Home price drops, ample listings give Lower Mainland buyers more leverage | Daily Hive

Home price drops and ample listings give Lower Mainland buyers more leverage

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The Lower Mainland’s housing market saw some slight diverging trends in July 2025, as Greater Vancouver Realtors (GVR) reported showing signs of recovery in sales activity for its jurisdiction, while the Fraser Valley Real Estate Board (FVREB) area experienced a continued seasonal slowdown, with buyers and sellers still at odds over pricing.

The jurisdiction of GVR, previously known as the Real Estate Board of Greater Vancouver (REBGV), includes not only Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, but also the Sunshine Coast, Squamish, and Whistler.

Other areas of Metro Vancouver are under the jurisdiction of the FVREB, which covers the Surrey, Langley, White Rock, and North Delta, as well as the Fraser Valley cities of Abbotsford and Mission.

Home sales in Greater Vancouver remained slightly below historical norms but extended the modest recovery first observed in June 2025. According to GVR, 2,286 residential properties were sold across the region in July 2025 — down two per cent from the same period last year, and 13.9 per cent below the 10-year seasonal average.

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“The June data showed early signs of sales activity in the region turning a corner, and these latest figures for July are confirming this emerging trend,” said Andrew Lis, GVR’s director of economics and data analytics, in a statement.

“Although the Bank of Canada held the policy [interest] rate steady in July, this decision could help bolster sales activity by providing more certainty surrounding borrowing costs at a time where economic uncertainty lingers due to ongoing trade negotiations with the USA.”

Inventory within GVR remained elevated, with 17,168 homes listed for sale — nearly 20 per cent higher than July 2024 and more than 40 per cent above the 10-year seasonal average. New listings made over the course of the month remained stable at 5,642 units, while the overall sales-to-active listings ratio sat at 13.8 per cent, which is considered within the range of a balanced market.

Single-family detached houses and condominiums each saw a decline in the number of units sold in July 2025 — 4.1 per cent and 2.9 per cent, respectively — when compared with July 2024. But townhomes saw a five per cent increase over the same period.

Price declines continued modestly for each of the three home types. The benchmark price for all residential homes in Greater Vancouver fell 0.7 per cent month-over-month to $1.165 million, representing a 2.7 per cent decline compared to the same period in 2024. Single-family detached homes saw a one per cent monthly drop to $1.974 million, while townhomes dipped 0.4 per cent to $1.099 million and condominiums eased 0.6 per cent to $0.743 million.

Lis noted that although sales are recovering, the relatively high level of inventory is helping to prevent upward pressure on prices — for now.

“If the recovery in sales activity accelerates, these favourable conditions for home buyers may begin slowly slipping away, as inventory levels decline, and home sellers gain more bargaining power,” continued Lis.

As for FVREB’s jurisdiction, the story was more subdued. They separately reported 1,190 units sold in July 2025 — down 0.5 per cent from June 2025 and three per cent below July 2024 levels. This tally is also 23 per cent below the region’s 10-year average for the month.

Despite favourable conditions for buyers, including elevated inventory and slower sales, a mismatch in price expectations between buyers and sellers continues to weigh on market activity.

“Home sellers are having to work harder than they did a year or two ago,” said Tore Jacobsen, chair of the FVREB, in a statement.

“In a market where buyers are cautious and have ample choice, successful sellers are going the extra mile to meet buyers where they’re at—staging their home, handling repairs up front, and most importantly, pricing their homes realistically for the current market conditions.”

The number of active listings stood at 10,650 in July 2025 — nearly 50 per cent higher than the 10-year seasonal average — while new listings declined five per cent month-over-month to 3,453 units. FVREB’s jurisdiction remains firmly in a buyer’s market, with a sales-to-active listings ratio of 11 per cent.

Benchmark prices declined across all housing types in FVREB in July 2025. Single-family detached homes fell to $1.451 million, down 0.5 per cent from June 2025 and 5.1 per cent compared to July 2024. Townhomes dropped 1.2 per cent from the previous month to $0.815 million, representing a four per cent annual decrease. Condominiums saw the sharpest decline, falling 1.4 per cent month-over-month and 5.8 per cent compared to July 2024, to a benchmark price of $0.519 million.

The average time to sell a home in FVREB’s jurisdiction in July 2025 was 38 days for single-family detached houses, 38 days for condominiums, and 35 days for townhomes. In contrast, within GVR’s jurisdiction, the average time a property was in the market over the course of the month was 42 days for single-family detached houses, 35 days for condominiums, and 30 days for townhomes.

Baldev Gill, CEO of the FVREB, pointed to broader economic headwinds such as tariff uncertainties as another factor slowing the market.

“The slowdown in home sales this spring and summer has largely been driven by uncertainty and fear. Buyers and sellers are taking measures to offset the anticipated impacts, knowing that the economic effects of tariffs will likely take some time to be fully realized throughout the system,” said Gill.

While GVR appears to be inching toward a market recovery, the FVREB continues to reflect a more hesitant and price-sensitive environment. Across the Lower Mainland, elevated inventory levels and cautious consumer sentiment are keeping downward pressure on prices, even as buyers begin to re-engage.

Analysts for the real estate boards suggest that more clarity on interest rates, inflation, and trade policy in the months ahead will determine whether this summer’s balancing act leads to a more robust fall market or further stagnation.

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