Greater Vancouver: Detached Homes Lead a Diverging Market
April detached home sales increased 14% year-over-year across Metro Vancouver, while apartment and townhome activity was softer by comparison.
Overall, inventory levels still remain elevated, though relatively stable. Total active listings are currently 37.9% above the 10-year seasonal average, continuing to provide buyers with choice while limiting upward pressure on prices.
Richmond Market Update: Balanced Conditions Begin to Re-Emerge
Richmond’s housing market also showed modest signs of strengthening in April, with the combined sales-to-active listings ratio rising to 12.5% — the first time back in balanced market territory since March 2025. Historically, sustained periods below a 12% absorption rate tend to place downward pressure on home prices, while ratios above 20% for several months typically generate upward price momentum.
Detached housing activity stood out locally this month, mirroring broader Metro Vancouver trends. Over the past 13 months, the detached segment saw the lowest sales-to-active listings ratio among all property types, consistently remaining below 9%. This prolonged weakness placed the greatest downward pressure on detached home prices compared to apartments and townhomes.
However, April’s notable increase in detached sales — up 43% year-over-year and 31% month-over-month — is particularly significant. This helped lift the detached sales-to-active listings ratio to 11%, its highest level in over a year, suggesting the detached market may be beginning to show signs of renewed activity.
Townhomes and apartments also remain near balanced territory, with sales-to-active listings ratios of 11.8% and 14.1%, respectively.
Benchmark prices remain below last year’s levels across all property types. However, month-over-month price movements remain minimal, reinforcing the trend of gradual stabilization.
What This Means Moving Forward
April’s data suggests the market may slowly be transitioning toward more balanced conditions, including within the detached housing segment, which had remained firmly in buyer-favoured territory for an extended period. While overall activity levels remain below historical averages, improving absorption rates and stabilizing prices point to a market that may be finding firmer footing heading into summer.
The coming months will help determine whether the recent improvement in activity develops into a more sustained trend or remains a modest seasonal lift within an otherwise slower market cycle.
- Sean Lawson
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