By Sammy Hudes
The town’s actual property board says residential gross sales within the area totalled 2,091 in March, a 13.4% lower from the two,415 gross sales recorded in March 2024 and 36.8% beneath the 10-year seasonal common.
The composite benchmark worth final month was $1,190,900, down 0.6% from a 12 months earlier however 0.5% larger than February.
Costs are “treading water,” with minor enhancements taking place solely in small pockets of the area, stated Randy Ryalls, managing dealer of Royal LePage Sterling Realty.
Whereas the sector had been predicting a “pretty sturdy spring market,” he stated geopolitical unrest associated to the commerce conflict between Canada and the U.S. has precipitated would-be patrons to drag again.
“We’ve bought nearly an ideal patrons’ market sort of state of affairs however patrons aren’t actually stepping in,” stated Ryalls.
“There’s nonetheless a good bit of fence-sitting and that might be the 800-pound orange gorilla within the room.”
There have been 6,455 newly listed properties available on the market in March, a 29% improve from the identical month final 12 months and 15.8% above the seasonal common. Complete lively listings rose 37.9% year-over-year to 14,546.
Andrew Lis, director of economics and information analytics for Higher Vancouver Realtors, stated that whereas sellers seem prepared to interact thus far, “patrons haven’t proven up within the numbers we usually see presently of 12 months.”
“If we will put aside the political and financial uncertainty tied to the brand new U.S. administration for a second, patrons in Metro Vancouver haven’t seen market situations this beneficial in years,” stated Lis in a press launch.
“Costs have eased from latest highs, mortgage charges are among the many lowest we’ve seen in years, and there are extra lively listings … than we’ve seen in nearly a decade.”
Decrease gross sales within the Vancouver area final month had been led by the indifferent dwelling class, which had been down 24.1% to 527.
Gross sales of condo properties fell 10.2% from final 12 months to 1,084, whereas hooked up dwelling gross sales had been down 4.6% to 472.
Comparable developments have began to grow to be obvious in different areas. The Calgary Actual Property Board stated earlier this week that dwelling gross sales in that metropolis had been down 18.8% year-over-year in March, with a slowdown throughout all property varieties.
The board stated the pullback was unsurprising given the uncertainty attributable to the specter of tariffs from south of the border.
Ryalls in contrast the commerce conflict’s impact on the housing market to the 2008-09 recession, in addition to the early days of the COVID-19 pandemic when demand for actual property softened.
“For those who’re a purchaser sort of wanting on the market and also you’re seeing stock rising and also you’re seeing a lot within the information cycle about these catastrophic financial issues that would occur, I do suppose that it impacts the final psychology a bit,” he stated.
“These issues can type of put individuals on the fence for some time and I believe that’s what we’re seeing. I believe individuals are type of taking a little bit little bit of a wait-and-see perspective proper now.”
This report by The Canadian Press was first revealed April 2, 2025.
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andrew lis british columbia Higher Vancouver Realtors Randy Ryalls actual esate Regional sammy hudes The Canadian Press vancouver vancouver dwelling costs vancouver dwelling gross sales vancouver housing market
Final modified: April 2, 2025
