Where Are All the Buyers?
Metro Vancouver's housing market is currently experiencing its lowest March sales since 2019, while available listings continue to climb steadily. The latest figures from Greater Vancouver REALTORS® show just 2,091 residential sales last month - a significant 13.4% drop from March 2024 and a whopping 36.8% below the 10-year seasonal average. "If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven't seen market conditions this favourable in years," notes Andrew Lis, GVR's economics director. "Prices have eased from recent highs, mortgage rates are among the lowest we've seen in years, and there are more active listings on the MLS® than we've seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year." New listings jumped 29% compared to last March, with 6,455 properties hitting the market - nearly 16% above the 10-year average. The total inventory now stands at 14,546 properties, a massive 37.9% increase from last year and almost 45% above typical levels. The sales-to-active listings ratio sits at just 14.9% across all property types, with detached homes particularly sluggish at 10.3%. Meanwhile, attached homes maintain a relatively healthier 21.5% ratio, with apartments at 16.2%. Historically, sustained ratios below 12% push prices downward, while those above 20% drive prices up. "The current market bares resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months," Lis explained. "While market conditions overall remain balanced, it's worth noting that the attached segment continues teetering on the threshold of a sellers' market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region." The benchmark price for all residential properties currently sits at $1,190,900 - down 0.6% year-over-year but up 0.5% from February. Detached homes average $2,034,400 (up 0.8% annually), apartments $767,300 (down 0.9%), and townhouses $1,113,100 (down 0.8%).