Greater Vancouver experienced a significant decline in home sales in 2025, marking the lowest annual total in over 20 years. The subdued buyer demand, increased housing inventory, and softened prices were key factors contributing to this trend, as per the latest data from Greater Vancouver Realtors.
Residential property transactions in the region amounted to 23,800 in the past year, representing a 10.4% decrease from 2024 and nearly 25% below the ten-year average. This figure marked the lowest number of homes sold in the region, surpassing the levels seen during the 2008 financial crisis when over 24,000 properties changed hands.
Andrew Lis, the chief economist of the board, described the year as unprecedented, noting the ongoing narrative of declining sales. Despite the challenging sales landscape, real estate agents remained active in listing properties. Over 65,000 properties were listed in the region in 2025, an 8.2% increase compared to 2024 and more than 28% higher than 2023.
The market witnessed a surge in newly listed properties in December, with 1,849 detached, attached, or apartment properties entering the market, marking a 10.3% increase from the same month in the previous year. The ample inventory, coupled with reduced sales, led to price adjustments across all property types since the beginning of 2025.
In December, the benchmark price for a detached home stood at $1,879,800, reflecting a 5.3% decline year-over-year and a 1.1% decrease from November 2025. Condo prices also experienced a 5.3% drop compared to the previous year, settling at $710,000, which was 0.6% lower than the preceding month. Townhouse prices recorded a benchmark of $1,056,600, indicating a 5% decrease from December 2024 and a 0.8% decline from November 2025.
Trade tensions with the United States played a significant role in dampening buyer confidence, according to Lis. Hasan Juma, a real estate adviser, highlighted that global uncertainties and affordability concerns led to a cautious approach among buyers, resulting in properties languishing on the market for extended periods.
Although homeowners faced declining equity, mortgage broker McKay Wood noted that prospective buyers could find opportunities in the current market conditions. Lis expressed optimism for a potential sales improvement in 2026 as uncertainties subside and buyer sentiment improves.
With lower prices, reduced borrowing costs, and abundant housing options, homebuyers in 2026 are poised to benefit from favorable conditions. The evolving market dynamics will be closely monitored to gauge the level of demand in the upcoming months.
The regions encompassed by Greater Vancouver Realtors include Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver, and Whistler.
