This past year, 2025, was a wild one for the Metro Vancouver real estate market. Even though fewer homes were sold than in the last two decades, sellers actually put more properties on the market than ever before, breaking records that stood since the mid-90s.
Key Takeaways
- Home sales hit a 20-year low in 2025.
- Sellers listed a record number of homes, the most since the mid-1990s.
- Home prices saw a downward trend throughout the year.
- Buyers in 2026 face favorable conditions with lower prices and borrowing costs.
A Look Back at 2025 Home Sales
In 2025, realtors saw about 23,800 home sales in Metro Vancouver. That's a 10% drop compared to 2024. Things were pretty quiet for most of the year, partly because of ongoing trade issues with the US. People felt a bit better about the economy in the second half of the year, but it wasn't enough to really get sales moving.
Record Number of Homes Listed
On the flip side, sellers were busy. More than 65,000 homes were listed on the MLS in 2025. This was an 8% jump from 2024 and the highest number of listings we've seen since the mid-1990s. It even beat the previous record from 2008 by a little over 1,000 homes.
By the end of the year, there were still 12,500 homes available for sale across the region.
Understanding Supply and Demand: The Sales to Active Listings Ratio
To get a sense of what's happening with supply and demand, we look at the sales to active listings ratio. This tells us how many homes are selling compared to how many are available.
Historically, when this ratio stays below 12% for a while, home prices tend to go down. When it goes above 20% for a few months, prices usually go up.
In 2025, this ratio finished the year at 13% for all types of homes. Breaking it down by property type:
- Detached Homes: 9%
- Attached Homes (Townhomes): 15%
- Apartments: 15%
Home Prices Trend Downward
Prices generally moved lower throughout 2025. The MLS HPI benchmark price for all homes in Metro Vancouver ended the year at $1,115,000, which is 4.5% less than in 2024. Here's how prices ended up for different property types:
- Detached Homes: $1,880,000
- Townhomes: $1,057,000
- Apartments: $710,000
What to Expect in 2026
Looking ahead to 2026, home buyers are starting the year in a good spot. With lower prices, cheaper borrowing costs, and plenty of homes to choose from, the conditions are favorable. The big question now is whether these conditions will lead to more buyers jumping into the market. We'll have to wait and see!
From all of us at Greater Vancouver Realtors, we wish you a happy and healthy 2026.
