Vancouver Real Estate Prices Rise Despite Historically Weak Sales

Vancouver's housing market is showing an unusual trend: home prices are increasing even though fewer homes are being sold. In March 2025, the average price for a typical home in Greater Vancouver went up by 0.5%, reaching $1,190,900. This is surprising because it happened during one of the slowest months for home sales in over 20 years.

Only 2,091 homes were sold in March, which is 13.4% fewer than the same month last year. This makes it one of the weakest months for sales since the early 2000s, excluding March 2020 when the pandemic began.

At the same time, the number of homes listed for sale increased. There were 6,455 new listings in March, up 29% from last year. This means there were more homes available than usual, but fewer people were buying. Typically, when there are more homes for sale and fewer buyers, prices go down. However, in this case, prices went up.

Experts are puzzled by this situation. Andrew Lis, the director of economics and data at Greater Vancouver Realtors, noted that mortgage rates are lower than they've been in years, and there are more homes on the market. Yet, buyers are not taking advantage of these conditions. He said, "Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year."

One reason for the rising prices could be that the few buyers who are active are willing to pay more, possibly because they believe prices will continue to rise. This behavior can drive up prices even when there are many homes available. However, this is not typical and raises concerns about the stability of the market.

In summary, Vancouver's housing market is experiencing a rare situation where home prices are increasing despite a slowdown in sales and an abundance of listings. This trend is unusual and suggests that other factors, such as buyer expectations or investment behaviors, may be influencing the market. It's a development that both buyers and sellers should watch closely in the coming months.