RICHMOND AND GREATER VANCOUVER REAL ESTATE NEWS

The spring real estate market is in full swing. Front lawns are freshly trimmed, patios staged with care, and welcome mats rolled out with a smile—it's showtime for homeowners listing their properties.

According to a recent survey, more than half of sellers (53%) got their homes market-ready in a month or less. And with late April considered peak selling time, many buyers are now hitting open houses with their checklists in hand, hoping to land their dream home.

But here’s something both buyers and sellers should keep in mind—watch what you say during a showing.

You might assume you're in the clear if the sellers aren’t home, but with smart home tech like Ring doorbells and indoor security cameras now common, your comments could be overheard.

A casual remark in the living room could be recorded. Good or bad, that kind of feedback can influence negotiations.

• If you gush too much? The seller may see dollar signs and hold firm on price.

• If you're too critical? You might offend the seller and hurt your chances, especially in multiple offer situations.

Best approach? Save your thoughts for a private moment, either outside, far from the home, or during a debrief with your Realtor. It's about keeping your strategy intact and your cards close to the vest.

In today’s market, every move matters. A little discretion during your tour could be the difference between winning the home—or walking away empty-handed.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success! 

Vancouver, BC – April 14, 2025. The British Columbia Real Estate Association (BCREA) reports that 5,917 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in March 2025, down 9.6 per cent from March 2024. The average MLS^® residential price in BC in March 2025 was down 4.8 per cent at $963,323 compared to $1,011,965 in March 2024.

The total sales dollar volume was $5.7 billion, a 13.9 per cent decrease from the same time the previous year. BC MLS unit sales were 35 per cent lower than the ten-year March average.

“Buyers continued to shift back to the sidelines in March,” said BCREA Chief Economist Brendon Ogmundson. “The economic uncertainty surrounding potential tariffs on Canadian goods has some potential buyers hesitant, particularly in the province’s larger markets.”

Year-to-date, BC residential sales dollar volume is down 8.1 per cent to $14.5 billion, compared with the same period in 2024. Residential unit sales are down 5.2 per cent year-over-year at 15,160 units, while the average MLS residential price is also down 3.1 per cent to $959,400.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today and let's make your real estate journey a success!

Is Your Rent Keeping You From Owning a Home?

One of the biggest roadblocks to homeownership—especially in high-cost markets like Vancouver, Richmond, and Ladner—is saving up for a down payment while still paying rent. Month after month, renters hand over a big chunk of their income for a place to live, without building a single cent of equity. But have you ever wondered just how far that rent money could go if it were redirected toward buying a home?

You might be surprised: in many Canadian cities, five years of rent could have paid for your down payment—not just once, but two or three times over.

Rent vs. Down Payment: A Costly Comparison

Zoocasa crunched the numbers using average rent data for a one-bedroom apartment between 2020 and 2024. Then they compared that five-year total to the minimum down payment needed to buy an average home in February 2025. The results are eye-opening:

In Vancouver, for example, five years of rent adds up to 41% more than the minimum down payment needed for the average home. In other cities—like Edmonton, Regina, or Saskatoon—you could have paid for a home three or even four times over with what you’ve spent on rent.

Could You Already Afford a Home?

The truth is, in many markets, renters could have saved enough for a down payment in less than two years. In Regina and Saskatoon, it would take just around 16 months of rent. Even in Edmonton—where housing is still relatively affordable—five years of rent totals nearly three times the minimum down payment.

What’s more, those larger down payments don’t just help you buy a home faster—they also reduce your overall borrowing costs, helping you save even more in the long run.

A Closer Look: Rent Over Time (2020–2024)

Here’s how average monthly rent has changed over the past five years across Canadian cities:

As you can see, rent prices have steadily risen, which means renters are spending more without getting any closer to homeownership.

Renting Strategically: Choosing the Right Market

If you're currently renting in Metro Vancouver, even small shifts in location can have a big impact on your ability to save and buy.

Take Ladner for example—a hidden gem that often offers better value per square foot than central Richmond, with quieter neighbourhoods and more family-friendly options. If you’re working from home or don’t need to commute daily into Vancouver, renting or buying in Ladner can mean lower monthly costs and a quicker path to homeownership.

By contrast, central Richmond tends to come with higher rents, especially in newer high-rises near SkyTrain hubs. While it offers convenience and lifestyle perks, it can take longer to save up the down payment if you’re renting here—especially with current pricing trends pushing the average one-bedroom well above $2,400/month.

If you have flexibility in where you live, shifting your focus from a high-demand urban core to a more accessible neighbourhood nearby can dramatically change your financial trajectory. It’s all about finding that sweet spot between affordability, livability, and long-term value.

Programs That Help Renters Become Homeowners

If you’re ready to start turning rent payments into equity, there are tools available to help:

• First Home Savings Account (FHSA) – A tax-free way to save for your down payment.

• Tiered Down Payment Rules – Homes up to $1.5M now qualify for smaller down payments (less than the traditional 20%).

