Only Thing Missing From Vancouver Market "Made For Buyers" Is... Buyers: GVR

​In March 2025, Greater Vancouver's real estate market offered ideal conditions for buyers—plenty of listings, stable prices, and low mortgage rates. Yet, the buyers themselves were notably absent. According to Greater Vancouver Realtors (GVR), home sales dropped to 2,091, a 13.4% decrease from March 2024 and 36.8% below the 10-year March average of 3,308.

Sellers, on the other hand, were active. The region saw 6,455 new listings in March, a 29% increase from the previous year and 15.8% above the 10-year average. This surge brought the total active listings to 14,546, marking a 37.9% rise from March 2024 and 44.9% above the decade average.

Benchmark prices remained relatively stable. Single-detached homes averaged $2,034,400, attached homes $1,113,100, and condominiums $767,300. While these figures represent slight increases from February, prices for attached homes and condos were still lower than in March 2024.

Andrew Lis, GVR's Director of Economics and Data Analytics, noted that buyers haven't seen such favorable market conditions in years. However, he acknowledged that external factors, like political and economic uncertainties tied to the new U.S. administration and ongoing trade tensions, may be dampening buyer enthusiasm.

The Bank of Canada's recent interest rate cuts, which would typically stimulate market activity, haven't had the expected effect. Lis compared the current market to early 2023, where a slow start eventually led to increased activity in the spring and summer.

For now, the Greater Vancouver real estate market remains a buyer's market in theory, but the anticipated influx of buyers has yet to materialize. Market watchers and participants alike are waiting to see if the coming months will bring the expected uptick in activity.