November 2025 Market Update!

Metro Vancouver Real Estate Market Update: A Quiet End to 2025

Metro Vancouver’s real estate market continued its cooling trend in November, mirroring the patterns seen in October. Home sales registered through the MLS® remained lower than last year, revealing a market where buyers are waiting, sellers are adjusting, and inventory is steadily building.

Sales Remain Below Last Year’s Levels

According to the Greater Vancouver REALTORS® (GVR), residential sales reached 1,846 in November 2025—a 15.4% decrease from the 2,181 sales recorded in November 2024. Sales also sat 20.6% below the 10-year seasonal average of 2,324, highlighting softer activity across the region.

GVR chief economist and vice-president of data analytics, Andrew Lis, summarized the market dynamic:

"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. Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality. Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago.”

Listings Edge Down Slightly, but Overall Inventory Climbs

New listings totalled 3,674 in November 2025, a slight 1.4% decrease compared to the same time last year. Despite that dip, new listings were still 3.1% above the 10-year average, indicating sellers are continuing to bring properties to market.

The total number of homes listed for sale rose significantly. With 15,149 active listings, inventory is up 14.4% year over year and sits 36.3% above the 10-year seasonal average. This higher supply gives buyers more options and reduces the pressure seen in previous years.

Sales-to-Active Listings Ratio Suggests Softening Prices

For November 2025, the overall sales-to-active listings ratio was 12.6%, broken down as follows:

• Detached: 9.7%

• Attached: 13.6%

• Apartment: 14.8%

Historically, home prices face downward pressure when the ratio stays below 12%, and upward pressure when it rises above 20% for sustained periods. With most segments hovering near or just above 12%, slight price softening aligns with expectations.

Lis added:

“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments. With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”

Benchmark Prices Show Modest Declines

The MLS® Home Price Index composite benchmark for all residential properties sits at $1,123,700, a 3.9% decrease from November 2024 and a 0.3% decrease from October 2025.

Here’s how each property type performed:

Detached Homes

• Sales: 541 (down 13.6% YoY)

• Benchmark Price: $1,900,600

  • Down 4.3% from November 2024

  • Down 0.4% from October 2025

Apartment Homes

• Sales: 945 (down 13.2% YoY)

• Benchmark Price: $714,300

  • Down 5.2% from November 2024

  • Down 0.2% from October 2025

Attached Homes (Townhomes)

• Sales: 350 (down 22.4% YoY)

• Benchmark Price: $1,065,600

  • Down 4.4% from November 2024

  • Up 0.1% from October 2025

What This Means for Buyers and Sellers

With inventory increasing and demand remaining moderate, buyers currently have more leverage than they’ve had in several years. Homes are taking longer to sell, price adjustments are becoming more common, and sellers need to align their expectations with today’s market—not last year’s.

Meanwhile, sellers who price realistically and remain flexible are still securing deals, especially when both sides come to the table with aligned expectations.

Looking Ahead

As 2025 winds down, market activity is expected to stay quiet through December. Unless borrowing costs shift or buyer sentiment improves significantly, the market will likely remain balanced-to-soft heading into early 2026.

Stats and credits: GVRealtors.ca