Real Estate Market Overview - January 2025
GVR (Greater Vancouver Real Estate Board)
"HOME SELLERS OFF TO AN ACTIVE START IN 2025"
Home Listings: January 2025 saw a 46% year-over-year increase in new home listings compared to January 2024, reaching a total of 1,552 residential sales.
Market Dynamics: The increase reflects seller activity as buyer demand has grown. The sales-to-active listings ratio (STALR) was 14.1%, indicating a balanced market.
Price Trends: The benchmark price for all residential properties rose to $1,173,000 in January 2025, up slightly from the previous year.
New Home Listings: Single-family homes accounted for a significant portion of new listings, with salmon Arm experiencing a notable increase in activity.
LINK to the January 2025 GVR statistics.
FVREB (Fraser Valley Real Estate Board)
"FRASER VALLEY'S DECADE-HIGH INVENTORY COULD OPEN DOORS FOR BUYERS"
Inventory and Sales: Fraser Valley’s decade-high inventory suggests potential buyer opportunities despite uncertain economic conditions. New home listings increased by 167% from December to January, reaching 3,432 on the MLS®.
Market Balance: While sales remained slow (down 18% compared to December), detached homes were firmly in a buyer’s market with a sales-to-active listings ratio of 11%.
Price Stability: Benchmark prices remained relatively stable, with single-family detached homes at $1,482,400, up 0.6% from January 2024. Detached home sales increased by 54%, while townhomes decreased slightly.
Geographic Highlights: Fraser Valley saw longer days on the market (average of 52 days for single-family homes), and potential tariffs could impact future market dynamics.
LINK to the January 2025 FVREB statistics.
VIREB (Vancouver Island Real Estate Board)
"POSITIVE START TO 2025 TEMPERED BY UNCERTAINTY"
Sales Performance: In January 2025, VIREB recorded a robust start with a 26% increase in total unit sales compared to the previous year. Single-family detached homes accounted for strong growth, while condo and townhome sales remained stable.
Inventory Growth: The board’s inventory reached an all-time seasonal high, signaling a buyer-friendly market.
Price Trends: Benchmark prices showed moderate growth, with single-family homes rising 3% from the previous year and condo apartments increasing 1%. External economic factors like potential tariffs could temper future price increases.
Geographic Diversity: Areas like Campbell River, Comox Valley, and Cowichan Valley saw significant benchmark price increases, while Port Alberni and Nanaimo also experienced notable growth.