Vancouver Real Estate Market Update For November 2025

Here is the high-level picture.

• Sales in November: 2,257 homes sold
• Month over month: Up 21% from October
• Year over year: Down about 14%
• Compared to the 10-year average: About 14.5% below normal
• Active listings: Roughly 15,800 homes on the market
• Inventory vs 10-year average: Up 36%

So what does that actually mean?

Not a hot market, but not dead either

That 21% jump in sales from October tells us something important. Buyers are still here. They are active, and they will move when the right home is priced correctly.

However, the fact that sales are still below last year and below the 10-year average tells a different story. This is not a runaway market. It is a cautious, selective market where buyers are more thoughtful and less emotional.

Buyers finally have a real choice again

The inventory story is big. With around 15,800 active listings and levels sitting well above the 10-year average, it feels a bit like a dinner party where there are too many seats and not enough guests.

• For sellers: You are competing with a lot more listings. Buyers are not feeling rushed, and they are willing to walk away.
  
  
• For buyers: You can be more intentional. You can negotiate. You have room to say no to homes that do not line up with your goals.
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Longer days on market and more selection signal a rebalancing, not a collapse.

Pricing: Seven Months Of Softening

The benchmark price for a home in Greater Vancouver now sits at $1,132,500. That is down about 5.1% from the peak earlier this year.

We have now seen seven straight months of price declines, which have taken us back to pricing levels that look very similar to March 2023.

If you bought within the last 18 months, you are probably seeing values that are flat or slightly below your purchase price. That can feel uncomfortable, but it does not automatically mean you made a bad decision. Real estate is a long-term game.

Is this a crash?

No. What we are seeing is a correction.

During the low-rate years, prices ran very hard and very fast. Now, with borrowing costs higher and demand more subdued, we are unwinding some of that froth.

Median and average prices are showing small month-over-month gains, which suggests there is still support in parts of the market. But the bigger picture is clear. The market is softer than it was earlier in the year.

The market is rewarding quality

This is key.

• The best homes in the best locations are generally holding their value better.
• Properties that are average, compromised, or overpriced are where you see bigger price adjustments.

In other words, the market is punishing homes that are not well presented or that are simply asking too much in this environment.

What Is Driving The Shift?

The current Vancouver real estate landscape is being shaped by a mix of economics and psychology.

1. Higher interest rates, tighter affordability

Even though the Bank of Canada has paused hikes for now, we are still in a relatively high-interest-rate environment compared to what everyone got used to between 2020 and 2022.

• Monthly payments are higher.
• Borrowing power is reduced.
• Buyers are doing more math and less impulse buying.

In a market as expensive as Greater Vancouver, even a small change in rates can have a big impact on what someone can realistically afford.

2. Slower job growth in key sectors

Job growth in B.C. has slowed, particularly in construction and development. That matters because:

• When projects are delayed or cancelled, it sends a message about confidence in the housing sector.
• People who work in those industries may feel less secure, and less eager to stretch into a new mortgage.

Layer on broader headlines about deficits, government spending, and economic uncertainty, and you get a more cautious consumer.

3. Policy focus on rentals, not ownership

Recent federal measures have been heavily tilted toward boosting rental supply, not helping people transition into ownership.

First-time buyers in Vancouver and the North Shore still face:

• High prices
• Stricter qualification rules
• Limited direct support

Many of them want to buy. The desire is there. But they are choosing to wait and see how things look as we move into 2026.

The Rental Market: Investors Are Rethinking Their Strategy

Here is where it gets interesting. While ownership affordability is tight, rents in Vancouver have actually started to trend down.

We have seen roughly a 7.4% year-over-year decrease in rental prices, and more rental inventory is coming.

For investors, that combination of lower rents and higher borrowing costs is not very appealing.

Smaller units are feeling the squeeze

Studios and one-bedroom condos, especially those that were heavily investor-driven during the boom, are getting hit hardest.

• Slightly higher vacancy
• Softer rents
• Tougher cash flow numbers, especially for buyers who purchased near the peak

This does not mean investing in Vancouver real estate is over. It simply means the strategy has to evolve.

Smart investors are:

• Being more selective about product type and location\
• Running conservative numbers
• Avoiding properties that do not make financial sense from day one

Many are choosing to sit on the sidelines temporarily rather than forcing a deal that does not pencil out.

