Residential real estate activity in Greater Vancouver slumped again in November, with sales falling far below typical levels and signalling a market where buyers remain cautious and sellers are being forced to recalibrate expectations.

The Greater Vancouver Realtors (GVR) reported 1,846 residential sales last month, down 15.4 per cent from the 2,181 sales recorded in November 2024 and 20.6 per cent below the 10-year seasonal average of 2,324.

Andrew Lis, GVR’s chief economist and vice-president, data analytics, said many buyers are waiting, while sellers are adjusting to market conditions not seen in years.

“Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality,” said Lis. “Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago.”

New listings edge down, but inventory remains elevated

New listings across Metro Vancouver reached 3,674 in November, a 1.4 per cent decrease from the 3,725 properties listed a year earlier. The total remained 3.1 per cent above the region’s 10-year seasonal average of 3,562.

Active listings continued to climb. GVR reported 15,149 homes listed for sale on the Multiple Listing Service, up 14.4 per cent from November 2024 and 36.3 per cent above the 10-year seasonal average of 11,116.

The sales-to-active listings ratio for all property types was 12.6 per cent in November. Detached homes recorded a ratio of 9.7 per cent, attached homes came in at 13.6 per cent, and apartments reached 14.8 per cent.

Historically, downward pressure on prices tends to occur when the ratio sits below 12 per cent for a sustained period, while upward pressure appears when it stays above 20 per cent, said GVR.

“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments,” Lis said. “With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”

Benchmark price slips 3.9 per cent year over year

The benchmark price for all residential properties in Metro Vancouver is $1,123,700, down 3.9 per cent from November 2024 and 0.3 per cent lower than in October 2025.