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Vancouver Housing Market Update – July 2025: Prices Begin to Crack Despite Sales Uptick
Vancouver Housing Market: A Slow Year with a Surprise Twist
2025 has started as one of the slowest housing markets on record in Greater Vancouver. Until now, prices had held relatively firm despite sluggish activity. But July has brought a shift — prices are finally starting to show weakness.
What’s interesting is that this comes at a time when sales activity is actually picking up.
Vancouver Real Estate Sales – July 2025
According to data from the Real Estate Board of Greater Vancouver, July 2025 was the most active month of the year so far, with 2,086 sales. The next closest month was May with 1,928 sales.
Looking at 10 years of July sales data:
- July 2025 ranks as the third slowest July, behind 2022 and 2018.
- It’s still slightly behind July 2024 and July 2023 in sales volume.
So, while 2025’s sales are weak historically, they’re a notable improvement compared to earlier this year — suggesting momentum is building.
Vancouver Housing Prices – Detached, Townhouse, and Condo Trends
Detached Homes:
- March 2025 benchmark: $2,034,000
- July 2025 benchmark: $1,974,400
That’s a drop of nearly $60,000 in just a few months.
Townhouses:
- Similar downtrend, but less dramatic.
- Still the most resilient property type in Vancouver right now.
Condos:
- Prices have been sliding since March.
- Many owners who bought in 2022–2023 are now selling at a loss.
- Prices are roughly at 2021 levels, with some buyers from 2019–2020 unable to break even.
Why Prices Are Falling Even as Sales Rise
This year’s inventory surge is the biggest culprit.
- July 2025 active listings: 17,608
- July 2018: 12,137 listings
- July 2022: 10,028 listings
The months of inventory figure — a key market balance indicator — is just under 8 months. That’s the highest in a decade, giving buyers far more choice and leverage in negotiations.
Seasonal Factors in July and August
It’s worth noting: inventory tends to drop in mid-summer because fewer sellers list during vacation months. Many take their properties off the market, planning to relist in September.
This means July’s slight inventory decline may be seasonal, not a sign of recovery.
New Listings in 2025
New listings have been declining since April. This is partly because:
- Many motivated sellers have already listed.
- High total inventory discourages new listings.
What to Watch for in Fall 2025
With sales climbing and inventory dipping slightly, some will claim a recovery is starting. But fall will be the real test.
Historically, September and October bring a surge of new listings and renewed competition.
Interest Rates and Rentals
- Bank of Canada: Held its key interest rate this month, with debate about possible cuts later in the year.
- Rents: National average rent down 2.7%. Vancouver rents have dropped 7.2% year-over-year for one-bedrooms and 7.1% for two-bedrooms — but the city remains Canada’s most expensive rental market.
Advice for Buyers and Sellers
For Sellers:
- Price competitively. Overpricing in today’s market means sitting unsold for months.
For Buyers:
- Look for motivated sellers. Properties priced below market value often belong to sellers in time-sensitive situations.
- Example: A duplex originally listed at $1.6M in June sold for $1.334M after aggressive price reductions.
- Be patient and monitor listings for price drops.
Final Take
July 2025 is a paradox for Vancouver real estate — rising sales but falling prices.
High inventory is putting pressure on sellers, and while seasonal trends may temporarily tighten supply, the real direction will become clearer in the fall.
If you’re considering buying or selling in Vancouver, understanding inventory trends, seller motivation, and property type resilience is key to making the right move.
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