As the crisp air of fall settles over Metro Vancouver the real estate market is shaping up to be one of the most balanced we’ve seen in years — and in many ways, it’s tilting in favor of buyers. After several seasons of tight inventory, rising rates, and record-high prices, conditions have finally begun to shift. Lower borrowing costs, increasing supply, and modest price declines are combining to create a moment of opportunity for those looking to purchase a home before the end of 2025.
Sales across the region reached 1,875 in September — a slight increase over last year, but still well below the 10-year average. This suggests that while buyers are stepping back into the market, activity remains measured. The frantic bidding wars and limited listings that characterized previous years have largely subsided, giving buyers time to make thoughtful decisions rather than rushed ones.
With another Bank of Canada rate cut in place and at least one more expected by year’s end, mortgage affordability is improving. The combination of lower rates and easing prices has started to open the door for buyers who were previously sidelined by high carrying costs. It’s not a sudden flood of demand, but rather a steady return of confidence — especially among those looking for long-term value rather than quick gains.
Perhaps the most encouraging sign for buyers is the sheer number of homes now available. Over 6,500 new listings hit the market in September, which is about 20% above the long-term seasonal average. Total active listings are up more than 14% year over year, sitting at just over 17,000 homes.
For anyone who felt shut out of the market in 2022 or 2023, this new level of choice is a welcome change. Buyers can now compare neighbourhoods, weigh the pros and cons of different property types, and negotiate with confidence. Sellers, meanwhile, are facing more competition — meaning well-priced homes are moving, but overpriced ones are sitting longer.
The sales-to-active listings ratio — a reliable measure of market balance — currently sits at 11.3%. Historically, anything below 12% signals downward pressure on prices. Detached homes are the softest segment at 8.5%, while townhomes and condos sit closer to balanced territory at around 13%.
This data reflects what many are experiencing on the ground: sellers are adjusting expectations, and buyers are gaining leverage. Price reductions and extended days on market are becoming more common, particularly in the higher-end detached segment. For those patient enough to shop strategically, this fall offers genuine value opportunities.
The composite benchmark price across Metro Vancouver is now $1,142,100 — down about 3% from last year and slightly below August levels. Detached homes have seen the sharpest adjustment, with the benchmark price down more than 4% year over year to roughly $1.93 million. Townhomes and condos have also slipped, though more modestly, at 2–4% declines.
What’s interesting is that these shifts aren’t sparking panic — they’re restoring balance. For years, prices outpaced fundamentals like income growth and rent values. This period of moderation is helping realign the market, particularly for first-time buyers and move-up purchasers who were previously priced out.
After several years of volatility — driven by rate hikes, policy changes, and economic uncertainty — Metro Vancouver’s housing market is finally normalizing. While no one can predict how long this window will last, all signs point to a stable close to 2025.
For buyers, this means less urgency and more opportunity. For sellers, it means pricing realistically and understanding that presentation and strategy matter more than ever. Overall, the fall 2025 market is a refreshing change of pace — a calmer, fairer environment where informed decisions can once again take the place of speculation and fear of missing out.
In short, the pendulum has finally swung back toward balance — and for the first time in a long while, buyers are the ones holding the advantage.
A Softer Market with More Breathing Room
Sales across the region reached 1,875 in September — a slight increase over last year, but still well below the 10-year average. This suggests that while buyers are stepping back into the market, activity remains measured. The frantic bidding wars and limited listings that characterized previous years have largely subsided, giving buyers time to make thoughtful decisions rather than rushed ones.
With another Bank of Canada rate cut in place and at least one more expected by year’s end, mortgage affordability is improving. The combination of lower rates and easing prices has started to open the door for buyers who were previously sidelined by high carrying costs. It’s not a sudden flood of demand, but rather a steady return of confidence — especially among those looking for long-term value rather than quick gains.
Inventory Levels at Multi-Year Highs
Perhaps the most encouraging sign for buyers is the sheer number of homes now available. Over 6,500 new listings hit the market in September, which is about 20% above the long-term seasonal average. Total active listings are up more than 14% year over year, sitting at just over 17,000 homes.
For anyone who felt shut out of the market in 2022 or 2023, this new level of choice is a welcome change. Buyers can now compare neighbourhoods, weigh the pros and cons of different property types, and negotiate with confidence. Sellers, meanwhile, are facing more competition — meaning well-priced homes are moving, but overpriced ones are sitting longer.
The Numbers Point to a Buyer’s Market
The sales-to-active listings ratio — a reliable measure of market balance — currently sits at 11.3%. Historically, anything below 12% signals downward pressure on prices. Detached homes are the softest segment at 8.5%, while townhomes and condos sit closer to balanced territory at around 13%.
This data reflects what many are experiencing on the ground: sellers are adjusting expectations, and buyers are gaining leverage. Price reductions and extended days on market are becoming more common, particularly in the higher-end detached segment. For those patient enough to shop strategically, this fall offers genuine value opportunities.
Prices Continue to Ease
The composite benchmark price across Metro Vancouver is now $1,142,100 — down about 3% from last year and slightly below August levels. Detached homes have seen the sharpest adjustment, with the benchmark price down more than 4% year over year to roughly $1.93 million. Townhomes and condos have also slipped, though more modestly, at 2–4% declines.
What’s interesting is that these shifts aren’t sparking panic — they’re restoring balance. For years, prices outpaced fundamentals like income growth and rent values. This period of moderation is helping realign the market, particularly for first-time buyers and move-up purchasers who were previously priced out.
A Market Settling Into Balance
After several years of volatility — driven by rate hikes, policy changes, and economic uncertainty — Metro Vancouver’s housing market is finally normalizing. While no one can predict how long this window will last, all signs point to a stable close to 2025.
For buyers, this means less urgency and more opportunity. For sellers, it means pricing realistically and understanding that presentation and strategy matter more than ever. Overall, the fall 2025 market is a refreshing change of pace — a calmer, fairer environment where informed decisions can once again take the place of speculation and fear of missing out.
In short, the pendulum has finally swung back toward balance — and for the first time in a long while, buyers are the ones holding the advantage.
