Vancouver Real Estate Market Update with Andrew Way

March 9, 2025

 

In this episode, Marko Gelo and Andrew Way (of Oakwyn Realty) discuss Vancouver Real Estate and other surrounding factors that are influencing it. Here’s a summary of the discussion:

February 2025 Vancouver Market Overview:

  1. Current Market Overview:

    • Metro Vancouver’s property listings are up by 32.3% compared to February 2024, with 12,744 listings currently available.
    • This is 36.4% above the 10-year seasonal average, providing buyers with more options than in a long time.
    • Sales-to-active-listing ratios are 14.8%, indicating a balanced market overall. However, detached homes are at 10.7%, which is below the 12% threshold that usually signals downward pressure on prices (buyers market).
  2. Home Price Trends:

    • The Home Price Index for Metro Vancouver shows a benchmark price of $1,169,100, a slight decrease from earlier in the year.
    • Prices for detached homes have remained stable with a slight increase compared to February 2024 ($2,006,000).
    • Condo and attached home prices have experienced slight decreases compared to February 2024, but the changes are modest.
  3. First-Time Homebuyers:

    • There is growing activity among first-time homebuyers, including older buyers (up to early 40s), not just the typical 20-30-year-old demographic.
    • The current market presents a good opportunity for first-time buyers, as prices have come down slightly, and relaxed mortgage rules have increased purchasing power.
    • There has been a noticeable uptick in pre-approvals, signaling more optimism in this market segment.
  4. Interest Rates and Economic Factors:

    • Interest rates have fluctuated due to political instability (e.g., tariffs), but overall, a slight decrease in rates is expected in 2025, particularly for variable-rate mortgages.
    • Economic indicators such as unemployment remain stable, and job growth is still strong, although certain sectors like automotive may face challenges.
  5. Days on Market and Sales Activity:

    • In Burnaby, detached homes saw a significant drop in days on market from 31 in January to 11 in February, with sales increasing slightly.
    • This suggests that well-marketed and properly priced homes are still selling quickly.
  6. Supply and Construction Trends:

    • While inventory is high, there are concerns about new construction slowing down due to uncertain economic conditions and tariffs.
    • Developers are holding back on new builds, which may impact long-term supply and keep prices steady or increase them.
    • There is also a shift towards smaller developers building multi-unit properties like duplexes and six-plexes, with an increasing focus on land assembly.
  7. Challenges in the Market:

    • The market is experiencing more complex pre-qualification processes, with lenders requiring more documentation than before.
    • Buyers need to be fully prepared before entering the market to avoid disappointment if they can’t qualify for the property they want.
  8. Conclusion and Outlook:

    • The market is currently in a balanced state with both opportunities and challenges. The next few months will be crucial to see how the market responds to ongoing economic uncertainty and how buyers’ confidence shifts.
    • March is expected to be a significant month for market trends, and political and economic developments will likely influence consumer sentiment and sales activity.

For a deeper dive into their discussion, tune into the episode in the link above! 

Call Andrew Way at 604-802-2570 for his expert real estate advice and service.

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604-800-9593 cell/text | 403-606-3751 cell/text | Schedule A Call | WhatsApp | Marko’s App |  mortgages@markogelo.ca

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