April unfolded at a gentler pace, with cooler temperatures and grey skies across Metro Vancouver. As spring hesitated to settle in, so did the housing market. Ongoing uncertainty around interest rates and rising construction costs—further clouded by tariff discussions—added to buyer hesitation and developer caution.

The slowdown in home sales registered on the MLS® in Metro Vancouver1 that began early this year continued in April, with sales down nearly 24 per cent year-over-year.

Home Sales

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 2,163 in April 2025, a 23.6 per cent decrease from the 2,831 sales recorded in April 2024. This was 28.2 per cent below the 10-year seasonal average (3,014).

“From a historical perspective, the slower sales we’re now seeing stand out as unusual, particularly against a backdrop of significantly improved borrowing conditions, which typically helps to boost sales. What’s also unusual is starting the year with Canada’s largest trading partner threatening to tilt our economy into recession via trade policy, while at the same time having Canadians head to the polls to elect a new federal government. These issues have been hard to ignore, and the April home sales figures suggest some buyers have continued to patiently wait out the storm.” – Andrew Lis, GVR director of economics and data analytics.

Inventory

There were 6,850 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in April 2025. This represents a 3.4 per cent decrease compared to the 7,092 properties listed in April 2024 and was 19.5 per cent above the 10-year seasonal average (5,731) for the month.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,207, a 29.7 per cent increase compared to April 2024 (12,491). This is 47.6 per cent above the 10-year seasonal average (10,979).

Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2025 is 13.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 17.5 per cent for attached, and 15.7 per cent for apartments.

Home Price Data Analysis

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Detached

Sales of detached homes in April 2025 reached 578, a 29 per cent decrease from the 814 detached sales recorded in April 2024. The benchmark price for a detached home is $2,021,800. This represents a 0.7 per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025.

Apartments

Sales of apartment homes reached 1,130 in April 2025, a 20.2 per cent decrease compared to the 1,416 sales in April 2024. The benchmark price of an apartment home is $762,800. This represents a two per cent decrease from April 2024 and a 0.6 per cent decrease compared to March 2025.

Attached Homes

Attached home sales in April 2025 totalled 442, a 23.8 per cent decrease compared to the 580 sales in April 2024. The benchmark price of a townhouse is $1,102,300. This represents a 2.9 per cent decrease from April 2024 and a one per cent decrease compared to March 2025.

The Stilhavn Report

Whether you are looking to buy or sell a home or investment property in the coming months, or just curious about what’s happing in your neighbourhood, The Stilhavn Report has you covered. Providing in-depth market information and monthly summaries of what’s happening in the areas we service, this monthly report is the perfect starting point for first time buyers and market savvy investors alike.

Welcome to an Elevated Real Estate Experience

At Stilhavn, we continue our relentless pursuit of excellence because it’s our intrinsic belief that our clients deserve better than the status quo. When you become a client with Stilhavn you become a client for life, and it is our privilege to serve our community within the Lower Mainland.

We keep our fingers on the pulse, we collaborate extensively across our teams, and we are committed to providing an elevated experience when it comes to your next buying or selling journey.

As housing affordability and investment strategy continue to evolve across British Columbia, multi-unit dwellings have emerged as an appealing option for both home buyers and investors. Whether you’re entering the market for the first time, purchasing a second property, or seeking a home that pays you back, owning a property with more than one rentable unit is a smart and strategic choice in today’s dynamic BC real estate market.

What is a Multi-Unit Dwelling?

Before we dive into investment opportunities across BC, let’s define a key term: multi-unit dwelling (often abbreviated as MUD). A multi-unit dwelling is a residential property that contains two or more self-contained units, each with its own kitchen, bathroom, and living space. These properties are increasingly popular among both home buyers and investors looking for flexible living arrangements or passive income potential.

Common types of multi-unit dwellings include:

• Duplexes, triplexes, and fourplexes – Properties split into two, three, or four distinct units.

• Detached homes with legal secondary suites – Often in the form of basement suites or garden suites.

• Carriage or laneway homes – Additional units built on the same lot as the primary residence.

Whether you’re considering a property in Vancouver, the North Shore, Squamish, Whistler, the Sunshine Coast or the Okanagan, understanding the structure and appeal of multi-unit dwellings is the first step in making a smart, strategic real estate move.

Why Multi-Unit Dwellings Make Sense in 2025

From Vancouver to the Okanagan, real estate buyers are thinking creatively—and strategically. The rising cost of single-detached homes and recent zoning changes in many BC municipalities have created new pathways for homeowners to legally incorporate basement suites, laneway homes, and secondary units into their properties. These options, once niche, are now being embraced as part of a broader solution to housing shortages and cost-of-living pressures.

In Vancouver and on the North Shore, adding a secondary suite or laneway home to a detached property is increasingly common—and often encouraged by local bylaws. Meanwhile, in Squamish and Whistler, demand for flexible housing is growing quickly, driven by both full-time residents and investors looking to tap into year-round rental markets fueled by tourism and outdoor recreation. 

Furthermore, the Okanagan continues to see a rise in suite-equipped homes in Kelowna, Penticton, and Vernon, supporting everything from long-term rentals to multi-generational living. Additionally, on the Sunshine Coast, where buyers seek a blend of affordability, lifestyle, and natural beauty, properties with income potential are increasingly desirable—especially for those commuting periodically or planning semi-retirement.

Built-in Income, Lifestyle Flexibility

What makes a multi-unit dwelling so compelling? Its versatility. Live in one unit and rent the other. Use one space as a vacation rental and the other for personal use. Host family members, support parents, or simply create a mortgage helper that turns a dream property into a financially feasible one. This is especially appealing in markets like Whistler, the Okanagan, and the Sunshine Coast, where many buyers are drawn by the appeal of a vacation home that can double as an income-generating investment. A property with a legal suite or a secondary dwelling offers a way to enjoy the lifestyle of a vacation home without the full financial burden.

Who Benefits Most from Multi-Unit Dwelling Ownership?

These properties offer smart solutions for a wide range of buyers, including: 

• First-time buyers looking to offset mortgage payments

• Investors seeking long-term rental income

• Families buying together or housing multiple generations

• Recreational property buyers who want both enjoyment and rental potential

Retirees planning to age in place while generating passive income

How to Make It Work:

Check local zoning and bylaws. Many BC municipalities have streamlined processes for approving secondary suites.

Run the numbers. Understand potential rental income, expected expenses, and how that impacts your mortgage.

Work with an expert. A Stilhavn REALTOR® with experience in investment properties can help you assess value, secure financing, and navigate regulatory requirements.

The Bottom Line

Across BC—from Vancouver to Whistler, Kelowna to the Sunshine Coast—multi-unit dwellings are reshaping what it means to own real estate. They offer a rare combination of lifestyle flexibility, income potential, and long-term value. Whether you’re buying your first home, investing in a rental property, or exploring a vacation home that can help pay for itself, this is a strategy worth exploring.