Market Update | Q2 2025
Slowing Sales and Elevated Inventory Mark Q2 2025
“North Van: Sales declined 7.8% YoY, while active inventory hit a ceiling 44.7% above the 10-year average.
West Van: Transaction volume fell sharply (▼ 29.7%), pushing the market deeper into buyer territory with a 6.9% absorption rate.
Macro Risk: Trade tensions and global instability have fueled a “wait-and-see” approach, effectively pausing speculative capital.”
The second quarter of 2025 brought a more pronounced slowdown in real estate activity across North and West Vancouver, as buyer demand continued to soften through the spring months. Sales in North Vancouver fell 14.6% compared to Q2 last year, while West Vancouver saw a sharper drop of 23.8%. These declines contributed to weaker results for the first half of the year, with sales down 8.3% in North Vancouver and 20.5% in West Vancouver compared to the same period in 2024.
While the latest Greater Vancouver REALTORS® report suggests that conditions across the broader region may be beginning to stabilize — with year-over-year sales declines narrowing and sales-to-listing ratios holding near balanced levels — the North Shore picture remains more uneven. In May, North Vancouver saw a notable 15.9% drop in sales compared to last year, while West Vancouver posted a 6.3% increase. But in June, that trend reversed: sales in West Vancouver fell sharply by 29.7%, and North Vancouver saw a more modest 7.8% decline. This month-to-month variability highlights the challenges of reading too much into a single data point — and reinforces that, despite occasional upticks, the broader trend still points to a cooling market.
Elevated inventory levels have been a key feature of the spring market, particularly in North Vancouver, where supply remains well above 2024 levels — even with a slight dip from May to June. In West Vancouver, inventory continued to edge up, reaching a new high for the year. Together, this added selection has contributed to more balanced conditions in both markets, especially in segments of higher-end homes or certain strata properties, where buyers are seeing greater negotiating power.
Global uncertainty may also be playing a role in dampening market enthusiasm. Ongoing trade tensions between Canada and the U.S., coupled with the recent outbreak of conflict in Iran, have added to economic unease. While these developments may not directly impact local real estate, they can influence buyer confidence — particularly among those taking a more cautious, wait-and-see approach.
Looking ahead, the summer months typically bring a seasonal slowdown as many buyers, sellers, and agents take time away. That said, with inventory still elevated and mortgage rates showing little movement, conditions are likely to remain favourable for buyers in many segments.
July 2025 Stats
North Vancouver
Sales: 200 (▼ 7.8%)
Active Inventory: 1,063 (▲ 29.0% YoY | 44.7% above 10-yr Avg)
Absorption Rate (Overall): 18.8% (Balanced)
Absorption (Detached): 16.0% (Balanced)
Absorption (Townhome): 24.8% (Seller's/Active)
Absorption (Condo): 18.6% (Balanced)
West Vancouver
Sales: 52 (▼ 29.7%)
Active Inventory: 757 (▲ 6.2%)
Absorption Rate (Overall): 6.9% (Buyer's)
Absorption (Detached): 5.2% (Buyer's)
Absorption (Condo): 11.0% (Buyer's)
Liquidity Note: Inventory above $6M is effectively illiquid with a 1.4% absorption rate.
About Matt Council
Matt Council is a top-performing North Vancouver Realtor and West Van specialist with a background in finance. He moves beyond the sales hype to offer clients a data-driven, pressure-free approach to buying and selling real estate on the North Shore. Whether you are evaluating a presale in Lower Lonsdale or a detached home in Lynn Valley, Matt helps you understand the numbers behind the move.
Thinking of making a move? Let’s run the numbers.