Is the worst of the real estate market downturn over now? The answer to that question may be a "yes," according to Greater Vancouver Realtors (GVR), who said in their statistics release this morning that "After a turbulent first half of the year, home sales registered on the MLS across Metro Vancouver are showing emerging signs of a recovery."
In June, the Greater Vancouver region recorded a total of 2,181 home sales, which is 9.8% below the 2,418 recorded in June 2024 and 25.8% below the 10-year June average of 2,940. While last month's totals are still down, GVR says the decline has been halved from the previous month, a silver lining that could be a sign of improvement to come.
On the supply side, 6,315 new listings came online last month, which is 10.3% higher than the 5,723 added in June 2024 and 12.7% higher than the 10-year June average of 5,604.
Including that new batch of listings, the total amount of active listings in the Greater Vancouver real estate market is now up to 17,561, which is 23.8% higher than the 14,182 after June 2024 and 43.7% higher than the 10-year average of 12,223.
Supply is still significantly higher than demand, thus prices are continuing to cool off, with the composite residential benchmark price now at $1,173,100, which represents a decrease of 0.3% from May 2025 and a decrease of 2.8% from June 2024.
By residential property type, the benchmark price is now $1,994,500 for single-detached homes, $1,103,900 for attached homes, and $748,400 for condominiums. All three represent decreases between 0.1% and 1.2% from May 2025 and decreases between 3.0% and 3.2% compared to June 2024.
Market Analysis
According to the latest GVR statistics, the sales-to-active-listings ratio is now at 12.8%. A ratio of 12% or lower is considered a buyers' market and a ratio of 20% or higher is considered a sellers' market. By residential property type, the ratio is now 9.9% for single-detached homes, 16.9% for attached homes, and 13.9% for condos.
"On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May," said Greater Vancouver Realtors' Director of Economics and Data Analytics Andrew Lis. "If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we've seen so far this year."
"As home sales regain their footing, inventory levels aren't building as quickly as we've seen lately," added Lis. "Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favourable conditions seen in years."
Those favourable conditions for buyers may get another boost on July 30, when the Bank of Canada is scheduled to make its next interest rate announcement.
