Highlights of Dexter’s May 2025 report

• Buyers are throwing more offers against listings

• Active listing count continues to rise, but at a slower pace

• Sales continue to increase month over month

• Bank of Canada stays the course for now

Month by month, sales have increased in 2025, although not at the pace familiar to the Metro Vancouver housing market. Even with this slower pace, there appears to be signs of increased buyer activity. And it might just be that buyers are throwing spaghetti against the wall. Offers sent out to see if they will stick. Buyers know they have choice and are exercising it liberally. Some sellers are coming down to meet buyers and the spaghetti is sticking, where others aren’t and it’s falling away. Expect the trend of more offers sticking to continue through the next few months.

May was for the most part a month of reprieve from elections, Bank of Canada decisions and tariff talks – until the very end of the month. In comes June, with the Bank of Canada meeting on June 4th and potential fallout from an increase in tariffs for steel and aluminum. Of course, tariff threats can change direction quicker than emails can be opened. The Canadian government has its work cut out for it, but they talk a good game promising better housing affordability through record supply and tax cuts while transforming the Canadian economy, all told when their throne speech was read out by King Charles. If they can bring some stability to the rhetoric from down south, it may help to get buyers more excited about real estate. While the Bank of Canada paused rate cuts again this month due to sticky inflation and GDP numbers showing some life in the economy – albeit front loaded from early purchases at the start of 2025 to avoid said tariffs, these pauses can’t last forever. But let’s not focus on interest rates, they are at levels matching the 10-year average. Confidence is what needs to be driving the real estate market, and the lack there of it, is keeping sales down.

There were 2,228 properties sold in Greater Vancouver in May, after 2,163 properties sold in April, 2,091 properties sold in March, and 1,827 properties sold in February. Uncertainty continued to keep buyers on the sidelines through May, much like the previous months this year. Imagine how many people are in the wrong homes and wishing they weren’t.  Much like a box of chocolates though, you don’t know what each neighbourhood is doing until you dig into them. Some slowed in May while others pushed ahead. Take West Vancouver which saw sales double in May from April and achieve the highest monthly sales since June of last year. While areas like Vancouver West, Port Coquitlam and Pitt Meadows saw less sales in May compared to April. In a market where price sensitivity is one of the most important, condo sales slowed in May compared to April, down 4%. It took a 25% off sale in Surrey to get buyers back to the table at that project.

Even though Greater Vancouver home sales in May have outpaced the previous months in 2025 so far, sales levels are still well below last year. Sales in May were down 18% compared to May last year after sales in April were down 24% compared to April last year. West Vancouver, Burnaby East, Port Moody, Tsawwassen Squamish showed sales increases over May of last year. Perhaps the bright side of where sales in May tallied is that the month of May typically lags April. While only a slight gain over April, an improvement it was.

Heading east, the Fraser Valley region saw sales in May down 22% compared to May last year after being down 29% in April this year compared to April 2024. Although, compared to Greater Vancouver, sales were up much more month-over-month in May, showing 15% growth compared to April. Much better than the 3% month-over-month gain in Greater Vancouver. The Fraser Valley is showing signs of buyer engagement.

Greater Vancouver sales in May were 30% below the 10-year average, compared to April at 31% below the 10-year average, March at 35% below the 10-year average, and February at 39% below the 10-year average. Outside of 2020, total home sales in May were the lowest going back to the last two years of the 1900’s. It’s hard to believe that May 1991 saw 3800 sales with much less people and far fewer homes available in Greater Vancouver. Pent up demand is a thing and it’s growing by the day. 

Sellers slowed down slightly in May with 6,728 new listings hitting the MLS® last month. This compared with April where 6,952 new listings came on, March with 6,565 new listings and 5,163 new listings in February. And while the absorption rate rose to 33% in May, it was only just above April at 31%, and March at 32%. Only a third of new listings are selling in 2025, which has caused the number of for sale signs in Metro Vancouver to swell with many staying up longer without “sold” on them. It’s at the point where availability of for sale signs has become a challenge in some areas. Sellers aren’t slowing enough though, so we’re going to need more signs.  

The number of new listings in May were 9% above the 10-year average after April was 19% above the 10-year average and compared with March at 15% above the 10-year average.  

There were 17,094 active listings in Greater Vancouver at month end compared to 16,207 active listings at the end of April, and 14,546 at the end of March. Total active listings are up from 13,600 at the end of May last year, a 26% year-over-year increase. This number has been steadily falling though, with April at a 30% increase year-over-year, and March at 38% year-over-year. There are several listings that get recycled after being cancelled and then brought back on the market at a lower price as well. And as we get closer to the summer months, expect to see some sellers come off the market either for the summer or until the market is more in favour of sellers. 

Months of supply increased to 8 in May from 7 months in April pushing the region into more of a buyer’s market. With active listings climbing and sales growth slow, it’s not surprising to see Greater Vancouver move into this buyer’s market. But what an opportunity for buyers. Expect to see more spaghetti thrown against the walls over the next few months as buyers take advantage of the greatest buying opportunity we’ve seen in many years.

The detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos increased to 7 months supply on the heels of a slower month – keeping those in a balanced market. In the Fraser Valley, months of supply dropped down to 8 months from 10 months, with detached dropping to 10 months supply from 11 months, townhomes remaining at 6 months and condos climbing to 8 months supply from 7.

Greater Vancouver townhome sales in May were down 10% compared to May last year, while condos sales were down 18% year-over-year. Detached sales struggled again compared to last year, down 22% from May last year. Townhome inventory was up 29% year-over year compared to 32% up at the end of April, while condo inventory dropped to 24% above May 2024 after being up 32% in April year-over-year. Detached homes were up 27% year-over-year, compared to being up 26% at the end of April. Over in the Fraser Valley, detached home inventory is up 24% year-over-year compared to 36% at the end of April while townhome inventory is up 40% year-over-year after being up 57% at the end of April and up 72% year-over-year at the end of March. Condo inventory is up 31% year-over-year after being up 45% at the end of April and 67% year-over-year at the end of March. Surrey and Delta continue to struggle with inflated inventory and slower sales, while areas east like Abbotsford and Aldergrove performed better year-over-year in May. 

Despite ongoing economic uncertainties and a slower-than-usual pace for Metro Vancouver's housing market, 2025 has seen steady month-over-month sales growth, with May continuing that trend. Increased buyer activity, encouraged by greater choice and moderating prices, signals growing confidence. While total sales remain below historical and year-over-year averages, regions like West Vancouver and parts of the Fraser Valley posted strong gains, highlighting a patchwork of momentum across neighborhoods. Inventory levels are up, creating a clear buyer’s market, and with interest rates stabilizing and pent-up demand growing, many see this as one of the best buying opportunities in recent years. 

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in May were 2,228 – up from 2,163 (3%) in April, up from 2,091 (7%) in March, up from 1,827 (22%) in February, down from 2,733 (18%) in May 2024, and down from 3,411 (35%) in May 2023; Active Listings were at 17,094 at month end compared to 13,600 at that time last year (up 26%) and 16,207 at the end of April (up 5%); the 6,728 New Listings in May were down 3% compared to April, up 2% compared to March, up 30% compared to February, up 4% compared to May 2024, and up 16% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 31% in April, 42% in May 2024, and 59% in May 2023. 

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.9%.

Vancouver Westside: Total Units Sold in May were 412 – down from 427 (4%) in April, up from 394 (5%) in March, up from 307 (34%) in February, down from 501 (18%) in May 2024, and down from 624 (34%) in May 2023; Active Listings were at 3,393 at month end compared to 2,962 at that time last year (up 15%) and 3,306 at the end of April (up 3%); the 1,270 New Listings in May were down 3% compared to April, down 3% compared to March, up 19% compared to February, down 4% compared to May 2024, and up 8% compared to May 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 32% compared to 33% in April, 38% in May 2024, and 53% in May 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.7%. 

Vancouver East Side: Total Units Sold in May were 245 – up from 242 (1%) in April, down from 247 (1%) in March, up from 204 (20%) in February, down from 329 (26%) in May 2024, and down from 360 (32%) in May 2023; Active Listings were at 1,729 at month end compared to 1,459 at that time last year (up 19%) and 1,658 at the end of April (up 4%); the 766 New Listings in May were up 5% compared to April, up 5% compared to March, up 35% compared to February, up 6% compared to May 2024, and up 18% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 32% compared to 33% in April, 45% in May 2024, and 56% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 0.9%. 

North Vancouver: Total Units Sold in May were 203 – down from 204 (0.5%) in April, up from 171 (19%) in March, up from 153 (33%) in February, down from 245 (17%) in May 2024, and down from 288 (30%) in May 2023; Active Listings were at 1,071 at month end compared to 796 at that time last year (up 35%) and 1,016 at the end of April (up 5%); the 565 New Listings in May were down 11% compared to April, up 10% compared to March, up 61% compared to February, up 6% compared to May 2024, and up 29% compared to May 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 32% in April, 46% in May 2024, and 66% in May 2023. 

Month-over-month, the house price index is up 1.6% and in the last 12 months down 1.9%. 

