You’d think a buyer-friendly market would be buzzing with activity—but in March, that just wasn’t the case. Despite low mortgage rates, more homes to choose from, and sellers ready to negotiate, Metro Vancouver saw the slowest March for home sales since 2019.
Let’s break it down:
Sales Are Sluggish
Only 2,091 homes sold in March across Metro Vancouver—a 13.4% drop from the same time last year. That’s also 36.8% below the 10-year March average, so things were much quieter than usual.
Buyers Have More Power Than Ever
In addition to the growing inventory, March also marked the seventh straight interest rate cut from the Bank of Canada, bringing the overnight rate down to 2.75%. That’s a big deal. Lower rates typically mean lower monthly mortgage payments, more buying power, and more room to negotiate—all major perks for buyers.
Yet, despite all of that, many would-be buyers are still sitting on the sidelines.
Listings Are Way Up
Sellers, on the other hand, seem ready to go:
6,455 homes were newly listed in March—a 29% increase year-over-year.
Total active listings hit 14,546, a massive 37.9% jump from March 2024, and the highest we’ve seen in nearly a decade.
There’s no shortage of options for buyers right now.
Sales-to-Active Listings Ratio
This handy metric shows the balance between supply and demand:
Detached homes: 10.3% (leaning buyer's market)
Townhomes: 21.5% (borderline seller’s market)
Apartments: 16.2% (balanced market)
For context: under 12% = downward pressure on prices. Over 20% = prices tend to rise. Right now, most of the market is still balanced, but townhomes are nearing a tipping point due to limited inventory.
Home Prices Stay Mostly Flat
Overall benchmark price: $1,190,900
Down 0.6% from last year
Up 0.5% from February
Detached homes:
Sales down 24.1%
Price: $2,034,400 → up slightly from both last year and last month
Apartments:
Sales down 10.2%
Price: $767,300 → down from last year, but up 1% from February
Townhomes:
Sales down 4.6%
Price: $1,113,100 → down slightly year-over-year, but up a bit month-to-month
What’s the Takeaway?
We’re in rare territory:
Lowest mortgage rates in years
Tons of active listings
Willing sellers
And prices holding relatively steady
If buyer demand catches up in the months ahead—especially with spring in full swing—we could see things start to shift quickly. Waiting too long could mean missing this sweet spot.
Wondering if it’s the right time to make a move?
Let’s talk strategy over coffee (or something stronger if we’re doing math). I’ll help you make sense of the market and spot the opportunities—whether you're buying, selling, or just curious.
