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% from 2,286 a year earlier. Sales were also 18.6% 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 10%, led by an 18% 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% year over year, the steepest decline among housing types, while detached home sales dipped 3.2% and attached home sales slipped 1.1%.

Listings Pull Back Alongside Sales

New listings totalled 4,991 in July, down 11.5% 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 4% year over year but still 26.8% above the 10-year seasonal average, keeping the market well-supplied.

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

“Sales weren’t the only metric taking a step back in July, however. New listings were also down 11%, largely due to a nearly 17% 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 1% in July.”

The composite benchmark price for all residential properties was $1,088,800 in July, down 6.2% from a year earlier and down 0.9% 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 5% from June and 9% compared with July 2025.

Benchmark home prices fell 0.8% from June and 7% 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% from June and 18% lower than a year earlier.

The Fraser Valley entered August with 10,044 active listings, down 3% from June but still 32% above the 10-year seasonal average.

The sales-to-active listings ratio was 11% in July, below the 12% to 20% 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.

Metro Vancouver Sales Fall 10% as June Momentum Fades; Fraser Valley Affordability Keeps Outpacing Demand by REM Real Estate Magazine