By Sammy Hudes
The town’s actual property board says residential gross sales within the area totalled 2,091 in March, a 13.4% lower from the two,415 gross sales recorded in March 2024 and 36.8% under the 10-year seasonal common.
The composite benchmark worth final month was $1,190,900, down 0.6% from a yr earlier however 0.5% increased than February.
Costs are “treading water,” with minor enhancements occurring solely in small pockets of the area, stated Randy Ryalls, managing dealer of Royal LePage Sterling Realty.
Whereas the sector had been predicting a “pretty sturdy spring market,” he stated geopolitical unrest associated to the commerce struggle between Canada and the U.S. has prompted would-be consumers to drag again.
“We’ve bought virtually an ideal consumers’ market type of state of affairs however consumers will not be actually stepping in,” stated Ryalls.
“There’s nonetheless a good bit of fence-sitting and that might be the 800-pound orange gorilla within the room.”
There have been 6,455 newly listed properties available on the market in March, a 29% enhance from the identical month final yr and 15.8% above the seasonal common. Whole lively listings rose 37.9% year-over-year to 14,546.
Andrew Lis, director of economics and information analytics for Larger Vancouver Realtors, stated that whereas sellers seem prepared to have interaction up to now, “consumers haven’t proven up within the numbers we usually see presently of yr.”
“If we will put aside the political and financial uncertainty tied to the brand new U.S. administration for a second, consumers in Metro Vancouver haven’t seen market situations this beneficial in years,” stated Lis in a press launch.
“Costs have eased from current highs, mortgage charges are among the many lowest we’ve seen in years, and there are extra lively listings … than we’ve seen in virtually a decade.”
Decrease gross sales within the Vancouver area final month had been led by the indifferent dwelling class, which had been down 24.1% to 527.
Gross sales of residence houses fell 10.2% from final yr to 1,084, whereas hooked up dwelling gross sales had been down 4.6% to 472.
Related tendencies have began to turn out to be obvious in different areas. The Calgary Actual Property Board stated earlier this week that dwelling gross sales in that metropolis had been down 18.8% year-over-year in March, with a slowdown throughout all property sorts.
The board stated the pullback was unsurprising given the uncertainty brought on by the specter of tariffs from south of the border.
Ryalls in contrast the commerce struggle’s impact on the housing market to the 2008-09 recession, in addition to the early days of the COVID-19 pandemic when demand for actual property softened.
“If you happen to’re a purchaser type of wanting on the market and also you’re seeing stock rising and also you’re seeing a lot within the information cycle about these catastrophic financial issues that would occur, I do assume that it impacts the overall psychology a bit,” he stated.
“These issues can type of put folks on the fence for some time and I feel that’s what we’re seeing. I feel individuals are type of taking just a little little bit of a wait-and-see angle proper now.”
This report by The Canadian Press was first revealed April 2, 2025.
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Final modified: April 2, 2025
