When interest rates are low, real estate markets generally see more activity, but even that tried and true trend has been bucked by the trade war with the United States, according to new statistics published by Greater Vancouver Realtors (GVR) on Friday.
In April, the Greater Vancouver region recorded a grand total of 2,163 home sales, a total that's 23.6% below the April 2024 total of 2,831 and 28.2% below the 10-year April average of 3,014.
It wasn't because there were no sellers. April saw 6,850 new listings come online. Although the figure is 3.4% below the 7,092 added in April 2024, it was 19.5% above the 10-year April average of 5,731.
Furthermore, with those new listings, the total amount of active listings in the region is now up to 16,207, a total that is 29.7% higher than the 12,491 on the market this time last year and 47.6% higher than the 10-year April average of 10,979.
On a more positive note (or negative, depending on your perspective), prices are down, with the composite residential benchmark price in the region now at $1,184,500, a 0.5% decrease from March 2025 and a 1.8% decrease from April 2024. That trend held true across all property types, with benchmark prices for single-detached homes, attached homes, and condominiums all dropping by between 0.6% and 1.0% compared to March 2025 and between 0.7% and 2.9% compared to April 2024.
Market Analysis
"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 GVR Director of Economics and Data Analytics Andrew Lis.
"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," said Lis. "These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm."
In other words, we're living in unusual times.
There are silver linings to be found, however, as Lis notes that inventory levels have not surpassed 16,000 since 2019, prices have been relatively stable, and borrowing costs are the lowest they've been in years even after the Bank of Canada decided to hold its policy interest rate at 2.75% earlier this month.
"These factors benefit buyers, and with balanced conditions across the market overall, there's plenty of opportunity for anyone looking to make a purchase," said Lis.
Across the region, the sales-to-active listings ratio is now at 13.8%. A ratio of 12% or lower is considered a buyers' market and a ratio of 20% or higher is considered a sellers' market. There is some slight variation depending on property type, however, with the sales-to-active listings ratio at 9.9% for detached homes, 17.5% for attached homes, and 15.7% for condos.
Looking towards the future, the BC Real Estate Association (BCREA) published its Q2 forecast earlier this week and said that it was projecting residential sales in British Columbia to fall by 1.1% this year to a total of 73,650 and that resale inventory is expected to have an average of over 40,000 for the first time in over a decade.
"Hopes for a return to normalcy in the BC housing market were swiftly dashed this year, upended by a pointless and mutually destructive trade war," said BCREA Chief Economist Brendon Ogmundson. "While there is significant pent-up demand in the market, uncertainty about the direction of the economy is holding that demand back."
