The Greater Vancouver area is on track to experience the lowest number of home sales in 25 years. According to the latest data from Greater Vancouver Realtors, 1,846 residential properties were sold in November, maintaining a trend of stable month-over-month sales figures over the past three years. This brings the total homes sold in 2025 to 22,263, potentially surpassing the lowest annual total recorded in 2018 at 24,619 properties.
Bryan Yu, the chief economist at Central 1 Credit Union, attributed this trend to factors such as affordability challenges, economic uncertainty, and relatively high mortgage rates compared to previous years. Market data also indicated a stagnant trend in sale prices, with detached homes averaging at $2.02 million and condos just below $800,000.
Meanwhile, in the Fraser Valley, home prices continued to decline, with the average selling price for homes at $1.45 million, marking a 19% decrease from March 2022. Condo prices also saw a decline, dropping 15% to $507,606 over the same time period. Andrew Lis, the chief economist at Greater Vancouver Realtors, noted that buyers are cautiously waiting while sellers are adapting to the changing market dynamics.
The release of rental data by Statistics Canada revealed a downward trend in asking prices for apartments in Metro Vancouver. One-bedroom apartments were offered at $2,390 a month in the third quarter of 2025, down from $2,510 in the same period last year. Two-bedroom units also saw a $200 decrease to $3,190 per month. The average asking price for a one-bedroom apartment in Metro Vancouver decreased by 9.5% compared to 2023.
Josh Gordon, a senior analyst at Statistics Canada, highlighted the significant decline in the Vancouver rental market compared to other cities, emphasizing the uncertainty surrounding the completion of new rental projects. While construction is ongoing, Gordon pointed out that decisions leading to these projects were made years ago, emphasizing the need to monitor the evolution of the condo market.
Looking ahead, Bryan Yu noted that factors like migration caps and a slowing economy may continue to suppress rent increases, benefiting renters by providing more housing options and negotiation opportunities. This shift towards a more tenant-friendly rental market could alleviate the previous affordability challenges faced by renters.