Residential real estate activity in Greater Vancouver slumped again in November, with sales falling far below typical levels and signalling a market where buyers remain cautious and sellers are being forced to recalibrate expectations.

The Greater Vancouver Realtors (GVR) reported 1,846 residential sales last month, down 15.4% from the 2,181 sales recorded in November 2024 and 20.6% below the 10-year seasonal average of 2,324.

Andrew Lis, GVR’s chief economist and vice-president, data analytics, said many buyers are waiting, while sellers are adjusting to market conditions not seen in years.

“Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality,” said Lis. “Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago.”

New Listings Edge Down, but Inventory Remains Elevated

New listings across Metro Vancouver reached 3,674 in November, a 1.4% decrease from the 3,725 properties listed a year earlier. The total remained 3.1% above the region’s 10-year seasonal average of 3,562.

Active listings continued to climb. GVR reported 15,149 homes listed for sale on the Multiple Listing Service, up 14.4% from November 2024 and 36.3% above the 10-year seasonal average of 11,116.

The sales-to-active listings ratio for all property types was 12.6% in November. Detached homes recorded a ratio of 9.7%, attached homes came in at 13.6%, and apartments reached 14.8%.

Historically, downward pressure on prices tends to occur when the ratio sits below 12% for a sustained period, while upward pressure appears when it stays above 20%, said GVR.

“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.”

Benchmark Price Slips 3.9% Year Over Year

The benchmark price for all residential properties in Metro Vancouver is $1,123,700, down 3.9% from November 2024 and 0.3% lower than in October 2025.

High Inventory Meets Weak Demand as Greater Vancouver Home Sales Sink 15% by Real Estate Magazine