In 2025, Greater Vancouver saw its lowest annual home sales figures in over twenty years as buyer interest waned, housing inventory grew, and prices softened, according to the latest data from Greater Vancouver Realtors. Residential property transactions in the region reached 23,800 last year, marking a 10.4% drop from 2024 and almost 25% below the ten-year average. This sales volume represented the lowest in the region, surpassing the levels seen during the 2008 financial crisis when more than 24,000 properties changed hands.
Andrew Lis, the chief economist at the board, described the year as exceptional, stating that the sales decline was a trend that had been evolving for some time. Despite the decrease in sales, real estate agents actively listed properties, with over 65,000 properties listed in 2025, an 8.2% increase from the previous year and more than 28% higher than 2023 levels. Additionally, the total number of listed properties in 2025 exceeded the region’s ten-year average by 13.1%.
The region witnessed a surge in new property listings in December, with 1,849 detached, attached, or apartment properties hitting the market, a 10.3% rise compared to the same period in the previous year. Lis noted that the abundance of inventory coupled with reduced sales had led to price declines across all property categories since the beginning of 2025. The benchmark price for a detached home in December stood at $1,879,800, showing a 5.3% year-over-year decrease and a 1.1% drop from November 2025.
Condo prices also experienced a 5.3% decline year-over-year, settling at $710,000, which was 0.6% lower than the previous month. Townhouse benchmark prices were recorded at $1,056,600, down by five per cent from December 2024 and 0.8% lower than November 2025. Lis attributed the market uncertainty to trade tensions with the U.S., impacting buyer sentiment more than actual economic consequences.
Real estate adviser Hasan Juma concurred, highlighting that global events and affordability concerns led to buyer hesitancy. Juma recounted how properties remained unsold on the market for extended periods in 2025, making it a challenging year for both agents and sellers. Notably, the average “days on market” for properties in 2025 exceeded the figures of the past five years, showcasing a prolonged selling period.
Despite the market downturn, mortgage broker McKay Wood pointed out opportunities for buyers due to lower prices and borrowing costs. Looking ahead, Lis expressed optimism for 2026, anticipating improved sales as uncertainties subside and buyer confidence grows, emphasizing the need to closely monitor market developments.