Welcome to the November 2025 Metro Vancouver real estate market update.
Whether you're a past client, someone in my network, or just keeping a pulse on the market, I appreciate you being here. This month's data continues the buyer-friendly trend we've been tracking, with sales remaining subdued, inventory at comfortable levels, and prices adjusting modestly downward.
Let me walk you through the numbers and what they mean for your real estate decisions.
Market Snapshot: The Big Picture
Sales Activity
In November, Metro Vancouver saw 1,846 homes sold—that's approximately 15% fewer sales than the 2,181 homes sold this time last year, and 20% below the 10-year seasonal average of 2,324 sales.
Sales continue to lag behind both last year's pace and long-term norms. This isn't cause for alarm—it's a reflection of buyers taking their time in a market that allows them to be selective.
New Listings
There were 3,674 new listings added to the Multiple Listing Service (MLS) in November. That's 1.4% fewer than last November, but still 3.1% above the 10-year average of 3,562 listings.
Sellers are continuing to list homes at a slightly elevated rate even as buyer demand remains measured.
Active Inventory: The Key Number
Here's where it gets interesting for buyers: the total number of homes available for sale stood at 15,149 properties—that's 14% higher than a year ago and a substantial 36% above the 10-year average of approximately 11,116 listings.
Translation: Buyers have more choices than in any November in recent memory.
Market Balance: What the Ratios Tell Us
One of the most reliable indicators of market conditions is the sales-to-active listings ratio (SNLR). This measures how quickly available homes are selling.
November's Ratios:
Overall SNLR: 12.6%
Detached houses: 9.7%
Townhomes: 13.6%
Condos: 14.8%
What these numbers mean:
Ratios below 12% typically signal downward pressure on prices
Ratios above 20% suggest upward price pressure
Ratios between 12-20% indicate balanced conditions
With most segments hovering near or below that 12% threshold, the market remains clearly tilted toward buyers. You have negotiating power right now.
Pricing Trends: Modest Declines, Strong Long-Term Growth
Let's break down what's happening with prices across property types:
Composite Benchmark (All Property Types)
The composite benchmark price—representing a typical home across all property types—sits at $1,123,700. That's down 3.9% from last November and 0.3% lower than October.
Long-term perspective: Despite recent softening, the composite index remains approximately 34% higher than it was ten years ago. This illustrates the fundamental strength and resilience of Vancouver real estate over time.
Detached Houses
Sales: 541 units (down 13.6% year-over-year)
Benchmark price: $1,900,600
Year-over-year change: -4.3%
Month-over-month change: -0.4%
10-year appreciation: Approximately 35% higher
Detached homes are experiencing modest price adjustments, but remain substantially higher in value than a decade ago.
Townhomes
Sales: 350 units (down 22.4% from last year)
Benchmark price: $1,065,600
Year-over-year change: -4.4%
Month-over-month change: +0.1% (slight uptick)
10-year appreciation: Roughly 94% higher
Townhomes have seen remarkable long-term appreciation. The slight month-over-month increase suggests this segment may be finding its floor.
Condominiums
Sales: 945 units (down 13.2% year-over-year)
Benchmark price: $714,300
Year-over-year change: -5.2%
Month-over-month change: -0.2%
10-year appreciation: Approximately 73% higher
Condos show the largest year-over-year decline, but remain significantly higher in value than a decade ago—offering strong evidence of long-term value retention.
What's Driving These Conditions?
Several factors are shaping November's market dynamics:
1. High Inventory Meets Cautious Buyers
With active listings up 36% over the 10-year average, buyers have genuine choice and time to make decisions. This reduces competitive pressure and creates room for negotiation—a welcome change from the bidding-war environment many remember.
2. Stable Borrowing Costs
The Bank of Canada's earlier rate cuts have been absorbed by the market, and no further cuts are anticipated in the immediate future. Without a significant drop in borrowing costs to stimulate demand, many buyers are waiting for clearer economic signals before committing.
3. Seasonal Patterns
November is typically quieter in real estate, and December often sees even fewer transactions. The combination of holiday season distractions and economic uncertainty means both buyers and sellers may delay major decisions until the new year.
4. Adjusted Expectations
Greater Vancouver REALTORS® chief economist Andrew Lis notes that many buyers continue sitting on the sidelines while sellers adjust their expectations. Ample inventory means buyers can take their time, and sellers are learning that pricing must reflect today's reality rather than the hotter markets of recent years.
With interest rates expected to remain steady, the chief economist predicts a quiet close to the year.
What This Market Means for Buyers
If you're considering purchasing, these conditions work decisively in your favor:
More Inventory = More Choice
With 36% more homes available than the 10-year average, you're not forced to compromise. You can be selective about location, property type, condition, and price.
Negotiating Power
Sales-to-active listings ratios below 12% in most segments give you leverage. Sellers are more willing to negotiate on price, closing dates, and terms when they're competing with thousands of other listings.
