Highlights of Dexter’s June 2025 report

• Development Relief Could Boost Housing Starts

• Buyer’s Market Remains in Place

• Sales Stabilizing But at Below Average Pace

• Fraser Valley Shows Improvement

Earlier this year, the challenges of developing new homes had a lot to do with fees paid to municipalities before shovels even hit the ground: “It’s not an affordability crisis, it’s a cost-of-delivery crisis” as said by one of Metro Vancouver’s developers.

Developers are struggling to build in this economy and with the state of current government regulations. And there are developers struggling to exist at all. For buyers, the adage “buy land because they aren’t making more of it” – could also be coined “buy condos, because they aren’t making more of them.” At least until it becomes more feasible. 

New housing may have received a lifeline by the provincial government after announcing this week that they are loosening the rules for payment of development fees. The housing minister said that the biggest change will be the ability to pay 25% of development fees at permit approval and 75% at occupancy or within four years (whichever comes first) instead of paying all municipal development charges upfront. 

The Greater Vancouver housing market continued to navigate through a period of elevated inventory and tempered buyer activity in June 2025. While sales held steady month-over-month, underlying trends suggest an increasingly selective buyer pool and a market firmly tilted in favour of buyers across most areas. Broadly speaking, June followed the familiar seasonal path of spring activity cooling into the summer, though the degree of softening and disparity across submarkets continues to reflect the cautious sentiment in the region.

Sales Activity: Flatlined but Stabilizing.

In Greater Vancouver, a total of 2,181 residential properties were sold in June 2025. This figure is down 2% from May (2,228) but up 1% from April and up 4% from March. Compared to June 2024, sales are down 10%, and year-over-year, sales have dropped a more notable 27% compared to June 2023, when 2,988 properties were sold.

Total sales for the first 6 months of 2025 came in at 12,042. Not as low as 2019 that saw 10,992 homes sold in Greater Vancouver in the first 6 months of that year, but well below where sales volumes have typically been for the first half of the year. In looking at the last 8 years going back to the start of 2017, total sales in the region were 10% lower than the 8 years before 2017. All while 2021 being a record year for sales volumes. And with housing stock having increased year by year, it shows that fewer homeowners are selling, perhaps indicating a need to incentivize homeowners to sell rather than punishing them selling.

Greater Vancouver sales in June were 26% below the 10-year average compared to May at 30% below the 10-year average, 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. An indication of an improving market.

New Westminster continues to be among the weaker performers. With 71 sales, down 23% from May and 40% year-over-year, the market now carries 9 months of supply. The sales-to-listings ratio has dropped to just 26%, and prices declined 1.0% in June, now 3.7% lower year-over-year. Tsawwassen on the other side had the strongest June in since 2022 for sales.

The trend in Greater Vancouver illustrates a pattern of short-term resilience but long-term cooling. The month-over-month decline was modest, suggesting that activity has found a near-term floor. However, the steep drop from last year highlights the impact of trade related and economic uncertainty, affordability constraints, and increasing supply on the purchasing behaviour of buyers.

Heading east, the Fraser Valley region saw sales in June up 2.2% compared to May and fared better than its neighbouring region compared to June last year. Sales were down 9.3% compared to last year, while Greater Vancouver was down 10%. New listings saw a larger month-over-month decline as well as year-over-year compared to Greater Vancouver. A welcome sight in the Fraser Valley that was impacted to a greater degree over the last 3 years of higher interest rates. 

On July 30, the Bank of Canada will hold its next interest rate meeting and decide whether to hold or cut. Given inflation pressures due to tariffs, it may not be an easy decision for the Bank of Canada even with the economy and labour market being sub-optimal. There are cases to be made for both arguments to cut their key rate or hold until inflationary pressures ease. With a July 21st deadline by our Prime Minister to settle the trade dispute, it may take until the following meeting in September to convince the Bank of Canada to make another drop in its rate. 

Inventory Build: A Market of Choices.

One of the most defining characteristics of today’s market is the abundance of inventory. June closed with 17,561 active listings, up 24% year-over-year and 3% month-over-month. Buyers currently have more properties to choose from than at any point in recent years, a dynamic further reinforced by a not so modest 6,424 new listings in June. While new listings were down month-over-month by 5% and have declined since April, they still exceed 2024 and 2023 levels by 10% and 18% respectively.

