Downtown Vancouver Condo Market Statistics

After a 46% year-over-year increase of new listings in January, the number of newly listed properties on the MLS in Metro Vancouver rose more moderately in February helping keep market conditions in balanced territory.

The Greater Vancouver Realtors (The Real Estate Board) reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service in February 2025, an 11.7% decrease from the 2,070 sales recorded in February 2024. This total was 28.9% below the 10-year seasonal average (2,571).

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 12,744, a 32.3% increase compared to February 2024 (9,634). This is also 36.4% above the 10-year seasonal average (9,341).

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.

“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” Lis said. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favourable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”

Sales of apartment homes reached 976 in February 2025, a 10.6% decrease compared to the 1,092 sales in February 2024. The benchmark price of an apartment home is $747,500. This represents a 2.8% decrease from February 2024.

Focusing on the Downtown Vancouver condo market in February 2025, sales are stable and prices are stable and those who are overpriced aren’t selling. 

The under $900,000 market is selling at 16%, 77 out of 472 homes are selling, the same as last month. 

The $900,000 to $1,000,000 market is selling at 11%, 9 out of 82 homes are selling, the same as last month. 

The $1,000,000 to $1,250,000 market is selling at 6%, 6 out of 93 homes are selling, down 3% from last month. 

The $1,250,000 to $2,000,000 market is selling at 9%, 19 out of 205 homes are selling, up 2% from last month. 

The $2,000,000 to $2,500,000 market is selling at 0%, 0 out of 47 homes are selling, down 8% from last month. 

The $2,500,000 to $3,000,000 market is selling at 2%, 1 out of 46 homes are selling, up 2% from last month. 

The $3,000,000 to $5,000,000 market is selling at 2%, 1 out of 52 homes are selling, up 1% from last month.

The $5,000,000 plus market is selling at 0%, 0 out of 52 homes are selling, down 2% from last month.

Total unit sales in Downtown Vancouver were up 16% from last month and down 11% from February 2024. 

Those who are priced correctly for this market are selling on average at a rate of 19 days which is 51% faster than last month.

The median price increased 2% from last month, and the median price has decreased 2% from February 2024. 

The average price per square foot increased from $1,039 in January to $1,076 in February.

Our Downtown Vancouver inventory increased by 13% from last month with 1078 active listings which is up 21% from February 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 $2.75 to $3 million. 

I hope you find this helpful, but should you have any questions please don’t hesitate to ask.

Sincerely,

Ian