Metro Vancouver Housing Market: A Quiet Finish to an Uncertain Year

As 2025 draws to a close, Metro Vancouver’s housing market is showing unmistakable signs of slowing momentum. The cooler trend that emerged in October carried straight through November, bringing with it softer sales activity, longer days on market, and a continued recalibration between buyers and sellers.

While the final month of the year is historically quiet, this November paints a broader picture of a market where patience, realism, and strategic pricing are becoming essential.

Sales Continue to Lag Behind Last Year

The Greater Vancouver REALTORS® (GVR) reports 1,846 residential sales across the region in November 2025. That’s a 15.4% decline from the 2,181 sales posted in November 2024 and sits 20.6% below the 10-year seasonal average.

Chief economist Andrew Lis highlighted the shift in buyer and seller behaviour:

“As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years... Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market, not the market of years ago.”

In other words, the market is doing what markets eventually do: correcting to reality.

Inventory Rises, Giving Buyers More Choice

November saw 3,674 new listings, nearly unchanged year-over-year and slightly above the long-term average. What’s more notable is overall inventory.

There are now 15,149 homes listed on the MLS®, which is a substantial 14.4% increase compared to last November and 36.3% above the 10-year seasonal average.

For buyers, this means more options, less competition, and more leverage in negotiations.
For sellers, it means pricing sharply and showcasing value matter more than ever.

Sales-to-Active Listings Ratio Suggests Softening Prices

The sales-to-active listings ratio (SALR) across all property types landed at 12.6% in November.

• Detached: 9.7%

• Attached: 13.6%

• Apartments: 14.8%

Historically:

• Below 12% → downward pressure on prices

• Above 20% → upward pressure

With ratios hovering near or slightly above the lower boundary, it’s no surprise prices have continued to soften.

Home Prices Edge Down Across Most Segments

The composite benchmark price for all residential properties in Metro Vancouver now sits at $1,123,700, representing:

• 3.9% decrease year-over-year

• 0.3% decrease from October

Breaking down by property type:

Detached Homes

• Sales: 541 (↓13.6% YoY)

• Benchmark price: $1,900,600

  • ↓4.3% YoY

  • ↓0.4% MoM

Detached remains the segment feeling the most downward pressure as higher-price inventory sits longer.

Townhomes / Attached

• Sales: 350 (↓22.4% YoY)

• Benchmark price: $1,065,600

  • ↓4.4% YoY

  • ↑0.1% MoM

Attached homes remain relatively resilient, benefiting from buyers who have stepped down from the detached market due to borrowing constraints.

Condos / Apartments

• Sales: 945 (↓13.2% YoY)

• Benchmark price: $714,300

  • ↓5.2% YoY

  • ↓0.2% MoM

Condos continue to be the most active segment, but price softness suggests buyers are still approaching cautiously.

What’s Driving the Market?

Two main forces continue shaping the late-2025 landscape:

1. Higher Borrowing Costs Stabilizing

With interest rates holding steady — and no clear indication of near-term cuts — affordability remains the primary challenge for many would-be buyers. This keeps demand muted despite healthy inventory.

2. Shifting Buyer Sentiment

After years of intense bidding, record prices, and frantic market conditions, many buyers are taking a “wait-and-see” approach. As Lis notes, any significant revival in demand will depend on a notable change in buyer psychology.

What to Expect Heading into 2026

December is traditionally quiet, and the current trajectory suggests a calm end to a year marked by uncertainty.

Softer prices, healthy inventory, and cautious buyer activity will likely define the early months of 2026 — unless a major shift in rates or sentiment ignites demand.

For buyers, this could be a rare window of opportunity.
For sellers, preparation, pricing accuracy, and presentation are more critical than ever.