Greater Vancouver recorded its lowest annual home sales total in more than two decades in 2025, capping a year that saw weak buyer demand, rising inventory and easing prices, according to new data from Greater Vancouver Realtors.
Residential sales in the region totalled 23,800 last year, down 10.4 per cent from 2024 and nearly 25 per cent below the 10-year annual average.
The board said it was the fewest number of homes sold in the region, eclipsing the numbers recorded during the 2008 financial crisis, which saw more than 24,000 properties sold.
“This year was one for the history books,” said the board’s chief economist, Andrew Lis. “That’s the story that we’ve seen unfolding for quite some time now. So it’s not entirely surprising to show up at the end of the year with sales being where they’re at.”
Despite the sales numbers, real estate agents were still busy listing properties, Lis says.
There were more than 65,000 total properties listed in the region in 2025, an 8.2 per cent increase compared with 2024 and more than 28 per cent above 2023 levels.
The total number of properties listed last year was also 13.1 per cent above the region’s 10-year total annual average.
In December, 1,849 detached, attached or apartment properties were newly listed for sale in the region, 10.3 per cent more than the same month a year earlier.
Lis said that with sales down and plenty of inventory available, prices have eased across all property types since the start of 2025.
The benchmark price for a detached home in December was $1,879,800, marking a 5.3 per cent decrease from a year earlier and a 1.1 per cent decrease compared with November 2025.
Condo prices were also down 5.3 per cent year-over-year at $710,000, which was 0.6 per cent lower than the previous month. The benchmark price of a townhouse stood at $1,056,600 — five per cent below December 2024 and 0.8 per cent lower than November 2025.
Lis says that uncertainty due to trade tensions with the United States weighed heavily on buyer psychology.
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“Realistically, a lot of the hesitation that we’re seeing in the market is likely attributable to more of a sentiment factor than any actual real economic impacts,” Lis said in an interview. “It seems to be a psychological story that’s playing out.”
That view is echoed by Hasan Juma, a real estate adviser with Oakwyn Realty, who said the year began with optimism.
He said sales were ramping up by the end of 2024.
“February 2025 rolls around and obviously we have what’s happening in the U.S. … and people started to really worry about: is my job secure? What’s this year going to look like?”
He said trade tensions between the U.S. and Canada and cost of living and affordability issues caused many buyers to pause.
“Our market is driven by sentiment,” he said. “Sometimes if the headlines are not positive, it affects how buyers choose to act.”
Juma said the year became increasingly difficult for real estate agents and sellers alike as it became common to see properties sit on the market listings for nine months or even more.
Real estate adviser Hasan Juma says uncertainty due to global events, cost of living made buyers hesitant to enter the market. (CBC)
“It felt like my worst year in terms of how gruelling it was and how many challenging conversations you have along the way,” he said. “You hear about how not being able to sell is causing maybe family issues.”
Separate findings from HomeSigma, a real estate technology and listing platform, shows average “days on market” for properties was higher in 2025 than the last five years.
Mortgage broker McKay Wood said the downturn has been painful for homeowners watching their equity decline but there are opportunities for buyers.
“Go out and buy a house, buy something, get into the market. It’s probably one of the best times to get in the market,” he said. “I don’t know if prices are going to go any lower. I think we’ve seen the majority of the dip.”
Lis said his “gut sense” is that 2026 will see some improvement in sales as uncertainty fades and buyers’ sentiment improves.
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Home sales in Vancouver plummeted to a decades-low in 2025
New data from Greater Vancouver Realtors shows residential home sales in Metro Vancouver dropped to a 25-year low in 2025. Experts say a similar trend was seen in Toronto and mounting inventory in these cities could lead to more options for buyers in 2026.
He added that borrowing costs fell nearly one full percentage point throughout the year.
“With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favourable conditions,” he said.
“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.”
The areas and municipalities covered by Greater Vancouver Realtors are Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.