The Metro Vancouver real estate market closed 2025 with a historic slowdown in sales, paired with record-high inventory levels. According to data released by Greater Vancouver REALTORS (GVR), residential home sales in Metro Vancouver totalled 23,800 in 2025. This represents a 10.4 per cent decline from 2024 and a 9.3 per cent drop compared to 2023. Overall, sales were 24.7 per cent below the region’s 10-year annual average, marking the lowest annual sales total in more than twenty years.
While buyer activity slowed significantly, sellers continued to list properties at an aggressive pace. A total of 65,335 properties were listed on the MLS® system in 2025, an 8.2 per cent increase from 2024 and more than 28 per cent higher than 2023. This was the highest annual listing volume recorded since the mid-1990s and exceeded the previous record set in 2008. The total number of listings was also 13.1 per cent above the 10-year average, reinforcing how supply outpaced demand throughout the year.
As of December 2025, active listings across Metro Vancouver reached 12,550 homes. This is a 14.6 per cent increase compared to December 2024 and nearly 35 per cent above the long-term seasonal average. Elevated inventory levels have kept pressure on prices across all property types, creating a more balanced and buyer-friendly market environment.
Market conditions in 2025 were influenced by several external factors. Trade tensions with the United States weighed on consumer confidence earlier in the year, which translated into reduced sales activity. However, conditions improved modestly in the second half of the year. Borrowing costs declined by nearly one full percentage point, easing affordability pressures and improving buyer sentiment heading into 2026.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver now sits at $1,114,800. This reflects a 4.5 per cent decrease compared to December 2024 and a 0.8 per cent decline month over month. Detached homes currently have a benchmark price of $1,879,800, apartments average $710,000, and townhomes are priced at $1,056,600. All three categories experienced year-over-year price declines of roughly five per cent.
December 2025 data further highlights the trend. Residential sales for the month totalled 1,537, which was 12.9 per cent lower than December 2024 and more than 20 per cent below the 10-year seasonal average. New listings for the month increased by just over 10 per cent compared to the same period last year. The overall sales-to-active listings ratio ended December at 12.7 per cent, a level that historically signals downward pressure on prices when sustained.
Looking ahead, the Metro Vancouver real estate market enters 2026 with lower prices, reduced borrowing costs, and abundant inventory. These conditions present opportunities for buyers who have been waiting on the sidelines, while sellers must rely on accurate pricing, strong presentation, and strategic marketing to stand out.
At VPM Group, we continue to monitor market trends closely to help our clients navigate changing conditions with confidence. Whether you are considering buying, selling, investing, or renting in Metro Vancouver, understanding the data behind the market is key to making informed decisions.