This steady influx of listings without a corresponding rise in sales has held the month’s supply of inventory at 8 months, squarely placing the region in buyer’s market territory. The sales-to-new-listings ratio stood at 34%, up slightly from May’s 33%, but well below 42% in June 2024 and 55% in June 2023.

The number of new listings in June were 12% above the 10-year average compared to May at 9% above the 10-year average, and April 19% above the 10-year average. Sellers are still very active!

Not All Homes are the Same.

No changes in all markets as the detached market in Greater Vancouver remained at 10 months supply which is a solid buyer’s market, while townhomes remained at 6 months and condos stayed at 7 months supply: a balanced market for both. In the Fraser Valley, months of supply stayed at 9, with detached continuing to linger at 10 months supply, townhomes remaining at 6 months and condos stuck at 8 months.

A Market of Patience and Positioning.

As we close out the first half of 2025, the Metro Vancouver real estate market is in a state of cautious equilibrium. Inventory continues to climb, sales levels are consistent, and pricing is under persistent downward pressure. Although some sellers have shown to be more ambitious in meeting buyer demands. Buyer conditions prevail in most communities, and sellers are increasingly being challenged to price realistically or risk prolonged time on market.

For buyers, this is a window of opportunity. Choice abounds, competition is limited, and price trends are more negotiable than they’ve been in years. For sellers, preparation and pricing strategy are everything in this new environment. As we move into the second half of the year it remains to be seen whether interest rate cuts or macroeconomic shifts can turn the tide.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in June were 2,181, down from 2,228 (2%) in May, up from 2,163 (1%) in April, up from 2,091 (4%) in March, down from 2,418 (10%) in June 2024, and down from 2,988 (27%) in June 2023; Active Listings were at 17,561 at month end compared to 14,180 at that time last year (up 24%) and 17,094 at the end of May (up 3%); the 6,424 New Listings in June were down 5% compared to May, down 8% compared to April, down 2% compared to March, up 10% compared to June 2024, and up 18% compared to June 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 34% compared to 33% in May, 42% in June 2024, and 55% in June 2023. 

Month-over-month, the house price index is down 0.4% and in the last 12 months down 2.8%.

Vancouver Westside: Total Units Sold in June were 417, up from 412 (1%) in May, down from 427 (2%) in April, up from 394 (6%) in March, down from 470 (11%) in June 2024, and down from 527 (21%) in June 2023; Active Listings were at 3,391 at month end compared to 3,069 at that time last year (up 10%) and 3,393 at the end of May (down .1%); the 1,204 New Listings in June were down 5% compared to May, down 8% compared to April, down 8% compared to March, up 2% compared to June 2024, and up 10% compared to June 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 35% compared to 32% in May, 40% in June 2024, and 48% in June 2023.

Month-over-month, the house price index is down 0.1% and in the last 12 months down 2.3%. 

Vancouver East Side: Total Units Sold in June were 267, up from 245 (9%) in May, up from 242 (10%) in April, up from 247 (8%) in March, down from 270 (1%) in June 2024, and down from 325 (18%) in June 2023; Active Listings were at 1,777 at month end compared to 1,491 at that time last year (up 19%) and 1,729 at the end of May (up 3%); the 749 New Listings in June were down 2% compared to May, up 2% compared to April, up 2% compared to March, up 16% compared to June 2024, and up 21% compared to June 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 32% in May, 42% in June 2024, and 52% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%. 

North Vancouver: Total Units Sold in June were 200, down from 203 (1%) in May, down from 204 (2%) in April, up from 171 (17%) in March, down from 221 (10%) in June 2024, and down from 247 (19%) in June 2023; Active Listings were at 1,104 at month end compared to 793 at that time last year (up 39%) and 1,071 at the end of May (up 3%); the 535 New Listings in June were down 5% compared to May, down 15% compared to April, up 4% compared to March, up 17% compared to June 2024, and up 35% compared to June 2023. 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 37% compared to 36% in May, 48% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.3% and in the last 12 months down 1.6%. 

