As of June 30, 2025, properties in Metro Vancouver spent an average of 121 days on the market, up from 77 days at the same point in 2024. This indicates a significant slowdown in sales velocity year-over-year.
- Relisting Trends
The percentage of listings that were relisted at least once also increased, rising to 30% from 26% in the previous year. This suggests that sellers are adjusting their strategies, possibly due to initial pricing misalignments or changing market conditions.
- Discrepancy Between Listed and Actual Days on Market
A notable finding is the discrepancy between the number of days a property is listed and the actual time it has been on the market. For instance, in West Vancouver, properties were listed for an average of 80 days, but the actual time on market was 162 days, more than double the listed duration. This gap can be attributed to relistings, where the listing count resets, potentially misleading buyers about the property’s market history.
- Market Variations by Region
Different areas within Metro Vancouver are experiencing varying market dynamics:
West Vancouver: Average listed days: 80; Actual days on market: 162
White Rock, Richmond, Vancouver: Noted as slower-moving markets
Port Moody: Faster-moving market with average listed days of 59 and actual days on market at 93
These variations highlight the importance of localized market knowledge for both buyers and sellers.
- Property Type and Price Impact
Single-family homes and higher-priced properties tend to stay on the market longer compared to other property types. This trend suggests that affordability and buyer demand are significant factors influencing market activity.
Implications for Buyers and Sellers
For Buyers
Increased Negotiation Power: With properties sitting longer on the market, buyers may have more room to negotiate prices and terms.
Opportunity for Informed Decisions: The extended time on market allows buyers to conduct thorough due diligence.
For Sellers
Need for Competitive Pricing: To attract buyers in a slower market, competitive and realistic pricing is crucial.
Strategic Marketing: Effective marketing strategies can help properties stand out and reduce time on market.
Market Outlook
The current trend of longer days on market and increased relisting rates indicates a shift towards a more balanced or buyer-favored market in Metro Vancouver. Sellers may need to adjust expectations and strategies to align with the evolving market conditions.