A Look Back at Metro Vancouver’s 2025 Housing Market

What the “Quietest Year in Over Two Decades” Tells Us About the Next Opportunity

If we had to describe Metro Vancouver’s housing market in 2025 in just one phrase, it would be “a quiet year.”
That said, quiet does not mean uneventful. On the contrary, 2025 was a year filled with important signals—signals that offer valuable insights for anyone looking to engage with the market going forward.

Using the latest report published by Greater Vancouver REALTORS® (GVR), let’s take a clear and balanced look at what actually happened in 2025.

Home Sales Fell to the Lowest Level in Over 20 Years

The most striking data point is annual sales activity.

In 2025, total residential sales across Metro Vancouver reached 23,800 transactions.
This represents a 10.4% decline year-over-year and marks the lowest annual sales total in more than two decades.

To put this into longer-term context, sales were also approximately 25% below the 10-year average of around 31,600 transactions.

“This year was one for the history books.”
— Andrew Lis, Chief Economist, Greater Vancouver REALTORS®

There is no question that market activity cooled significantly.

And Yet, Sellers Were Active — Record-High New Listings

At the same time, another less obvious trend emerged.

In 2025, 65,335 properties were newly listed on MLS®, an 8.2% increase from the previous year and the highest level seen since the mid-1990s.

In other words:

• Buyers were cautious

• Sellers, however, continued to bring properties to market

This created a somewhat imbalanced dynamic.

As a result, inventory accumulated. By December 2025, active listings reached 12,550 properties, a level approximately 35% above the 10-year seasonal average.

What Happened to Prices? A Gradual, Broad-Based Adjustment

Prices followed suit, though without dramatic swings.

Metro Vancouver Composite Benchmark (HPI)

• $1,114,800

• -4.5% year-over-year

• -0.8% month-over-month

By property type:

• Detached homes: approximately -5.3%

• Townhomes: approximately -5.0%

• Apartments: approximately -5.3%

Rather than a sharp correction, prices moved through a measured, gradual adjustment phase across all segments.

Reading the Market Temperature: What SAR Tells Us

One of the most useful indicators for understanding market conditions is the
Sales-to-Active Listings Ratio (SAR).

For December 2025, SAR stood at:

• Overall market: 12.7%

• Detached homes: 9.3%

• Townhomes: 14.6%

• Apartments: 15.1%

Historically:

• Sustained levels below 12% place downward pressure on prices

• Sustained levels above 20% often lead to upward price pressure

This positions the current market as neither a seller’s market nor an overheated buyer’s market, but rather a buyer-favourable balanced market.

Signs of Change Emerging in the Second Half of 2025

One of the most important takeaways from the report lies in its forward-looking commentary.

While trade tensions with the United States weighed heavily on market sentiment in early 2025, consumer confidence began to improve modestly in the second half of the year.

At the same time:

• Prices adjusted downward

• Borrowing costs declined by nearly one full percentage point

• Inventory levels provided buyers with ample choice

Taken together, these factors suggest that buyers are entering 2026 under some of the most favourable conditions seen in years.

Key Lessons from the 2025 Market

The 2025 market cannot be neatly labelled as a “buying year” or a “selling year.”

Instead, it reinforced several important realities:

• Those with accurate information hold a clear advantage

• Those who avoid rushing decisions gain access to better options

• Only those who are well prepared are positioned to seize opportunities when they arise

These are practical, real-world lessons—especially in a market like Metro Vancouver.

Final Thoughts: A Quiet Market Often Precedes Opportunity

On the surface, 2025 appears to have been a subdued year.
Beneath that surface, however, the market was quietly resetting and building a foundation for future movement.

As we look toward 2026 and beyond, it is clear that 2025 was not a year to overlook, but rather one that will likely be remembered as a turning point.

This article is based on the December 2025 housing market statistics released by Greater Vancouver REALTORS®.