Vancouver home sales continue to slide as trade war concerns weigh on buyers

Home sales in Metro Vancouver continued to decline in April as economic uncertainty and trade tensions kept many buyers on the sidelines.

Greater Vancouver Realtors reported 2,163 residential sales last month, down 23.6% from April 2024 and nearly 28% below the region’s 10-year seasonal average.

It marked the third straight month of below-average activity, despite an environment of easing borrowing costs.

“From a historical perspective, the slower sales we’re now seeing stand out as unusual,” said Andrew Lis, GVR’s director of economics and data analytics. “What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls.”

Inventory builds, prices hold steady

While sales were down, inventory continued to build, the figures show. Total active listings reached 16,207 in April, a 30% increase over last year and the highest level since 2019. New listings were also elevated at 6,850, though down slightly from April 2024.

That buildup of supply helped keep prices in check with the composite MLS benchmark price for all housing types edging down 0.5% from March to $1,184,500. That’s down 1.8% from a year ago.

By housing type:

Detached: 578 sales (↓29% y/y); benchmark price: $2,021,800 (↓0.7% y/y)
Townhomes: 442 sales (↓23.8% y/y); benchmark price: $1,102,300 (↓2.9% y/y)
Apartments: 1,130 sales (↓20.2% y/y); benchmark price: $762,800 (↓2.0% y/y)

Buyers’ market conditions emerging

With active listings on the rise and sales slowing, the market is tilting in favour of buyers, the real estate board noted.

Overall, the sales-to-active listings ratio fell to 13.8% in April. Detached homes were in clear buyers’ market territory at just 9.9%, while townhomes and condos remained in balanced market range at 17.5% and 15.7%, respectively.

Despite the recent slowdown, Lis noted the current conditions may benefit well-positioned buyers.

“Inventory levels have just crested 16,000 for the first time since 2019, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years,” he said. “There’s plenty of opportunity for anyone looking to make a purchase.”

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