Inventory stayed high, prices eased gradually, and sales showed a late-summer flicker of life. Here’s a clear, numbers-driven wrap-up for everyday buyers, sellers, and investors.
Inventory kept building: From April through September, total listings across detached, condo, and townhome segments ran year-over-year higher (e.g., in April: detached +22%, condos +28%, townhomes +33%).
Prices drifted down: Composite HPI by segment moved lower:
Detached: $2,021,800 (Apr) → $1,933,100 (Sep)
Condos: $762,800 (Apr) → $728,800 (Sep)
Townhomes: $1,102,300 (Apr) → $1,069,800 (Sep)
Sales: soft → slightly better: Spring underperformed last year, then late summer brought some relief (e.g., detached sales +13% YoY in Aug, +7% YoY in Sep). Momentum remained modest overall.
Big Picture: Subdued demand, thick supply
Listings rose steadily. By May, year-over-year inventory gains were still broad (detached +24%, condos +19%, townhomes +28%) and remained elevated into late summer.
Days-on-market lengthened. Average time to sell stayed above last year’s pace; by September, detached DOM was up roughly 20% YoY—so expect slower lead times from showing to firm deal.
Sales slog, then stabilize. April saw notable YoY declines (detached -29%, condos -20%, townhomes -22%). Through July, activity hovered at a “low cruise.” August–September, detached turned positive YoY; condos were slightly negative in Aug and +1.5% YoY in Sep.
Price (HPI) trajectory (Regional composite)
Detached: $2,021,800 (Apr) → $1,997,400 (May) → $1,994,500 (Jun) → $1,974,400 (Jul) → $1,950,300 (Aug) → $1,933,100 (Sep). A gentle, consistent downtick.
Condos: $762,800 (Apr) → $728,800 (Sep), stepping down month by month.
Townhomes: A small spring blip around May ($1,106,800) before easing to $1,069,800 (Sep).
Sales-to-Active Ratio (SAR): Calm, “choice-friendly” conditions
From April to September, SAR generally sat around ~9–10% (detached), ~13–16% (condos), and ~13–19% (townhomes)—a balanced-to-buyer-leaning backdrop where selection improved and urgency eased.
Segment Snapshots
Detached Home
High inventory, soft prices. From April to September, detached HPI fell about $89,000. Pricing discipline matters; buyers have leverage in many micro-markets.
Sales improved late summer. YoY detached sales rose +12.7% in Aug and +7% in Sep, yet the broader tone still favoured careful, value-driven negotiations.
Condos (Apartments)
Gradual softening, flicker in Sep. HPI eased from $762.8k (Apr) to $728.8k (Sep). September sales ticked +1.5% YoY. In this environment, exact location, building management, and monthly costs make a decisive difference.
Townhomes
Middle-market staple, off the May peak. After touching $1,106,800 (May), HPI stepped down to $1,069,800 (Sep). Sales wobbled month to month (YoY gains in Jun–Aug, -12% in Sep). Layout, parking, and strata rules are common deal-makers.
Local “Winners” and “Drifters”
Outperformer: Squamish (Detached). HPI growth stayed positive YoY across months (Apr +9.0%, May +9.3%, Jun +8.2%, Jul +11.2%, Aug +12.4%, Sep +9.0%)—supported by lifestyle migration and relatively attainable price points.
Under pressure: High-price West Side markets. In September, detached HPI YoY: Vancouver West -6.9%, Richmond -5.7%, West Vancouver -6.3%—ongoing adjustment at the top end.
Condos vary street-by-street. For example, Coquitlam’s condo HPI showed small monthly moves (Apr +0.1%, Jul +0.2%, Aug +1.0%). Because swings are minor, property-level factors (age/condition, building governance, walkability/transit access, fees) drive outcomes more than the monthly average.
What Should You Do Now?
Buyers
Use the selection advantage. With thicker inventory and longer DOM, keep multiple candidates active and compare holistically.
Decide by monthly reality, not just sticker price. Model your all-in carrying costs (rate, taxes, strata fees, insurance, utilities, likely maintenance) and target a payment you can live with comfortably.
Sellers
Nail the list price from day one. In a buyer-leaning market, getting the starting price right is everything. If engagement underwhelms in 2–3 weeks, be ready to adjust.
De-risk for the buyer. Put inspection/scope reports, maintenance history, operating costs, and strata improvements front-and-center to answer questions before they’re asked.
Investors
Focus on true operating yield. Compare on NOI, not just a rough cap. Factor in realistic vacancy, maintenance, and strata/operating costs.
Find lift. Look for micro-renos and management tweaks (pet policy, storage/parking optimization, better marketing) that raise effective rents and lower turnover.
Mind the exit. While inventory is thick, liquidity (resaleability) matters; prioritize layouts and locations with durable demand.
Month-by-Month Highlights (Apr → Sep 2025)
April: Big YoY inventory gains (Det +22% / Condo +28% / TH +33%). Sales lagged last year; prices started to edge lower.
May: Inventory kept climbing; townhome HPI notched a modest local peak ($1,106,800).
June: Segment divergence widened; townhome sales posted a YoY gain (~+8%).
July: Sideways sentiment; mild price slippage continued.
August: Detached sales +12.7% YoY; prices still softened.
September: Detached and condo sales up YoY; all three HPIs remained down YoY.
Bottom Line: A “get organized and choose well” market
Spring to early fall 2025 in Metro Vancouver has been a high-inventory, gently-easing-price landscape with only modest sales improvement late in the period. Instead of betting on a dramatic turn, this is the market to tighten your plan, refine your criteria, and execute deliberately—the people who prepare well will keep finding wins.
Notes on accuracy: All figures above mirror the monthly REALTOR® Reports for April–September 2025 (Metro Vancouver): inventory, sales (YoY references), HPI levels, DOM, and SAR ranges by segment.