Metro Vancouver home-sale trends observed in October continued in November, as sales registered on the MLS® remained lower than this time last year.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,846 in November 2025, a 15.4 per cent decrease from the 2,181 sales recorded in November 2024. This was 20.6 per cent below the 10-year seasonal average (2,324).
“As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality. Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago.”
There were 3,674 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2025. This represents a 1.4 per cent decrease compared to the 3,725 properties listed in November 2024. This was 3.1 per cent above the 10-year seasonal average (3,562).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,149, a 14.4 per cent increase compared to November 2024 (13,245). This is 36.3 per cent above the 10-year seasonal average (11,116).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2025 is 12.6 per cent. By property type, the ratio is 9.7 per cent for detached homes, 13.6 per cent for attached, and 14.8 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments,” Lis said. “With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,700. This represents a 3.9 per cent decrease over November 2024 and a 0.3 per cent decrease compared to October 2025.
Sales of detached homes in November 2025 reached 541, a 13.6 per cent decrease from the 626 detached sales recorded in November 2024. The benchmark price for a detached home is $1,900,600. This represents a 4.3 per cent decrease from November 2024 and a 0.4 per cent decrease compared to October 2025.
Sales of apartment homes reached 945 in November 2025, a 13.2 per cent decrease compared to the 1,089 sales in November 2024. The benchmark price of an apartment home is $714,300. This represents a 5.2 per cent decrease from November 2024 and a 0.2 per cent decrease compared to October 2025.
Attached home sales in November 2025 totalled 350, a 22.4 per cent decrease compared to the 451 sales in November 2024. The benchmark price of a townhouse is $1,065,600. This represents a 4.4 per cent decrease from November 2024 and a 0.1 per cent increase compared to October 2025.
Download GVR’s November 2025 MLS® Housing Market Report
As for the rest of the province …
BC Housing Market Activity Weakens Heading Into the Holidays
Vancouver, BC – December 15, 2025. The British Columbia Real Estate Association (BCREA) reports that 5,052 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in November 2025, down 13.3 per cent from November 2024. The average MLS® residential price in BC in November 2025 was down 1.4 per cent at $965,914 compared to $979,774 in November 2024.
Total MLS® residential sales dollar volume was $4.9 billion, down 14.5 per cent from the same time the previous year. BC MLS® unit sales were 24.9 per cent lower than the ten-year average for the month of November.
“Market activity cooled throughout the province in November, with sales in every region falling short of historical averages,” said BCREA Chief Economist Brendon Ogmundson. “While broader headwinds continue to linger, we hope stable rates and fading trade uncertainty with the US will stimulate sales moving into 2026.”
Year-to-date, BC residential sales dollar volume is down 8.1 per cent to $62.9 billion, compared with the same period in 2024. Residential unit sales are down 5.6 per cent year-over-year at 65,997 units, while the average MLS® residential price is also down 2.7 per cent to $953,306.