West Vancouver: Total Units Sold in May were 68 – up from 38 (79%) in April, up from 40 (70%) in March, up from 39 (74%) in February, down from 67 (1%) in May 2024, and down from 80 (15%) in May 2023; Active Listings were at 743 at month end compared to 696 at that time last year (up 7%) and 718 at the end of April (up 3%); the 229 New Listings in May were down 18% compared to April, up 11% compared to March, up 29% compared to February, down 12% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is down to 11 month’s supply from 19 (buyer’s market conditions) and sales to listings ratio of 30% compared to 14% in April, 26% in May 2024, and 35% in May 2023.

Month-over-month, the house price index is down 2.6% but in the last 12 months down 6.0%.

Richmond: Total Units Sold in May were 231 – up from 213 (8%) in April, up from 220 (5%) in March, up from 179 (29%) in February, down from 299 (23%) in May 2024, and down from 396 (42%) in May 2023; Active Listings were at 2,047 at month end compared to 1,440 at that time last year (up 42%) and 1,908 at the end of April (up 7%); the 737 New Listings in May were the same as April, up 1% compared to March, up 23% compared to February, up 14% compared to May 2024, and up 14% compared to May 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 31% compared to 29% in April, 46% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.2%. 

Burnaby East: Total Units Sold in May were 32 – up from 24 (33%) in April, up from 27 (19%) in March, up from 21 (52%) in February, down from 31 (3%) in May 2024, and down from 39 (18%) in May 2023; Active Listings were at 227 at month end compared to 117 at that time last year (up 94%) and 201 at the end of April (up 13%); the 100 New Listings in May were up 15% compared to April, up 18% compared to March, up 54% compared to February, up 64% compared to May 2024, and up 47% compared to May 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 28% in April, 51% in May 2024, and 57% in May 2023.

Month-over-month, the house price index is down 3.1% and in the last 12 months down 7.0%. 

Burnaby North: Total Units Sold in May were 140 – the same as April, up from 107 (31%) in March, up from 129 (9%) in February, down from 166 (16%) in May 2024, and down from 195 (28%) in May 2023; Active Listings were at 954 at month end compared to 749 at that time last year (up 27%) and 940 at the end of April (up 1%); the 360 New Listings in May were down 11% compared to April, down 16% compared to March, up 12% compared to February, down 8% compared to May 2024, and up 17% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 39% compared to 35% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 1.8% and in the last 12 months down 3.8%. 

Burnaby South: Total Units Sold in May were 90 – down from 97 (7%) in April, down from 94 (4%) in March, up from 75 (20%) in February, down from 127 (29%) in May 2024, and down from 233 (61%) in May 2023; Active Listings were at 821 at month end compared to 645 at that time last year (up 27%) and 754 at the end of April (up 9%); the 317 New Listings in May were down 2% compared to April, up 11% compared to March, up 28% compared to February, down 8% compared to May 2024, and down 1% compared to May 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 28% compared to 30% in April, 37% in May 2024, and 73% in May 2023.

Month-over-month, the house price index is down 1.5% and in the last 12 months down 4.4%. 

New Westminster: Total Units Sold in May were 92 – up from 87 (6%) in April, down from 104 (12%) in March, up from 88 (5%) in February, down from 115 (20%) in May 2024, and down from 142 (35%) in May 2023; Active Listings were at 599 at month end compared to 428 at that time last year (up 40%) and 582 at the end of April (up 3%); the 261 New Listings in May were down 6% compared to April, down 3% compared to March, up 26% compared to February, up 21% compared to May 2024, and up 27% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 31% in April, 53% in May 2024, and 69% in May 2023.

Month-over-month, the house price index is down 1.6% and in the last 12 months down 4.5%. 

Coquitlam: Total Units Sold in May were 189 – the same as April, down from 233 (19%) in March, up from 165 (15%) in February, down from 228 (17%) in May 2024, and down from 284 (33%) in May 2023; Active Listings were at 1,344 at month end compared to 914 at that time last year (up 1%) and 1,325 at the end of April (up 5%); the 520 New Listings in May were down 17% compared to April, down 12% compared to March, up 10 % compared to February, up 1% compared to May 2024, and up 12% compared to May 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 36% compared to 30% in April, 44% in May 2024, and 61% in May 2023.

Month-over-month, the house price index is down 0.6% and in the last 12 months down 4.6%. 

Port Moody: Total Units Sold in May were 61 – up from 51 (20%) in April, up from 51 (20%) in March, up from 40 (53%) in February, up from 58 (5%) in May 2024, and down from 87 (30%) in May 2023; Active Listings were at 372 at month end compared to 219 at that time last year (up 70%) and 343 at the end of April (up %8); the 190 New Listings in May were up 3% compared to April, up 25% compared to March, up 57% compared to February, up 56% compared to May 2024, and up 42% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 32% compared to 28% in April, 48% in May 2024, and 65% in May 2023.

Month-over-month, the house price index is up 0.6% and in the last 12 months down 4.4%. 

Port Coquitlam: Total Units Sold in May were 55 – down from 70 (21%) in April, down from 62 (11%) in March, up from 58 (5%) in February, down from 95 (42%) in May 2024, and down from 91 (40%) in May 2023; Active Listings were at 384 at month end compared to 278 at that time last year (up 38%) and 353 at the end of April (up 9%); the 186 New Listings in May were down 6% compared to April, up 6% compared to March, up 44% compared to February, up 7% compared to May 2024, and up 27% compared to May 2023. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 36% in April, 55% in May 2024, and 62% in May 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 1.4%. 

Pitt Meadows: Total Units Sold in May were 18 – down from 27 (33%) in April, down from 27 (33%) in March, down from 21 (14%) in February, down from 30 (40%) in May 2024, and down from 39 (54%) in May 2023; Active Listings were at 147 at month end compared to 94 at that time last year (up 56%) and 122 at the end of April (up 20%); the 76 New Listings in May were up 23% compared to April, up 15% compared to March, up 73% compared to February, up 5% compared to May 2024, and up 69% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 43% in April, 41% in May 2024, and 86% in May 2023.      

Month-over-month, the house price index is down 0.6% and in the last 12 months down 2.1%.

Maple Ridge: Total Units Sold in May were 134 – up from 127 (6%) in April, up from 108 (24%) in March, up from 129 (4%) in February, down from 172 (22%) in May 2024, and down from 218 (39%) in May 2023; Active Listings were at 1,009 at month end compared to 850 at that time last year (up 18%) and 920 at the end of April (up 10%); the 435 New Listings in May were up 14% compared to April, up 23% compared to March, up 39% compared to February, up 8% compared to May 2024, and up 26% compared to May 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 33% in April, 42% in May 2024, and 63% in May 2023.

Month-over-month, the house price index is down 0.5% and in the last 12 months down 1.9%. 

Ladner: Total Units Sold in May were 33 – up from 16 (106%) in April, up from 31 (6%) in March, up from 29 (14%) in February, the same as May 2024, and down from 54 (39%) in May 2023; Active Listings were at 192 at month end compared to 139 at that time last year (up 8%) and 178 at the end of April (up 5%); the 81 New Listings in May were up 5% compared to April, up 19% compared to March, up 23% compared to February, up 7% compared to May 2024, and up 62% compared to May 2023. Month’s supply of total residential listings is down to 6 month’s supply from 11 (balanced market conditions) and sales to listings ratio of 41% compared to 21% in April, 43% in May 2024, and 108% in May 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 2.2%. 

Tsawwassen: Total Units Sold in May were 42 – up from 40 (5%) in April, up from 36 (17%) in March, up from 28 (50%) in February, up from 40 (5%) in May 2024, and down from 62 (32%) in May 2023; Active Listings were at 331 at month end compared to 218 at that time last year (up 52%) and 306 at the end of April (up 8%); the 136 New Listings in May were up 9% compared to April, up 37% compared to March, up 39% compared to February, up 37% compared to May 2024, and up 49% compared to May 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 31% compared to 32% in April, 40% in May 2024, and 68% in May 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.9%. 

Fraser Valley: Sales in May were up 13.4%, compared to April and were down 22.0% from May 2024. New listings were up 6.5% from April and up 6.6% from May 2024.The average price was down 0.5% month-over-month and is down 8.3% year-over-year. Active listings were up 5.8% to 10,626 from 10,046 last month and up 34.4% from May 2024 which was at 7,904. Month’s supply of total residential listings decreased from 10 to 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.3%. 

Highlights of Dexter’s February 2025 report

• Sales in February down 11% year-over-year

• New listings in February drop 9% from January

• Active listings continue to accumulate at a slower rate

• Tariff troubles begin 

The year of political uncertainty continues. Tariff or not to tariff has been the question to start 2025 and continued through the month of February before culminating with a thud of tariffs on March 3. And while the hush that came across from buyers wasn’t all too unexpected, some sellers as well joined in the pause of activity in February. While sales in February were above the totals in January, new listing totals declined in February from January, not a common occurrence in the real estate market. It appears that the uncertainty around tariffs and interest rates affected the real estate market in February. This uncertainty may play out in the coming months, not to mention Canada’s own federal election coming this year. And the election promises are likely to impact what decisions people make with real estate. There is already talk of GST exemptions on new homes either up to $1M or $1.5M depending on which candidate wins, capital gains discussions and likely a push for supply from all sides. With 1.2 million mortgages up for renewal in 2025, some homeowners that have been afraid to make a move due to locked in low rates may now look to make that move they weren’t prepared to do as opposed to just renewing their mortgage. 

