Market Overview
| Metric |
February 2025 |
February 2024 |
10-Year Seasonal Average |
% Change (YoY) |
| Residential Sales |
1,827 |
2,070 |
2,571 |
-11.7% |
| New Listings |
5,057 |
4,560 |
4,530 |
+10.9% |
| Total Listings |
12,744 |
9,634 |
9,341 |
+32.3% |
| Sales-to-Active Listings Ratio |
14.8% |
N/A |
N/A |
N/A |
Sales-to-Active Listings Ratio by Property Type
| Property Type |
Sales-to-Active Listings Ratio |
| Detached Homes |
10.7% |
| Attached Homes |
18.5% |
| Apartments |
16.8% |
Key Insight:
- A ratio below 12% suggests downward pressure on prices.
- A ratio above 20% suggests upward pressure on prices.
Benchmark Prices
| Property Type |
February 2025 Price |
February 2024 Price |
% Change (YoY) |
% Change (MoM) |
| All Residential Properties |
$1,169,100 |
N/A |
-1.1% |
-0.3% |
| Detached Homes |
$2,006,100 |
N/A |
+1.8% |
0% |
| Apartments |
$747,500 |
N/A |
-2.8% |
-0.1% |
| Attached Homes |
$1,087,100 |
N/A |
-1.2% |
-1.7% |
Sales Volume by Property Type
| Property Type |
February 2025 Sales |
February 2024 Sales |
% Change (YoY) |
| Detached Homes |
477 |
560 |
-14.8% |
| Apartments |
976 |
1,092 |
-10.6% |
| Attached Homes |
359 |
403 |
-10.9% |
According to Andrew Lis, GVR’s director of economics and data analytics, the market has moved into balanced conditions following the surge in new listings in January. A potential Bank of Canada rate cut in mid-March could improve borrowing conditions, providing buyers with more opportunities in the most favorable market conditions since pre-pandemic times.
While prices have remained stable, the upcoming spring season will determine whether demand shifts and sellers adjust their willingness to list properties.
