Greater Vancouver real estate went from some of the world’s most coveted to historically weak demand in just a few years. REBGV data shows prices fell in June, as demand fell to the second weakest level in the past 25 years. At the same time, the region’s notoriously scarce inventory is no more—there are now the most listings since the Bank of Canada (BoC) suggested it was a bubble.
Greater Vancouver Real Estate Prices Fell But Remain Lofty
Greater Vancouver real estate prices: composite benchmark.
Source: REBGV; CREA; Better Dwelling.
Greater Vancouver real estate prices slipped lower last month. The benchmark (typical) home price fell 0.3% (-$3,519) to $1.17 million in June, down 2.8% (-$32,800) lower than last year. All gains made earlier in 2025 have now been erased, and the move higher has failed for a third time since peaking back in 2022.
Greater Vancouver Real Estate Sales 26% Below 25-Year June Average
Greater Vancouver real estate demand remained uncharacteristically weak last month. Home sales fell to 2,180 homes in June, 9.8% lower than last year. The unusually slow month was 25.8% below the 10-year average for June, and the second-weakest sales in the past 25 years—only behind 2019.
Greater Vancouver Real Estate Inventory Hits Highest Level Since BoC Suggested It Was A Bubble
Greater Vancouver real estate: Active listings of homes for sale in June.
Source: REBGV; CREA; Better Dwelling.
Greater Vancouver can’t attract buyers but there was no shortage of sellers. There were 6,315 homes listed for sale in June, up 10.3% from last year. This is 12.7% higher than the 10-year average for the month.
More sellers against weaker demand helped drive total remaining inventory higher. Active listings climbed 23.8% to 17,560 homes in June, 43.7% higher than the 10-year average. It was the highest number of active listings since 2013.
What happened in 2013? Glad you asked—that was back when the Bank of Canada (BoC) deputy governor (now Governor) Tiff Macklem suggested a bubble, delivering a speech in Vancouver. The market remained weak until the industry tapped foreign buyers to revive demand. They say history doesn’t rhyme, it repeats—and if that holds true, Greater Vancouver’s real estate industry may be looking to tap foreign capital again.
Just here to say great jokes in the newsletter today. I don’t know how I knew it was meant to be read as a Marvin Gaye song, but I’m glad I did. 🤣
haha. I didn’t even realize how weird it is to pick up on that without cue. I wonder how Gen Z reads it since they haven’t learned to appreciate the Prince of Soul.
Excellent point. However, if the carney govt doesn’t intervene, or even if it does, a major price correction is coming. The real issue is how much unfunded taxpayer liability is involved? It could easily end in our public debt in Canada doubling, or worse?
The wisdom of subsidizing ever more speculative residential real estate with unpacked govt guarantees could make canada the new greece
Agreed, I believe the reflection on history repeating needs to look a least a little outside the BC box, Calgary in the 80’s was an important lesson in a Canadian context; it would be difficult to reduce the Canadian equation to Greece’s situation, but nothing is impossible.
Damn straight. Let’s get back to your roots, because you went from Vancouver real estate news to a national real estate blog. Appreciate the growth but let’s not forget about the market you broke & triggered an inquiry into. haha.
Great stuff as always by the way. For some reason all of the other news outlets decided to write about how June was higher than May, like every friggin year.
GAME OVER FOR 25 YEARS
THANKS FOR PLAYING
NEW USA HOUSES COST 400K OR LESS
CRICKETS IN VANCOUVER FOR DECADES
ALL THE INVESTORS LEFT TO GO TO THE USA YEARS AGO
Who wants to live in the third world like the USA, endless homeless, lots of guns and no medical for a large proportion of the population
The obvious momentum here in both Toronto to, Vancouver, and the ancillary markets around them is for a major price correction in the next few years. The point raised that when they should have intervened to slow price growth in 2013 is key here though. If the current liberalgovt in Ottawa, who has struggled to keep themselves popular with the mess with the usa, major recession will not be something that keeps carney’s coalitiontogether for 4 ys.
So does the former central banker, whose go ro move is monetary expansion via exaggerated home prices can resist doing that here. Even worse, can camada survive the ultimate burst of that bubble?
As for foreign investors, quantitative easing, supply subsidies, and so on, the point where that doesn’t stop the implosion coming, and the questions has carney and co learned for the last 17y or not?
What blue collar working family can afford a million dollar home? The mortgage you pay back 2-3 million to the bank, it would take several lifetimes to pay that off. The banks don’t want prices to be affordable though, they want rich Chinese and Saudis to come buy everything up. The banks would rather Canadian families be homeless than they lose money because they recklessly plowed money into a bubble.