Land Claim Uncertainty: The Richmond Case

One of the more complex and misunderstood factors right now is the recent land title decision involving Indigenous land claims in Richmond.

In simple terms, a court acknowledged overlapping Aboriginal title in areas where there are already fee simple titles. Fee simple is the standard type of ownership that most homeowners in B.C. have.

Although this is geographically specific and highly technical, it is capturing attention across the province.

When questions are raised about clear title, even in a narrow way:

• Buyers ask more questions.
• Lenders become more cautious.
• Lawyers and insurers dig deeper.

Right now, this is not something every homeowner in Greater Vancouver needs to panic about, but it is a file that the market is watching closely.

Until higher courts and the government provide more clarity, we can expect:

• Longer subject periods
• More detailed legal due diligence
• Some buyers and lenders are choosing to avoid certain areas where questions are most active

In a market already defined by uncertainty and fragile confidence, this adds another layer.

If You Are A Buyer: How To Use This Market To Your Advantage

This is a market that can quietly reward prepared buyers.

You are facing:

• More inventory
• Less competition
• More motivated sellers

That combination does not come around very often in Greater Vancouver.

This is a good time to:

• Negotiate on price and terms. You may have room on completion dates, inclusions, and even repairs or credits.
• Be picky. You do not have to chase every new listing. You can focus on quality, location, and long term livability.
• Prioritize fundamentals. Look for good floor plans, natural light, walkable locations, and buildings or neighbourhoods with strong track records.

If you have been waiting for the market to calm down so you can make a thoughtful move instead of a rushed one, this environment can finally support that.

The key is preparation. Have your financing sorted, understand your numbers, and work with someone who can help you separate a genuinely great opportunity from a pretty listing that is priced wrong.

If You Are A Seller: You Cannot Wing It In This Market

For sellers, the message is simple.

You need to nail three things:

• Presentation
• Pricing
• Promotion

Presentation

Your home has to look its absolute best. With so much inventory on the market, buyers are scrolling through dozens of options before they ever decide to visit in person.

Staging, repairs, decluttering, paint, lighting, and cinematic marketing all matter more than ever.

Pricing

Gone are the days of aspirational pricing and hoping the market catches up to you.

Today:

• Buyers are informed.
• They have options.
• They are comparing your home against many others in real time.

Pricing correctly from day one is the difference between selling in a reasonable timeframe or sitting on the market while buyers wonder what is wrong with your property.

Promotion

You cannot rely on basic MLS photos and a sign on the lawn.

You need a marketing plan that will:

• Stop the scroll online
• Tell a compelling story about your home and lifestyle
• Reach the right buyers, not just the most eyeballs

This is where high quality video, targeted digital marketing, and strong negotiation all work together.

Looking Ahead To Early 2026

December and January are traditionally slower months in Metro Vancouver. I expect many people will use the winter to:

• Watch interest rate signals from the Bank of Canada
• Pay down some debt
• See how the broader economy feels

Do not be surprised if the next couple of months feel fairly flat in terms of activity.

The real turning point will likely come when we get clear signals on future rate cuts.

If markets begin to anticipate lower rates, or we actually see meaningful cuts, buyer sentiment can shift quickly. Combine that with any new provincial or federal policy that supports ownership, and we may see a wave of pent up demand from buyers who have been sitting on the sidelines.

What Is Your Best Move In This Market?

Every buyer and seller in Greater Vancouver right now is facing the same headlines, but not everyone should make the same decision.

Your best move depends on:

• Your time horizon
• Your current equity and financing
• Your lifestyle needs
• Your risk tolerance

If you are thinking about buying, selling, or just want a clear read on what this market means for your specific situation, I would be happy to walk you through it.

A tailored strategy, not a reaction to headlines, is what will make the difference over the next 6 to 12 months.

Ready To Talk About Your Next Move?

If you would like to:

• Explore opportunities as a buyer in this more balanced market
• Position your home to stand out among growing inventory
• Or simply get a personalized market assessment for your neighbourhood

Reach out any time. We can sit down, look at the numbers that matter for you, and map out a clear plan.

Because whether you are looking to live, love, or own in Vancouver, this is a moment where smart, informed decisions can set you up very well for the years ahead.