Vancouver-area home sales fell to their lowest annual level in more than 20 years in 2025, as higher inventory and economic headwinds weighed on demand, says the region’s real estate board.

Residential property sales recorded on the MLS totalled 23,800 in 2025, down 10.4% from 26,561 sales in 2024 and 9.3%from 26,249 sales in 2023, according to Greater Vancouver Realtors (GVR). Last year’s total was 24.7% below the 10-year annual average of 31,625 sales.

“This year was one for the history books,” said Andrew Lis, GVR’s chief economist and vice-president of data analytics, referring to 2025. “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 reached 65,335 in 2025, an 8.2% increase from 2024 and 28.4% jump above 2023 levels. Listings were also 13.1% higher than the region’s 10-year annual average of 57,782.

Active listings at the end of December stood at 12,550, a 14.6% increase from December 2024 and 34.8%

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,114,800 in December, down 4.5% year-over-year and 0.8% from November.

“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 U.S.A. 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.”

In December 2025, total residential sales reached 1,537, a 12.9% decline from December 2024 and 20.7% below the 10-year seasonal average.

By property type, detached home sales totalled 431 in December, down 12.8% year-over -year, with a benchmark price of $1,879,800, a 5.3% annual decline. Apartment sales reached 791, down 11.2%, with a benchmark price of $710,000, also down 5.3% year-over -year. Attached home sales totalled 303, an 18.3%decrease, with a benchmark townhouse price of $1,056,600, down 5% from December 2024.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025,” said Lis. “Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point. With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favouirable 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.”

Photo: Greater Vancouver Realtors