Vancouver Property Market in Flux: Buyers Gain the Upper Hand
Vancouver’s property market is undergoing a quiet shift. Once a very tight seller’s market, the city’s detached house and condo sectors are tilting toward buyer advantage. A close look at recent inventory data, pricing trends, and consumer sentiment suggests a cautious adjustment, even as broader economic headwinds continue to shadow prospects for homeownership.
Detached Houses: A Buyer’s Market
In recent months, the detached house segment has unmistakably slipped into a buyer’s market. Inventory has surged—from just 5.5 months’ supply last year to 9.7 months today, marking a 76 percent increase. Such a swell in available properties has left sellers more willing to entertain concessions, with buyers now able to negotiate on terms that would have been hard to imagine a few years ago.
Price trends reflect this softening. The benchmark house price in Greater Vancouver moved from $2,081,400 in March 2022 to $2,007,900 in March 2024, briefly dipping further to $1,997,000 by December 2024.
The slight rebound to $2,034,400 in March 2025 suggests a degree of stabilization, yet recent statistics from March—marked by the lowest purchases and the highest active listings in three years—confirm that the market is currently favouring those looking to buy rather than to sell.
Condominiums: A Balancing Act
The condo segment tells a similar story. Vancouver’s apartment market is balanced. Inventory has expanded from 3.9 to 6.2 months’ supply since last year—a 59 percent lift that empowers buyers while tempering seller optimism.
Benchmark prices have oscillated modestly, from a peak of $778,300 in April 2024, falling to $759,600 in Feb 2025 before rebounding slightly to $767,300 in March 2025. March figures again echo the detached house sector, with purchases at their lowest in three years and active listings at their highest over the same period.
Construction and Confidence
Despite the softening of current transactions, construction activity remains near record levels, predominantly in the condo segment. This proliferation of new builds has the potential to further relieve price pressures as ample housing comes onto the market. Yet, the near-record pace of development also serves as a double-edged sword: while increased supply may ease affordability concerns, it can also signal underlying doubts about sustained demand.
Consumer sentiment, too, reflects the broader uncertainty. Confidence in rising real estate values is at its lowest since the pandemic, with fewer than 40 percent of Canadians expecting prices to climb over the next year. This subdued outlook underscores the cautious approach that many buyers are now adopting.
The Affordability Paradox
Even as mortgage rates have crept down, Vancouver continues to contend with the worst housing affordability in Canada. The city’s steep price tags are exacerbated by external shocks—from the ongoing trade wars between China and the US to local economic idiosyncrasies—that keep potential buyers wary.
For the detached house homebuyer, the current environment appears favourable: abundant inventory and softening demand offer new negotiating power. However, the inherent complexities of the market suggest that any decision to buy should be tempered by long-term considerations, particularly in light of the fragile consumer confidence and broader economic uncertainties.
A Better Time to Buy Last Year
For those eyeing a detached house in Vancouver, the conditions are arguably ripe—plenty of supply, a measured price recovery, and a buyer’s market that grants a fair degree of bargaining power. In the condo arena, however, the balancing act between buyers and sellers indicates that while there may be opportunities, it is a market that requires cautious navigation. As Vancouver’s property market continues to evolve, prospective buyers should weigh the immediate favourable conditions against the broader, persistent challenges of affordability and economic unpredictability.
