Well, here's something we haven't seen in a while: sales are up. Not by much, but after months of declines, a 2.9% year-over-year increase in sales in August is better than nothing!
This summer seemed a lot busier than usual and it appears that buyers are finally stepping off the sidelines, tempted by lower prices and a sense that the prices may not drop further. For all types of property, average prices are down 8.86% from the peak; for detached homes, average prices are down 17.71%. Some properties are down more than this, particularly those in higher price points; some entry level homes or those in highly desirable locations, are down less.
While this summer market was better than we often see, the market is behaving differently depending on what you're buying or selling. And Vancouver is still hurting more than most other locations, especially in terms of condo sales.
Detached homes have done quite well compared to last year with sales up 13% year-over-year. However, while more homes sold last month than in August 2024, we still had only 9.3% of detached homes selling; still a strong buyers' market for detached. Hopefully the increase in sales is a sign that move-up buyers are feeling more confident. Townhomes followed with a 10.5% increase in sales; condos are still struggling, with sales down 5.5% when compared with last year. This tells us something: affordability and space matter more than ever.
Inventory remains high at 36.9% above the 10-year average. That means plenty of choice for buyers, but also plenty of competition for sellers. More effort is required from sellers to best position their homes to sell. Across all property types, the sales-to-active ratio sits at 12.4%, hovering right around that balanced mark, except in detached homes where we still see a strong buyer's market.
Prices continued to ease across the board, with the overall benchmark price down 3.8% year-over-year and 1.3% down month-over-month. Sellers are finally getting realistic, and buyers are acting on that. The biggest question most people have is regarding prices. Buyers want to know how low prices will go and if we are near the bottom of prices; sellers are hoping that prices won't go lower. Unfortunately, we never know when we are at the bottom until the prices rebound. As sales increase, usually prices do as well-but that is not happening yet. Benchmark prices are down on average for detached homes a 4.8% since this time last year and of course more than that from the peak. Depending on price level and location, many homes have dropped a lot more than 4.8%; entry level homes and those in high demand locations have dropped less.
If we look at the August 2025 numbers, last month in Greater Vancouver we saw:
• sales of all types of properties were UP 2.9% from August 2024.
• sales were 19.2% BELOW the 10-year seasonal average (2,424).
• the number of homes listed for sale last month was 16,242 which is UP 17.6% when compared with August 2024. This is 36.9% higher than the 10-year average (11,862).
• the number of homes newly listed for sale was UP 2.8% from August 2024 and 1.3% OVER the 10-year average (4,172).
• detached home sales were UP 13.0% from August 2024.
• the benchmark price for detached homes was DOWN 4.8% when compared to August 2024; and a 1.2% decrease compared to July 2025.
• the sales to listing ratio overall for all types of homes was 12.4%; for detached homes the ratio is 9.3%. Prices trend downward when the ratio is around 12% for a sustained period.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
While the Greater Vancouver Realtors (formerly called the Greater Vancouver Real Estate Board) generally provide somewhat optimistic interpretations of data and trends, I read a disturbing report put out by ReMax Canada last week. The ReMax Greater Vancouver Housing Market Update (Fall 2025) predicted that prices in Greater Vancouver could drop 15%....I thought this may be a typo but apparently not. I do not know how they came up with this number and am still looking into it.
What happens next? If sales continue to climb and inventory starts to tighten, the current window of opportunity for buyers won't stay open long. AND if interest rates go down this fall, prices could rebound; although usually recovery will take many months/years to get back to peak prices. For now, the market is offering something rare: a chance to breathe, think, and negotiate without the panic of FOMO for buyers or the gloom of a freefall for sellers.
If you're buying, this might be your moment. If you're selling, price it right or it won't sell. Even over the past year, prices have gone down a significant amount and the trend is forecast by many to continue for the time being. If you plan to sell over the next few years, sooner is likely better than later.
