There are historical dips in the market such as the financial crisis of 2008 or the suite of government interventions after 2016 that lead to periods of optimal purchasing power. Those who purchased during those times didn’t regret it. It’s happened before and will happen again. Think about how many people in the last three years who have waited to buy their first home, move up, move down, part ways and sadly pass away. Movements happen in real estate out of necessity, that can only be held back so long. Life is too short to time the market perfectly. If you find the home you know you want – buy it!
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October showed what a healthy market could look like with stronger sales, and a balancing of conditions with inventory declining while demand picks up.
Kevin Skipworth
Dexter Realty
Momentum carries Metro Vancouver market into the fall.
October brought a much-needed lift to Metro Vancouver’s housing market after the seasonally quiet September. Across Greater Vancouver, sales rose sharply from September, new listings moderated, and inventory tightened, pushing the market back toward balanced conditions in some areas. Make no mistake, buyers still have tremendous opportunity in this market.
Stronger sales, tighter supply in Greater Vancouver.
Total residential sales in October across the region reached 2,255 units, up 20% from September and 15% higher than August. That’s a healthy improvement heading into the winter months and a clear sign of underlying market demand. Year-over-year, sales were down 15% from October 2024 but they were only down 1% from July, which was the monthly high for 2025. Many buyers are taking advantage of recent interest rate drops and continued elevated listing inventory. In comparison to October 2023, sales are up a solid 17%, reinforcing that demand is there, with plenty of it still waiting in the wings.
Active listings ended the month at 16,393, down 4% from August and 13% higher than last year, marking the first time in several months that inventory began to contract meaningfully. With fewer new listings entering the system, 5,518 in October, down 17% from September, buyers are now seeing less new competition for desirable homes.
The sales-to-listings ratio climbed to 41%, up from 28% in September. That’s pushing some markets to balanced territory, and a clear shift from the slower late-summer pace. Months of inventory fell to seven months, down from nine, suggesting a tightening dynamic where well-priced listings are attracting offers faster.
Greater Vancouver sales in October were 15% below the ten-year average, better than the previous months where September was 20% below the ten-year average, August was 19% below the ten-year average, but like July at 14% below the ten-year average. The market is showing signs of buyers making moves, and with this latest interest rate drop by the Bank of Canada, there is more motivation to get out and buy.
Greater Vancouver townhome sales in October were down 4% year-over-year after being down 5% compared to September last year, while condo sales dropped to 23% down year-over-year after being up 1% last month. With the stock of condos piling up – literally – buyers have the best opportunity in decades to purchase new product at prices below what it cost to build them. Expect condo sales to propel in the coming months as this supply is consumed. A great opportunity for first time buyers that can take advantage of GST rebates for new properties up to $1.5 million.
Detached sales dropped in October to 4% below October last year after being up 6% year-over-year in September. Townhome inventory shrunk in October with many areas shifting back to seller’s market conditions, showing just how much is missing in the “missing middle” segment of the market. This is a continued ask of the government to look at addressing this supply-constrained type of home which prevents many buyers from moving up or moving down in the market.
Active listings shrink in October.
Inventory dropped down as is seasonally typical for October. Active listings finished October at 16,393, up 13% from last year’s 14,477, and a drop of 4% from September’s 17,079. This was a more significant drop from September compared to last year when there was a smaller decline in active listings between September and October, and it was much different than 2023 when the number of active listings increased between September and October. The window of choice and opportunity for buyers shifted in October, and this could be a signal for buyers not to continue the waiting game. With the choice of listings, and good listings at that, declining, as buyers come forward more competition can become present in the market.
The region shifted out of a buyer’s market to a balanced market, technically, in October. The months of supply dropped down to seven from nine in September which is the lowest it has been since April of this year.
The number of new listings in October were 16% above the ten-year average, after September was 20% above the ten-year average. With the decline in new listings, sellers may be starting to resist in the market and shifting towards the wait and see game as well. Buyers should be careful that waiting could lead to less available properties, especially those properties with willing sellers.
Vancouver: buyers step back in, but a tale of two markets.
Vancouver Westside did well in detached and townhome segments while the condo market struggled to keep up. The one saving grace for condos was a significant drop in new listings. Detached and townhouse segments are drawing renewed attention, with sellers pricing or negotiating in line with buyer expectations. The sales-to-listings ratio rose to 38% overall from 24%, edging closer to balanced range, while inventory dropped to 3,100 listings.
Vancouver Eastside was reliable and active as it continued its path of showing strength, with 269 sales, up 29% from September and 16% above last year while achieving the highest number by month this year. Active listings eased to 1,654, and the sales-to-listings ratio jumped to 45%, signaling a potential trend to confident, balanced demand.
The suburb story.
Areas east of Vancouver showed less growth in sales in October compared to Vancouver, perhaps a sign of a market shifting outwards as a lagging trend. September saw the opposite effect, but sales corrections typically start from Vancouver, so this could be a sign of what’s to come in the suburbs. Port Moody was one of the better performing markets in the suburbs in October, which is surprising given the price points are typically on the higher side. Pitt Meadows saw double the total sales in October compared to the previous month and achieved one of the better months this year for that municipality.
Ladner and Tsawwassen.
South Delta had some strong numbers in October. Ladner with 30 sales, a balanced 50% ratio, and consistent demand through the fall. Tsawwassen had 51 sales, up 34% from September and 42% above last year, with a 55% ratio, signaling one of the most active sales to listing ratios in the Lower Mainland. Buyers continue to chase lifestyle-driven value, and South Delta is delivering it.
Fraser Valley.
The Fraser Valley kept the positive trend rolling, posting 1,123 sales, up 17% from September. Active listings fell 4% to 10,121, while new listings dropped 14% month-over-month, tightening conditions.
Average prices climbed 0.1% month-over-month remaining under $1 million, while months of inventory dropped to nine from 11, showing meaningful progress toward balanced conditions but still technically a buyer’s market.
Detached homes in North Delta and Langley saw the most activity, with townhouse demand following closely behind. After months of hesitation, confidence is quietly returning across the Valley.
Looking ahead.
October showed what a healthy market could look like with stronger sales, and a balancing of conditions with inventory declining while demand picks up. The excess quality listings from earlier in the year are being absorbed, and both buyers and sellers are adjusting to the new rate and home price landscape.
While we’re unlikely to see fireworks through the winter, the fundamentals are encouraging with fewer new listings, steady demand, and pricing that will try to hold its ground with quality listings. As 2025 winds down, confidence is quietly creeping back with demand ready to enter the market after playing the waiting game for the past three years and beyond save for the COVID-19 years. So if you are a buyer, why wait?
