Homes Sales In Greater Vancouver Down 24% Amidst Economic Turmoil

Greater Vancouver home sales dropped sharply in April, with 2,163 transactions recorded—down 23.6 percent from 2,831 a year earlier. That marks the lowest April sales figure in nearly a decade, falling roughly 28 percent below the 10‑year average of 3,014 transactions. Despite more favourable borrowing terms, buyers have stayed on the sidelines. The Greater Vancouver REALTORS® noted that while mortgage rates have improved, a surge in economic uncertainty has weighed heavily on buyer confidence.

The lack of sales isn’t due to a shortage of homes. In April, 6,850 new listings hit the market, slightly down from last year’s 7,092 but still nearly 20 percent above the decade average of 5,731. This added supply pushed total active listings to 16,207—almost 30 percent higher than April 2024 and nearly 48 percent above the long-term April norm. With so many homes available, buyers have more to choose from, but uncertainty is still holding them back.

Prices have begun to soften. The benchmark price for all home types in the region is now $1,184,500—a 1.8 percent drop from April 2024 and down 0.5 percent since March 2025. Every housing segment saw similar declines: single detached homes, townhouses, and condos fell between 0.7 percent and 2.9 percent compared to last April, and between 0.6 percent and 1 percent from March. Detached homes now average around $2,021,800, and condos have dropped to approximately $762,800.

With more listings and fewer sales, the market is leaning toward buyers—but with a slow burn. Overall, the sales-to-active listings ratio stood at 13.8 percent in April. A ratio under 12 percent usually signals a strong buyer’s market, while over 20 percent suggests a seller’s advantage. By dwellings: detached homes were just 9.9 percent, townhouses 17.5 percent, and condos 15.7 percent. In short, detached properties are firmly in buyers’ territory, while attached homes and condos offer a bit more balance.

Economists say the situation is unusual. Andrew Lis, GVR’s director of economics, pointed out that improved mortgage rates typically trigger more buying, yet this spring they haven’t. He attributes the slump to growing worries over Canada’s trade ties—especially tensions with the U.S.—as well as the federal election, which added to the uncertainty. These pressures are leading some potential buyers to wait things out.

Still, it’s not all gloom. Analysts highlight that inventories have reached high levels not seen since 2014, but prices have remained fairly steady and borrowing costs continue to hover near multi-year lows. The BC Real Estate Association, in its Q2 forecast, expects total provincial sales to dip only slightly and inventory to stay high. They added that while “pent-up demand” exists, the cloud of economic uncertainty is keeping it locked up. For buyers ready to jump in, this environment offers choice and negotiation power.