The slowdown in home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver that began early this year continued in April, with sales down nearly 24 percent year-over-year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 percent decrease from the 2,831 sales recorded in April 2024. This was 28.2 percent below the 10-year seasonal average (3,014).

From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales. What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 percent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 percent above the 10-year seasonal average (5,731) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 percent increase compared to April 2024 (12,491). This is 47.6 percent above the 10-year seasonal average (10,979).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 percent. By property type, the ratio is 9.9 percent for detached homes, 17.5 percent for attached, and 15.7 percent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when they surpass 20 percent over several months.

While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers. Inventory levels have just crested 16,000 for the first time since 2019, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8 percent decrease over April 2024 and a 0.5 percent decrease compared to March 2025.

Sales of detached homes in April 2025 reached 578, a 29 percent decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7 percent decrease from April 2024 and a 0.6 percent decrease compared to March 2025.

Sales of apartment homes reached 1,130 in April 2025, a 20.2 percent decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two percent decrease from April 2024 and a 0.6 percent decrease compared to March 2025.

Attached home sales in April 2025 totalled 442, a 23.8 percent decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9 percent decrease from April 2024 and a one percent decrease compared to March 2025.