Market Update September 2025

September Snapshot

Greater Vancouver REALTORS® reported 1,875 MLS® residential sales in September 2025 (GVR Sep 2025), a 1.2% rise from September 2024 and 20.1% below the ten‑year seasonal average. New listings reached 6,527 (GVR Sep 2025) and total active listings climbed to 17,079 (GVR Sep 2025), extending buyer choice well above long‑run norms. The MLS® HPI composite benchmark price for all residential properties stood at $1,142,100, down 0.7% from August and 3.2% year over year (GVR Sep 2025). On September 17, the Bank of Canada lowered the policy rate to 2.5% (Bank of Canada), modestly improving borrowing conditions heading into the fall market.

Sales & Listings Momentum

Sales edged to 1,875 in September (GVR Sep 2025), up 1.2% year over year yet still 20.1% under the decade average, reflecting ongoing normalization. Sellers were active: 6,527 newly listed homes hit the market, 6.2% higher than last year and 20.1% above the ten‑year seasonal trend (GVR Sep 2025). Total inventory reached 17,079, up 14.4% versus September 2024 and 36.1% above the long‑term norm, keeping days‑on‑market conditions favourable for buyers across most sub‑areas (GVR Sep 2025).

Price Trends

The composite benchmark was $1,142,100 in September (GVR Sep 2025), down 0.7% from August and 3.2% year over year. Segment benchmarks moved similarly: detached at $1,933,100 (‑0.9% m/m; ‑4.4% y/y); townhome at $1,069,800 (‑0.9% m/m; ‑2.7% y/y); apartment at $728,800 (‑0.8% m/m; ‑4.4% y/y) (GVR Sep 2025). With inventory elevated and demand steady rather than surging, monthly pricing drifted lower in most communities.

Supply–Demand Balance

The sales‑to‑active‑listings ratio (SALR) was 11.3% for all property types in September, with detached at 8.5%, townhomes at 12.7%, and apartments at 13.3% (GVR Sep 2025). Historically, prolonged readings below 12% have coincided with downward price pressure, while periods above 20% tend to support gains—placing September squarely in balanced‑to‑soft territory for most segments (GVR Sep 2025).

Policy Watch

The Bank of Canada lowered the overnight rate by 25 bps to 2.5% on September 17, 2025 (Bank of Canada). Variable‑rate payments and some fixed‑rate offers should improve at the margin, though stress‑test qualification and lender timing will shape how quickly relief reaches buyers. With inflation trending closer to target, additional easing remains a watch item rather than a given.

Why It Matters

• More selection: Active listings at 17,079 expand options and bargaining room for buyers (GVR Sep 2025).
• Soft ratios: Overall SALR of 11.3% implies mild price headwinds unless demand accelerates materially (GVR Sep 2025).
• Rate support: A 2.5% policy rate can lower carrying costs for variable borrowers and some renewals this fall (Bank of Canada).
• Segment splits: Apartments and townhomes maintained higher SALR than detached (13.3% and 12.7% vs. 8.5%) (GVR Sep 2025), signalling relatively firmer entry‑level dynamics.

GVR September 2025 Metrics

• Detached: 552 sales; benchmark $1,933,100 (‑0.9% m/m; ‑4.4% y/y) (GVR Sep 2025)
• Townhome: 356 sales; benchmark $1,069,800 (‑0.9% m/m; ‑2.7% y/y) (GVR Sep 2025)
• Apartment: 954 sales; benchmark $728,800 (‑0.8% m/m; ‑4.4% y/y) (GVR Sep 2025)
• Total: 1,875 sales; composite benchmark $1,142,100 (‑0.7% m/m; ‑3.2% y/y); SALR 11.3% (GVR Sep 2025)

Extended Analysis

Macro‑Economic Context

The September rate cut to 2.5% reflected softer growth and easing inflation pressures, according to the Bank’s decision communication (Bank of Canada). In Metro Vancouver, lower rates, abundant inventory, and seasonal listing patterns are interacting to temper monthly price changes while supporting transaction capacity into Q4.

Forward‑Looking Indicators

Listings typically ease into late fall. If active supply pulls back from September’s 17,079 while sales hover near 1,875, the SALR could stabilize or firm modestly, setting a more balanced floor for prices heading into year‑end (GVR Sep 2025).

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.