Quick take
Another Bank of Canada rate cut and softer prices lifted buyer activity in September. Inventory sits near record highs. Borrowing costs keep easing. Buyers have choice and negotiating power.
Key numbers (GVR, September 2025)
-
Sales: 1,875. Up 1.2% year over year. Still 20.1% below the 10-year average of 2,348.
-
New listings: 6,527. Up 6.2% year over year. 20.1% above the 10-year average of 5,434.
-
Active listings: 17,079. Up 14.4% year over year. 36.1% above the 10-year average of 12,553.
-
Sales-to-active ratio: 11.3% overall. Detached 8.5%. Attached 12.7%. Apartments 13.3%.
-
Below 12% for a period tends to push prices down.
-
Above 20% for months often pushes prices up.
-
-
Composite benchmark price: $1,142,100. Down 3.2% year over year. Down 0.7% month over month.
-
Detached: 552 sales. Up 7% year over year. Benchmark $1,933,100. Down 4.4% year over year. Down 0.9% month over month.
-
Apartments: 954 sales. Up 1.5% year over year. Benchmark $728,800. Down 4.4% year over year. Down 0.8% month over month.
-
Townhomes: 356 sales. Down 5.8% year over year. Benchmark $1,069,800. Down 2.7% year over year. Down 0.9% month over month.
What this means for buyers
-
Choice is abundant across price bands.
-
Subject clauses have a better chance. Use financing and inspection conditions.
-
Rate cuts reduce carrying costs. Lock a pre-approval early.
What this means for sellers
-
Price to the market. Buyers have options.
-
Prepare the listing. Clean, repair, and stage.
-
Expect longer days on market in many sub-areas.
Strategy tips
-
Move-up buyers: Sell first unless your numbers are airtight.
-
Investors: Watch rent trends by micro-area. Focus on cash flow and strata health.
-
First-time buyers: Compare fixed vs variable with a pro. Stress-test your budget.
