Vancouver Housing Market Report
- The average home price in Greater Vancouver was $1,224,858, which decreased by 4.0% annually and climbed by 1.4% monthly.
- In February 2024, the benchmark price of homes in Metro Vancouver was $1,169,100, representing a 1.1% yearly decrease and a 0.3% monthly decrease.
- Vancouver’s benchmark price has increased 61% over the past decade but is 7.2% lower than its all-time high of $1,259,900 in April 2022.
- Detached home average price decreased by 1.7% year-over-year to $2.13M.
- Attached home average price decreased by 2.6% year-over-year to $1.23M.
- Condo apartment average price decreased by 5.1% year-over-year to $785k.
- April 2, 2025 Update: Today’s lowest mortgage rate in Vancouver is 3.79% for 3-Year Fixed.
Greater Vancouver Housing Market Overview
Vancouver Housing Market: Price Movements for February 2025
Benchmark Home Price | $1,169,100 | -0.3% 1-Month Change | -1.1% 1-Year Change |
Average Home Price | $1,224,858 | +1.4% 1-Month Change | -4.0% 1-Year Change |
Average and Benchmark Home Prices
The average home price in Greater Vancouver was $1,224,858 in February 2025. This price represents an annual decrease of 4.0%.
In February 2025, the average sale price of detached houses increased by 1.4% from last month to reach $2,125,119, representing an annual decrease of 1.7%. The average price of an attached house in Greater Vancouver was $1,231,922, representing a 0.6% monthly increase relative to January 2025 and a 2.6% annual decline.
Apartment average price of $784,785, representing a 2.7% decrease relative to January 2025 also representing a 5.1% annual decline.
The benchmark price of homes in Metro Vancouver was $1,169,100 in February 2025, a 1.1% decrease year-over-year and a 0.3% monthly decline. Benchmark prices of detached houses in Vancouver rose 1.8% over the past year and 0.1% over the past month to reach $2,006,100 for February 2025. Vancouver’s attached home benchmark price is $1,087,100, down 1.2% year-over-year and down 1.7% month-over-month in February 2025. Apartment benchmark prices decreased 2.8% year-over-year and 0.1% month-over-month to $747,500.
Vancouver Home Sales
In February 2025, 1,827 Vancouver houses were sold. These sales include 477 detached homes, 976 apartments and 359 attached homes. Looking at Metro Vancouver's housing market, there were 12,744 active listings at the end of February 2025, up 32% compared to last year’s. Inventory was the highest for any February over the past decade.
The 5,057 new listings this month represent an 11% increase year-over-year. The 1,827 home sales this month are 12% lower year-over-year. These numbers put Vancouver’s sales-to-active listings ratio at 14.8%, compared with 13.5% for last month.
Vancouver’s sales-to-new listings ratio (SNLR) is 36% for February 2025, down from 28% in January 2025. This keeps Vancouver in the buyer’s market territory. An SNLR above 60% is interpreted as a seller’s market, while an SNLR below 40% is a buyer’s market. In comparison, an SNLR between 40% and 60% is interpreted as a balanced market.
Vancouver Home Prices
Vancouver benchmark home prices have increased by 233% since January 2005. This translates into a cumulative annual growth rate (CAGR) of 6.1%.
Comparison Between Vancouver and Toronto Housing Markets
Metro Vancouver and the Greater Toronto Area are the most expensive Canadian housing markets. Vancouver has been a pricy housing market for many years, and its current benchmark price has increased by 12% over the past seven years, compared with the CPI inflation of 23% over the past seven years. An increase in the population supported this rise in home prices.
Greater Vancouver Population Chart
Toronto’s competition with Vancouver regarding home unaffordability is relatively recent, as Greater Toronto benchmark home prices have climbed by 44% over the past seven years to reach $1,070,100 in January 2025. This seven-year growth translates into an impressive CAGR of 5.3% (which does not include the potential rent received or the expenses paid). This 5-year growth is despite a 19% price decline from the peak of $1,313,800 in Toronto benchmark home prices in March 2022.
Long Term Trend
Over the past 20 years, the 230% growth in Vancouver home prices has been much faster than either the 53% inflation rate or wage growth. In other words, building houses (producing shelter) has been more difficult than making most other goods and services. Many claim that land is a limited resource, and thus, house building faces a natural limitation. This is incorrect, as there is no natural limitation on increasing the population density.
For example, the population density in the Vancouver metropolitan area is 1,040/km2, while the population density in the city-state of Singapore is 8,500/km2. So, land is not the limiting factor for sheltering people. What is limiting house building in unaffordable cities like Vancouver, Toronto, Victoria, and Hamilton is municipal regulations imposed on housing production. This problem is quantified in the “Municipal Land Use and Regulation Survey.”
Macroeconomics Analysis
Going forward, heightened economic uncertainty stemming from potential trade tensions between Canada and the United States could significantly impact Canadian housing markets across multiple regions. A deterioration in cross-border trade relations may reduce consumer confidence and business investment. This could lead to slower (or negative) job growth in trade-dependent sectors, potentially dampening housing demand and putting downward pressure on both sales volumes and property values. The effects would likely be most pronounced in regions with economies closely tied to U.S. trade, such as Ontario's manufacturing corridor and British Columbia's lumber industry. While the full impact remains unclear, prudent investors and homeowners should monitor these developments closely, as they could herald a period of increased market volatility and price adjustments in both residential and commercial real estate sectors.
The Bank of Canada's restrictive monetary policy in 2022 and 2023 curbed housing market activity by raising interest rates. Higher rates reduced the present value of rental income from homes, lowering house prices, while also increasing mortgage rates, making homeownership less affordable. As a result, Canada’s average home price peaked in February 2022 and declined 25% by February 2023.
When the BoC paused rate hikes in February 2023, market optimism and seasonal factors fueled a 19% price rebound by May 2023. However, further rate increases in June and July 2023 softened demand, leading to price declines until November 2023. Between November 2023 and April 2024, anticipation of rate cuts drove another price uptick.
Now, in early 2025, with the BoC cutting rates by 2% over the past 8 months, monetary policy’s influence on housing appears to be waning. A more stable market has shifted the focus toward housing’s intrinsic value, with less influence from speculative sentiment or FOMO.
Over the past two decades, municipal restrictions on housing supply have kept availability low while investors leveraged borrowing to acquire more properties. This occurred despite Ontario and British Columbia prioritizing tenant security over landlord rights. The belief in perpetual home price appreciation gave mortgage rates a key role in shaping the market. However, recent volatility may challenge this assumption, encouraging more disciplined borrowing and reducing monetary policy’s influence on housing.
While monetary policy impacts all of Canada, real estate remains highly local. Ontario and BC, which heavily influence national price trends, saw housing bubbles fueled by ultra-low interest rates post-2008 and during the pandemic.
Home Prices in Vancouver
Metro Vancouver Housing Market Statistics for All Property Types
Average Sold Price and Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Attached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Condo Apartments in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Greater Vancouver Area Breakdown by Region for February 2025
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Real Estate Board of Greater Vancouver (REBGV) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.