Amidst all the political talk, the Bank of Canada will make their next interest rate decision on March 12th, with expectations somewhat mixed on whether another rate cut will happen. With tariffs now in place, the Bank of Canada may need to do another jumbo cut of at least 50 points. With inflation still below 2% and Canadian GDP sputtering along, the case is there for another rate cut by the Bank of Canada. And that’s even before considering the effects of tariffs. And when the economy suffers due to tariffs, expect the same to be considered when the Bank of Canada meets in April again.

There were 1,827 properties sold in Greater Vancouver in February after 1,552 properties sold in January, 1,765 properties sold in December, and 2,181 properties sold in November. The real estate market has undertones of a market wanting to move – literally. The increase in sales from January came amidst much political uncertainty and with fewer listings coming on the market in February compared to January. Cautiously moving forward, with buyers still having the advantage in today’s real estate market. 

Greater Vancouver home sales lagged the previous year for the first time since September after a strong fourth quarter in 2024. No one should be surprised. Sales in February were down 11% compared to February 2024 with 2,070 homes sold and the same as February 2023 at 1,824 sales. This after January was 9% higher compared to the 1,427 properties sold in January 2024 and were a 51% increase from the 1,030 sales in January 2023. Heading east, the Fraser Valley region saw sales in February down 27% compared to February 2024 and at similar levels to February 2023. 

Greater Vancouver sales in February were 39% below the 10-year average compared to January where sales were 29% below the 10-year average, December which was 12% below the 10-year average and November sales at 13% below the 10-year average. This was not a typical February, due mostly to uncertainty and partly due to weather with a 2-week cold snap which included snow (although nothing in comparison to the snow experienced in Eastern Canada.) Only fives times since the year 2000 have we seen less than 2,000 sales in Greater Vancouver for the month of February. Considering there were 4,051 sales in February 1989, this goes to show how few transactions are occurring given the increase in population and housing stocking over the last 35 years. People are holding on to the homes they buy, which exacerbates the lack of supply of available homes. And with a project in North Vancouver’s Lynn Canyon switching to all rental as opposed to a mix of rental and strata, there will be 205 fewer units available to purchase in that already supply starved market. At least Port Moody got the memo for more supply as they approved the first towers for its downtown core with over 1,000 units approved in 3 towers near the Moody Centre Sky Train station.

Sellers were less active in February, perhaps joining buyers on the side of uncertainty. There were 5,163 new listings in February, compared with 5,644 new listings that came on in January in Greater Vancouver. With sales levels still lagging through the first two months of the year, this might have kept some sellers taking a wait and see approach. But it was still well above the numbers of new listings compared to February last year which saw 4,651 come on and significantly more than the 3,559 new listings that came on the market in February 2023. The sales to listings ratio did rise in February, with 35% of new listings selling during the month, compared to 27% in January. But still below the 45% in February 2024 and 51% in February 2023. This points to more favourable conditions for buyers as well.

The number of new listings in February were 12% above the 10-year average, compared with January which saw the number of new listings 30% above the 10-year average and December was right at the 10-year average. There were properties listed in January that came off the market in late 2024 which added to the totals for that month and after seeing the slower start to the year and continued uncertainty, some sellers may have decided to wait and see if there are any impacts from the tariffs and resulting economic damage. March typically produces more new listings as the spring market kicks in. Even with the two-week school spring break, we’ll likely see more listings again this year compared to February but that could also depend on what the economic climate is like as we move through these tumultuous times. Predicting the future is subject to many variables so typical may not be part of the vocabulary for March this year.

There were 12,744 active listings in Greater Vancouver at month end, compared to 11,494 at the end of January. About 250 listings came off the market after the end of February, so March started with a lower total of active listings. 

Months of supply remained at 7 months in Greater Vancouver due to less listings coming on in February. The detached market in Greater Vancouver dropped down to 9 from 11 months supply, compared to 8 months supply in December while townhomes stayed at 5 months after being at 4 months in December and condos also held, staying at 6 months after being at 5 months in December. The trend of townhome properties being the least available and most competitive continued. North Vancouver and Port Coquitlam remain in a seller’s market with only 4 months of supply with Burnaby North and Ladner dropping down to 4 months supply in the townhouse segment and Port Moody, Port Coquitlam, Pitt Meadows and Maple Ridge sitting with 2 months supply. Squamish saw a significant jump in sales in February and now sits with 2 months supply of townhouses while detached is at 3 months supply in Squamish. 

Townhome sales in January for the region were up 10% compared to February last year, while condos sales were up 15% year-over-year. Detached sales lagged those product segments at 3% up from February last year. Townhome inventory overall was up 34% year-over year compared to 39% at the end of January, while condo inventory remained up 37% and detached homes were up 27% compared to 28% year-over-year at the end of January. 

The Greater Vancouver real estate market in February 2025 reflected ongoing political and economic uncertainty, with tariffs taking effect on March 3 and interest rate decisions looming. While home sales increased from January, new listings declined, an unusual trend for the season. With a federal election and mortgage renewals on the horizon, market conditions remain unpredictable heading into spring. But after several years of below average activity, this is a market just waiting to move.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,827 – up from 1,552 (18%) in January, up from 1,765 (4%) in December, down from 2,181 (16%) in November, down from 2,070 (11%) in February 2024, and up from 1,824 (0.1%) in February 2023; Active Listings were at 12,744 at month end compared to 10,552 at that time last year (up 32%) and 11,494 at the end of January (up 11%); the 5,163 New Listings in February were down 9% compared to January 2025, up 11% compared to February 2024, and up 45% compared to February 2023. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 27% in January, 45% in February 2024, and 51% in February 2023. 

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.4%.

Vancouver Westside: Total Units Sold in February were 307 – up from 255 (20%) in January, the same as December, down from 383 (34%) in November, down from 374 (18%) in February 2024, and down from 316 (3%) in February 2023; Active Listings were at 2,780 at month end compared to 2,148 at that time last year (up 29%) and 2,548 at the end of January (up 9%); the 1,068 New Listings in February were down 9% compared to January 2025, up 14% compared to February 2024, and up 49% compared to February 2023. Month’s supply of total residential listings is down to 9 month’s supply from 10 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January, 40% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.8% and in the last 6 months down 1.2%. 

Vancouver East Side: Total Units Sold in February were 204 – up from 158 (29%) in January, up from 198 (3%) in December, down from 268 (24%) in November, down from 249 (18%) in February 2024, and up from 198 (3%) in February 2023; Active Listings were at 1,313 at month end compared to 1,109 at that time last year (up 18%) and 1,198 at the end of January (up 10%); the 567 New Listings in February were down 13% compared to January 2025, up 4% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 35% compared to 24% in January, 46% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is up 0.5% and in the last 6 months down 0.5%. 

North Vancouver: Total Units Sold in February were 153 – up from 148 (3%) in January, up from 138 (11%) in December, down from 173 (12%) in November, down from 163 (6%) in February 2024, and up from 150 (2%) in February 2023; Active Listings were at 684 at month end compared to 489 at that time last year (up 33%) and 596 at the end of January (up 15%); the 352 New Listings in February were down 15% compared to January 2025, up 3% compared to February 2024, and up 39% compared to February 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 43% compared to 34% in January, 48% in February 2024, and 59% in February 2023.

Month-over-month, the house price index is up 1.4% and in the last 6 months down 0.1%. 

West Vancouver: Total Units Sold in February were 39 – up from 30 (30%) in January, the same in December, down from 45 (13%) in November, down from 56 (30%) in February 2024, and down from 43 (9%) in February 2023; Active Listings were at 580 at month end compared to 526 at that time last year (up 10%) and 541 at the end of January (up 7%); the 177 New Listings in February were down 10% compared to January 2025, up 4% compared to February 2024, and up 15% compared to February 2023. Month’s supply of total residential listings is down to 15 month’s supply from 18 (buyer’s market conditions) and sales to listings ratio of 22% compared to 15% in January, 33% in February 2024, and 28% in February 2023.

Month-over-month, the house price index is down 2.0% but in the last 6 months down 7.5%. 

Richmond: Total Units Sold in February were 179 – down from 206 (13%) in January, down from 235 (24%) in December, down from 234 (24%) in November, down from 231 (23%) in February 2024, and down from 227 (21%) in February 2023; Active Listings were at 1,513 at month end compared to 1,088 at that time last year (up 39%) and 1,319 at the end of January (up 15%); the 599 New Listings in February were down 2% compared to January 2025, up 29% compared to February 2024, and up 30% compared to February 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 29% compared to 34% in January, 50% in February 2024, and 49% in February 2023.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 2.7%. 

Burnaby East: Total Units Sold in February were 21 – up from 17 (24%) in January, the same as December, down from 38 (45%) in November, down from 25 (16%) in February 2024, and the same as February 2023; Active Listings were at 153 at month end compared to 94 at that time last year (up 63%) and 135 at the end of January (up 13%); the 65 New Listings in February were down 23% compared to January 2025, up 8% compared to February 2024, and up 225% compared to February 2023. Month’s supply of total residential listings is down to 7 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 32% compared to 20% in January, 42% in February 2024, and 105% in February 2023.

Month-over-month, the house price index is up 0.9% and in the last 6 months down 1.4%. 

Burnaby North: Total Units Sold in February were 129 – up from 104 (24%) in January, down from 130 (1%) in December, down from 145 (10%) in November, up from 121 (7%) in February 2024, and down from 134 (4%) in February 2023; Active Listings were at 728 at month end compared to 447 at that time last year (up 63%) and 649 at the end of January (up 12%); the 322 New Listings in February were down 8% compared to January 2025, up 29% compared to February 2024, and up 58% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 40% compared to 30% in January, 49% in February 2024, and 66% in February 2023.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 3.1%. 

