January 2025 Statistics
Homes newly listed on the MLS in Metro Vancouver rose 46% year-over-year in January, as sellers appear eager to enter the market to start the year.
The Greater Vancouver Realtors (GVR) reports that residential sales in the region totalled 1,552 in January 2025, an 8.8% increase from the 1,427 sales recorded in January 2024. This was 11.3% below the 10-year seasonal average (1,749).
“In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year,” Andrew Lis, GVR’s director of economics and data analytics said. “Even with this increase in new listing activity, sales continue to outpace last years’ figures, signalling some buyer appetite remains after the upswing that finished off 2024.”
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“With new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” Lis said. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.”
Focusing on the Downtown Vancouver condo market in January 2025, activity was seasonally slow and the inventory is growing.
The under $900,000 market is selling at 16%, 68 out of 422 homes are selling, down 2% from last month.
The $900,000 to $1,000,000 market is selling at 11%, 6 out of 57 homes are selling, down 9% from last month.
The $1,000,000 to $1,250,000 market is selling at 9%, 10 out of 110 homes are selling, down 10% from last month.
The $1,250,000 to $2,000,000 market is selling at 7%, 13 out of 187 homes are selling, down 5% from last month.
The $2,000,000 to $2,500,000 market is selling at 8%, 3 out of 40 homes are selling, down 10% from last month.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 45 homes are selling, down 6% from last month.
The $3,000,000 to $5,000,000 market is selling at 4%, 2 out of 56 homes are selling, down 2% from last month.
The $5,000,000 plus market is selling at 3%, 1 out of 39 homes are selling, same as last month.
Total unit sales in Downtown Vancouver were down 14% from last month and down 4% from January 2024.
Those who are priced correctly for this market are selling on average at a rate of 39 days which is 7% faster than last month.
The median price decreased 9% from last month, and the median price has increased 2% from January 2024.
The average price per square foot increased from $986 in December to $1039 in January.
Our Downtown Vancouver inventory increased by 22% from last month with 956 active listings which is up 25% from January 2024.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Yaletown and the West End. And the buyers’ best bets are units priced between $1.75 to $2 million.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian
