Vancouver’s Real Estate Market: Rising Sales in June 2025

Vancouver’s real estate market in June showed a modest uptick in monthly sales. The Greater Vancouver REALTORS® noted that, following a slow start to the year, MLS® home sales across Metro Vancouver* are beginning to show signs of recovery, down 10% year-over-year, marking a significant improvement from the 20% annual decline recorded the previous month.

Affordability appears to be slowly improving, and buyers now have more choice than in recent years. However, with early signs of declining construction activity, the window of opportunity for buyers may not stay open for long.

Sales 

Home sales in Vancouver rose 7.6% month-over-month in June on a seasonally adjusted basis, offering a faint sign of life in an otherwise subdued market, according to an Edge Realty Analytics report. However, the year-over-year picture shows sales still down nearly 10% compared to June 2023, marking the second-lowest June reading since 2000. Demand remains weak across all housing types, with condos faring the worst. The sales data underscores a key theme: even with slightly improving affordability, buyers have yet to return in meaningful numbers.

Inventory and Supply

On the supply side, the market is seeing a rise in new listings. June saw a 9% increase in new listings from May and a 10.3% jump year-over-year. Notably, condo listings reached an all-time high for the month, driving much of the surge. Overall, new listings are now running about 16% above the decade average.

The sales-to-new listings ratio dropped to just 34% in June. With new listings outpacing sales, active inventory rose, climbing 23.8% year-over-year and reaching record highs. Interestingly, it’s the single-family home segment, typically less volatile, that is seeing the biggest inventory build. Total months of inventory reached 8.0 in June, the highest level for the month since 2012. 

Prices

Despite the growing imbalance between supply and demand, Vancouver’s benchmark MLS House Price Index remained relatively flat in June. The market has seen only a 7% decline from its 2022 peak. 

New Construction Slows, Especially for Single-Family Homes

While inventory is currently high, the construction pipeline is starting to shrink. Total dwellings under construction were down 1.2% in May and 3.5% compared to a year earlier. The most dramatic pullback is in single-family homes, where construction activity fell 18.6% year-over-year, for the lowest number of single-detached units under construction since 2009. 

Condo construction also declined; rental housing was the only segment to show modest year-over-year growth. With permit activity also weakening, the outlook for future supply is contracting, particularly for detached homes.

Ongoing Implications

The Edge Realty report noted that the current buyer’s market may shift in the future. Vancouver’s housing market remains sluggish by historical standards, but June showed early signs of movement, with a small monthly sales increase. At the same time, inventory is climbing rapidly, giving buyers more choice than they have had in years, particularly in the single-family segment.

While prices have not dropped sharply yet, market fundamentals point to more downward pressure in the short term. However, given the slowing construction, this supply boost may not last. For buyers, this is a window of opportunity. Conditions currently favour them, with room to negotiate and time to make decisions. As supply tightens again and affordability improves further, buyer competition and price pressures could return.