It’s no secret that 2025 hasn’t exactly been a banner year so far for real estate in the Lower Mainland. But according to the latest numbers from the Greater Vancouver REALTORS® (GVR), it’s starting to look like home sales in Vancouver may finally be turning a corner.
Latest sales figures show early signs of a recovery
In its latest Monthly MLS® Housing Market Report, GVR noted that there were a total of 2,286 residential sales in the region last month. That’s 13.9% below the 10-year seasonal average, and down slightly from the 2,333 sales that were recorded in July 2024.
But while sales last month were still down compared to the previous year, the good news is, the amount they’re down by is significantly less than for any other month this summer.
For example, year-over-year sales in June were down about 10% compared to 2024. In May, that figure was closer to 20%. But for July, the decline represented a difference of only about 2% compared to 2024—a sure sign that the real estate market in Vancouver might be on the verge of a long-awaited recovery.
What do the other numbers say?
Some of the GVR’s other monthly numbers are also seemingly beginning to point in an increasingly positive direction.
In terms of new listings, for instance, in July 2025, some 5,642 detached, attached and apartment properties in Metro Vancouver were newly listed for sale on the MLS® system. That’s 12.4% above the 10-year seasonal average, and an increase of around 0.8% compared to July 2024.
The total number of properties currently listed for sale on MLS® in Metro Vancouver at the end of July was 17,168—a 19.8% increase over July of last year, and 40.2% above the 10-year seasonal average.
More good news from the Bank of Canada
In a press release issued along with the July report, Andrew Lis, the GVR’s director of economics and data analytics, expressed optimism that these new numbers could indicate the negative effects of Canada’s trade war with the United States may now be on the wane.
He also pointed out that the Bank of Canada’s decision last month to hold interest rates steady at 2.75% could mean more good news is on the way, stating that “this decision could help bolster sales activity by providing more certainty surrounding borrowing costs at a time where economic uncertainty lingers due to ongoing trade negotiations with the US.”
If the upswing in sales continues, it could also start putting upward pressure on home prices in the Lower Mainland again, too. As Lis noted: “Although sales activity is now recovering, this healthy level of inventory is sufficient to keep home prices trending sideways over the short term as supply and demand remain relatively balanced.”
“However, if the recovery in sales activity accelerates, these favorable conditions for home buyers may begin slowly slipping away, as inventory levels decline, and home sellers gain more bargaining power.”
What happens next?
As for whether the upward trend will continue on unabated, or if Vancouver buyers and sellers will need to weather a few more rocky patches before the recovery fully takes hold, only time will tell.
But if you’re a homeowner who’s considering listing your property—or a buyer who’s trying to decide when to pull the trigger—it may be time to start thinking about getting off the sidelines, and start making some serious decisions.
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Do you have any questions about what the latest Vancouver real estate market numbers might mean for you? Contact us today to set up a call or schedule your free consultation!