Metro Vancouver sales fall 10% as June momentum fades; Fraser Valley affordability keeps outpacing demand

Metro Vancouver’s housing market lost its early-summer spark in July, with home sales retreating across most property types and erasing the gains posted in June, while easing prices in the Fraser Valley continued to outpace buyer demand.

Greater Vancouver Realtors (GVR) reported 2,061 residential sales in July, down 9.8 per cent from 2,286 a year earlier. Sales were also 18.6 per cent below the 10-year seasonal average of 2,532.

Andrew Lis, the board’s chief economist and vice-president of data analytics, said the pullback confirms June’s broad-based gains weren’t the start of a sustained recovery.

“Last month, we reported broad gains in home sales across all home types, raising the question of whether demand would continue to build into the summer. Instead, July sales were down nearly ten per cent, led by an 18 per cent drop in apartment sales, confirming to market watchers that the June momentum was not sustained,” Lis said. “Over the past few years, the sales activity story has often been one step forward, one step back, and the June and July data are a prime example of this pattern.”

Apartment sales fell 17.8 per cent year over year, the steepest decline among housing types, while detached home sales dipped 3.2 per cent and attached home sales slipped 1.1 per cent.

Listings pull back alongside sales

New listings totalled 4,991 in July, down 11.5 per cent from 5,642 a year earlier, landing almost exactly on the 10-year seasonal average of 4,992.

Active listings stood at 16,476, down four per cent year over year but still 26.8 per cent above the 10-year seasonal average, keeping the market well-supplied.

The sales-to-active listings ratio was 13 per cent overall, with detached homes at 10.5 per cent, attached homes at 15.8 per cent and apartments at 14 per cent.

“Sales weren’t the only metric taking a step back in July, however. New listings were also down 11 per cent, largely due to a nearly 17 per cent drop in apartment listings,” Lis said. “We’ve been pointing to the slowdown in sellers coming to market for several months, and it’s beginning to translate into a gradual decline in the overall inventory level. This shift remains in early days, and with sales in a holding pattern, price pressures of significance in either direction aren’t showing up in the data quite yet, with prices down roughly one per cent in July.”

The composite benchmark price for all residential properties was $1,088,800 in July, down 6.2 per cent from a year earlier and down 0.9 per cent from June.

Fraser Valley prices continue to soften

Home prices in the Fraser Valley continued to ease in July, extending recent affordability gains, though buyer demand remained muted.

The Fraser Valley Real Estate Board (FVREB) recorded 1,089 sales during the month, down five per cent from June and nine per cent compared with July 2025.

Benchmark home prices fell 0.8 per cent from June and seven per cent year over year to $877,600.

“Buyer urgency has been notably absent from the Fraser Valley market for some time now,” said board chair Ishaq Ismail. “With inventory remaining high and competition subdued, buyers know they don’t have to rush. They can take their time evaluating their options, knowing they can return to a market that continues to offer plenty of choice.”

Buyers remain in the driver’s seat

Seller activity slowed, with 2,836 new listings in July, down 14 per cent from June and 18 per cent lower than a year earlier.

The Fraser Valley entered August with 10,044 active listings, down three per cent from June but still 32 per cent above the 10-year seasonal average.

The sales-to-active listings ratio was 11 per cent in July, below the 12 to 20 per cent range typically associated with a balanced market.

“Economic uncertainty continues to influence buying decisions, but the Fraser Valley has remained one of the Lower Mainland’s brightest spots for improving affordability,” said interim CEO Anthony Boone. “As home prices continue to ease, qualified buyers are finding opportunities that simply weren’t available a few years ago, particularly those looking to enter the market or downsize.”

Single-family homes and townhomes each took an average of 40 days to sell in July, while condominiums averaged 46 days on the market.

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