Home sales registered in the Multiple Listing Service® (MLS®) in Metro Vancouver finished the year down 10%, marking the lowest annual sales total in over twenty years.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 23,800 in 2025, a 10.4% decrease from the 26,561 sales recorded in 2024, and a 9.3% decrease from the 26,249 sales in 2023.

Last year’s sales total was 24.7% below the 10-year annual sales average (31,625).

“This year was one for the history books,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Although the sales total was the lowest in over two decades, Realtors were still busy listing properties. Sellers brought the highest total of listings to market on record since the mid-1990s, eclipsing the previous record high in 2008 by a little over 1,000 listings.”

Properties listed on the MLS® in Metro Vancouver totalled 65,335 in 2025. This represents an 8.2% increase compared to the 60,388 properties listed in 2024. This was 28.4% above the 50,893 properties listed in 2023.

The total number of properties listed last year was 13.1% above the region’s 10-year total annual average of (57,782).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 12,550, a 14.6% increase compared to December 2024 (10,948). This is 34.8% above the 10-year seasonal average (9,308).

“The forecast we put out last January noted a foreseeable downside risk, which while prescient, unfortunately materialized in 2025,” said Lis. “Specifically, we noted that trade tensions with the USA could negatively impact sales and prices, and this downside risk came to pass. The upshot, however, is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,800. This represents a 4.5% decrease over December 2024 and a 0.8% decrease compared to November 2025.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025. Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point,” said Lis. “With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favorable conditions. Whether these conditions translate into a market with stronger demand will be the million-dollar question – and we’ll be monitoring this story closely as it unfolds.”

December 2025 Summary

Residential sales in the region totalled 1,537 in December 2025, a 12.9% decrease from the 1,765 sales recorded in December 2024. This was 20.7% below the 10-year seasonal average (1,937).

There were 1,849 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2025. This represents a 10.3% increase compared to the 1,676 properties listed in December 2024. This was 10.3% above the 10-year seasonal average (1,677).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2025 is 12.7%. By property type, the ratio is 9.3% for detached homes, 14.6% for attached, and 15.1% for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

Sales of detached homes in December 2025 reached 431, a 12.8% decrease from the 494 detached sales recorded in December 2024. The benchmark price for a detached home is $1,879,800. This represents a 5.3% decrease from December 2024 and a 1.1% decrease compared to November 2025.

Sales of apartment homes reached 791 in December 2025, a 11.2% decrease compared to the 891 sales in December 2024. The benchmark price of an apartment home is $710,000. This represents a 5.3% decrease from December 2024 and a 0.6% decrease compared to November 2025.

Attached home sales in December 2025 totalled 303, an 18.3% decrease compared to the 371 sales in December 2024. The benchmark price of a townhouse is $1,056,600. This represents a 5% decrease from December 2024 and a 0.8% decrease compared to November 2025.

Click here to view the 2025 year-end housing market report.

2025 Saw Lowest Annual Sales Total in Over Two Decades by GVR