one month to the next based on seasonal factors, the Home Price Index (HPI) provides a more consistent view and tracks price trends over an extended period. The Home Price Index (HPI) is updated annually in May to reflect changes in real estate markets.
MLS® HPI is the most comprehensive and precise way to track a neighbourhood’s home price level and trends. MLS HPI uses over 15 years of data from the MLS® System and advanced statistical models to create a “typical” home based on the characteristics of homes purchased and sold. This benchmark home is tracked across all Canadian neighbourhoods and various types of homes.
Strata insurance
Strata insurance is insurance that a strata or condominium uses to cover damages to common areas, assets and liabilities to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. Strata insurance can cover the following:
- Buildings and structures on the strata’s property, including common areas such as the garage, roof, lobby, pool, etc.,
- Liabilities for any property damage or bodily harm due to an injury suffered on a strata property,
- Which also includes fixtures in the standard unit or part of the original make of each unit.
Strata insurance generally does not cover personal belongings and appliances in a condo unit. Damage caused by individual unit owners (e.g., water damage due to a unit owner’s negligence) is typically covered under personal condo insurance.
Property Types
Detached homes, also known as single-family homes, are residential properties that stand alone and are not connected to other buildings. They are legal single residential units on their own parcel of land and have a separate title.
Semi-detached homes are characterized by their unique architectural design. Two houses are built side by side and share a common wall. Although sharing a building, semi-detached homes have their own parcel of land and separate legal titles.
Townhouses are residential dwellings typically characterized by narrow, tall structures, often sharing walls with neighbouring units. Although they may share yards or common elements with their neighbours, townhouses will have separate legal titles from any adjoining building. Townhouses can be purchased as freehold or leasehold within a condo or strata and may come with their own land parcel. Townhouses can be part of a low-rise or high-rise building.
Condo apartments, also known as condominiums, are residential properties that combine elements of apartments and individual homes. It is a unit within a larger building or complex owned by an individual who also shares ownership of common areas and amenities with other residents. Condo apartment owners have legal ownership of their units and can modify them within the guidelines set by the condominium association. Unlike a townhouse, condos do not offer exclusive use of outdoor space unless they come with a balcony or terrace. Condos can be part of a low-rise or high-rise building.
Plexes or multiplexes are unique residential buildings constructed into 2 to 6 units within a single structure. Traditionally, they have been designed as low-rise residential buildings where any unit is accessible via an external entrance with higher floors connected by staircases. Each unit will have a separate registration and title but may share common elements and co-ownership fees with the other multiplex owners. Plexes are common in Québec and older parts of Toronto.
Property Ownership Classes
A freehold is a type of property ownership where an individual or entity has complete and indefinite ownership rights over a property and its parcel of land. Common freehold property types include detached houses, semi-detached houses, farms, and townhouses not part of condominium corporations.
A condominium or condo is a distinct type of property class that combines apartment living and individual homeownership elements. In a condominium, individual units are owned by the residents, while the common areas and amenities are shared among all the unit owners. This type of ownership gives you rights to your specific unit and some rights and responsibilities to the common areas, such as the hallways, elevators, garage, pool and rooftop patios.
A leasehold is a legal arrangement where a person or entity holds the right to use and occupy a property for a specific period, typically through a lease agreement. In some cases, the leaseholder may own the building or unit and rent the land from the landowner (landlord).
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