Metro Vancouver housing prices may lower amid economic uncertainty, experts say

Housing prices could drop slightly in Metro Vancouver amid ongoing political and economic uncertainty in Canada, some real estate experts say. 

The prediction comes as the latest market reports show a dip in April home sales compared to recent years, and a rise in the number of places for sale.

Normally, home sales jump significantly coming out of the winter and into the spring, but that didn't happen this year. 

"Sales did increase, but the typical seasonal pattern has been quashed by external factors," said Ryan Berlin, head economist at realty company Rennie.

During the previous 10 years, sales were on average 79 per cent higher in April than they were in January, Berlin said, but for 2025, April sales were only 34 per cent higher.

U.S. President Donald Trump's trade war is making buyers hesitant to commit, a cause cited widely by realtors and other experts, including Berlin.

He added that the inherent uncertainty leading up to the Canadian federal election also made buyers nervous.

Similarly, industry association Greater Vancouver Realtors, cited the federal election and the possibility of a recession due to the trade war as discouraging potential buyers, despite the favourable scenario of lower interest rates. 

The decrease in sales means homes for sale are accumulating.

Data from Rennie, compiled from multiple sources, shows the number of homes on the market is the highest it's been since 2018. Specifically, there are about 16,000 pre-sale and new homes available as well as 24,000 resale homes in Metro Vancouver.

"We are at an all-time high for available homes," Berlin said.

Realtor Steve Saretsky said that while it used to take one or two weeks for a condo to sell, it can now take two or three months.

Investors are also buying less, he said.

"Unsold inventory on developer balance sheets is at all-time highs," Saretsky said.