Vancouver’s real estate market heats up in January

After a fairly lacklustre couple of years, the combination of lower interest rates and an influx of renewed enthusiasm from sellers is starting to have a big impact on the Lower Mainland real estate market, with the number of home sales in Greater Vancouver reaching a high of 1,552 sales in January 2025 alone – an increase of 8.8 per cent over the same time last year.

By the numbers

According to the Greater Vancouver REALTORS® (GVR) association, the number of housing options available to buyers has also increased significantly over the past 12 months compared to the last few years.

In January of this year, for example, there were 11,494 homes for sale in the Greater Vancouver region. That’s one-third higher than the 10-year seasonal average, and up by around 33.1 per cent over January 2024.

In addition, while sales of detached homes were only up by around 0.3 per cent compared to 2024, apartment sales in January saw an increase of closer to 13.4 per cent compared to last year, with a similar increase of 12.6 per cent in the sale of attached homes.

What does it mean?

Perhaps most tellingly, January 2025 also saw 5,566 new detached, attached and apartment properties listed for sale on the Multiple Listing Service® (MLS®) REALTOR.ca website in Metro Vancouver.

This represents an increase of about 46.9 per cent compared to January 2024. But it also potentially means that the Lower Mainland is finally seeing a shift towards a more balanced real estate market again, with the focus moving back to sellers in particular.

As Andrew Lis, the GVR director of economics and data analytics, said in a press release issued by the association in early February: “In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the new year.”

“Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.”

What’s next?

In terms of prices, the return to a more balanced market and the increase in seller momentum should work together to help limit any wild price fluctuations for at least the next little while.

Going forward, however, the GVR’s forecast for 2025 is calling for “moderate price growth by the end of the year” for much of Greater Vancouver and the Lower Mainland. So if you’ve been thinking about getting back into the market this year, it might be wise to consider making your move sooner rather than later.

Interested in finding out more about what all this means for you? Contact us for your free consultation today!