Burnaby South: Total Units Sold in February were 75 – up from 59 (27%) in January, down from 97 (23%) in December, down from 134 (40%) in November, down from 109 (31%) in February 2024, and down from 118 (36%) in February 2023; Active Listings were at 597 at month end compared to 425 at that time last year (up 40%) and 500 at the end of January (up 19%); the 248 New Listings in February were the same as January 2025, up 19% compared to February 2024, and up 20% compared to February 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 30% compared to 24% in January, 52% in February 2024, and 57% in February 2023.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 2.1%. 

New Westminster: Total Units Sold in February were 88 – up from 61 (44%) in January, down from 96 (8%) in December, down from 93 (5%) in November, up from 79 (11%) in February 2024, and up from 66 (33%) in February 2023; Active Listings were at 448 at month end compared to 300 at that time last year (up 49%) and 404 at the end of January (up 11%); the 207 New Listings in February were down 10% compared to January 2025, up 8% compared to February 2024, and up 93% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 42% compared to 27% in January, 41% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%. 

Coquitlam: Total Units Sold in February were 165 – up from 155 (6%) in January, up from 128 (29%) in December, down from 172 (4%) in November, down from 189 (13%) in February 2024, and up from 158 (2%) in February 2023; Active Listings were at 1,049 at month end compared to 599 at that time last year (up 75%) and 917 at the end of January (up 14%); the 472 New Listings in February were down 4% compared to January 2025, up 28% compared to February 2024, and up 99% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 32% in January, 51% in February 2024, and 67% in February 2023.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.2%. 

Port Moody: Total Units Sold in February were 40 – up from 32 (25%) in January, up from 29 (38%) in December, down from 63 (37%) in November, down from 46 (13%) in February 2024, and down from 47 (15%) in February 2023; Active Listings were at 233 at month end compared to 131 at that time last year (up 78%) and 184 at the end of January (up 26%); the 121 New Listings in February were up 10% compared to January 2025, up 49% compared to February 2024, and up 33% compared to February 2023. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 33% compared to 29% in January, 57% in February 2024, and 52% in February 2023.

Month-over-month, the house price index is down 1.0% and in the last 6 months down 5.3%. 

Port Coquitlam: Total Units Sold in February were 58 – down from 65 (11%) in January, up from 51 (14%) in December, down from 76 (24%) in November, down from 64 (9%) in February 2024, and up from 40 (45%) in February 2023; Active Listings were at 262 at month end compared to 198 at that time last year (up 32%) and 236 at the end of January (up 11%); the 129 New Listings in February were down 13% compared to January 2025, up 13% compared to February 2024, and up 48% compared to February 2023. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 44% compared to 44% in January, 43% in February 2024, and 46% in February 2023.

Month-over-month, the house price index is up 0.3% and in the last 6 months down 0.9%. 

Pitt Meadows: Total Units Sold in February were 21 – up from 13 (62%) in January, down from 28 (25%) in December, down from 30 (30%) in November, down from 23 (8%) in February 2024, and up from 15 (40%) in February 2023; Active Listings were at 84 at month end compared to 64 at that time last year (up 31%) and 75 at the end of January (up 12%); the 44 New Listings in February were up 5% compared to January 2025, down 2% compared to February 2024, and up 63% compared to February 2023. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 47% compared to 30% in January, 51% in February 2024, and 55% in February 2023.    

Month-over-month, the house price index is down 2.6% and in the last 6 months down 4.5%.

Maple Ridge: Total Units Sold in February were 129 – up from 95 (36%) in January, up from 112 (15%) in December, up from 116 (11%) in November, down from 145 (10%) in February 2024, and the same as February 2023; Active Listings were at 735 at month end compared to 678 at that time last year (up 8%) and 663 at the end of January (up 11%); the 313 New Listings in February were down 13% compared to January 2025, down 21% compared to February 2024, and up 50% compared to February 2023. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 41% compared to 26% in January, 36% in February 2024, and 62% in February 2023.

Month-over-month, the house price index is down 1.8% and in the last 6 months down 3.1%. 

Ladner: Total Units Sold in February were 29 – up from 17 (71%) in January, up from 14 (107%) in December, down from 33 (12%) in November, up from 23 (26%) in February 2024, and up from 27 (7%) in February 2023; Active Listings were at 146 at month end compared to 82 at that time last year (up 78%) and 134 at the end of January (up 9%); the 66 New Listings in February were down 15% compared to January 2025, up 78% compared to February 2024, and up 8% compared to February 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 43% compared to 22% in January, 62% in February 2024, and 44% in February 2023.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 1.2%. 

Tsawwassen: Total Units Sold in February were 28 – up from 26 (8%) in January, up from 21 (33%) in December, up from 26 (8%) in November, down from 38 (26%) in February 2024, and up from 25 (12%) in February 2023; Active Listings were at 245 at month end compared to 156 at that time last year (up 57%) and 216 at the end of January (up 13%); the 98 New Listings in February were down 8% compared to January 2025, up 31% compared to February 2024, and up 85% compared to February 2023. Month’s supply of total residential listings is up to 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 28% compared to 24% in January, 51% in February 2024, and 47% in February 2023.

Month-over-month, the house price index is up 1.3% and in the last 6 months down 2.7%. 

Fraser Valley: Sales in February were up 10%, compared to January and were down 27% from February 2024. New listings were down 8% from January and up 12% from February 2024.The average price was down 1% month-over-month and is up 0.4% year-over-year. Active listings were up 8% to 6,966 from 6,214 last month and up 39% from February 2024 which was at 4,997. Month’s supply of total residential listings remains at 8 months (buyer’s market conditions).

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%. 

Highlights of Dexter’s December 2024 report

• Sales in December up 31% year-over-year

• Was December the last of the jumbo cuts by the Bank of Canada?

• Quarter 4 sales in Greater Vancouver were up 30% to 2023

• Townhomes continue to be too few and far between for buyers

It’s a new year, but one with the anticipation of continued interest rate reductions. The Bank of Canada meets again on January 29th following their rate cut of 50 points in December and with a month of political and economic headwinds to come, the 25-point drop that’s currently expected could see more swings than the Vancouver Canuck’s season so far. Unfortunately, the new year also brought a new round of legislation for British Columbia property owners to navigate. On January 1st, the provincial government’s flipping tax came into effect. Anyone who sells a property within one year of purchasing, starting January 1st for any sales, could be taxed 20% on any profits with that tax declining in the second year to zero.

This is in addition to the federal tax that came into effect in 2023 which taxed any profits as income for properties sold within one year. This new provincial tax targets not just resales but presales and the assignment of them as well. Certain life event exemptions may apply. It remains to be seen whether the provincial government will double the Speculation and Vacancy Tax in 2025 on properties as promised during the election. Just a few things for buyers and sellers to navigate this year.

There were 1,765 properties sold in Greater Vancouver in December after, 2,181 properties sold in November, 2,632 properties sold in October, and 1,852 sold in September. Fourth quarter sales in Greater Vancouver were 30% higher than the fourth quarter of 2023 and 36% higher than the fourth quarter of 2022. Some areas around Metro Vancouver experienced a greater number of sales in December than in November – Richmond and New Westminster, while Pitt Meadows, Maple Ridge and Aldergrove saw sales in December right near the totals for November. With the Bank of Canada rates coming down, buyer activity increased. The Bank of Canada’s final rate announcement for 2024 producing another jumbo rate cut of 50 points, pushed some buyers to jump back into the market last month. This buyer reengagement trend is likely to continue as January comes out of the holiday season mode. The question is how active will buyers be as we venture into a year with economic and political uncertainty still ahead. That was supposed to be a 2024 problem but with the U.S. Government change and a federal election in Canada (at some point), politics could play a role in real estate and the economy.

Sales in December were a 31% increase from the 1,345 properties sold last year and a 35% increase from the 1,303 sales in December 2022. As interest rates likely come down further, albeit at a slower pace in 2025, buyers won’t face the same spectre of obtaining mortgages at much higher rates then they experienced in the last two years. That led to more activity last fall compared to the last few years and as the spring market approaches, it will have an impact on how the real estate market plays out this year.

There is more optimism and opportunity in the real estate market, especially with new mortgage rules that took effect in December allowing for presale buyers to amortize their mortgage over 30 years and increasing the threshold for insured mortgages to $1.5M. The provincial flipping tax, that started on January 1st, may keep some sellers on the sidelines as they wait out the 2-year period. And for those buyers looking to purchase a property and renovate, they may think twice. Not great for those other buyers who would prefer purchasing a renovated property. 

Greater Vancouver sales in December were 12% below the 10-year average after November sales were 13% below the 10-year average and October sales were 5% below the 10-year average – all of which was far better than September and August where total sales were 26% below the 10-year average. For a December that is typically the slowest month of the year for real estate activity, there was a surprising amount this year. Just ask some REALTORS® that had offers come in on New Year’s Eve. 

Overall, total sales for the year were 26,560 in Greater Vancouver. This was slightly ahead of 2023 when 26,249 homes sold but still less than the 29,227 sales in 2022. Although 2022 saw 65% of the year’s total sales in the first 6 months prior to the start of rate hikes that year. In 2023, 55% of total sales were in the first half of the year while 2024 was more balanced with 52% of total sales in the first half. This showed that momentum in the market was picking up as the second half of the year moved on. 

