The February 2025 market saw mixed conditions across different property types and areas, with condos and townhomes generally more active, while detached homes varied between buyer’s and balanced markets depending on location.

Key Takeaways

• Downtown Vancouver:

  • Market remains buyer-friendly, with an overall 11% sales ratio. Most active price range: $400K - $500K condos (20% sales ratio). Best opportunities for buyers: Luxury properties in Coal Harbour and 3-bedroom condos.

• Westside Vancouver:

  • Detached homes: Slower market at 6% sales ratio, with homes selling 6% below list price. Best deals for buyers: Luxury homes in South Granville & Shaughnessy.

  • Condos/Townhomes: More balanced, with 16% sales ratio, and properties in Mount Pleasant & Quilchena performing best.

• Eastside Vancouver:

  • Detached homes: Market picking up, now at 11% sales ratio. Best-selling price range: $1.25M - $1.5M (33% sales ratio).

  • Condos/Townhomes: Seller’s market (21% sales ratio), with Champlain Heights & Hastings leading sales.

• North Vancouver:

  • Detached homes: Strong seller’s market (23% sales ratio), with homes in Central Lonsdale & Lynn Valley selling at 100% of list price.

  • Condos/Townhomes: Healthy 24% sales ratio, favoring sellers in Lower Lonsdale & Roche Point.

• West Vancouver:

  • Buyers’ market (7% sales ratio) for detached homes, with prices averaging 6% below list.

• Richmond:

  • Detached homes: Buyers' market (9% sales ratio), but homes are still selling 4% above list price.

  • Condos/Townhomes: Balanced (14% sales ratio), with two-bedroom units seeing strong demand.

• Tsawwassen & Ladner:

  • Tsawwassen: Detached homes remain in a buyer’s market (5% sales ratio), while townhomes and condos are doing better at 18% sales ratio.

  • Ladner: Strong seller’s market (32% sales ratio) for condos and townhomes, with some homes selling above list price.

What This Means for Buyers & Sellers

📌 Buyers:

• There are good opportunities in high-end markets like West Vancouver and luxury properties in Coal Harbour.

• Detached homes in many areas remain negotiable, with some selling below asking.

• Condo and townhome buyers should act fast, especially in North Vancouver, East Vancouver, and Ladner, where competition is stronger.

📌 Sellers:

• One-bedroom condos and mid-priced properties are moving well.

• If you’re selling a detached home, pricing strategically is key, especially in buyer’s markets.

• Homes in strong seller’s markets (North Van, East Van, Ladner) are moving quickly and often at full price.

Want to know how this market affects your buying or selling plans? Let’s chat! 📩

After a long wait, updates to the Property Transfer Tax (PTT) are here to help buyers save more on taxes! These changes kick in on April 1, 2024. There are several exemptions, but the two we work with most often are the First-Time Home Buyers’ Program and the Newly Built Home Exemption.

For First-Time Home Buyers, the PTT exemption threshold is being increased from the previous $500,000. While the government hasn’t given all the details yet, it seems that first-time buyers may now qualify for a partial exemption on homes priced up to $835,000, with a maximum rebate of $8,000. Previously, only homes under $500,000 qualified for a full exemption, and homes between $500,000 and $525,000 were eligible for a partial rebate. Above $525,000, there was no break at all. Now, homes up to $835,000 may be eligible for the same type of rebate as those under $500,000 used to be. A full exemption would’ve been ideal, but this is still great news!

The Newly Built Home Exemption is also seeing an increase, now covering new homes up to $1.1 million instead of the old $750,000 limit. This provincial incentive allows buyers to skip the PTT entirely on newly built homes. Combined with some federal GST rebates, it’s a significant savings opportunity for anyone looking at new builds. Beyond the tax break for buyers, this incentive also aims to support more new construction.

For more details on these exemptions, check out the Government of BC’s website.

As always, if you think you might qualify, it's a good idea to speak with both a lawyer and an accountant. And remember—if you don’t ask, you won’t know!

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