• Build Credit Through Rent Payments – Services like the Landlord Credit Bureau let you report rent payments to boost your credit score—helping you qualify for a mortgage with better rates.

Let’s Talk About Your Plan

At the end of the day, the goal isn’t just to stop renting—it’s to own smart. Whether you’re thinking about buying now or just planning ahead, having a strategy tailored to your financial situation makes all the difference.

If you’re tired of paying someone else’s mortgage and want to explore your path to homeownership, let’s connect. I’ll help you understand your options, weigh the pros and cons, and find a solution that makes sense for you.

📞 Let’s talk strategy—reach out today and let’s take the next step toward your own front door. If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

• Source: Michael Cowling

  
  

  
  

  
  

Home sales registered on the MLS in Metro Vancouver for the month of March were the lowest going back to 2019 for the same month, while active listings continue their upward trend.

The Greater Vancouver REALTORS (GVR) reports that residential sales in the region totalled 2,091 in March 2025, a 13.4 per cent decrease from the 2,415 sales recorded in March 2024. This was 36.8 per cent below the 10-year seasonal average (3,308).

“If we can set aside the political and economic uncertainty tied to the new U.S. administration for a moment, buyers in Metro Vancouver haven’t seen market conditions this favourable in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have eased from recent highs, mortgage rates are among the lowest we’ve seen in years, and there are more active listings on the MLS than we’ve seen in almost a decade. Sellers appear ready to engage — but so far, buyers have not shown up in the numbers we typically see at this time of year.” 

There were 6,455 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in March 2025. This represents a 29 per cent increase compared to the 5,002 properties listed in March 2024. This was 15.8 per cent above the 10-year seasonal average (5,572). 

The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 14,546, a 37.9 per cent increase compared to March 2024 (10,552). This is 44.9 per cent above the 10-year seasonal average (10,038). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2025 is 14.9 per cent. By property type, the ratio is 10.3 per cent for detached homes, 21.5 per cent for attached, and 16.2 per cent for apartments. 

Analysis of the historical data suggests that home prices experience downward pressure when the ratio dips below 12 percent for a sustained period, while they often experience upward pressure when it surpasses 20 percent over several months. 

“The current market bears resemblance to early 2023, where price trends were generally flat, and sales started the year off slowly before gaining momentum in the spring and summer months,” Lis said. “While market conditions overall remain balanced, it’s worth noting that the attached segment continues teetering on the threshold of a sellers’ market as a result of a chronic undersupply, with only about 2,200 active listings available for prospective buyers throughout the entire region.” 

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,190,900. This represents a 0.6 per cent decrease over March 2024 and a 0.5 per cent increase compared to February 2025. 

Sales of detached homes in March 2025 reached 527, a 24.1 per cent decrease from the 694 detached sales recorded in March 2024. The benchmark price for a detached home is $2,034,400. This represents a 0.8 per cent increase from March 2024 and a 0.4 per cent increase compared to February 2025. 

Sales of apartment homes reached 1,084 in March 2025, a 10.2 per cent decrease compared to the 1,207 sales in March 2024. The benchmark price of an apartment home is $767,300. This represents a 0.9 per cent decrease from March 2024 and a 1 per cent increase compared to February 2025. 

Attached home sales in March 2025 totalled 472, a 4.6 per cent decrease compared to the 495 sales in March 2024. The benchmark price of a townhouse is $1,113,100. This represents a 0.8 per cent decrease from March 2024 and a 0.2 per cent increase compared to February 2025.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

Source: GVR

Sales of detached homes in February 2025 saw a 14.8 per cent decrease from the detached sales recorded in February 2024

Real Estate market conditions remain in a balanced territory.

That’s according to the latest monthly report from Greater Vancouver Realtors (GVR), which notes that after a 46 per cent year-over-year increase of new listings in January 2025, the number of newly listed properties on the MLS in Metro Vancouver rose more moderately this February.

GVR reports that February 2025 residential sales in the region saw an 11.7 per cent decrease from the sales recorded in February 2024. That total was also 28.9 per cent below the 10-year seasonal average.

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” said Andrew Lis, GVR’s director of economics and data analytics said in a news release.

With a .25% rate Bank of Canada rate cut rate reduction today, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.

There was a 10.9 per cent increase in newly listed detached, attached, and apartment properties newly on the MLS in February 2025 compared to the properties listed in February 2024, according to the report.

The benchmark price for a single-detached house in Ladner last month was $1,398,600, almost unchanged from this January, while up just over three per cent from February 2024.

The February 2025 benchmark price for a single-detached house in Tsawwassen was $1,654,800, which was up just over three per cent from the previous month, while up 6.4 per cent compared to February 2025.

The February 2025 benchmark prices for a townhouse in Ladner and Tsawwassen were $1,041,400 and $1,007,800, respectively.

The benchmark prices for a condo last month in Ladner and Tsawwassen were $624,500 and $619,200, respectively.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

Source: GVR & Michael Cowling