West Vancouver: Total Units Sold in June were 53, down from 68 (22%) in May, up from 38 (39%) in April, up from 40 (33%) in March, down from 75 (29%) in June 2024, and down from 56 (5%) in June 2023; Active Listings were at 775 at month end compared to 716 at that time last year (up 8%) and 743 at the end of May (up 4%); the 227 New Listings in June were down 1% compared to May, down 19% compared to April, up 10% compared to March, up 6% compared to June 2024, and up 5% compared to June 2023. Month’s supply of total residential listings is up to 15 month’s supply from 11 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in May, 35% in June 2024, and 26% in June 2023.

Month-over-month, the house price index is up 0.6% but in the last 12 months down 5.1%.

Richmond: Total Units Sold in June were 243, up from 231 (5%) in May, up from 213 (14%) in April, up from 220 (10%) in March, down from 263 (8%) in June 2024, and down from 362 (33%) in June 2023; Active Listings were at 2,136 at month end compared to 1,482at that time last year (up 44%) and 2,047 at the end of May (up 4%); the 730 New Listings in June were down 1% compared to May, down 1% compared to April, down 0.5% compared to March, up 29% compared to June 2024, and up 15% compared to June 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 33% compared to 31% in May, 46% in June 2024, and 57% in June 2023.

Month-over-month, the house price index is down 0.7% and in the last 12 months down 4.4%. 

Burnaby East: Total Units Sold in June were 22, down from 32 (31%) in May, down from 24 (8%) in April, down from 27 (19%) in March, up from 17 (29%) in June 2024, and down from 47 (53%) in June 2023; Active Listings were at 242 at month end compared to 163 at that time last year (up 48%) and 227 at the end of May (up 7%); the 80 New Listings in June were down 20% compared to May, down 8% compared to April, down 6% compared to March, up 21% compared to June 2024, and up 25% compared to June 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 28% compared to 32% in May, 21% in June 2024, and 73% in June 2023.

Month-over-month, the house price index is down 1.1% and in the last 12 months down 7.2%. 

Burnaby North: Total Units Sold in June were 117, down from 140 (16%) in May, down from 140 (16%) in April, up from 107 (9%) in March, down from 172 (32%) in June 2024, and down from 170 (31%) in June 2023; Active Listings were at 969 at month end compared to 761 at that time last year (up 27%) and 954 at the end of May (up 2%); the 357 New Listings in June were down 1% compared to May, down 5% compared to April, down 16% compared to March, down 5% compared to June 2024, and up 33% compared to June 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 39% in May, 46% in June 2024, and 63% in June 2023.

Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.0%. 

Burnaby South: Total Units Sold in June were 110, up from 90 (11%) in May, up from 97 (13%) in April, up from 94 (17%) in March, down from 135 (19%) in June 2024, and down from 174 (37%) in June 2023; Active Listings were at 862 at month end compared to 699 at that time last year (up 23%) and 831 at the end of May (up 5%); the 310 New Listings in June were down 2% compared to May, down 4% compared to April, up 9% compared to March, down 5% compared to June 2024, and up 8% compared to June 2023. Month’s supply of total residential listings is down to 8 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 35% compared to 28% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 4.5%. 

New Westminster: Total Units Sold in June were 71, down from 92 (23%) in May, down from 87 (18%) in April, down from 104 (32%) in March, down from 108 (34%) in June 2024, and down from 119 (40%) in June 2023; Active Listings were at 644 at month end compared to 433 at that time last year (up 49%) and 599 at the end of May (up 8%); the 271 New Listings in June were up 4% compared to May, down 3% compared to April, up 1% compared to March, up 26% compared to June 2024, and up 46% compared to June 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 26% compared to 35% in May, 50% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.7%. 

Coquitlam: Total Units Sold in June were 171, down from 189 (10%) in May, down from 189 (10%) in April, down from 233 (27%) in March, down from 189 (10%) in June 2024, and down from 267 (36%) in June 2023; Active Listings were at 1,372 at month end compared to 961 at that time last year (up 43%) and 1,344 at the end of May (up 2%); the 568 New Listings in June were up 9% compared to May, down 10% compared to April, down 4% compared to March, up 25% compared to June 2024, and up 31% compared to June 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 36% in May, 42% in June 2024, and 61% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 4.4%. 

