Vancouver's Real Estate Market: A Hot Start to 2025?
We're seeing some interesting trends emerge in the Metro Vancouver housing market as we kick off 2025, and I wanted to share my insights with you.
January's numbers are in, and it looks like sellers are coming out of the gate strong. New listings on the MLS® are up a significant 46% compared to last year. This influx of inventory suggests sellers are feeling confident and ready to enter the market. It's a stark contrast to the past few months where buyer demand was the dominant force. Now, it seems the momentum is shifting a bit.
While new listings are up, sales are also showing positive signs. We saw 1,552 sales in January, an 8.8% increase year-over-year. Although this number is still slightly below the 10-year seasonal average, it's important to remember that we're coming off a strong finish to 2024. This suggests that buyer appetite remains, even with the increase in listings.
One key indicator I always watch is the sales-to-active listings ratio. In January, it sat at 14.1%. This puts us in balanced market territory, meaning neither buyers nor sellers have complete control. We're seeing different ratios across property types, with detached homes at 9.2%, attached homes at 18.5%, and apartments at 16.5%. These variations highlight the importance of understanding the micro-markets within Metro Vancouver.
Price trends are currently showing minimal fluctuation. The MLS® Home Price Index composite benchmark price is at $1,173,000, a slight increase from last year and essentially flat compared to last month. This balanced market is contributing to price stability.
Looking ahead, the market forecast suggests moderate price growth for the remainder of 2025. However, as always, external factors can play a role. The potential impact of US tariffs on the Canadian economy is something we're keeping a close eye on, as it could influence the housing market.
Breaking down the numbers by property type, detached home sales saw a very slight increase year-over-year, with the benchmark price at $2,005,400. Apartment sales were up 13.4%, but the benchmark price dipped slightly to $748,100. Attached home sales also increased, with the benchmark price for townhouses at $1,105,600.
So, what does this mean for you? If you're a seller, now might be a good time to consider listing your property, given the increased buyer activity. If you're a buyer, the increased inventory gives you more options to choose from. As always, it's crucial to work with a knowledgeable real estate professional who can help you navigate the market and make informed decisions.
Whether you're buying or selling, I'm here to help. Contact me today for a personalized market analysis and let's discuss your real estate goals. I'm committed to providing you with the expertise and guidance you need to succeed in this dynamic market.
