The Metro Vancouver housing market closed out 2025 with its weakest performance in twenty years, according to the region's real estate board. A significant slowdown in sales activity, combined with a record-high number of properties for sale, has finally applied downward pressure on home prices, offering a glimmer of opportunity for prospective buyers.
Historic Lows for Sales, Record Highs for Listings
The Greater Vancouver Realtors (GVR) reported approximately 23,800 residential sales for the entire year of 2025. This figure represents a substantial 10.4% decline from 2024's totals and sits nearly 25% below the region's ten-year historical average. Chief economist Andrew Lis described the year as "one for the history books," noting sales were the "lowest in over two decades."
This sales slump occurred against a backdrop of soaring inventory. Sellers listed a staggering 65,335 properties on the MLS® System in 2025, an 8.2% increase from the previous year and 13% higher than the ten-year average. Lis highlighted that this inventory total eclipsed the previous record set in 2008 by over 1,000 listings, marking the highest annual total since the mid-1990s.
A Shift to a Buyers' Market and Falling Prices
The combination of slow sales and plentiful choice has tipped the market balance. The sales-to-active listings ratio for December 2025 stood at 12.7% across all property types, a clear indicator of a buyers' market. This shift in dynamics has translated into lower prices.
The benchmark price for a home in Metro Vancouver decreased by approximately five percent in December 2025 compared to December 2024. Breaking it down by housing type:
- Detached homes saw a benchmark price fall of 5.3% to $1,879,800.
- Townhomes dropped about 5% to a benchmark price of $1,056,600.
- Apartments also decreased by roughly 5%, with a benchmark price of $710,000.
The inventory surge has carried into the new year, with 12,550 homes currently listed for sale in early 2026—about 35% higher than the typical seasonal average for this time of year.
Will Favorable Conditions Spark a 2026 Rebound?
Economist Andrew Lis pointed out that it wasn't just sales and prices that fell in 2025; borrowing costs also declined by nearly a full percentage point. This creates a unique set of circumstances as 2026 begins.
"With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favourable conditions," said Lis. However, he posed the critical question for the market's future: "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."
The GVR data covers a wide region including Vancouver, Richmond, Burnaby, the Tri-Cities, North and West Vancouver, New Westminster, South Delta, Maple Ridge, Pitt Meadows, Squamish, Bowen Island, the Sunshine Coast, and Whistler.