In Greater Vancouver due to the holiday season, the number of new listings declined in December. There were 1,737 new listings in December, which were down 54% compared to November but up 35% compared to the 1,303 new listings in December of last year. Sellers and buyers were far more active than we’ve seen in the last 3 years for the month of December. And with 1,300 listings having expired at the end of December and others taking their properties off the market over the holidays, some will come back on in January and February as market conditions continue to improve. The total number of new listings in 2024 came in at 60,386 which was up significantly from the 50,883 in 2023 and the 55,028 in 2022. This was still fewer than 2021 when 63,711 new listings came out due to that year having one of the most active years on record for real estate sales. 

The number of new listings in December were right at the 10-year average after November was 5% above the 10-year average, October 20% above the 10-year average and September at 16% above. So, while we did see more listing activity in 2024, we saw that wane as the year went on. As the inventory of homes crept up through the year, some sellers were not keen to adjust prices to meet the expectations of buyers and the reality of more competition. The wait until 2025 and lower rates may have entered the minds of some sellers as the fall market moved on. Buyers certainly hope to see more listings come on in 2025 to give more buying choice with these lower interest rates. 

There were 10,948 active listings in Greater Vancouver at month end, compared to 13,245 at the end of November. After several listings expired at the end of December and others came off through the month of December, January started with just over 9,600 active listings. This was 23% above the total active listing count at the start of 2024. While above last year, that difference had grown to 46% year-over-year in May 2024. While buyers had more choice through 2024, that choice diminished as the year went on. Will we see it grow again in 2025? Perhaps not to the same level but more choice would lead to more transactions and keep price growth limited.  

Months of supply overall stayed steady at 6 in Greater Vancouver. The detached market in Greater Vancouver was the same at 8 months supply compared to November while townhomes remained at 4 months just below the condo market at 5 months – bordering on a seller’s market while townhomes are firmly entrenched in a seller’s market. North Vancouver, Richmond, Burnaby, New Westminster, Port Moody, Port Coquitlam, Maple Ridge, Abbotsford and Cloverdale range from 2 to 3 months supply – Pitt Meadows with one month supply. 

Townhome sales in December in the region were up 55% compared to December last year, showing what was on buyers’ shopping list for this holiday season. Detached homes saw a 31% increase in sales year-over-year while condos were up 23%. The condo inventory is up 30% year-over year, while townhomes are up 23% and detached homes are up 20%. There is more opportunity in the condo market for buyers, some areas more so than others. A good opportunity for first time buyers and investors and why it’s important to understand each market. 
Signs are pointing to an improved real estate market in 2025. More transactions will occur, and prices will be impacted by the number of property listings. Who is more active in 2025 will direct where prices go – more buyers than sellers then we’ll see more pressure on prices. 

There is pent up demand in the market, and arguably pent up supply. But with many new home developments on hold or not viable in current market conditions, supply in the next 2 to 5 years will continue to be a challenge. Rental prices are declining, in part due to the supply of new rental buildings being built and economic conditions making it challenging for renters. It’s been a while since landlords have had to compete for tenants, and with a decrease in federal immigration targets, that could continue. The story of 2025 is yet to be written, but like the previous years in this decade, it is bound to be an interesting one again.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in December were 1,765 - down from 2,181 (19%) in November, down from 2,632 (33%) in October, up from 1,345 (31%) in December 2023, up from 1,303 (35%) in December 2022, down from 2,737 (36%) in December 2021, down from 3,157 (18%) in December 2020, and down from 2,046 (14%) in December 2019; Active Listings were at 10,948 at month end compared to 8,802 at that time last year (up 24%) and 13,245 at the end of November (down 17%); the 1,737 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 40% compared to December 2022, down 13% compared to December 2021, down 30% compared to December 2020, and up 4% compared to December 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 102% compared to 58% in November 2024, 99% in December 2023, and 105% in December 2022. 

Month-over-month, the house price index is down 0.1% and in the last 6 months up 0.5%.

Vancouver Westside: Total Units Sold in December were 307 - down from 383 (20%) in November, down from 472 (35%) in October, up from 235 (31%) in December 2023, up from 244 (26%) in December 2022, down from 468 (34%) in December 2021, down from 486 (37%) in December 2020, and up from 190 (62%) in December 2019; Active Listings were at 2,396 at month end compared to 1,998 at that time last year (up 20%) and 2,856 at the end of November (down 16%); the 331 New Listings in December were down 53% compared to November 2024, up 34% compared to December 2023, up 36% compared to December 2022, down 17% compared to December 2021, down 22% compared to December 2020, and up 28% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 92% compared to 54% in November 2024, 95% in December 2023, and 100% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 3.1%. 

Vancouver East Side: Total Units Sold in December were 198 - down from 268 (26%) in November, down from 282 (30%) in October, up from 148 (34%) in December 2023, up from 122 (62%) in December 2022, down from 295 (33%) in December 2021, down from 348 (43%) in December 2020, and down from 208 (5%) in December 2019; Active Listings were at 1,151 at month end compared to 977 at that time last year (up 18%) and 1,407 at the end of November (down 18%); the 185 New Listings in December were down 61% compared to November 2024, up 25% compared to December 2023, up 28% compared to December 2022, down 14% compared to December 2021, down 31% compared to December 2020, and up 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 107% compared to 56% in November 2024, 100% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up down 0.1% and in the last 6 months down 2.1%. 

North Vancouver: Total Units Sold in December were 138 - down from 173 (20%) in November, down from 224 (38%) in October, up from 106 (30%) in December 2023, up from 107 (29%) in December 2022, down from 195 (29%) in December 2021, down from 250 (45%) in December 2020, and down from 155 (11%) in December 2019; Active Listings were at 532 at month end compared to 392 at that time last year (up 61%) and 716 at the end of November (down 12%); the 105 New Listings in December were down 59% compared to November 2024, up 5% compared to December 2023, up 30% compared to December 2022, down 12% compared to December 2021, down 36% compared to December 2020, and down 5% compared to December 2019. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 131% compared to 67% in November 2024, 106% in December 2023, and 132% in December 2022.

Month-over-month, the house price index is down 0.5% and in the last 6 months down 5.5%. 

West Vancouver: Total Units Sold in December were 39 - down from 45 (13%) in November, down from 59 (34%) in October, down from 41 (5%) in December 2023, down from 40 (2%) in December 2022, down from 62 (37%) in December 2021, down from 82 (52%) in December 2020, and down from 46 (15%) in December 2019; Active Listings were at 546 at month end compared to 487 at that time last year (up 12%) and 645 at the end of November (down 15%); the 78 New Listings in December were down 35% compared to November 2024, up 44% compared to December 2023, up 66% compared to December 2022, up 56% compared to December 2021, up 16% compared to December 2020, and up 30% compared to December 2019. Month’s supply of total residential listings is steady at 14 month’s supply (buyer’s market conditions) and sales to listings ratio of 50% compared to 38% in November 2024, 76% in December 2023, and 85% in December 2022.

Month-over-month, the house price index is up 2.4% but in the last 6 months down 2.9%.

 Richmond: Total Units Sold in December were 235 - up from 234 (0.5%) in November, down from 290 (19%) in October, up from 169 (39%) in December 2023, up from 171 (37%) in December 2022, down from 387 (39%) in December 2021, down from 343 (31%) in December 2020, and down from 281 (16%) in December 2019; Active Listings were at 1,351 at month end compared to 1,043 at that time last year (up 30%) and 1,584 at the end of November (down 15%); the 195 New Listings in December were down 58% compared to November 2024, up 20% compared to December 2023, up 13% compared to December 2022, down 29% compared to December 2021, down 36% compared to December 2020, and down 24% compared to December 2019. Month’s supply of total residential listings is down to 6 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 120% compared to 50% in November 2024, 104% in December 2023, and 99% in December 2022.

Month-over-month, the house price index is up 0.1% and in the last 6 months down 2.6%. 

Burnaby East: Total Units Sold in December were 21 - down from 38 (45%) in November, down from 25 (16%) in October, up from 18 (17%) in December 2023, up from 12 (75%) in December 2022, down from 32 (34%) in December 2021, down from 41 (49%) in December 2020, and up from 17 (24%) in December 2019; Active Listings were at 116 at month end compared to 75 at that time last year (up 55%) and 144 at the end of November (down 19%); the 24 New Listings in December were down 57% compared to November 2024, up 100% compared to December 2023, up 71% compared to December 2022, up 9% compared to December 2021, down 26% compared to December 2020, and up 20% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 87% compared to 68% in November 2024, 150% in December 2023, and 86% in December 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 3.1%. 

Burnaby North: Total Units Sold in December were 130 - down from 145 (10%) in November, down from 168 (14%) in October, up from 91 (43%) in December 2023, up from 78 (67%) in December 2022, down from 157 (17%) in December 2021, down from 171 (24%) in December 2020, and up from 113 (15%) in December 2019; Active Listings were at 595 at month end compared to 417 at that time last year (up 43%) and 729 at the end of November (down 18%); the 138 New Listings in December were down 47% compared to November 2024, up 77% compared to December 2023, up 97% compared to December 2022, up 14% compared to December 2021, down 16% compared to December 2020, and up 97% compared to December 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 94% compared to 55% in November 2024, 117% in December 2023, and 111% in December 2022.

