The Metro Vancouver real estate market closed out 2025 with a milestone few expected: the lowest annual home sales total in over two decades. While demand slowed significantly, 2025 wasn't just about fewer sales, it was about record-breaking inventory, easing prices, and shifting conditions that may set the stage for opportunity in 2026.

Home Sales Hit a 20-Year Low

According to Greater Vancouver REALTORS® (GVR), residential sales in Metro Vancouver totalled 23,800 homes is 2025, marking:

• A 10.4% decrease from 2024

• A 9.3% decrease from 2023

• 24.7% below the 10-year annual sales average

This makes 2025 the weakest year for home sales since the early 2000s.

"This year was one for the history books," reported Andrew Lis, GVR's chief economist and vice-president. While sales slowed, market activity didn't disappear. It shifted.

Record-High Listings Flooded the Market

Despite lower sales, sellers were active. 65,335 properties were listed on the MLS® in 2025, the highest total since the mid-1990s. That's:

• 8.2% more listings than 2024

• 28.4% more than 2023

• 13.1% above the 10-year average

Currently, 12,550 homes are listed for sale across Metro Vancouver — nearly 35% above the 10-year seasonal average. This abundance of choice has changed the balance of power in the market.

Why Did the Market Cool?

Several factors contributed to the slowdown. Trade tensions with the U.S. weighed on economic confidence early in the year, dampening buyer demand and applying downward pressure on prices. However, GVR notes that consumer sentiment improved modestly in the second half of 2025, suggesting the worst may be behind us.

Prices Eased Across All Property Types

With sales down and inventory high, prices softened:

• Composite benchmark price: $1,114,800

  • Down 4.5% year-over-year

• Detached homes: $1,879,800 (↓ 5.3%)

• Townhomes: $1,056,600 (↓ 5.0%)

• Apartments: $710,000 (↓ 5.3%)

Borrowing costs also declined by nearly a full percentage point, helping offset affordability challenges for buyers.

December 2025 Snapshot

December reflected the broader yearly trend:

• 1,537 sales, down 12.9% year-over-year

• New listings up 10.3% compared to December 2024

• Sales-to-active listings ratio: 12.7% overall

Historically, ratios below 12% signal downward pressure on prices, meaning the market is hovering near buyer-favourable territory.

What This Means for 2026

Lower prices, reduced borrowing costs, and plentiful inventory mean buyers are entering 2026 with some of the most favourable conditions seen in years. The key question now is whether improved sentiment translates into stronger demand.

As the market continues to adjust, staying informed will be critical, especially for buyers and sellers looking to act strategically in the year ahead.

If you’re considering buying or selling in 2026, working with a knowledgeable local REALTOR® can make all the difference. Feel free to reach out to discuss how these evolving market conditions apply to your goals. I’d be happy to help you plan your next real estate move.