Port Moody: Total Units Sold in June were 48, down from 61 (21%) in May, down from 51 (6%) in April, down from 51 (6%) in March, down from 56 (14%) in June 2024, and down from 97 (51%) in June 2023; Active Listings were at 394 at month end compared to 241 at that time last year (up 63%) and 372 at the end of May (up 6%); the 162 New Listings in June were down 15% compared to May, down 12% compared to April, up 7% compared to March, up 21% compared to June 2024, and up 7% compared to June 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 30% compared to 32% in May, 42% in June 2024, and 64% in June 2023.

Month-over-month, the house price index is up 0.5% and in the last 12 months down 3.6%. 

Port Coquitlam: Total Units Sold in June were 58, up from 55 (5%) in May, down from 70 (17%) in April, down from 62 (6%) in March, down from 62 (6%) in June 2024, and down from 91 (36%) in June 2023; Active Listings were at 391 at month end compared to 313 at that time last year (up 25%) and 384 at the end of May (up 2%); the 179 New Listings in June were down 4% compared to May, down 9% compared to April, up 2% compared to March, up 4% compared to June 2024, and up 27% compared to June 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 30% in May, 36% in June 2024, and 65% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 1.6%. 

Pitt Meadows: Total Units Sold in June were 26, up from 18 (44%) in May, down from 27 (4%) in April, down from 27 (4%) in March, down from 28 (7%) in June 2024, and down from 36 (28%) in June 2023; Active Listings were at 142 at month end compared to 97 at that time last year (up 46%) and 147 at the end of May (down 3%); the 51 New Listings in June were down 33% compared to May, down 18% compared to April, down 18% compared to March, down 5% compared to June 2024, and up 13% compared to June 2023. Month’s supply of total residential listings is down to 5 month’s supply from 8 (balanced market conditions) and sales to listings ratio of 50% compared to 23% in May, 51% in June 2024, and 80% in June 2023.       

Month-over-month, the house price index is down 1.1% and in the last 12 months down 1.6%.

Maple Ridge: Total Units Sold in June were 122, down from 134 (9%) in May, down from 127 (4%) in April, up from 108 (13%) in March, down from 130 (6%) in June 2024, and down from 199 (49%) in June 2023; Active Listings were at 1,034 at month end compared to 889 at that time last year (up 16%) and 1,009 at the end of May (up 2%); the 369 New Listings in June were down 15% compared to May, down 4% compared to April, up 4% compared to March, up 4% compared to June 2024, and up 4% compared to June 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 33% compared to 30% in May, 36% in June 2024, and 56% in June 2023.

Month-over-month, the house price index is down 0.8% and in the last 12 months down 2.3%. 

Ladner: Total Units Sold in June were 35, up from 33 (6%) in May, up from 16 (119%) in April, up from 31 (13%) in March, up from 27 (30%) in June 2024, and up from 34 (3%) in June 2023; Active Listings were at 191 at month end compared to 140 at that time last year (up 36%) and 192 at the end of May (up 1%); the 72 New Listings in June were down 11% compared to May, down 6% compared to April, up 6% compared to March, up 20% compared to June 2024, and up 31% compared to June 2023. 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 49% compared to 41% in May, 45% in June 2024, and 62% in June 2023.

Month-over-month, the house price index is down 0.4% and in the last 12 months down 1.1%. 

Tsawwassen: Total Units Sold in June were 55, up from 42 (31%) in May, up from 40 (38%) in April, up from 36 (53%) in March, up from 44 (25%) in June 2024, and up from 41 (34%) in June 2023; Active Listings were at 334 at month end compared to 224 at that time last year (up 49%) and 331 at the end of May (up 1%); the 113 New Listings in June were down 17% compared to May, down 10% compared to April, down 14% compared to March, up 35% compared to June 2024, and up 61% compared to June 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 49% compared to 31% in May, 52% in June 2024, and 59% in June 2023.

Month-over-month, the house price index is down 1.0% and in the last 12 months down 3.1%. 

Fraser Valley: Sales in June were up 1.0%, compared to May and were down 9.3% from June 2024. New listings were down 9.7% from May and up 5.9% from June 2024.The average price was up 7.1% month-over-month and is up 3.6% year-over-year. Active listings were up 2.0% to 10,842 from 10,626 last month and up 29.8% from June 2024 which was at 8,350. Month’s supply of total residential listings remained at 9 months (buyer’s market conditions).

Month-over-month, the house price index is down 1.2% and in the last 12 months down 5.0%.