Lower Mainland homebuyers stay on sidelines while listings pile up | Daily Hive

Surrey City Centre. (EB Adventure Photography/Shutterstock)

As 2025 winds down, the real estate market across the Lower Mainland continues to show signs of a marked slowdown, with sales dipping, inventory rising, and prices softening across both real estate board jurisdictions.

November 2025’s housing data reflects a continuation of trends seen earlier in the fall.

According to Greater Vancouver Realtors (GVR), the number of residential sales reached 1,846 units last month — a 15.4 per cent decline from November 2024 and more than 20 per cent below the 10-year seasonal average.

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GVR chief economist Andrew Lis described the current climate as one defined by “buyers patiently waiting and sellers adjusting to market conditions not seen in years.” Elevated inventory — up 14.4 per cent year-over-year to 15,149 active listings — has heightened competition among sellers, while keeping prices under modest downward pressure.

New listings totalled 3,674 units in November 2025, slightly below last year’s levels but still above the 10-year average. The overall sales-to-active listings ratio fell to 12.6 per cent, near the threshold that historically signals potential price declines.

Benchmark prices continued their gradual slide. The composite home price dropped 3.9 per cent from last year to $1.124 million, with single-family detached houses down 4.3 per cent, townhomes down 4.4 per cent, and apartments down 5.2 per cent annually. Month-over-month changes were modest, with most segments edging down by less than half a per cent.

With borrowing costs expected to hold steady into early 2026, Lis added that any rebound in demand will rely on shifting buyer sentiment — an unlikely development in typically quieter month of December.

The Fraser Valley Real Estate Board’s (FVREB) jurisdiction saw a similar cooling pattern, with sales dropping to 943 units in November 2025 — a 16 per cent decline from October 2025 and 17 per cent lower than November 2024. Despite a sharp 26 per cent month-over-month decrease in new listings, overall inventory remains robust at 9,201 active listings, well above the FVREB’s seasonal norms.

“Affordability concerns and economic pressures are weighing heavily on many Fraser Valley households,” said FVREB chair Tore Jacobsen. He pointed to improving inventory levels and softened prices as potential bright spots for prospective buyers.

FVREB’s sales-to-active listings ratio dipped to 10 per cent, cementing the jurisdiction’s status as a buyer’s market.

Homes are taking longer to sell across the Lower Mainland. In GVR, single-family detached houses spent an average of 51 days on the market, compared with 39 days for townhomes and 44 days for condominiums. In FVREB, single-family detached houses averaged 52 days on the market, while condominiums took 41 days and townhomes 37 days to sell.

“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,” said Lis.

Financing constraints are also still shaping the market. “With mortgage conditions tightening, buyers are encountering increased scrutiny and higher down payment expectations from lenders,” said FVREB board CEO Baldev Gill, noting that these pressures can delay transactions.

Prices across all FVREB home types declined around 0.7 per cent month-over-month. The benchmark price for a typical home fell to $0.912 million, with year-over-year drops of 5.4 per cent for single-family detached houses, 6.8 per cent for townhomes, and 6.9 per cent for apartments.

The jurisdiction of GVR, previously known as the Real Estate Board of Greater Vancouver (REBGV), includes not only Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, but also the Sunshine Coast, Squamish, and Whistler.

All other areas of Metro Vancouver are under the jurisdiction of the FVREB, including Surrey, Langley, White Rock, and North Delta, as well as the Fraser Valley cities of Abbotsford and Mission.

Both jurisdictions appear poised for a subdued end to 2025. High inventory levels, tightened lending conditions, and cautious consumer sentiment continue to shape the market. While softening prices and increased selection offer advantages for buyers, many remain on the sidelines as broader economic uncertainties persist.

With the month of December traditionally among the quietest months for real estate activity, a more definitive market direction may not emerge until early 2026 — once interest rate expectations, economic conditions, and buyer confidence become clearer.

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