Month-over-month, the house price index is down 0.2% and in the last 6 months down 3.5%. 

Burnaby South: Total Units Sold in December were 97 - down from 134 (28%) in November, down from 166 (42%) in October, up from 79 (23%) in December 2023, up from 94 (3%) in December 2022, down from 186 (48%) in December 2021, down from 148 (34%) in December 2020, and down from 132 (27%) in December 2019; Active Listings were at 493 at month end compared to 395 at that time last year (up 25%) and 597 at the end of November (down 17%); the 84 New Listings in December were down 46% compared to November 2024, up 12% compared to December 2023, up 42% compared to December 2022, down 38% compared to December 2021, down 42% compared to December 2020, and up 8% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 115% compared to 80% in November 2024, 105% in December 2023, and 159% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 2.2%. 

New Westminster: Total Units Sold in December were 96 - up from 93 (3%) in November, down from 120 (20%) in October, up from 46 (109%) in December 2023, up from 53 (81%) in December 2022, down from 139 (31%) in December 2021, down from 151 (36%) in December 2020, and up from 77 (25%) in December 2019; Active Listings were at 360 at month end compared to 240 at that time last year (up 50%) and 464 at the end of November (down 22%); the 67 New Listings in December were down 62% compared to November 2024, up 72% compared to December 2023, up 131% compared to December 2022, down 21% compared to December 2021, down 28% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is down to 4 month’s supply from 5 (seller’s market conditions) and sales to listings ratio of 143% compared to 53% in November 2024, 118% in December 2023, and 183% in December 2022.

Month-over-month, the house price index is up 1.1% and in the last 6 months down 0.5%. 

Coquitlam: Total Units Sold in December were 128 - down from 172 (26%) in November, down from 246 (48%) in October, up from 119 (8%) in December 2023, up from 81 (58%) in December 2022, down from 216 (41%) in December 2021, down from 309 (59%) in December 2020, and down from 197 (35%) in December 2019; Active Listings were at 867 at month end compared to 527 at that time last year (up 65%) and 1,027 at the end of November (down 16%); the 155 New Listings in December were down 51% compared to November 2024, up 80% compared to December 2023, up 104% compared to December 2022, up 1% compared to December 2021, down 27% compared to December 2020, and up 31% compared to December 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 82% compared to 55% in November 2024, 138% in December 2023, and 107% in December 2022.

Month-over-month, the house price index is up 0.7% and in the last 6 months down 3.5%. 

Port Moody: Total Units Sold in December were 29 - down from 63 (54%) in November, down from 66 (56%) in October, up from 25 (16%) in December 2023, up from 41 (29%) in December 2022, down from 52 (44%) in December 2021, down from 78 (63%) in December 2020, and down from 37 (22%) in December 2019; Active Listings were at 155 at month end compared to 128 at that time last year (up 21%) and 212 at the end of November (down 27%); the 27 New Listings in December were down 66% compared to November 2024, down 16% compared to December 2023, down 36% compared to December 2022, down 31% compared to December 2021, down 47% compared to December 2020, and down 4% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 3 (balanced market conditions) and sales to listings ratio of 107% compared to 79% in November 2024, 78% in December 2023, and 98% in December 2022.

Month-over-month, the house price index is up 0.2% and in the last 6 months down 3.1%. 

Port Coquitlam: Total Units Sold in December were 51 - down from 76 (33%) in November, down from 77 (34%) in October, up from 36 (42%) in December 2023, up from 37 (38%) in December 2022, down from 107 (52%) in December 2021, down from 105 (51%) in December 2020, and down from 84 (39%) in December 2019; Active Listings were at 237 at month end compared to 154 at that time last year (up 54%) and 285 at the end of November (down 17%); the 50 New Listings in December were down 54% compared to November 2024, up 28% compared to December 2023, up 14% compared to December 2022, down 24% compared to December 2021, down 51% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is up to 5 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 102% compared to 70% in November 2024, 92% in December 2023, and 84% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 2.1%. 

Pitt Meadows: Total Units Sold in December were 28 - down from 30 (7%) in November, down from 32 (12%) in October, up from 19 (47%) in December 2023, up from 23 (21%) in December 2022, down from 33 (15%) in December 2021, up from 26 (8%) in December 2020, and up from 27 (4%) in December 2019; Active Listings were at 68 at month end compared to 59 at that time last year (up 15%) and 105 at the end of November (down 35%); the 11 New Listings in December were down 74% compared to November 2024, down 21% compared to December 2023, down 8% compared to December 2022, down 61% compared to December 2021, down 45% compared to December 2020, and down 15% compared to December 2019. Month’s supply of total residential listings is up to 6 month’s supply from 4 (balanced market conditions) and sales to listings ratio of 254% compared to 71% in November 2024, 135% in December 2023, and 191% in December 2022.  

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%.

Maple Ridge: Total Units Sold in December were 112 - down from 116 (3%) in November, down from 143 (22%) in October, up from 100 (12%) in December 2023, up from 78 (44%) in December 2022, down from 159 (30%) in December 2021, down from 214 (48%) in December 2020, and down from 130 (14%) in December 2019; Active Listings were at 611 at month end compared to 579 at that time last year (up 5%) and 765 at the end of November (down 20%); the 90 New Listings in December were down 59% compared to November 2024, down 11% compared to December 2023, up 38% compared to December 2022, down 17% compared to December 2021, down 45% compared to December 2020, and down 14% compared to December 2019. Month’s supply of total residential listings is down to 5 month’s supply from 7 (balanced market conditions) and sales to listings ratio of 124% compared to 52% in November 2024, 98% in December 2023, and 120% in December 2022.

Month-over-month, the house price index is up 0.4% and in the last 6 months down 1.8%. 

Ladner: Total Units Sold in December were 14 - down from 33 (58%) in November, down from 31 (6%) in October, up from 12 (17%) in December 2023, up from 9 (56%) in December 2022, down from 21 (33%) in December 2021, down from 34 (59%) in December 2020, and down from 20 (30%) in December 2019; Active Listings were at 117 at month end compared to 86 at that time last year (up 36%) and 135 at the end of November (down 13%); the 15 New Listings in December were down 66% compared to November 2024, up 7% compared to December 2023, up 7% compared to December 2022, up 25% compared to December 2021, down 50% compared to December 2020, and down 50% compared to December 2019. Month’s supply of total residential listings is up to 8 month’s supply from 4 (buyer’s market conditions) and sales to listings ratio of 93% compared to 75% in November 2024, 86% in December 2023, and 64% in December 2022.

Month-over-month, the house price index is down 0.4% and in the last 6 months down 0.7%. 

Tsawwassen: Total Units Sold in December were 21 - down from 26 (19%) in November, down from 36 (42%) in October, the same as December 2023, down from 23 (9%) in December 2022, down from 43 (51%) in December 2021, down from 74 (72%) in December 2020, and down from 26 (19%) in December 2019; Active Listings were at 181 at month end compared to 152 at that time last year (up 19%) and 204 at the end of November (down 11%); the 25 New Listings in December were down 43% compared to November 2024, up 39% compared to December 2023, up 25% compared to December 2022, up 25% compared to December 2021, down 42% compared to December 2020, and up 32% compared to December 2019. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 84% compared to 59% in November 2024, 117% in December 2023, and 115% in December 2022.

Month-over-month, the house price index is down 0.3% and in the last 6 months down 2.1%. 

Fraser Valley: Sales in December were down 14.6%, compared to November and were up 20% from December 2023. New listings were down 48% from November and up 41.4% from December 2023.The average price was up 3% month-over-month and is up 10.3% year-over-year. Active listings were down 27.1% to 5,392 from 7,400 last month and up 20.5% from November 2023 which was at 4,476. Month’s supply of total residential listings is down to 6 months from 7 months (balanced market conditions).
Month-over-month, the house price index is down 0.5% and in the last 6 months down 3.7%. 

Highlights of Dexter’s September 2024 report

• Bank of Canada should cut its rate by 0.5% this month

• 5th straight month of declining sales in Metro Vancouver

• Highest number of Vancouver condo listings since 2012

• Buy now before everyone else does when the rates come down further

September 2024 brought on promises and more promises. The Bank of Canada dropped their interest rate for the third consecutive time and by the end of the month the U.S. went ahead with their first rate cut – jumping right in with a half point drop. We’re now expecting a half point drop by the Bank of Canada in October based on the latest economic data. And if that wasn’t enough, the province is heading to the polls later in October with promise after promise from the incumbent NDP government and challenging Conservatives.

Is it any wonder that buyers are waiting to see what happens? That was the tone of buyers in September, all while sellers jumped back into the market with another rush of listings. 

For the third consecutive meeting the Bank of Canada has reduced its key interest rate by a quarter point in September, bringing down mortgage costs for homeowners with variable rate mortgages and lines of credit. While not overly expected, there was some thought that a half point reduction was in order. But what this does now is leave the remaining two meetings open to further reductions in the Bank of Canada’s rate as the economy and inflation numbers clearly indicate that stimulus is needed. Expect both countries to use the remainder of the year to reduce their rates, with Canada going from the current 4.25% to 3.5% or lower by the time 2025 begins.

