Vancouver Home Sales Dip 2% in July, Market ‘Turning a Corner’: Board

Vancouver’s housing market recorded a slight dip in sales last month, but local real estate experts say the numbers suggest the market may be stabilizing after a volatile 18 months. According to data from the Greater Vancouver Realtors (GVR), 2,286 residential properties changed hands in July 2025 — a 2% decline year-over-year from 2,333 sales in July 2024, and 13.9% below the region’s 10-year July sales average.

While the numbers indicate the market remains slower than historical norms, analysts are encouraged by signs that the steep sales declines seen in late 2023 and early 2024 are easing.

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Sales and Listing Trends

In addition to the modest drop in sales, new listings edged up 0.8% compared to July 2024, and active listings surged by nearly 20%, reaching approximately 17,168 properties on the market. This marks one of the highest inventory levels Greater Vancouver has seen in recent years — about 40% above the long-term July average.

GVR’s director of economics, Andrew Lis, said the July figures indicate the market may be “turning a corner” toward more balanced conditions. “We’re seeing a slower pace of sales decline compared to earlier in the year,” Lis noted. “This could be the early stages of a more stable environment for both buyers and sellers.”

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Prices: Flat to Slightly Down

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver stood at $1,165,300 in July, representing a 2.7% decrease compared to July 2024, and a 0.7% drop from June 2025.

This price trend reflects a market that has shifted away from the rapid appreciation seen during the pandemic years, toward one where supply and demand are more evenly matched. In practical terms, this means buyers may face less urgency to bid aggressively above asking price, especially in segments with more inventory.

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Detached, Attached, and Apartment Breakdown

Breaking down the numbers by property type provides a clearer picture of where the market is cooling — and where it’s still showing resilience:

• Detached Homes: 686 sales in July, down 4.1% year-over-year. The benchmark price for detached properties is $2,014,800, down 3.2% from July 2024.
• Apartments: 1,168 sales, down 2.9% year-over-year. The benchmark price for apartments is $751,200, a 2.3% decrease from last year.
• Attached Homes (Townhouses/Duplexes): 432 sales, up 5% year-over-year. Benchmark price is $1,104,900, down 1.9% from last year.

The attached-home segment stands out as the only category to post a sales gain in July. This reflects continued demand for mid-priced, family-sized housing in desirable neighborhoods — a compromise between space, price, and location.

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Why Inventory Is Rising

The jump in active listings is partly seasonal — summer often brings more sellers to the market — but there are deeper structural factors at play:

1. High Mortgage Rates: Borrowing costs remain elevated, keeping some buyers on the sidelines. This means homes stay on the market longer, adding to inventory levels.
2. Cautious Buyers: Many buyers are waiting to see if the Bank of Canada will cut rates later this year, which could improve affordability and boost competition.
3. Investor Listings: Some investors are choosing to sell rather than renew mortgages at today’s higher rates, especially if rental yields are thin.

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Market Outlook

Looking ahead, analysts say the Greater Vancouver market will depend heavily on interest rate policy. If the Bank of Canada begins cutting rates in the fall, as some economists expect, that could unleash pent-up demand — especially among first-time buyers and upgraders.

However, if rates remain at current levels into 2026, the market could see an extended period of flat or slightly declining prices, with balanced conditions favouring neither buyers nor sellers significantly.

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What It Means for Mortgage Borrowers

For prospective borrowers, the current environment offers both opportunities and challenges:

• Opportunities: Higher inventory means more choice and potentially more negotiating power, particularly in detached and apartment segments.
• Challenges: Even with slightly lower prices, high interest rates continue to keep monthly payments elevated, limiting affordability.

Brokers may find that clients are better positioned to negotiate closing costs or secure conditional offers — a stark contrast to the frenetic bidding wars of 2021–2022.

Strategies for Buyers and Sellers

Buyers

• Consider locking in a pre-approval now to protect against potential rate hikes, while still being able to take advantage of a cut if it happens within the hold period.
• Look at attached homes and certain apartment markets where prices have softened but demand remains steady.

Sellers

• Price competitively based on comparable listings in your area.
• Be prepared for longer selling timelines, especially in the detached market.

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Key Takeaways

• Sales fell 2% year-over-year in July, but the pace of decline is slowing.
• Active listings are up nearly 20%, giving buyers more options.
• Prices are generally flat to down slightly, depending on property type.
• The attached-home segment is the only one to see a year-over-year sales increase.
• Interest rate decisions in the coming months will play a crucial role in shaping the market’s next phase.