Highlights for Royal LePage recently released Second Quarter House Price Survey and Market Forecast include:
- The national aggregate home price flatlined, rising a modest 0.3% year over year in Q2 2025, and declining 0.4% over Q1.
- Greater Montreal Area’s aggregate home price increased 3.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.0% and 2.6%, respectively in the second quarter.
- 38 of the 64 cities in the report saw year-over-year prices rise or remain roughly flat, while 26 markets saw home prices decline – a majority of which are in the province of Ontario.
- For the fifth consecutive quarter, Quebec City leads the country in aggregate price appreciation, increasing 13.5% year over year in Q2.
- Royal LePage® lowers its national year-end forecast modestly, with prices now expected to increase 3.5% in Q4 2025 over the same quarter last year.
A Summary specifically for Greater Vancouver follows:
The aggregate price of a home in Greater Vancouver decreased 2.6 per cent to $1,218,600 year over year in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 0.9 per cent.
Broken out by housing type, the median price of a single-family detached home decreased 2.4 per cent year over year to $1,740,400 in the second quarter of 2025, while the median price of a condominium decreased 2.3 per cent to $759,400 during the same period.
“The spring market has failed to gain significant momentum in Vancouver. Supply continues to far outpace demand, with the number of active listings reaching the highest level since 2008. While the market presents opportunities, buyers are showing little urgency. Many are adopting a wait-and-see approach, anticipating further price declines and holding out for better deals. We’ve also seen an increase in subject-to-sale offers – deals conditional on the buyer selling their own home – which continues to weigh on overall transaction volumes,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Condos and townhomes, however, have demonstrated some resilience. These segments are attracting entry-level millennial buyers, particularly units that are priced competitively and presented well.”
Ryalls noted that demand for new construction has slowed, leaving hundreds of new condominium units still available on the market, many of which would typically attract investor interest. Tighter regulations around foreign buyers and rental properties have contributed to a less favourable environment for investors, prompting some to redirect their capital to other provinces.
In the city of Vancouver, the aggregate price of a home decreased 1.9 per cent year over year to $1,411,200 in the second quarter of 2025. During the same period, the median price of a single-family detached home decreased 1.6 per cent to $2,257,600, while the median price of a condominium declined 4.7 per cent to $812,200.
According to the Greater Vancouver Realtors’ latest report, home sales in June declined 9.8 per cent compared to the same month last year.[8] While sales remained 25.8 per cent below the 10-year seasonal average, the year-over-year decline was notably less steep than in May, which saw an 18.5 per cent drop. On a monthly basis, sales rose by approximately eight per cent, suggesting a rebound in buyer activity.
“We’ve observed an uptick in activity heading into the summer. However, overall, the market remains in a correction phase, and we expect this trend to continue in the near term. Even if the Bank of Canada issues another rate cut, it’s unlikely to be enough to meaningfully boost buyer motivation,” said Ryalls. “That said, if a trade deal with the United States is reached and consumer confidence gradually improves, we’re hopeful the conditions will align for a stronger, more active fall market.”
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 1.5 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.
Royal LePage House Price Survey Chart
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Royal LePage Forecast Chart
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