A new report shows prospective homeowners in the Greater Vancouver area are staying on the sidelines due to ongoing economic uncertainty.
Real estate company Royal LePage says the market “experienced softer-than-usual spring activity,” but it’s forecasting a bit of optimism for home sellers.
The company says the aggregate price of a home in Greater Vancouver, the median price of a single-family detached home and the median price of a condo have all dipped so far this year.
“In the city of Vancouver, the aggregate home price declined 1.9% year over year to $1,411,200,” said Royal LePage’s quarterly report.
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A surplus of homes for sale isn’t making the market better for sellers and buyers aren’t exactly swooping in.
Royal LePage says buyers may be holding off for a host of reasons, but it comes down to instability caused by the trade war with the U.S.
“Many are adopting a wait-and-see approach, anticipating further price declines and holding out for better deals. We’ve also seen an increase in subject-to-sale offers – deals conditional on the buyer selling their own home – which continues to weigh on overall transaction volumes,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty.
Meanwhile, he says condos and townhomes do attract “entry-level” millennial buyers.
For the final quarter of 2025, Royal LePage is forecasting a modest 1.5 per cent increase in home prices from the previous year.
