Greater Vancouver experienced a significant decline in annual home sales in 2025, marking the lowest figure in over 20 years. Data from Greater Vancouver Realtors revealed that residential sales totaled 23,800 last year, representing a 10.4% drop from 2024 and almost 25% below the 10-year average.
According to the board, this marked the lowest number of homes sold in the region, surpassing the levels seen during the 2008 financial crisis when over 24,000 properties were sold. The chief economist, Andrew Lis, described the year as historic, reflecting a trend of weak buyer demand and increasing inventory that had been ongoing for some time.
Despite the decrease in sales, real estate agents remained active in listing properties. The region saw over 65,000 properties listed in 2025, an 8.2% rise from 2024 and more than 28% higher than in 2023. This total was also 13.1% above the region’s 10-year average for annual listings.
In December, there was a 10.3% increase in the number of newly listed detached, attached, or apartment properties for sale compared to the same month the previous year. Lis noted that with sales declining and ample inventory available, prices had softened across all property types throughout 2025.
The benchmark price for a detached home in December was $1,879,800, showing a 5.3% decrease from the previous year and a 1.1% drop from November 2025. Condo prices also fell by 5.3% year-over-year to $710,000, while townhouse prices stood at $1,056,600, reflecting a 5% decline from December 2024.
Lis attributed the market uncertainty to trade tensions with the United States, impacting buyer psychology more than actual economic factors. Real estate adviser Hasan Juma mentioned that negative headlines and global events led to buyer hesitancy, causing properties to linger on the market for extended periods.
Looking ahead, Lis expressed optimism for an improvement in sales in 2026 as uncertainties subside and buyer sentiment improves. Lower prices, reduced borrowing costs, and a wide selection of inventory could potentially create a more favorable market for homebuyers this year. Monitoring the evolving market dynamics will be crucial as the year progresses.