Sales are up and listings reaching their highest January level in years
Vancouver’s real estate market is seeing a shift as more sellers enter the market, even as home sales continue to climb, according to the latest data from Greater Vancouver Realtors (GVR).
The region recorded 1,552 home sales in January, an 8.8% increase from the same time last year, though sales remain 11.3% below the 10-year seasonal average. Meanwhile, new listings surged 46.9% year-over-year, reaching 5,566 properties.
“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year,” said Andrew Lis, director of economics and data analytics at GVR.
Despite the increase in listings, buyer activity remains steady, keeping sales figures above last year’s levels, “signalling some buyer appetite remains after the upswing that finished off 2024,” Lis explained.
The total number of homes listed for sale in the Vancouver area now sits at 11,494, up 33.1% from a year ago, and roughly one-third higher than the 10-year seasonal average.
With a growing supply of homes, Vancouver’s real estate market has remained relatively stable in pricing. The composite benchmark price for all housing types in January was $1,173,000, reflecting a 0.5% increase from January 2024 and a slight 0.1% rise from December.
Lis noted that while the increase in inventory has helped maintain market balance, external economic factors – such as proposed US tariffs on Canadian imports – could impact conditions in the months ahead.
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"Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any," he said in the report.
Among housing types, apartment sales saw the most significant increase, rising 13.4% year-over-year, followed by attached home sales, which climbed 12.6%. Detached home sales remained relatively flat, increasing just 0.3% compared to last year.
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