Developers are struggling to build in this economy and with the state of current government regulations. And there are developers struggling to exist at all. For buyers, the adage “buy land because they aren’t making more of it” could also be coined “buy condos, because they aren’t making more of them.” At least until it becomes more feasible.
New housing may have received a lifeline by the provincial government after announcing this week that they are loosening the rules for payment of development fees. The housing minister said that the biggest change will be the ability to pay 25% of development fees at permit approval and 75% at occupancy or within four years (whichever comes first) instead of paying all municipal development charges upfront.
The Greater Vancouver housing market continued to navigate through a period of elevated inventory and tempered buyer activity in June 2025. While sales held steady month-over-month, underlying trends suggest an increasingly selective buyer pool and a market firmly tilted in favour of buyers across most areas. Broadly speaking, June followed the familiar seasonal path of spring activity cooling into the summer, though the degree of softening and disparity across submarkets continues to reflect the cautious sentiment in the region.
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For buyers, this is a window of opportunity. Choice abounds, competition is limited and price trends are more negotiable than they’ve been in years.
Kevin Skipworth
Dexter Realty
Sales activity: flatlined but stabilizing.
In Greater Vancouver, a total of 2,181 residential properties were sold in June 2025. This figure is down 2% from May (2,228) but up 1% from April and up 4% from March. Compared to June 2024, sales are down 10%, and year-over-year, sales have dropped a more notable 27% compared to June 2023, when 2,988 properties were sold.
Total sales for the first six months of 2025 came in at 12,042. Not as low as 2019 that saw 10,992 homes sold in Greater Vancouver in the first 6 months of that year, but well below where sales volumes have typically been for the first half of the year. Looking at the last eight years going back to the start of 2017, total sales in the region were 10% lower than the eight years before 2017. All while 2021 was a record year for sales volumes. And with housing stock having increased year by year, it shows that fewer homeowners are selling, perhaps indicating a need to incentivize homeowners to sell rather than punishing them for selling.
Greater Vancouver sales in June were 26% below the ten-year average 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, an indication of an improving market.
New Westminster continues to be among the weaker performers. With 71 sales, down 23% from May and 40% year-over-year, the market now carries nine months of supply. The sales-to-listings ratio has dropped to just 26%, and prices declined 1.0% in June, now 3.7% lower year-over-year. Tsawwassen on the other side had the strongest June since 2022 for sales.
The trend in Greater Vancouver illustrates a pattern of short-term resilience but long-term cooling. The month-over-month decline was modest, suggesting that activity has found a near-term floor. However, the steep drop from last year highlights the impact of trade-related and economic uncertainty, affordability constraints and increasing supply on the purchasing behaviour of buyers.
Heading east, the Fraser Valley region saw sales in June up 2.2% compared to May and fared better than its neighbouring region compared to June last year. Sales were down 9.3% compared to last year, while Greater Vancouver was down 10%. New listings saw a larger month-over-month decline as well as year-over-year compared to Greater Vancouver. A welcome sight in the Fraser Valley, which was impacted to a greater degree over the last three years of higher interest rates.
On July 30, the Bank of Canada will hold its next interest rate meeting and decide whether to hold or cut. Given inflation pressures due to tariffs, it may not be an easy decision for the Bank of Canada even with the economy and labour market being sub-optimal. There are cases to be made for both arguments to cut their key rate or hold until inflationary pressures ease. With a July 21st deadline by our Prime Minister to settle the trade dispute, it may take until the following meeting in September to convince the Bank of Canada to make another drop in its rate.
Inventory build: a market of choices.
One of the most defining characteristics of today’s market is the abundance of inventory. June closed with 17,561 active listings, up 24% year-over-year and 3% month-over-month. Buyers currently have more properties to choose from than at any point in recent years, a dynamic further reinforced by a not so modest 6,424 new listings in June. While new listings were down month-over-month by 5% and have declined since April, they still exceed 2024 and 2023 levels by 10% and 18% respectively.
This steady influx of listings without a corresponding rise in sales has held the month’s supply of inventory at eight months, squarely placing the region in buyer’s market territory. The sales-to-new-listings ratio stood at 34%, up slightly from May’s 33%, but well below 42% in June 2024 and 55% in June 2023.
The number of new listings in June were 12% above the ten-year average compared to May at 9% above the ten-year average and April 19% above the ten-year average. Sellers are still very active!
Not all homes are the same.
No changes in all markets as 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 stayed at seven months supply: a balanced market for both. In the Fraser Valley, months of supply stayed at nine, with detached continuing to linger at ten months supply, townhomes remaining at six months and condos stuck at eight months.
A market of patience and positioning.
As we close out the first half of 2025, the Metro Vancouver real estate market is in a state of cautious equilibrium. Inventory continues to climb, sales levels are consistent and pricing is under persistent downward pressure – although some sellers have shown to be more ambitious in meeting buyer demands. Buyer’s market conditions prevail in most communities, and sellers are increasingly being challenged to price realistically or risk prolonged time on market.
For buyers, this is a window of opportunity. Choice abounds, competition is limited and price trends are more negotiable than they’ve been in years. For sellers, preparation and pricing strategy are everything in this new environment. As we move into the second half of the year it remains to be seen whether interest rate cuts or macroeconomic shifts can turn the tide.
