2025 saw lowest annual sales total in over two decades

Home sales registered in the Multiple Listing Service® (MLS®) in Metro Vancouver finished the year down 10 per cent, marking the lowest annual sales total in over twenty years.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 23,800 in 2025, a 10.4 per cent decrease from the 26,561 sales recorded in 2024, and a 9.3 per cent decrease from the 26,249 sales in 2023.

Last year’s sales total was 24.7 per cent below the 10-year annual sales average (31,625).

“This year was one for the history books,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Although the sales total was the lowest in over two decades, Realtors were still busy listing properties. Sellers brought the highest total of listings to market on record since the mid-1990s, eclipsing the previous record high in 2008 by a little over 1,000 listings.”

Properties listed on the MLS® in Metro Vancouver totalled 65,335 in 2025. This represents an 8.2 per cent increase compared to the 60,388 properties listed in 2024. This was 28.4 per cent above the 50,893 properties listed in 2023.

The total number of properties listed last year was 13.1 per cent above the region’s 10-year total annual average of (57,782).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 12,550, a 14.6 per cent increase compared to December 2024 (10,948). This is 34.8 per cent above the 10-year seasonal average (9,308).

“The forecast we put out last January noted a foreseeable downside risk, which while prescient, unfortunately materialized in 2025,” said Lis. “Specifically, we noted that trade tensions with the USA could negatively impact sales and prices, and this downside risk came to pass. The upshot, however, is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,800. This represents a 4.5 per cent decrease over December 2024 and a 0.8 per cent decrease compared to November 2025.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025. Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point,” said Lis. “With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favorable conditions. Whether these conditions translate into a market with stronger demand will be the million-dollar question – and we’ll be monitoring this story closely as it unfolds.”

December 2025 summary

Residential sales in the region totalled 1,537 in December 2025, a 12.9 per cent decrease from the 1,765 sales recorded in December 2024. This was 20.7 per cent below the 10-year seasonal average (1,937).

There were 1,849 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2025. This represents a 10.3 per cent increase compared to the 1,676 properties listed in December 2024. This was 10.3 per cent above the 10-year seasonal average (1,677).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2025 is 12.7 per cent. By property type, the ratio is 9.3 per cent for detached homes, 14.6 per cent for attached, and 15.1 per cent for apartments.

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.

Sales of detached homes in December 2025 reached 431, a 12.8 per cent decrease from the 494 detached sales recorded in December 2024. The benchmark price for a detached home is $1,879,800. This represents a 5.3 per cent decrease from December 2024 and a 1.1 per cent decrease compared to November 2025.

Sales of apartment homes reached 791 in December 2025, a 11.2 per cent decrease compared to the 891 sales in December 2024. The benchmark price of an apartment home is $710,000. This represents a 5.3 per cent decrease from December 2024 and a 0.6 per cent decrease compared to November 2025.

Attached home sales in December 2025 totalled 303, an 18.3 per cent decrease compared to the 371 sales in December 2024. The benchmark price of a townhouse is $1,056,600. This represents a five per cent decrease from December 2024 and a 0.8 per cent decrease compared to November 2025.
 

Housing market sees little change as year-end nears

Metro Vancouver home-sale trends observed in October continued in November, as sales registered on the MLS® remained lower than this time last year.  

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,846 in November 2025, a 15.4 per cent decrease from the 2,181 sales recorded in November 2024. This was 20.6 per cent below the 10-year seasonal average (2,324).  

“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,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “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.”

There were 3,674 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2025. This represents a 1.4 per cent decrease compared to the 3,725 properties listed in November 2024. This was 3.1 per cent above the 10-year seasonal average (3,562).   

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,149, a 14.4 per cent increase compared to November 2024 (13,245). This is 36.3 per cent above the 10-year seasonal average (11,116).   

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2025 is 12.6 per cent. By property type, the ratio is 9.7 per cent for detached homes, 13.6 per cent for attached, and 14.8 per cent for apartments.   

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.

“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,” Lis said. “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.”   

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,700. This represents a 3.9 per cent decrease over November 2024 and a 0.3 per cent decrease compared to October 2025.   

Sales of detached homes in November 2025 reached 541, a 13.6 per cent decrease from the 626 detached sales recorded in November 2024. The benchmark price for a detached home is $1,900,600. This represents a 4.3 per cent decrease from November 2024 and a 0.4 per cent decrease compared to October 2025.   

Sales of apartment homes reached 945 in November 2025, a 13.2 per cent decrease compared to the 1,089 sales in November 2024. The benchmark price of an apartment home is $714,300. This represents a 5.2 per cent decrease from November 2024 and a 0.2 per cent decrease compared to October 2025.   

Attached home sales in November 2025 totalled 350, a 22.4 per cent decrease compared to the 451 sales in November 2024. The benchmark price of a townhouse is $1,065,600. This represents a 4.4 per cent decrease from November 2024 and a 0.1 per cent increase compared to October 2025.