Home sellers in Metro Vancouver* appeared eager to enter the market to start the year leading to significant year-over-year increases in new listed homes in January.
* Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
Taking a closer look, Sellers listed 5,566 homes on MLS® in January, a +47% increase compared to January 2024 and +31% over the 10 year average. The month ended with 11,494 listed for sale across the region on MLS which is +33% above the seasonal average for the month.
Along with this increase in new listing activity, sales continue to outpace last years’ figures. REALTORS® registered 1,552 home sales on the MLS® in January, a +9% increase over this time last year. This is about -11% below the 10 year seasonal average.
Is this demand out pacing the supply of new listings?
One way this can be measured is the sales-to-active listings ratio. This ratio measure the number of homes listed for sale (active listings) against the number of sales in a month to get an idea of supply and demand.
Analysis of historical data suggests downward pressure on home prices occur when this ratio dips below 12% for a sustained period. Home prices often experience upward pressure when it surpasses 20% over several months.
The market overall stands in balanced conditions. January ended with this ratio at 14% for all residential properties. By property type the ratio is 9% for detached homes, 19% for attached homes (townhomes) and 17% for apartments.
Because supply is beginning to outpace demand to start 2025, price trends saw little fluctuation in January across all segments. The MLS® HPI benchmark price for all housing types in Metro Vancouver in January sits at $1,173,000. This is a +0.5% increase from this time last year. By property type:
So, what’s next for Metro Vancouver’s housing market?
That depends on the upcoming tariffs. If the tariffs actually come into force, the duration they remain in place and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead.
