Inventory climbs and prices soften, giving Metro Vancouver buyers more option
Metro Vancouver’s housing market saw a modest uptick in sales this September, but the region’s buyers found themselves in the driver’s seat as inventory swelled and prices eased further from last year’s highs.
Residential sales reached 1,875 for the month, a 1.2% increase from September 2024, according to Greater Vancouver Realtors (GVR). Despite the gain, activity remained 20.1% below the 10-year seasonal average, underscoring the market’s ongoing recalibration.
New listings surged 6.2% year-over-year to 6,527, pushing total active listings up 14.4% to 17,079 homes. That's 36.1% above the decade norm.
“With another cut to Bank of Canada’s policy rate behind us, and markets pricing in at least one more cut by the end of the year, Metro Vancouver homebuyers have reason to be optimistic about the fall market,” said Andrew Lis, GVR’s director of economics and data analytics.
“Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity.”
Sales-to-active listings ratios remained well below the threshold that typically signals upward price pressure, sitting at 11.3% overall. Detached homes posted a ratio of 8.5%, attached homes 12.7%, and apartments 13.3%. GVR’s historical analysis suggests that when this metric stays under 12% for a sustained period, downward pressure on prices is likely.
Price declines continued across all property types. The composite benchmark price for a Metro Vancouver home fell 3.2% year-over-year to $1,142,100, and was down 0.7% from August. Detached home prices dropped 4.4% to $1,933,100, while apartments and townhomes saw similar annual declines of 4.4% and 2.7%, respectively.
“The past few years have been quite challenging for the market, beginning with 2022’s rapid increase in interest rates, major political and policy shifts in subsequent years, and recent trade tensions with the USA weighing on the market,” Lis said.
Suburban markets reflected the broader trend. Burnaby North’s benchmark detached price stood at $2,032,800, down 4.7% year-over-year, while Richmond’s detached benchmark was $2,044,800, off 5.7%. Apartment prices in Vancouver East and West also slipped, with benchmark prices at $673,300 and $804,200, respectively.
Looking ahead, Lis said, “With the acute impacts of these events now fading, we expect market activity to continue stabilizing to end the year, barring any unforeseeable major disruptions.”
Meanwhile, Canadian home sales are set for a slower recovery than previously forecast, with TD Economics downgrading its outlook for quarterly sales growth in late 2025 and much of 2026.
The revision, led by Rishi Sondhi, economist at TD Bank, points to a “gradual, modest recovery in the housing market,” shaped by only modest interest-rate relief and the continued return of pent-up demand.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