Many buyers may be thinking that significant Bank of Canada rate cuts will lead to equivalent reductions in fixed rates. But that’s not going to happen. Fixed rates are based on bond yields and current yields have factored in the anticipated drops in the Bank of Canada’s rate. That’s the reason why fixed rates have come down more than 1.5% from their highs already. With economic growth and inflation in Canada lagging, it’s become more likely that the Bank of Canada will cut quicker and deeper than anticipated, so expect variable rate mortgage costs to drop more than fixed rate mortgage costs. That means buyers looking for fixed rate mortgages aren’t going to gain by waiting. With the highest inventory of properties available in the last 6 years, opportunities exist for buyers more so than ever.

There were 1,852 properties sold in Greater Vancouver in September, after 1,903 sold in August, 2,333 properties sold in July, and 2,418 sold in June. With the highest number of active listings available since mid-2019, buyers are still in a holding pattern. Given the path to a sub 3 Bank of Canada rate by some time next year, variable rate mortgages are the flavour of buyers. Taking advantage of the increase in choice will allow those buyers brave enough to buy now and ride the rate down to beat out the competition that will come next spring. 

Sales in September were a 4% decrease from the 1,903 properties sold last year, after a 17% decrease in August from the 2,296 properties sold in August 2023. September typically sees a tepid start to the fall market, so less sales in the month after August is not unusual. Will it take another rate cut to further entice more buyers into the market? While the federal government’s promise to extend amortizations for all buyers of presales to 30% and increase of the threshold for insured mortgages to $1.5M gives promise to buyers for easing the mortgage pain, this won’t come until December. Just what the market needs, another reason to wait and push more into the spring market. Buy now or compete later is the mantra of this fall market.  

Sales in September were 26% below the 10-year average, like August with sales 26% below the 10-year average after July was 18% below the 10-year average and June was 24% below the 10-year average. The fall market has some work to do to eclipse the spring market in terms of activity but what’s clear is that the longer demand holds off, the busier it will be come the spring. With the inventory of listings continuing to rise, buyers have choice and opportunity like they haven’t seen since 2019. 
In Greater Vancouver the number of new listings in September were the highest totals since May after dropping to a low in August. With 6,228 new listings in September, this was a 48% jump from what came on the market in August and an increase of 11% compared to September 2023. Sellers were certainly ready to get into the fall market, even if buyers were still reluctant.

The number of new listings in September were 16% above the 10-year average after August was 1.5% below the 10-year average, July 12% above the 10-year average, and June 2% above the 10-year average. With 3 months left in the year, the total new listings so far are almost at the total for 2023 and will likely be the second highest annual amount in the last 10 years. Even with this, prices had remained relatively flat but are trending lower in the last few months, albeit in the 1 to 3% range for declines. The increase in listings will help keep prices in check as demand enters back into the market at a greater rate over the next year. 

There were 14,932 active listings in Greater Vancouver at month end, compared to 13,812 at the end of August, 14,325 at the end of July and 14,180 at the end of June. After being up 46% year-over-year at the end of May, currently there are 31% more active listings year-over-year, a drop from being at 37% at the end of August. While we did see a significant jump in active listings after the month of September, we’re still not at the highs we saw in 2019, although for the month of September we’d have to go back to 2014 to see an active listing count this high for the month of September. Count on total active listings climbing above 15,000 in Greater Vancouver as we move through October before declining through the rest of year. 

Overall, the detached market in Greater Vancouver is up to 11 months supply from 10 while townhomes remained at 6 months supply and condos climbed to 7 months from 6. Condos have seen the biggest increase in listings with there being 39% active listings year-over-year, with detached at 24% above the same time last year. Detached sales activity has slowed more so though, putting many areas into strong buyer’s markets with over 10 months supply.

Vancouver westside condos are at the highest number of active listings since 2012 and sitting with 10 months supply – likely a result of rental legislation and short-term rental rules making that type of property a less attractive investment. Move over to the east side though and sales are up compared to last month and last year with their only being 5 months supply. That’s what a $200,000 difference in average price will do. As we move through October, election rhetoric and interest rate relief will be a distraction for many buyers.

Affordability will continue to be the word thrown around by the two main parties in B.C. when referencing housing, but with so many regulations put in place by the current government, supply suffers at the hands of so many restrictions. Even with the promise to build more, we are still left with the question of how that’s going to happen.

Here’s a summary of the numbers:


Greater Vancouver: Total Units Sold in September were 1,852 – down from 1,903 (3%) in August, down from 2,333 (21%) in July, down from 2,418 (23%) in June, down from 1,93 (4%) in September 2023, up from 1,701 (9%) in September 2022, down from 3,200 (42%) in September 2021, down from 3,741 (50%) in September 2020, and down from 2,363 (22%) in September 2019; Active Listings were at 14,932 at month end compared to 11,382 at that time last year (up 31%) and 13,812 at the end of August (up 8%); the 6,228 New Listings in September were up 48% compared to August 2024, up 14% compared to September 2023, up 43% compared to September 2022, up 17% compared to September 2021, down 6% compared to September 2020, and up 24% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 45% in August 2024, 35% in September 2023, and 39% in September 2022. 

Month-over-month, the house price index is down 1.4% and in the last 6 months down 1.6%.


Vancouver Westside: Total Units Sold in September were 312 – down from 337 (7%) in August, down from 416 (25%) in July, down from 470 (34%) in June, down from 338 (8%) in September 2023, up from 301 (4%) in September 2022, down from 567 (45%) in September 2021, down from 539 (42%) in September 2020, and down from 404 (23%) in September 2019; Active Listings were at 3,174 at month end compared to 2,558 at that time last year (up 24%) and 2,873 at the end of August (up 10%); the 1,302 New Listings in September were up 69% compared to August 2024, up 57% compared to September 2023, up 43% compared to September 2022, up 5% compared to September 2021, down 4% compared to September 2020, and up 31% compared to September 2019. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 24% compared to 44% in August 2024, 29% in September 2023, and 33% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months up 0.4%. 


Vancouver East Side: Total Units Sold in September were 211 – up from 193 (9%) in August, down from 263 (20%) in July, down from 270 (22%) in June, up from 192 (10%) in September 2023, up from 178 (19%) in September 2022, down from 368 (43%) in September 2021, down from 443 (52%) in September 2020, and down from 293 (28%) in September 2019; Active Listings were at 1,529 at month end compared to 1,196 at that time last year (up 27%) and 1,407 at the end of August (up 8%); the 772 New Listings in September were up 67% compared to August 2024, up 22% compared to September 2023, up 71% compared to September 2022, up 22% compared to September 2021, down 7% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is steady at 7 month’s supply (balanced market conditions) and sales to listings ratio of 28% compared to 42% in August 2024, 31% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 1.3% and in the last 6 months down 0.4%. 


North Vancouver: Total Units Sold in September were 144 – down from 145 (1%) in August, down from 201 (28%) in July, down from 221 (35%) in June, down from 169 (15%) in September 2023, up from 128 (13%) in September 2022, down from 230 (37%) in September 2021, down from 328 (56%) in September 2020, and down from 166 (13%) in September 2019; Active Listings were at 856 at month end compared to 627 at that time last year (up 36%) and 675 at the end of August (up 27%); the 543 New Listings in September were up 102% compared to August 2024, up 13% compared to September 2023, up 35% compared to September 2022, up 29% compared to September 2021, down 8% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 27% compared to 54% in August 2024, 35% in September 2023, and 32% in September 2022.

Month-over-month, the house price index is down 2.5% and in the last 6 months down 3.1%. 


West Vancouver: Total Units Sold in September were 45 – down from 57 (21%) in August, down from 59 (24%) in July, down from 75 (40%) in June, down from 53 (15%) in September 2023, up from 42 (7%) in September 2022, down from 71 (37%) in September 2021, down from 98 (54%) in September 2020, and down from 51 (12%) in September 2019; Active Listings were at 724 at month end compared to 626 at that time last year (up 31%) and 678 at the end of August (up 8%); the 237 New Listings in September were up 71% compared to August 2024, down 8% compared to September 2023, up 21% compared to September 2022, up 9% compared to September 2021, up 13% compared to September 2020, and up 1% compared to September 2019. Month’s supply of total residential listings is up to 16 month’s supply from 12 (buyer’s market conditions) and sales to listings ratio of 19% compared to 42% in August 2024, 21% in September 2023, and 22% in September 2022.

Month-over-month, the house price index is down 3.0% but in the last 6 months down 2.8%. 


Richmond: Total Units Sold in September were 197 – up from 191 (3%) in August, down from 255 (23%) in July, down from 263 (25%) in June, down from 256 (23%) in September 2023, down from 210 (6%) in September 2022, down from 432 (54%) in September 2021, down from 415 (53%) in September 2020, and down from 283 (30%) in September 2019; Active Listings were at 1,736 at month end compared to 1,268 at that time last year (up 37%) and 1,632 at the end of August (up 6%); the 629 New Listings in September were up 16% compared to August 2024, up 4% compared to September 2023, up 35% compared to September 2022, up 0.5% compared to September 2021, down 10% compared to September 2020, and up 12% compared to September 2019. Month’s supply of total residential listings is steady at 9 month’s supply (balanced market conditions) and sales to listings ratio of 31% compared to 35% in August 2024, 43% in September 2023, and 45% in September 2022.

Month-over-month, the house price index is down 1.2% and in the last 6 months down 2.5%. 


