Metro Vancouver home sales plunge to lowest level since the ‘90s

Home sales across Metro Vancouver fell sharply in 2025, posting the lowest annual total in more than two decades, according to new data from Greater Vancouver Realtors (GVR).

Recorded residential sales totalled 23,800 last year, down 10.4 per cent from 26,561 sales in 2024 and 9.3 per cent below the 26,249 transactions recorded in 2023. 

The annual total was also 24.7 per cent below the region’s 10-year average of 31,625 sales.

“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.”

A total of 65,335 properties were listed on the MLS in 2025, an 8.2 per cent increase from 2024 and 28.4 per cent higher than in 2023. Listings were also 13.1 per cent above the 10-year annual average.

December market activity

Active listings remained high heading into 2026. There were 12,550 homes listed for sale across Metro Vancouver at the end of December, up 14.6 per cent from a year earlier and 34.8 per cent above the 10-year seasonal average.

“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.”

Prices declined alongside sales. The benchmark for all residential properties in Metro Vancouver was $1.1 million at year-end, down 4.5 per cent from December 2024.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025,” 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.”

December sales totalled 1,537, down 12.9 per cent from a year earlier and well below the seasonal average.