Metro Vancouver’s housing market kept its slower pace in November 2025, with home sales still trailing behind last year. As supply ticked up and buyers sat on the sidelines, everyone’s watching to see if things will shift as we head into the new year.
Key Takeaways
- Home sales dropped 15% compared to last November
- New listings stayed close to typical averages, only a minor dip from last year
- There were more active listings on the market than usual for the month
- Prices saw small decreases across all types: detached, attached, and apartments
- Overall, the market is balanced but quieter than normal
Sales Continued Their Slow Streak
The story this fall has been all about slower activity. In November, Greater Vancouver Realtors recorded just over 1,800 home sales on the MLS®. That’s down 15% from November 2024, and it lines up with what’s been happening the past few months.
While you might think fewer sales would mean less choice, the number of homes listed didn’t change as much. Almost 3,700 homes hit the market, which is just 1.4% less than November last year. In fact, it’s actually 3% higher than what’s normal for the season.
By the end of the month, there were over 15,000 properties available—a whopping 36% more homes for sale than typical for November. Basically, buyers have more options right now, but not many are rushing to make moves.
Supply, Demand, And Prices By The Numbers
One thing everyone watches is the sales-to-active-listings ratio. Put simply, it tells you if there are more buyers or more sellers out there.
What the ratios say:
- When the ratio is below 12% for a while, prices tend to drop.
- Above 20% for a few months, and prices often go up.
- In November, the ratio for all housing types in Metro Vancouver was 13%—just above that lower threshold.
Here’s the latest breakdown by property type:
So, most segments are hovering right around the “balanced market” zone, where neither buyers nor sellers have a strong upper hand.
On pricing:
Prices have slid back from last year, but they aren’t in freefall. Detached homes, townhomes, and apartments all saw some price easing, reflecting the quieter demand.
What’s Making Buyers And Sellers Pause?
What’s keeping people quiet? A big reason is borrowing costs—interest rates haven’t budged, so monthly payments for new mortgages remain high. Buyers and sellers are cutting deals when their views on market value line up with the current climate, not what homes might have sold for in previous years.
Any major uptick in demand will probably need a change in how buyers feel about borrowing or future prices. Until then, many will wait and watch. As December is usually the slowest month for real estate here, don’t expect much excitement to end the year.
Looking Ahead
Don’t expect any last-minute surprises to shake up 2025. With so many homes for sale and buyers holding back, Metro Vancouver’s housing market will likely finish the year in the same quiet, balanced state. If you want more details, you can always check out the latest monthly market report for further info.
