Vancouver home prices demonstrated resilience against rising rates, and they may be doing the same with weakening demand. Greater Vancouver Realtors (GVREB) data shows prices rose in March, a first in a very long time for the region. Before declaring the market back from the dead, the minor growth may be noise, considering that sales fell even further while inventory jumped to one of the highest levels in more than a decade.
Vancouver Real Estate Prices See First Increase In A Year
The price of a typical home across Greater Vancouver.
Source: GVREB; CREA; Better Dwelling.
Greater Vancouver real estate prices climbed for the first time in a very long time. The price of a typical home rose 0.4% (+$4.0k) to $1,104,300 in March, marking the first monthly advance since March 2025—exactly one year prior.
Before getting too excited, last year’s March increase wasn’t exactly considered a turning point. Home prices remain 6.8% (-$81.1k) lower than last year, and 11.9% (-$148.5k) below the record high in April 2022.
The price of a typical home across Greater Vancouver, 12-month % change.
Source: GVREB; CREA; Better Dwelling.
The correction may not seem very large in contrast to regions like Greater Toronto, where prices have fallen at more than double the rate from peak. However, it’s worth noting that Greater Vancouver real estate was exiting a slump into 2020, and didn’t quite make the same climb as other regions during the low rate boom.
Greater Vancouver Home Sales Slip, Nearly 32% Lower Than 10-Year Avg
The minor, but sudden, price growth definitely wasn’t due to a sudden demand surge. The board reported just 2,032 sales in March, 2.8% lower than last year and 31.8% below the 10-year average for the month. Last month actually marked the weakest March since 2019.
There’s that pre-pandemic slump data again.
Vancouver Home Sales 32% Below 10-Year Avg, Inventory At 13-Year High
GVREB sales vs active listings, March.
Source: GVREB; CREA; Better Dwelling.
Fewer new sellers showed up to the party last month, but there was no shortage of inventory. GVREB reported 5,792 new listings in March, 10.3% lower than last year, though 4.9% above the 10-year average for the month. Despite being lower than last year, this is a relatively high number for the end of winter in a market notorious for a lack of inventory.
At the same time, inventory remains unusually lofty. There were 14,774 active listings at the end of the month, 1.6% higher than last year and 38% above the 10-year seasonal average. The region hasn’t seen this many active listings in March since 2013, back when the Bank of Canada was concerned that the region’s investor bubble leaves it vulnerable to a sudden supply glut. This was a direct precursor to the region’s industry chasing foreign buyers to fill demand, and the subsequent correction when the flow dried up.
Greater Vancouver real estate prices may have made a small uptick, but sales slipped and inventory sits at unusually high levels. The region didn’t display much sensitivity to higher rates, and it’s unclear if that’s still to come or not a factor. The board itself warned spring sales may be dampened by the rising yields—a direct response to the ongoing Iran war.
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