As always, I am more than happy to discuss, to provide a valuation of your home's current likely sale price or assist in real estate planning for the future. Feel free to contact me anytime.
This summer seemed a lot busier than usual and it appears that buyers are finally stepping off the sidelines, tempted by lower prices and a sense that the prices may not drop further. For all types of property, average prices are down 8.86% from the peak; for detached homes, average prices are down 17.71%. Some properties are down more than this, particularly those in higher price points; some entry level homes or those in highly desirable locations, are down less.
While this summer market was better than we often see, the market is behaving differently depending on what you're buying or selling. And Vancouver is still hurting more than most other locations, especially in terms of condo sales.
Detached homes have done quite well compared to last year with sales up 13% year-over-year. However, while more homes sold last month than in August 2024, we still had only 9.3% of detached homes selling; still a strong buyers' market for detached. Hopefully the increase in sales is a sign that move-up buyers are feeling more confident. Townhomes followed with a 10.5% increase in sales; condos are still struggling, with sales down 5.5% when compared with last year. This tells us something: affordability and space matter more than ever.
Inventory remains high at 36.9% above the 10-year average. That means plenty of choice for buyers, but also plenty of competition for sellers. More effort is required from sellers to best position their homes to sell. Across all property types, the sales-to-active ratio sits at 12.4%, hovering right around that balanced mark, except in detached homes where we still see a strong buyer's market.
Prices continued to ease across the board, with the overall benchmark price down 3.8% year-over-year and 1.3% down month-over-month. Sellers are finally getting realistic, and buyers are acting on that. The biggest question most people have is regarding prices. Buyers want to know how low prices will go and if we are near the bottom of prices; sellers are hoping that prices won't go lower. Unfortunately, we never know when we are at the bottom until the prices rebound. As sales increase, usually prices do as well-but that is not happening yet. Benchmark prices are down on average for detached homes a 4.8% since this time last year and of course more than that from the peak. Depending on price level and location, many homes have dropped a lot more than 4.8%; entry level homes and those in high demand locations have dropped less.
If we look at the August 2025 numbers, last month in Greater Vancouver we saw:
• sales of all types of properties were UP 2.9% from August 2024.
• sales were 19.2% BELOW the 10-year seasonal average (2,424).
• the number of homes listed for sale last month was 16,242 which is UP 17.6% when compared with August 2024. This is 36.9% higher than the 10-year average (11,862).
• the number of homes newly listed for sale was UP 2.8% from August 2024 and 1.3% OVER the 10-year average (4,172).
• detached home sales were UP 13.0% from August 2024.
• the benchmark price for detached homes was DOWN 4.8% when compared to August 2024; and a 1.2% decrease compared to July 2025.
• the sales to listing ratio overall for all types of homes was 12.4%; for detached homes the ratio is 9.3%. Prices trend downward when the ratio is around 12% for a sustained period.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
While the Greater Vancouver Realtors (formerly called the Greater Vancouver Real Estate Board) generally provide somewhat optimistic interpretations of data and trends, I read a disturbing report put out by ReMax Canada last week. The ReMax Greater Vancouver Housing Market Update (Fall 2025) predicted that prices in Greater Vancouver could drop 15%....I thought this may be a typo but apparently not. I do not know how they came up with this number and am still looking into it.
What happens next? If sales continue to climb and inventory starts to tighten, the current window of opportunity for buyers won't stay open long. AND if interest rates go down this fall, prices could rebound; although usually recovery will take many months/years to get back to peak prices. For now, the market is offering something rare: a chance to breathe, think, and negotiate without the panic of FOMO for buyers or the gloom of a freefall for sellers.
If you're buying, this might be your moment. If you're selling, price it right or it won't sell. Even over the past year, prices have gone down a significant amount and the trend is forecast by many to continue for the time being. If you plan to sell over the next few years, sooner is likely better than later.
As always, I am more than happy to discuss, to provide a valuation of your home's current likely sale price or assist in real estate planning for the future. Feel free to contact me anytime.
