February Recap
Greater Vancouver recorded 1,815 home sales in February, a 12% decline compared to the 2,057 sales in February 2024. However, sales were up 15% from January. At the same time, inventory has surged 28% year-over-year, reaching 12,324 active listings. This has pushed the sales-to-active listings ratio to 15%, placing us in balanced market territory.
Uncertainty remains a key theme in today's market. Trump's decision to delay tariffs by another month kept some buyers on the sidelines in February. Now, all eyes are on the Bank of Canada's March 12th announcement, as buyers and sellers alike wait for clarity on interest rates. Meanwhile, today's tariff deadline could escalate into a full-scale trade war, further shaping market conditions in the months ahead.
Attached Annual Variance
What’s in Store for the Spring Market?
March typically marks the start of Greater Vancouver’s busiest real estate season—the spring market. However, if a trade war with the U.S. unfolds, the question isn’t if it will impact the market, but by how much.
Our economy is at a fragile crossroads. On one hand, trade disruptions could push us into a recession. On the other, this could be the catalyst for Canada to diversify trade beyond the U.S., strengthening ties with the EU, Japan, and other global partners.
So, how should buyers and sellers navigate this uncertain landscape? Despite the turbulence, opportunities exist for those who understand how to leverage market conditions in their favor.
Detached Annual Variance
For Buyers
As far as buyers are concerned, today's market is a heavenly cornucopia of plenty. Inventory levels haven’t been this high at the start of March since 2019, and mortgage rates are gradually declining, improving affordability.
That said, buying a home is one of the biggest financial decisions you’ll make. Understandably, some may hesitate in times of uncertainty. If you’re on the fence, ask yourself:
1️⃣ Is your income secure? If a trade war leads to job losses in your sector, it may be wise to wait. Income stability is key.
2️⃣ What’s your time horizon? The longer you hold the property, the better you can absorb short-term price fluctuations.
3️⃣ Are you waiting for “smoother waters”? There is a price for safety. A more stable market means more competition. If you wait, you might find yourself in bidding wars with buyers who have also been waiting for certainty.
4️⃣ Rent vs. Buy: You’re either paying your own mortgage or your landlord’s. If you’re renting at market rates, now might be a good time to start building your own equity.
For financially stable buyers with a contingency fund, this market presents rare and exciting opportunity to shop for the perfect home, negotiate a great price and do it with little or no competition!
For Sellers
Sellers must be strategic in today’s market. With buyers having more choices, pricing your home correctly is critical. Properties priced competitively still attract strong interest, and well-positioned homes continue to see multiple offers.
Townhouse sellers remain in a strong position, as demand for this housing type remains high. With the right strategy, townhouse owners can sell quickly and capitalize on a softer detached and condo market.
If you’re upsizing or downsizing, keep in mind that you’re transacting in the same market. While selling may take a bit longer, proper pricing ensures you’ll get top dollar, and you’ll also benefit from increased buying power when purchasing your next home.
Final Thoughts
The uncertainty in today’s market is real—but so are the opportunities. Those who can navigate uncertainty with a clear plan will come out ahead. Whether you’re looking to buy, sell, or simply understand your options, we're happy to help guide you through the process. Let’s connect and discuss your best path forward!