Modestly Lower Prices
Prices are down 3-5% year-over-year across most segments. While not dramatic declines, these adjustments improve affordability and create entry opportunities, especially for first-time buyers.
Long-Term Value Confidence
The 10-year appreciation data—35% for detached, 94% for townhomes, 73% for condos—demonstrates that Vancouver real estate has consistently built wealth over time despite short-term fluctuations.
Action Steps for Buyers:
Get pre-approved for financing so you're ready to move quickly when you find the right property
Work with an experienced realtor who knows neighborhood-specific conditions
Be prepared to act decisively—even in a buyer's market, well-priced quality properties still attract attention
Focus on properties that meet your actual needs for 5+ years, not just what looks good today
What This Market Means for Sellers
Selling in a softer market requires strategy and realistic expectations:
Accurate Pricing Is Critical
Aim to list near the recent sale prices of comparable homes rather than holding out for last year's highs. Overpricing in this market means your home sits while buyers focus on better-priced alternatives. The longer a property sits, the more buyers wonder what's wrong with it.
Presentation Matters More Than Ever
When buyers have 15,000+ properties to choose from, yours needs to stand out. Professional staging, high-quality photos, curb appeal, and spotless presentation aren't optional—they're essential to capturing buyer attention.
Flexibility Creates Opportunities
Be prepared to negotiate on price, closing dates, or terms to reach a deal. A successful sale at a slightly lower price beats no sale at a higher price. Remember that despite short-term price adjustments, Vancouver values have risen substantially over the past decade—your equity has likely grown significantly.
Consider Timing
If you're not in a rush to sell, waiting until spring when buyer activity typically increases might make sense. However, if you need to sell now, the current market is workable—you just need the right strategy.
Action Steps for Sellers:
Get a professional comparative market analysis to understand realistic pricing
Invest in presentation—staging and professional photography pay dividends
Be responsive to showing requests and feedback
Work with a realtor who will give you honest market feedback, not just what you want to hear
Looking Ahead: What to Expect
As we head into December and early 2026, here's what I anticipate:
Short-Term (December 2025 - January 2026)
Activity will remain muted through the holidays. Inventory may shrink slightly as fewer owners list during this period, but buyer demand will likely stay cautious. Expect prices to remain fairly stable or soften modestly.
Medium-Term (Spring 2026)
Spring typically brings renewed buyer activity. If interest rates remain stable and economic conditions improve, we could see increased sales volume and some price stabilization—particularly in well-located properties and desirable neighborhoods.
Important Note on Local Variations
These are Metro Vancouver averages. Neighborhood dynamics vary significantly. Some areas with limited inventory or high desirability may see very different conditions than the broader market. Always look at specific neighborhoods and property types rather than relying solely on regional averages.
The Long-Term Perspective: Why It Matters
Here's what nearly two decades in Vancouver real estate has taught me: short-term market fluctuations are normal and expected. Long-term value growth is the consistent pattern.
The 10-year appreciation data tells a compelling story:
Detached homes: +35%
Townhomes: +94%
Condos: +73%
These gains happened despite multiple market corrections, interest rate cycles, and economic uncertainties along the way.
For buyers: Current conditions offer an entry point with less competition and more negotiating power than we've seen in years. If you're financially ready and planning to hold long-term, this market rewards strategic action.
For sellers: While prices have softened from recent peaks, you've likely built substantial equity over your ownership period. Strategic pricing and presentation will help you successfully transition in this market.
Final Thoughts
November 2025 continued the trend of slower sales, elevated inventory, and modest price adjustments. This creates a buyer-friendly environment characterized by choice, negotiating power, and reduced competition.
For sellers, it requires aligning expectations with current market realities and focusing on pricing, presentation, and flexibility.
Vancouver's real estate market has a strong long-term track record. Taking a patient, informed approach—whether buying or selling—positions you to make decisions that serve your goals.
Let's Talk About Your Situation
These market statistics are helpful context, but your specific situation matters most. Whether you're considering buying your first home, selling to move up, or simply curious about your property's current value, I'm here to help.
I offer complimentary market evaluations and consultations—no pressure, just honest conversation about your goals and how current market conditions affect your options.
Reach out anytime. I'm always happy to discuss your questions over coffee or a call.
Thanks for reading, and here's to making informed real estate decisions in the months ahead.
About Roland Kym
Roland Kym brings nearly two decades of experience in the Vancouver real-estate market to his work at Move to Vancouver Canada. Having completed over 1,000 transactions, Roland has developed a streamlined system dedicated to helping professionals, families and international buyers relocate smoothly and confidently.
He knows the region inside and out—from neighbourhoods and school zones to market trends and cross-border considerations. His approach is not about selling dreams, but delivering results. On this blog he draws on his real-world relocation expertise to give you clear, actionable guidance so you can make Vancouver your next home without the guesswork.