March in Metro Vancouver's real estate market was a bit of a head-scratcher. It looked like a perfect setup for buyers – prices were down from their peak, mortgage rates were pretty low, and there were more homes listed than we've seen in ages. Sellers seemed ready to go, but the buyers? They just weren't showing up in the usual numbers. With all the global economic stuff going on, it's hard to say when or if they'll return in full force.
March 2025 Market Snapshot
Looking at the numbers, realtors saw about 2,000 home sales on the MLS in March. That's actually 13% less than last year and a pretty significant 37% below the 10-year average for this time of year. In fact, it's the lowest sales number for March since 2019.
On the flip side, sellers were busy. Almost 6,500 homes hit the MLS in March, which is a 29% jump from March 2024 and 16% more than the 10-year average. By the end of the month, there were around 14,500 homes listed across the region. That's a whopping 45% above the usual number for March.
Key Takeaways
- Sales are down: March saw fewer home sales compared to last year and the 10-year average.
- Inventory is up: More homes were listed and available for sale than usual.
- Prices are stable: The overall market is balanced, with slight price decreases year-over-year.
- Buyer hesitancy: Despite favorable conditions, buyers are not actively participating.
Understanding Market Balance
So, what does all this mean? Well, the market conditions are pretty favorable for buyers right now. However, the attached housing segment, like townhomes, is still close to being a seller's market because there just aren't enough of them available.
A good way to gauge this is by looking at the sales-to-active-listings ratio. This tells us how many homes are selling compared to how many are available. Generally, if this ratio stays below 12% for a while, prices tend to drop. If it's above 20% for a few months, prices usually go up. Right now, the overall market is sitting in balanced territory with this ratio at 15% for all homes in March.
Here's how it breaks down by property type:
Price Trends in March
The MLS HPI benchmark price for all types of homes in Metro Vancouver was about $1,190,000 in March. This is a small 1% decrease compared to last year.
Looking at specific types of homes:
- Detached homes had a benchmark price just over $2 million.
- Townhomes were around $1,113,000.
- Apartments averaged $767,000.
What It All Means
To sum it up, prices have cooled off from their recent highs. Mortgage rates are at some of the lowest points we've seen in years, and there are more homes on the market than we've had in nearly a decade. Sellers are putting their homes up for sale, but buyers are holding back. Given the current global economic uncertainty, we'll just have to wait and see if buyers return to the market as they normally do in the coming months.
