While the trade dispute with the United States reached an impasse on July 31st and a nonsensical 35% tariff came into place on August 1st (up from the previously threatened 25%), consumers may begin to tune out the noise. At least with the CUSMA North American Free Trade agreement in place, the actual impact of these tariffs is minimized for most goods. Buyers and sellers can only hold off for so long, and after minimal inflationary effects from tariffs, the same may be said of the Bank of Canada. After holding their rate for a third straight meeting, the next meeting could and should see a reduction in their key rate that controls variable rate mortgages.
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The steady cadence of sales, the flattening of prices and the pullback in listings suggest a slow rebalancing may be underway. Watch August closely.
Kevin Skipworth
Dexter Realty
Sales up, but still below previous years.
Across Greater Vancouver, 2,286 homes were sold in July – a 5% increase from June and the highest level of monthly sales in 2025. While this upward momentum is promising, sales still trail historical norms: down 2% from July 2024 and 7% below July 2023. The takeaway? Activity is improving but still behind historical norms – a sign that buyers remain price-sensitive and selective even as confidence builds.
Greater Vancouver sales in July were 14% below the ten-year average, a drop from June at 26% below the ten-year average and compared to May at 30% below the ten-year average, April at 31% below the ten-year average, March at 35% below the ten-year average, and February at 39% below the ten-year average. A significant improvement, and another indication that buyers were far more active in July than we’ve seen. This is even more telling given July is the typical seasonal slowdown in the market due to summer holidays and sunny days – especially this year with fewer than 20mm of rain in Vancouver in July. Perhaps the excuses for not buying real estate are drying up as well.
Greater Vancouver townhome sales in July were up 5% compared to July last year, while condos sales were down 2% year-over-year after being down 16% year-over-year in June. Detached sales were consistent down 4% from July last year, like June at 5% down. All segments were vastly improved from May, which saw sales down over 20% from the previous year.
Vancouver West continues to show caution. Sales dipped 5% month-over-month and are down 10% year-over-year. Inventory is down slightly from June but still sits 8% above July 2024. With 1,026 new listings in July – down 15% from June – there’s less product hitting the market, though that hasn’t translated into stronger sales. The East Side remains one of the more stable Vancouver markets. Sales fell 9% from June but are almost flat compared to spring. Inventory is up 18% year-over-year but fell slightly month-over-month.
North Vancouver has been quietly resilient. July’s 190 sales were only slightly below June, and up 3% year-over-year. Inventory dropped 7% month-over-month, while new listings declined for the third straight month, down 28% from April.
With only five months of inventory now (down from six), North Vancouver edges closer to seller’s market conditions – if in numbers only.
Richmond remains one of the more inventory-heaving submarkets, with a nine-month supply but much like its topography, real estate activity remains flat. Sales were at the same level month-over-month, and year-over-year, new listings were the same year-over-year but down 13% compared to June.
Suburbs driving the market?
Burnaby East saw sales jump (up 36% from June), but slightly down year-over-year. Burnaby North saw a remarkable 40% increase in sales from June, despite a moderate rise in new listings. Burnaby South is trending stronger, with sales up 29% from June and listings beginning to tighten.
New Westminster posted one of the biggest sales surges in July, up 39% from June. Active listings are up nearly 50% year-over-year, helping give buyers more options and opportunities. The sales-to-listings ratio jumped to 42%, and months of inventory dropped to six – signaling improving balance.
The Tri-Cities are firming up. Coquitlam showed solid sales growth, up 20% from June and up 15% from July last year. Port Moody sales were up 38% in July over June and up 20% from July last year. Port Coquitlam had a standout month: sales jumped 47% from June and 55% from May, as well as being up 29% compared to July last year. Months of supply dropped to just 4 months, the only submarket in seller’s territory. Across the Tri-Cities, buyer interest is picking up, and the region could be among the first to shift out of a buyer’s market if trends hold.
Heading east, the Fraser Valley region sales in July were down 0.4% compared to June – the opposite of Greater Vancouver. Sales were down 3.3% compared to last year, while Greater Vancouver was down 2%. Surrey continues to be one of the more challenging markets in the Fraser Valley, especially detached homes with sales down 16% compared to June.
Inventory holding steady, new listings slowing.
Inventory remains high, though slightly down month-over-month. Active listings dipped 2% from June to 17,168 but remain 20% higher than the same time last year. This was the first time since 2022 that the number of active listings declined from June through July. Meanwhile, new listings slowed notably, dropping 11% from June and 18% since April – a potential sign of seller fatigue or reluctance to list in the face of softening prices.
This dynamic is nudging the market towards balance. The sales-to-new listings ratio rose to 40% (up from 34% in June), and months of inventory held steady at 8 – just into buyer’s market territory. Despite that, the environment feels less one-sided than earlier this year, especially in submarkets showing rising sales and tighter supply.
The number of new listings in July were 12% above the ten-year average, compared to June at 12%, May at 9% after April was 19% above the ten-year average.
The detached market in Greater Vancouver remained at ten months supply which is a solid buyer’s market, while townhomes remained at six months and condos dropped to six months supply from seven. Perhaps a sign of the lower end of the market recovering and buyers feeling more confident with the lower price points. In the Fraser Valley, months of supply remained at eight, with detached increasing to 11 months supply from ten months, townhomes remaining at six months and condos dropping to seven months supply from eight.
In Greater Vancouver townhome inventory was up 26% year-over year compared to 29% up at the end of June, while condo inventory dropped to 17% above July 2024 after being up 24% in June year-over-year. Detached homes were up 20% year-over-year, compared to being up 25% at the end of June. Over in the Fraser Valley, detached home inventory is up 19% year-over-year compared to 27% at the end of June while townhome inventory is up 31% year-over-year after being up 40% at the end of June. Condo inventory is up 26% year-over-year after being up 39% at the end of June.
Prices still soft – but could stability be near?
In Greater Vancouver, prices, as measured by the MLS® Home Price Index, continued their downward drift, falling 0.7% month-over-month and down 2.7% compared to July 2024. In the Fraser Valley, prices were down 0.7% month-over-month and down 5.4% compared to July 2024. With an elevated inventory of homes available and below average sales levels, some sellers are taking less for their homes. Expect this trend to continue into the fall market. Should sales improve with continued falling inventory levels, that trend of price softening could be curtailed.
The question on everyone’s mind: are we turning a corner?
It’s too early to declare a new market cycle, but signs of life are evident. Sales are rising steadily across most submarkets. Buyers, once hesitant, are returning with more conviction, particularly when prices have adjusted and inventory is manageable. At the same time, fewer new listings and declining inventory in some areas are subtly shifting the dynamic.
We’re not out of the woods, but we’re seeing trails forming. The shift won’t be sudden or uniform. Some areas, like Port Coquitlam, North Vancouver and Burnaby South, are already tightening. Others, like West Vancouver and New Westminster, are showing resilience after long slumps. And then there are places like Tsawwassen and Richmond, where oversupply continues to weigh on the market.
Overall, Metro Vancouver remains a buyer’s market – for now. But the steady cadence of sales, the flattening of prices and the pullback in listings suggest a slow rebalancing may be underway. Watch August closely.
The corner might just be in sight.
