After a significant 46% year-over-year increase in new listings during January, February brought a more moderate rise in the number of homes for sale in Metro Vancouver. This shift helped maintain balanced market conditions, with both listings and sales stabilizing closer to historical averages.
A Steady February: A Closer Look at the Numbers
The Greater Vancouver REALTORS® (GVR) reports that there were 1,827 residential sales in February 2025 on Metro Vancouver’s Multiple Listing Service® (MLS®), a decline of 11.7% compared to the 2,070 sales recorded in February 2024. This total was also 28.9% below the 10-year seasonal average of 2,571 sales for the month.
“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” said Andrew Lis, GVR’s director of economics and data analytics. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”
In February 2025, 5,057 residential properties (detached, attached, and apartment) were newly listed for sale, marking a 10.9% increase from the 4,560 properties listed in February 2024. This was also 11.6% above the 10-year seasonal average of 4,530 new listings. Additionally, the total number of active listings on the market reached 12,744, a 32.3% increase compared to February 2024 (9,634) and 36.4% higher than the 10-year seasonal average (9,341).
Market Conditions and Pricing Trends
The overall sales-to-active listings ratio for February 2025 stood at 14.8%. The breakdown by property type was as follows:
Detached Homes: 10.7%
Attached Homes: 18.5%
Apartments: 16.8%
This balanced ratio indicates a relatively stable market, with the attached and apartment segments seeing slightly stronger buyer interest. Historically, a ratio below 12% can signal downward pressure on prices, while a ratio above 20% typically leads to upward price momentum.
“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” said Lis. “With the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”
MLS® Home Price Index Trends
The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver was $1,169,100 in February 2025, marking a 1.1% decrease from February 2024 and a slight 0.3% dip compared to January 2025.
Breaking Down Prices by Property Type
Detached Homes: The benchmark price for detached homes was $2,006,100 in February 2025. This reflects a 1.8% increase from February 2024 and remained virtually unchanged from January 2025.
Apartment Homes: The benchmark price for apartment homes was $747,500, which represents a 2.8% decrease from February 2024 and a slight 0.1% drop compared to January 2025.
Attached Homes (Townhouses): The benchmark price for attached homes was $1,087,100, reflecting a 1.2% decrease from February 2024 and a 1.7% decrease compared to January 2025.
Looking Ahead: Spring Market and Potential Bank of Canada Rate Cuts
As we approach the spring market, the potential for a Bank of Canada rate cut in mid-March could further affect market dynamics. Homebuyers may benefit from slightly improved borrowing conditions, contributing to continued competition in specific property types.
While February's market activity suggests a holding pattern in prices, sellers in the attached and apartment segments may find a more favorable environment due to heightened demand.
For buyers, it remains essential to stay informed about potential rate changes and upcoming market shifts. With the largest selection of homes available in recent years, those entering the market now may find opportunities to secure properties before the spring surge.
In conclusion, while February 2025 saw a return to more typical market conditions, it’s clear that the outlook for the rest of the year will depend on a variety of factors, including the Bank of Canada's actions and evolving buyer sentiment.
Stay tuned for more updates as the spring season unfolds.
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