Traditionally, Vancouver has long been considered a seller’s market when it comes to real estate. But according to recent reports from two of the region’s biggest real estate associations, the days of bidding wars and multiple offers-over-asking could soon be a thing of past, as all indicators seem to suggest that the Lower Mainland may be on the cusp of becoming a buyer’s market.
What is a “buyer’s market”?
A buyer’s market occurs when there is a surplus of homes for sale. This is usually caused by having more homes listed for sale than there are buyers who are ready to buy them.
Buyer’s and seller’s markets are generally determined by taking a look at the sales-to-active listings ratio. Generally, a ratio below 12% indicates a buyer’s market, while a ratio over 20% indicates a seller’s market. Anything between 12-20% is a “balanced” market, where the number of sellers and buyers are about the same.
Among other characteristics, buyer’s markets tend to put a downward pressure on home prices. As the name implies, they also usually give buyers an advantage when it comes to things like the number of choices they have available, how long they can take when making a decision, and how much leverage they have at the negotiation table.
Are we in one?
According to the Greater Vancouver REALTORS® (GVR) latest monthly report, Metro Vancouver recorded a total of 1,827 residential sales through the Multiple Listing Service® (MLS®) in February 2025. That’s 28.9% below the 10-year seasonal average of 2,571 sales, and a decrease of 11.7% compared to February 2024.
In terms of sales-to-active listings, the ratio for February 2025 was 14.8%, which places us solidly in balanced market territory. But if we look only at detached homes, the ratio sinks to 10.7% – well below the traditional sweet spot for a buyer’s market. And when you factor in the possible impact of more Bank of Canada interest rate cuts in the near future, it could very well mean good news is on the horizon for buyers across all segments of the market.
As Andrew Lis, the GVR’s director of economics and data analytics, puts it: “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.”
“[But] with a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions, while enjoying the largest selection of homes on the market since pre-pandemic times. With the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years.”
What about farther afield?
Conditions are similarly promising for buyers outside of Vancouver as well. According to the Fraser Valley Real Estate Board, for example, home sales in the Valley in February were up 13% from January. As of last month, there were 8,070 active listings in the Fraser Valley, which is 5% above the 10-year seasonal average.
Perhaps most tellingly, the sales-to-active-listings ratio in the Fraser Valley was 11% in February 2025. That’s comfortably below the usual 12% cut-off for buyer’s market conditions.
As Baldev Gill, CEO of the Fraser Valley Real Estate Board, explains: “the combination of inventory accumulation and softening prices is providing buyers with increased leverage, especially in the single-family detached category.”
“Should this pattern persist, we could see a further shift toward a buyer’s market, particularly given the ongoing economic uncertainties and impending tariffs. With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”
What does it mean for you?
All of which is to say that, if you’ve been thinking about entering (or getting back into) the market, now could be one of the best times in recent memory to buy a home, make a few additions to your portfolio of investment properties – or maybe even put in an offer on that dream home you’ve had your eye on.
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