Burnaby East: Total Units Sold in September were 29 – up from 25 (16%) in August, down from 33 (12%) in July, up from 17 (71%) in June, up from 18 (61%) in September 2023, up from 17 (18%) in September 2022, down from 38 (24%) in September 2021, down from 41 (29%) in September 2020, and up from 22 (32%) in September 2019; Active Listings were at 148 at month end compared to 96 at that time last year (up 54%) and 140 at the end of August (up 6%); the 67 New Listings in September were up 37% compared to August 2024, up 37% compared to September 2023, up 148% compared to September 2022, up 37% compared to September 2021, up 22% compared to September 2020, and up 20% compared to September 2019. Month’s supply of total residential listings is down to 5 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 43% compared to 51% in August 2024, 37% in September 2023, and 63% in September 2022.

Month-over-month, the house price index is down 1.4% and in the last 6 months down 2.4%. 


Burnaby North: Total Units Sold in September were 122 – down from 145 (16%) in August, down from 137 (11%) in July, down from 172 (29%) in June, up from 113 (8%) in September 2023, up from 111 (10%) in September 2022, down from 189 (47%) in September 2021, down from 192 (36%) in September 2020, and down from 138 (6%) in September 2019; Active Listings were at 839 at month end compared to 561 at that time last year (up 49%) and 826 at the end of August (up 1%); the 339 New Listings in September were up 15% compared to August 2024, up 11% compared to September 2023, up 73% compared to September 2022, down 12% compared to September 2021, down 3% compared to September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 36% compared to 49% in August 2024, 37% in September 2023, and 57% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 2.1%. 


Burnaby South: Total Units Sold in September were 114 – up from 112 (2%) in August, down from 140 (19%) in July, down from 135 (16%) in June, down from 126 (10%) in September 2023, up from 96 (19%) in September 2022, down from 183 (38%) in September 2021, down from 173 (34%) in September 2020, and down from 119 (4%) in September 2019; Active Listings were at 694 at month end compared to 518 at that time last year (up 34%) and 634 at the end of August (up 9%); the 332 New Listings in September were up 49% compared to August 2024, up 18% compared to September 2023, up 53% compared to September 2022, up 16% compared to September 2021, down 8% compared to September 2020, and up 42% compared to September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (balanced market conditions) and sales to listings ratio of 35% compared to 51% in August 2024, 45% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 3.4% and in the last 6 months down 4.3%. 


New Westminster: Total Units Sold in September were 73 – down from 79 (8%) in August, down from 98 (26%) in July, down from 108 (32%) in June, up from 72 (1%) in September 2023, up from 67 (9%) in September 2022, down from 131 (44%) in September 2021, down from 176 (59%) in September 2020, and down from 110 (34%) in September 2019; Active Listings were at 468 at month end compared to 298 at that time last year (up 57%) and 406 at the end of August (up 15%); the 242 New Listings in September were up 69% compared to August 2024, up 39% compared to September 2023, up 40% compared to September 2022, up 3% compared to September 2021, down 24% compared to September 2020, and up 11% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 42% in September 2023, and 39% in September 2022.

Month-over-month, the house price index is up 0.6% and in the last 6 months down 0.3%. 


Coquitlam: Total Units Sold in September were 155 – down from 171 (9%) in August, down from 178 (13%) in July, down from 189 (18%) in June, down from 170 (9%) in September 2023, up from 142 (9%) in September 2022, down from 247 (37%) in September 2021, down from 307 (50%) in September 2020, and down from 213 (27%) in September 2019; Active Listings were at 1,146 at month end compared to 713 at that time last year (up 61%) and 1,052 at the end of August (up 9%); the 512 New Listings in September were up 22% compared to August 2024, up 15% compared to September 2023, up 58% compared to September 2022, up 43% compared to September 2021, the same as September 2020, and up 34% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 30% compared to 41% in August 2024, 38% in September 2023, and 44% in September 2022.

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.0%. 


Port Moody: Total Units Sold in September were 61 – up from 39 (56%) in August, up from 58 (5%) in July, up from 56 (9%) in June, up from 44 (39%) in September 2023, up from 53 (15%) in September 2022, down from 69 (12%) in September 2021, down from 88 (31%) in September 2020, and up from 49 (24%) in September 2019; Active Listings were at 251 at month end compared to 185 at that time last year (up 36%) and 243 at the end of August (up 3%); the 143 New Listings in September were up 59% compared to August 2024, up 38% compared to September 2023, up 61% compared to September 2022, up 46% compared to September 2021, down 14% compared to September 2020, and up 51% compared to September 2019. Month’s supply of total residential listings is down to 4 month’s supply from 6 (seller’s market conditions) and sales to listings ratio of 43% compared to 43% in August 2024, 42% in September 2023, and 60% in September 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months up 2.4%. 


Port Coquitlam: Total Units Sold in September were 52 – down from 56 (7%) in August, down from 66 (21%) in July, down from 62 (16%) in June, down from 65 (20%) in September 2023, up from 50 (4%) in September 2022, down from 97 (46%) in September 2021, down from 114 (54%) in September 2020, and down from 78 (33%) in September 2019; Active Listings were at 358 at month end compared to 191 at that time last year (up 87%) and 306 at the end of August (up 17%); the 186 New Listings in September were up 81% compared to August 2024, up 33% compared to September 2023, up 49% compared to September 2022, up 28% compared to September 2021, down 7% compared to September 2020, and up 28% compared to September 2019. Month’s supply of total residential listings is up to 7 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 28% compared to 55% in August 2024, 47% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 2.1% and in the last 6 months down 1.6%. 


Pitt Meadows: Total Units Sold in September were 24 – up from 21 (14%) in August, down from 27 (11%) in July, down from 28 (14%) in June, the same as September 2023, up from 20 (20%) in September 2022, down from 41 (41%) in September 2021, down from 44 (45%) in September 2020, and down from 32 (25%) in September 2019; Active Listings were at 125 at month end compared to 94 at that time last year (up 32%) and 105 at the end of August (up 19%); the 70 New Listings in September were up 75% compared to August 2024, up 29% compared to September 2023, up 27% compared to September 2022, up 59% compared to September 2021, down 9% compared to September 2020, and up 19% compared to September 2019. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 34% compared to 52% in August 2024, 44% in September 2023, and 36% in September 2022.  

Month-over-month, the house price index is down 1.5% and in the last 6 months down 3.1%.


Maple Ridge: Total Units Sold in September were 114 – down from 123 (7%) in August, down from 166 (31%) in July, down from 130 (12%) in June, up from 108 (6%) in September 2023, down from 115 (1%) in September 2022, down from 182 (37%) in September 2021, down from 267 (57%) in September 2020, and down from 157 (27%) in September 2019; Active Listings were at 887 at month end compared to 752 at that time last year (up 17%) and 855 at the end of August (up 4%); the 344 New Listings in September were up 24% compared to August 2024, down 4% compared to September 2023, up 22% compared to September 2022, up 50% compared to September 2021, up 14% compared to September 2020, and up 21% compared to September 2019. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 33% compared to 44% in August 2024, 30% in September 2023, and 40% in September 2022.

Month-over-month, the house price index is down 0.7% and in the last 6 months down 1.2%. 


Ladner: Total Units Sold in September were 22 – down from 25 (12%) in August, down from 31 (29%) in July, down from 27 (19%) in June, down from 26 (15%) in September 2023, up from 20 (10%) in September 2022, down from 38 (42%) in September 2021, down from 53 (58%) in September 2020, and down from 28 (21%) in September 2019; Active Listings were at 136 at month end compared to 117 at that time last year (up 16%) and 124 at the end of August (up 10%); the 73 New Listings in September were up 62% compared to August 2024, up 12% compared to September 2023, up 83% compared to September 2022, up 62% compared to September 2021, up 30% compared to September 2020, and up 33% compared to September 2019. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 30% compared to 56% in August 2024, 40% in September 2023, and 50% in September 2022.

Month-over-month, the house price index is up 1.0% and in the last 6 months up 1.6%. 


Tsawwassen: Total Units Sold in September were 34 – up from 32 (6%) in August, down from 45 (24%) in July, down from 44 (23%) in June, down from 42 (35%) in September 2023, up from 21 (62%) in September 2022, down from 57 (40%) in September 2021, down from 80 (57%) in September 2020, and up from 26 (31%) in September 2019; Active Listings were at 215 at month end compared to 174 at that time last year (up 23%) and 199 at the end of August (up 7%); the 80 New Listings in September were up 32% compared to August 2024, up 7% compared to September 2023, up 36% compared to September 2022, up 8% compared to September 2021, down 32% compared to September 2020, and the same as September 2019. Month’s supply of total residential listings is steady at 6 month’s supply (buyer’s market conditions) and sales to listings ratio of 43% compared to 53% in August 2024, 57% in September 2023, and 36% in September 2022.

Month-over-month, the house price index is down 2.8% and in the last 6 months down 4.3%. 
 

Fraser Valley: Sales in September were down 8.0%, compared to August and were down 10.7% from September 2023. New listings were up 20.7% from August and up 17.2% from September 2023.The average price was down 2.3% month-over-month and is up 2.4% year-over-year. Active listings were up 4.9% to 9,045 from 8,626 last month and up 38.5% from September 2023 which was at 6,532. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions).
“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “The current conditions should favour buyers, particularly in the detached market, however until we start to see some movement in asking prices, properties will continue to sit on the market for extended periods as both buyers and sellers await the next rate announcement.

Month-over-month, the house price index is down 1% and in the last 6 months 3%.