The Metro Vancouver housing market is closing out the year with November reflecting what has occurred over much of the year: buyers are holding firm leverage and sales activity continues to reflect a cautious standoff. November’s figures underscore this dynamic, showing a 15.4% year-over-year decline in sales alongside a buyer-friendly inventory of 15,149 active listings, a level that remains 36.3% above the 10-year seasonal average. It continues to amaze me how many buyers are still hesitant to buy, waiting for further drops. Many also do not seem to realize that the selection available to them now is almost unprecedented. Further price drops could happen but paying rent and waiting for something that may not happen, and passing up a once in 3 decade super buyers' market makes no sense to me.
Sales are happening when both sides are being reasonable-buyers not trying to squeeze out values that don't exist and sellers not holding on to long gone prices.
As Andrew Lis, Greater Vancouver Realtor's chief economist, notes: "Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market, not the market of years ago." This is the central challenge and opportunity of the present moment. Sellers who have reconciled their price expectations with today's reality are transacting, while those anchored to past peaks are watching their listings grow stale.
If we look at the November 2025 numbers, last month in Greater Vancouver we saw:
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals a clear divergence by property type and price level. The attached segment, particularly townhomes, felt the sharpest decline with sales down 22.4% year-over-year. Detached homes and condominiums also saw decreases of 13.6% and 13.2%, respectively. On pricing, the composite benchmark continued its gradual softening, down 3.9% from last November, with condos leading the decline at -5.2%.
For buyers, the equation remains favourable. Ample inventory, softening prices, and steady borrowing costs create an environment ripe for careful purchase decisions. There is no frenzy, and consequently, no pressure to rush. For sellers, the path to a successful sale is narrow but clear: price accurately from the outset. As Lis observes, properties are taking longer to sell, and the buyers currently in the market are pragmatic, not speculative.
As we move into December - traditionally the quietest month for real estate - the prevailing trends suggest a muted end to a year defined by hesitation and recalibration. The question for 2026 will be whether this patient standoff continues, or if a shift in sentiment triggers a return to more balanced activity.
Whether you are considering a move in the new year or simply wish to understand how these closing 2025 trends affect your position, I am happy to provide a current market evaluation and discuss the strategies that are working in today's climate.
I wish you all the best for the rest of the year and a great 2026!
Sales are happening when both sides are being reasonable-buyers not trying to squeeze out values that don't exist and sellers not holding on to long gone prices.
As Andrew Lis, Greater Vancouver Realtor's chief economist, notes: "Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market, not the market of years ago." This is the central challenge and opportunity of the present moment. Sellers who have reconciled their price expectations with today's reality are transacting, while those anchored to past peaks are watching their listings grow stale.
If we look at the November 2025 numbers, last month in Greater Vancouver we saw:
- Sales of all types of properties were DOWN 15.4% from November 2024.
- Sales were 20.6% BELOW the 10-year seasonal average (2,324).
- The number of homes listed for sale was 15,149, which is UP 14.4% compared with November 2024. This is 36.3% higher than the 10-year average (11,116).
- The number of homes newly listed for sale was down 1.4% from November 2024 but 3.1 over the 10-year average.
- Detached home sales were DOWN 13.6% from November 2024.
- The benchmark price for detached homes was DOWN 4.3% when compared to November 2024, and a 0.4% decrease compared to October 2025.
- The sales-to-active listings ratio overall was 12.6%; for detached homes, the ratio was 9.7%. Prices typically face downward pressure when the ratio remains below 12%.
The data reveals a clear divergence by property type and price level. The attached segment, particularly townhomes, felt the sharpest decline with sales down 22.4% year-over-year. Detached homes and condominiums also saw decreases of 13.6% and 13.2%, respectively. On pricing, the composite benchmark continued its gradual softening, down 3.9% from last November, with condos leading the decline at -5.2%.
For buyers, the equation remains favourable. Ample inventory, softening prices, and steady borrowing costs create an environment ripe for careful purchase decisions. There is no frenzy, and consequently, no pressure to rush. For sellers, the path to a successful sale is narrow but clear: price accurately from the outset. As Lis observes, properties are taking longer to sell, and the buyers currently in the market are pragmatic, not speculative.
As we move into December - traditionally the quietest month for real estate - the prevailing trends suggest a muted end to a year defined by hesitation and recalibration. The question for 2026 will be whether this patient standoff continues, or if a shift in sentiment triggers a return to more balanced activity.
Whether you are considering a move in the new year or simply wish to understand how these closing 2025 trends affect your position, I am happy to provide a current market evaluation and discuss the strategies that are working in today's climate.
I wish you all the best for the rest of the year and a great 2026!
