A quiet finish to the year: buyers have choices, sellers need polishing their listings
November extended October’s storyline. Sales ran lighter than last year, while inventory stayed abundant. The headlines are calm, but with the right approach, there’s still room to make a great purchase or a strong sale.
Snapshot
Sales: 1,846 homes sold (-15.4% YoY), about -20.6% below the 10-year seasonal average—still a subdued pace.
New listings: 3,674 (-1.4% YoY), yet +3.1% versus the 10-year seasonal average.
Total inventory: 15,149 active listings (+14.4% YoY / +36.3% vs the 10-year seasonal average), giving buyers plenty of selection.
Sales-to-Active Listings Ratio (SAR): 12.6% overall (Detached 9.7% / Townhomes 13.6% / Condos 14.8%). Historically, <12% sustained can pressure prices lower, while >20% sustained points to upward pressure. November sits in mild softening territory.
Economist’s take: Buyers remain cautious, inventory is healthy, and prices softened slightly across segments. If policy rates hold steady, pickup is likely to come from a change in buyer sentiment, not financing costs alone.
Where prices stand (HPI) — gentle adjustment, nuanced by segment
Composite HPI: $1,123,700 (-3.9% YoY / -0.3% MoM)
Detached: 541 sales (-13.6% YoY); HPI $1,900,600 (-4.3% YoY / -0.4% MoM)
Condos: 945 sales (-13.2% YoY); HPI $714,300 (-5.2% YoY / -0.2% MoM)
Townhomes: 350 sales (-22.4% YoY); HPI $1,065,600 (-4.4% YoY / +0.1% MoM)
Overall, prices continue to ease at the margins. Condo outcomes, in particular, depend heavily on building-level factors—management quality, reserve funding, age/condition, and transit proximity—so citywide averages tell only part of the story.
Area quick read — the narrative behind the numbers
Tri-Cities
Port Coquitlam (Composite): +0.6% MoM. Solid access to transit and arterials keeps day-to-day liveability high, which supports values.
Coquitlam (Composite): -0.1% MoM. A small move; decisions hinge on property-level due diligence.
Port Moody (Composite): +0.3% MoM. The ongoing “two-for-one” of SkyTrain + nature continues to be rewarded.
Vancouver West (Composite): -0.3% MoM. In the higher-price brackets, thicker inventory and rigorous buyer selection persist. School catchments and micro-locations translate directly into price; keep comparisons tight.
North Shore
North Vancouver (Composite): ±0.0% MoM—flat overall. Within the area, the newer-stock × convenience mix still dictates a lot of the micro-movement.
Where momentum appeared (by segment)
Townhomes: Richmond +2.0% MoM, Vancouver East +1.4%, Port Coquitlam +1.0%—pockets of strength.
Condos: North Vancouver +1.1% MoM, Sunshine Coast +2.4%, West Vancouver +4.3%—brighter locally. Still, viewed over 3–6 months, most sub-markets remain in gentle adjustment, so short-term bumps don’t equal a confirmed reversal.
Long-view note: The five-year charts show a clear arc—post-2022 peak cooling, then a mostly sideways 2024–25. Not overheated, not crashing—that’s the prevailing feel.
What to do now — a practical playbook
Buyers: design around “choice”
Start with your real monthly number. Refresh your pre-approval and lock in a clear payment ceiling.
Run 3–5 options in parallel. Compare total cost of ownership (mortgage, taxes, insurance, utilities, strata fees, maintenance) in the same format.
Leverage comes from credible alternatives. When you have a real Plan B/C, you negotiate more than price—closing dates, minor repairs, cleaning, inclusions—with calm and leverage. That psychological margin often lands you a better overall deal.
Sellers: win the first three weeks, and de-risk the purchase
Launch price is everything. If interest is soft after 2–3 weeks, make a measured adjustment to keep momentum.
Answer questions before they’re asked. Share inspections, maintenance logs, operating costs, and recent strata upgrades up front. Reducing perceived risk helps you regain initiative in negotiations.
Presentation is a weapon. Pro photography, clean floor plans, and smart showing flow lift click-through and tour bookings. With listings outpacing sales (see the monthly summary), standing out matters more than ever.
Investors: underwrite to NOI, stack small wins
Choose on NOI, not headline cap. Underwrite rents, realistic vacancy, and all operating/strata costs.
Apply targeted value-adds. Light renos, storage/parking optimization, and listing/policy tweaks can improve effective yields in a high-inventory market.
Think about the exit. Prioritize liquid layouts and locations to protect resale flexibility.
Bottom line — quiet numbers = times when strategy pays
November delivered lighter sales, deep selection, and slight price softness. It’s not dramatic—which is precisely when preparation and precision matter most.
Buyers: keep multiple options live and negotiate from calm strength.
Sellers: nail the launch, show trust-building evidence, and maximize first impressions.
Investors: underwrite to NOI and keep stacking incremental gains.
Tune out the noise and keep making the next right move for your goals. As 2025 winds down, that steady, purpose-built approach is still the most reliable path to results in Metro Vancouver.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.