Why does January always seem to last a little longer than the other months? This year, it felt especially prolonged. The month began with Prime Minister Trudeau’s resignation, leaving Canadians without a clear leader. At the same time, our neighbours to the south welcomed their 47th president, Donald Trump, who wasted no time making waves on the global stage. It felt like new developments were unfolding every hour, keeping the market on edge.
The US government is focused on becoming more efficient – cutting waste, balancing the budget and maintaining its role as the world’s most influential nation. As neighbours, we benefit from each other’s economies and shared values, which help maintain peace and prosperity. However, recent actions, such as threats of tariffs, have added tension and contributed to market uncertainty.
I’m a realtor, not a politician, so my focus is on how these events impact the local market. That said, it’s clear that the uncertainty from 2024 has carried over into 2025. Interest rates continue to decline and inflation appears to be under control – for now (though history shows that things can change quickly). Home buyers are seeking stability, with realtors reporting busy open houses and eager sellers. Deals are happening, but at a slower pace.
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Historically, buyer’s markets in Metro Vancouver tend to be short-lived. With interest rates easing, now could be a great time to act.
Manraj Dosanjh
Dexter Realty
Potential buyers are taking a more measured approach, carefully considering when to act. January saw a solid month-over-month rebound, with sales up 19%. One-bedroom condos led the way with a 34% increase, followed by a 24% jump in two-bedroom condo sales and a 13% rise in townhomes. Buyers are taking advantage of the market and those who act early will likely benefit.
In January, overall, 273 sales were recorded, with 2,371 total active listings. This results in a 12% sales-to-active listings ratio, indicating a market that clearly favours buyers. Historically, buyer’s markets in Metro Vancouver tend to be short-lived. With interest rates easing, now could be a great time to act. The best opportunities are often found at the bottom of the market and a year from now, we may look back at this period as that bottom.
Both Canadians and Americans value stability and the markets tend to reward this. While shake-ups are likely to continue, especially under the current leadership in both countries, focusing on what’s within your control will help you navigate this uncertain period, setting the stage for a more positive future ahead.
Townhomes took a dip versus last year.
Sales of newer townhomes in January 2025 decreased by 33% compared to the same period last year. Surrey, South Surrey and Willoughby in Langley saw the steepest declines, despite offering some of the most affordable newer townhomes in the region. Economic uncertainty, driven by tariff-related threats from our neighbours to the south, led many young families seeking larger spaces to adopt a "wait and see" approach.
Active listings also increased by 14% month-over-month and by 55% compared to January 2024, adding much-needed supply to the market. Buyers are in a strong position, with a wide range of inventory to choose from. The overall market continues to favour buyers across most tracked sub-markets.
In January 2025, median sales prices for newer entry-level townhomes ranged from $810,000 in Surrey to $1.59 million in Westside Vancouver.
One-bed condos were up month-over-month, but down year-over-year.
Sales of newer one-bedroom condos in January 2025 were down 9% compared to the previous year, but showed a strong 34% rebound compared to the previous month. This is somewhat seasonally expected, as December tends to be quieter due to the holiday season, but seeing such a quick bounce back in January is a positive sign.
Listings also increased by 22% month-over-month and are up 50% compared to January 2024. Overall, the market continues to favour buyers. However, areas like South Surrey, Willoughby (Langley) and North Vancouver are currently experiencing strong seller’s markets. The sold-to-active listing ratios in these regions are worth monitoring, as prolonged seller’s market conditions could put upward pressure on prices.
Investors and first-time homebuyers who are closely watching the interest rate environment may find this entry-level market beginning to move if rates continue to decline. If you're in the market, now could be a great time to start shopping.
In January 2025, median sale prices for newer one-bedroom condos ranged from $440,000 in Surrey City Centre to $708,000 in Downtown Vancouver.
Two-bed condos rebounded month-over-month.
As with the newer one-bedroom market, the newer two-bedroom market also experienced a healthy 24% rebound over the month. Coquitlam and East Vancouver led the monthly gains, with sales increasing by 130% and 100%, respectively.
Total listings increased by 16% year-over-year, resulting in 1,036 active listings. With 126 homes sold in January 2025, the overall market continues to favour buyers, with a 12% sales-to-listings ratio.
It is worth noting, however, that Coquitlam, North Vancouver and East Vancouver are currently favouring sellers, with sold-to-listing ratios at or above 20%.
In January, median sale prices for newer two-bedroom condos ranged from $600,000 in Surrey City Centre to $1.26 million in Downtown Vancouver.
Single-family homes slumped.
A total of 16 newer entry-level single-family homes were sold in January 2025, a decrease of 33% compared to the previous year and 36% compared to the previous month. As with townhome sales, economic uncertainty continues to cause many families to hit pause on major purchases like housing.
With median list prices in the tracked markets ranging from $1.69 million in Surrey to as high as $4.28 million in Westside Vancouver, buyers remain extremely cautious. As a result, the market continues to favour buyers, with an overall sold-to-listings ratio of just 6%.
Active listings also increased substantially both month-over-month and year-over-year, by 25% and 51%, respectively. This presents an excellent opportunity for buyers seeking newer entry-level detached homes, as sales remain subdued and sellers have little leverage.
In January, median sale prices for newer entry-level homes ranged from $1.68 million in Surrey to $3.28 million in Westside Vancouver.
Reasons why you should consider newer-home resale data:
- Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
- Great for those looking to purchase housing that is still in the early stages of its lifecycle – this means less repairs & maintenance during the first few years of ownership.
- More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.
- Homes include some of the latest design and technology – great for resale value.
- Monthly sales statistics crucial for evaluating and planning new housing developments.
- These figures are routinely used by industry stakeholders such as real estate developers to understand the value of land, and anticipated market values for newly completed homes.
Market Insights Report: January 2025
With both sales and listings up in January, things are looking up for the Vancouver real estate market so far in January 2025. But with some uncertainties ahead, the question remains on how Homeseekers will be impacted by tariffs, political shifts and more. Unpack all the details with Kevin Skipworth from Dexter Realty.
