No buyers for a buyers market: Greater Vancouver Realtors

The uncertainty over Trump’s tariffs continues to have a big impact on the real estate market in the Lower Mainland.

The Greater Vancouver Realtors says, on a year over year basis, home sales fell last month to the lowest level it’s seen since March 2019.

In March, the region saw 2,091 sales, a 13.4 per cent drop compared to the same time in 2024. The Realtors say this is almost 37 per cent below the 10-year seasonal average of 3,308 sales.

But the group says all of the economic indicators look good when it comes to home buying.

“If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS® than we’ve seen in almost a decade.”

“Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year,” he continued. 

The total number of properties listed continue to increase, the Realtors say.

In March, there were more than 14,500 properties listed for sale, an almost 38 per cent increase from the same time last year.

“The current market bares resemblance to early 2023 where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months,” Lis said. “While market conditions overall remain balanced, it’s worth noting that the attached segment continues teetering on the threshold of a sellers’ market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region.” 

According to the Realtors, the composite benchmark price for a home in Metro Vancouver is currently $1.19 million, with detached homes coming in at $2.03 million. The benchmark price for an apartment in the region sits at $767,300.

The same trend is being seen in the Fraser Valley, with the region’s Real Estate Board explaining that home sales remained nearly 50 per cent below the 10 year average — “the slowest start to the spring market in more than 15 years.”

“If not for the economic uncertainty driven largely by U.S. tariffs, we’d likely be seeing a typical strong spring market in the Fraser Valley,” said Tore Jacobsen, chair of the Fraser Valley Real Estate Board. “Instead, we’re seeing a disconnect as sellers remain hesitant to lower their prices beyond a certain threshold, while buyers, facing tighter financing conditions, are either unable or unwilling to meet it. The resulting inertia is keeping sales low.”

According to the FVREB, listings in the region increased by 22 per cent in March, coming in at a decade-high level.

“Currently, uncertainty is impacting all corners of the real estate and development sector,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “And as a result, we are seeing markedly lower seasonal activity.”

The benchmark price for a detached home in the Fraser Valley is $1.5 million, with apartments coming in at $540,900, the FVREB says.