Well, here we are mid-Spring and the real estate market remains in a slumber. The financial markets remain unsettled, and the ongoing delay in re-establishing a fully functional Federal government has created enough uncertainty to keep many buyers on the sidelines. Confidence is low, and as a result, few are ready to move forward with a purchase. At the same time, we're seeing a significant increase in the number of listings coming to market, adding to the imbalance.
Now that the uncertainty of the election is over, we hope that the platform that the Liberals campaigned will start to yield results. It will be an uphill climb as the interest rate, although historically low, is still above the levels at which we saw the greatest participation in the real estate market.
The US Fed has decided to keep the interest rate steady again and we fully expect the same for the Bank of Canada when they meet again on June 4th.
Real Estate Market Overview - April 2025
GVR (Greater Vancouver Real Estate Board)
SPRING MARKET BRINGS ABUNDANCE OF OPPORTUNITIES FOR BUYERS
“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales,” said Andrew Lis, GVR’s director of economics and data analytics. “What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having
Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.”
“While the headlines have been filled with worrying news lately, there are positives in the current market worth highlighting, especially for buyers,” Lis said. “Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.”
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,184,500. This represents a 1.8% decrease over April 2024 and a 0.5% decrease compared to March 2025.
LINK to the April 2025 GVR statistics.
FVREB (Fraser Valley Real Estate Board)
ABUNDANT LISTINGS AND STABLE PRICES NOT ENOUGH TO DRIVE APRIL SALES IN THE FRASER VALLEY
Home buyers in the Fraser Valley are enjoying a selection of homes for sale not seen in more than a decade. The growing inventory of more than 10,000 active listings means, in many cases, that buyers have time, selection, and price negotiation on their side.
“There’s definitely a surge of activity in the market — buyers are out viewing homes and attending open houses,” said Tore Jacobsen, Chair of the Fraser Valley Real Estate Board. “What’s noticeable in the current market is the level of choice. A buyer might see a home they like and then have an opportunity to tour five or ten more just like it, without feeling rushed to make an immediate offer.”
“Tariffs and economic uncertainty continue to weigh heavily on the minds of home buyers in the Fraser Valley,” said Baldev Gill, CEO of the Fraser Valley Real Estate Board. “However, with the federal election now behind us and a new administration in place, there’s cautious optimism that a fresh approach to strengthening the economy could be on the way, which is welcome news for the real estate sector.”
LINK to the April 2025 FVREB statistics.
VIREB (Vancouver Island Real Estate Board)
HOUSING MARKET HOLDING STEADY DESPITE UNCERTAINTY
VIREB CEO Jason Yochim reports that with approximately five months of inventory, VIREB’s market remains balanced, which is good news for buyers and sellers.
“VIREB’s trading area continues to hold steady on year-over-year transactions contrary to several markets in the province that have experienced declines in sales activity year over year,” says Yochim. “The moderate climate and lifestyle of Vancouver Island continues to attract immigration from other parts of Canada, helping to sustain market activity.”
LINK to the April 2025 VIREB statistics.
