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As we move toward 2026, Greater Vancouver is poised for a more active environment than we saw in the second half of 2025.
Kevin Skipworth
Dexter Realty
Confidence ready to build as listings pull back and ratios improve.
November delivered a noticeable shift in the Greater Vancouver market, one driven less by headline sales numbers and more by the underlying signals that matter. Yes, sales eased month-over-month across most submarkets, and listings remain higher than last year, but November also brought a sizable pullback in new inventory, firmer sales-to-listings ratios and early signs that buyers are getting ready for a more active 2026. Taken together, the market is quietly setting the stage for stronger conditions ahead.
This is a month where context is everything. Sales always fall in November, but the real story is how sharply new listings contracted and how much the market’s pace tightened as a result. The region’s sales-to-listings ratio climbed to 49%, a clear improvement from October’s 41%. Months’ supply edged up only slightly to eight months, keeping the market favouring buyers. Despite softer benchmark prices (down 0.3% from October and 3.9% year-over-year), confidence continues to build as inventory normalizes and interest rate visibility improves.
All the while, pent up demand continues to build. Sales in Greater Vancouver for 2025 will be the lowest total number of transactions since 2000. With a million more people living in the region and over 200,000 more dwellings, logic would suggest that the number of real estate transactions would grow in a similar way. That lack of activity suggests how many buyers and sellers have held back in recent years, but they won’t forever. Changes happen due to needing more space, less space, people coming together or moving apart and sadly passing away. And yes, people do still move to Metro Vancouver.
Greater Vancouver: a market ready to move.
Greater Vancouver recorded 1,846 sales in November, an 18% drop from October and, while below typical autumn levels, still 8% higher than November 2023. This improvement comes despite a slower autumn season and reflects a market where underlying demand remains intact.
With mortgage rates already down from their peak and buyer sentiment ready to improve, November looks more like a pause than a downturn.
The supply side is shrinking.
The big move this month came on the supply side. New listings fell 32% from October and were 44% below September levels. Sellers clearly decided to step back, to either wait for improved pricing conditions or to avoid coming to market during the traditionally softest window of the year. With only 3,741 new listings, and active listings dropping 8% from October to 15,149, the market shed some of the excess inventory that accumulated during spring and summer.
Even with softer sales, the sharper decline in new supply pushed the sales-to-listings ratio up to 49%, a healthy improvement that signals tightening conditions underneath the headline numbers. Month’s supply rose slightly to eight months, which still places the region broadly in buyer’s market territory, but the trend is clear: the pace is stabilizing.
Greater Vancouver sales in November were 21% below the ten-year average, after October was 15% below the ten-year average. The momentum builds as sellers wait for the right opportunity signaling it is time to buy and move on from their current home.
The number of new listings in November were 3% above the ten-year average after October at 16% above the ten-year average, and September at 20% above the ten-year average. November was a sudden shift of sellers holding on listing after a year that will likely produce near-record highs for total new listings. With the holiday season upon us, expect this trend of decreasing listing totals to continue as sellers wait to see how 2026 starts. Savvy buyers will take advantage of opportunities through December though, as this month can produce motivated sellers to engage with those interested buyers.
By numbers, the region shifted back into a buyer’s market, after one month of balanced. But let’s be clear, 2025 has been the year of the buyer’s market.
Vancouver Westside: stable conditions with a healthier ratio.
Vancouver’s Westside saw 363 sales, down modestly from October’s 403 but up a solid 15% year-over-year. The seasonal slowdown was met with a significant reduction in new listings, down 33% month-over-month which helped ease active listings to 2,885 (a 7% monthly drop).
This pullback in supply had an immediate effect: the sales-to-listings ratio climbed to 51%, a sharp improvement from October’s 38%. Even with eight months of supply on the ground, November’s numbers point to a market that is far more balanced than the summer peak.
The luxury segment in Vancouver tends to lag broader market shifts, so a stabilizing ratio at this time of year is a positive sign heading into early 2026. Price softness may still be in play, but the fundamentals are firmer than they appear.
Vancouver East Side: activity softens but demand holds.
East Vancouver saw sales fall to 210 units, a 22% drop from October, but almost identical to September and up 20% from November 2023. Active listings declined 9% month-over-month to 1,517, and new listings dropped 30% compared to October with half as many as September.
This tightening brought months’ supply up slightly to seven months, still balanced and pushed the sales-to-listings ratio to a healthy 50%, better than both October at 45%.
The suburb story.
North Vancouver, West Vancouver, Richmond and much of Burnaby showed a clear pattern in November: softer seasonal sales paired with a meaningful pullback in new listings, which helped strengthen sales-to-listings ratios across the board. North Vancouver and Burnaby East led with notably strong ratios of 55%, supported by shrinking inventory and steady buyer engagement. West Vancouver also posted an encouraging jump to a 46% ratio – an early sign that higher-end buyers are re-entering the market ahead of spring. Richmond, Burnaby South, Burnaby North and New Westminster all benefited from fewer new sellers, which tightened conditions.
Across the Tri-Cities, Pitt Meadows and Maple Ridge all showed similar stabilization. Port Coquitlam stood out with one of the strongest ratios in the region at 66%, backed by falling inventory and steady demand driven by relative affordability. Pitt Meadows remained firmly in seller’s territory with an exceptional 80% ratio, while Maple Ridge and Port Moody each saw improved balance as listings contracted. Even in slower markets like Tsawwassen and New Westminster, buyer activity proved more resilient than headline sales suggest, with ratios improving and inventory trending down. Overall, despite November’s seasonal cooling, most submarkets strengthened beneath the surface, setting the stage for a more confident start to the new year.
Fraser Valley sees listing drop.
The Fraser Valley saw 943 sales, down from October, but the more important story is the sharp drop in new listings (down 26%) and a sizable 9% reduction in active inventory over last month and 13% down from a year ago. With fewer homes coming to market, buyer competition increased, and the average price rose 2% month-over-month.
Despite being in a buyers’ market with 10 months of supply in the Fraser Valley Region, there could be some early signs of stabilization and price recovery after a more difficult reaction to higher rates and economic turmoil. Surrey continues to struggle with 17 months’ supply of detached homes and 20 months supply of condos. Opportunity awaits buyers there.
Outlook: a quiet November with a positive undercurrent.
November didn’t deliver big numbers, but it delivered something more important: tightening conditions across the board. Sales slowed down, but inventory came down even faster. Ratios improved. Buyers showed up where pricing was right. And early signs of confidence driven by improving interest rates and a steep drop in new listings are now visible across nearly every submarket.
As we move toward 2026, Greater Vancouver is poised for a more active environment than we saw in the second half of 2025. The fundamentals are better than they look, and the region is entering winter on far more stable footing than it did a year ago.
