Home buyers remain cautious in Metro Vancouver and Fraser Valley | Daily Hive

Construction cranes for residential towers in North Vancouver. (Adam Melnyk/Shutterstock)

Greater Vancouver Realtors (GVR) and the Fraser Valley Real Estate Board (FVREB) both saw the housing markets in their separate jurisdictions edge toward more relatively balanced conditions in June 2025, though each jurisdiction appears to be experiencing the transition differently.

According to GVR, home sales in its area totalled 2,181 units in June 2025, representing a 9.8 per cent decline compared to the same month last year. However, this marks a significant improvement from May 2025’s sharper year-over-year decline of 19 per cent, suggesting the market may be beginning to stabilize.

Meanwhile, FVREB reported 1,195 unit sales in June 2025, up about one per cent from May 2025 but still approximately nine per cent below June 2024 levels. While the pace of sales in FVREB’s jurisdiction remained steady month-over-month, overall activity continued to lag behind historical norms, reflecting lingering caution among buyers.

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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, including Surrey, Langley, White Rock, and North Delta, as well as the Fraser Valley cities of Abbotsford and Mission.

The average number of days it takes to sell a home in the Lower Mainland currently ranges between the low of 29 days for a townhome in GVR and a high of 39 days for a condominium in FVREB.

Both jurisdictions continue to see elevated inventory levels compared to the previous year. In GVR, the number of active listings rose to 17,561 units in June 2025 — nearly 24 per cent higher than June 2024 and significantly above the 10-year seasonal average. New listings in the region also climbed by 10.3 per cent year-over-year, reaching 6,315 units. This influx of supply has kept the market balanced, with a sales-to-active listings ratio of 12.8 per cent overall.

In FVREB, inventory levels also remained elevated, providing buyers with more options and strengthening their negotiating power. The increase in listings has helped cool price pressures, even as some sellers began to adjust expectations to remain competitive.

Price trends in both markets showed modest softening in June 2025.

The composite benchmark price in GVR dipped to $1.173 million in June 2025, down 2.8 per cent compared to a year ago and 0.3 per cent lower than in May 2025. Single-family detached homes saw a benchmark price of $1.995 million, a 3.2 per cent year-over-year decrease and a 1.2 per cent month-over-month decrease, while condominiums dropped to $748,000 and townhomes to $1.104 million — both down just over three per cent year-over-year and down 1.2 per cent and 0.3 per cent, respectively, compared to the previous month.

Prices in FVREB followed a similar trajectory, with the real estate board suggesting ongoing downward adjustments as economic uncertainty continues to weigh on buyer confidence. But FVREB also characterized its jurisdiction as a clear buyer’s market, and may be currently favourable for some first-time buyers.

For FVREB, the composite benchmark price decreased to $951,000, representing a 1.2 per cent decline compared to the previous month. Single-family detached homes saw a benchmark price of $1.459 million, down 4.6 per cent year-over-year, while townhomes recorded a benchmark of $824,600, down 3.1 per cent. Condominiums experienced an annual drop of 4.5 per cent, settling at a benchmark price of $527,000.

Looking ahead, analysts suggest that if these trends continue, there could be more activity relatively soon.

“On a trended basis, signs are emerging that sales activity is rounding the corner. If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year,” said Andrew Lis, director of economics and data analytics at GVR, in a statement.

Despite differences in tone, both real estate boards agree that conditions are incrementally shifting in favour of buyers, with improved affordability thanks to lower mortgage rates and greater inventory.

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