Market Update November 2025

November Snapshot

Metro Vancouver ended November in a quieter gear, with 1,846 residential sales, down 15.4 per cent from a year ago and sitting 20.6 per cent below the 10 year seasonal average, while new listings held near typical levels and total inventory stayed well above historical norms (GVR November 2025)

Key Takeaways

• Sales stayed subdued, with November transactions 20.6 per cent below the 10 year seasonal average as many buyers continued to sit on the sidelines.
• New listings were roughly in line with seasonal norms, but total active listings climbed to 15,149, about 36 per cent above the 10 year average, giving buyers more choice.
• The composite benchmark price edged down 0.3 per cent from October and 3.9 per cent year over year, signalling gradual price softening rather than sharp corrections.
• The overall sales to active listings ratio of 12.6 per cent kept the market in balanced territory, close to the threshold where sustained downward price pressure tends to emerge.
• Bank of Canada policy rates now sit at 2.25 per cent after several cuts in 2025, easing borrowing costs slightly but not enough to fully offset higher stress test rates and affordability constraints.

Sales & Listings Momentum

Total residential sales across Greater Vancouver reached 1,846 in November 2025, down from 2,181 in November 2024 and well under the 10 year average of 2,324 transactions for the month (GVR November 2025).

Detached home sales fell to 541, a 13.6 per cent decline year over year, while townhome sales dropped 22.4 per cent to 350 and apartment sales slipped 13.2 per cent to 945, confirming broad based softness across property types rather than a single segment driving the slowdown.

On the supply side, sellers brought 3,674 new listings to market in November, slightly below the 3,725 recorded a year earlier but about three per cent above the 10 year seasonal average, which helped keep active inventory elevated and reduced the urgency for many buyers to write offers immediately.

Price Trends

The MLS Home Price Index composite benchmark for all residential homes in Metro Vancouver eased to 1,123,700 dollars in November, down 0.3 per cent from October and 3.9 per cent compared with November 2024 (GVR November 2025).

Detached benchmark values softened to 1,900,600 dollars, a 4.3 per cent annual decline and a 0.4 per cent monthly dip, while apartment benchmarks moved to 714,300 dollars, down 5.2 per cent year over year and 0.2 per cent month over month, showing that higher density product has not been fully insulated from rate driven demand fatigue.

Townhome benchmarks held somewhat firmer at 1,065,600 dollars, off 4.4 per cent on an annual basis but posting a small 0.1 per cent month over month uptick, which likely reflects steady demand from move up buyers who still need more space but are trading within the region rather than exiting the market.

Supply–Demand Balance

Active listings across Metro Vancouver reached 15,149 in November, up 14.4 per cent from the same month last year and roughly 36 per cent above the 10 year seasonal average of 11,116, a level of choice that stands in clear contrast to the tight conditions seen earlier in the decade (GVR November 2025).

The sales to active listings ratio settled at 12.6 per cent overall, with detached homes at 9.7 per cent, townhomes at 13.6 per cent and apartments at 14.8 per cent, all consistent with a balanced market where properties still trade but sellers need to price sharply and buyers can negotiate on both terms and completion dates.

Policy Watch

The Bank of Canada reduced its overnight target rate to 2.25 per cent at the October 29 announcement, continuing a gradual easing cycle that began in early 2025 after several years of restrictive policy (Bank of Canada, 29 October 2025).

Provincially, the British Columbia Real Estate Association now expects MLS residential sales in BC to rise roughly 12.8 per cent in 2026 from 2025 levels, suggesting that 2025 will likely mark the low point in this cycle even if local markets such as Greater Vancouver remain choppy in the near term (BCREA Q4 2025 forecast).

Why It Matters

• Buyers face less competition than in recent years, with inventory well above long term norms and prices drifting lower in many segments, which improves selection and negotiation power for those with stable financing.
• Sellers need to price to current market reality rather than past peaks, as longer days on market and higher inventory give buyers more confidence to walk away from overpriced listings.
• Move up and move down households may find new opportunities, since relative price movements between product types are modest, making it easier to trade within the region without facing extreme gaps between sale and purchase prices.
• Investors should pay close attention to carrying costs, vacancy risk and lender underwriting, as softer prices do not automatically translate into positive cash flow when mortgage rates and stress test requirements remain higher than in the last decade.
• Pre approval strategies become more important, because even modest rate changes or lender policy shifts can affect qualification amounts in a market where prices are adjusting slowly rather than rapidly.

REBGV November 2025 Metrics

• Detached: 541 sales; benchmark price 1,900,600 dollars; down 4.3 per cent year over year and 0.4 per cent month over month (GVR November 2025).
• Townhome: 350 sales; benchmark price 1,065,600 dollars; down 4.4 per cent year over year and up 0.1 per cent month over month.
• Apartment: 945 sales; benchmark price 714,300 dollars; down 5.2 per cent year over year and 0.2 per cent month over month.
• Total: 1,846 residential sales; composite benchmark price 1,123,700 dollars; down 3.9 per cent year over year and 0.3 per cent month over month.

Extended Analysis

Macro economic context

The 2025 rate cutting cycle has lowered the policy rate by a full percentage point from the start of the year, yet typical five year fixed and variable mortgage rates remain materially higher than the ultra low levels seen earlier in the decade, which continues to constrain what many households can afford to borrow even as prices ease (Bank of Canada key rate data).

BC housing backdrop

Across British Columbia, October data show unit sales still running below long run averages even as the average provincial MLS residential price sits near 979,000 dollars, only slightly higher than a year earlier, underscoring how the broader provincial market is also working through a period of weak volumes and flat to slightly declining real prices (BCREA market activity update).

This article is for informational purposes only. Statistics and market conditions are current as of the publication date and may change without notice. It is not legal or financial advice. Always verify details and consult qualified professionals before making real-estate decisions.