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Vancouver’s Housing Market Faces Historic Low Sales
The Greater Vancouver area is on track to experience its lowest home sales in over 25 years, a reflection of broader economic and market challenges. As of November, residential sales remained relatively stable, with 1,846 properties changing hands. However, the total number of homes sold in 2025 is expected to fall short of previous years, possibly dipping below the lowest annual figure recorded this century. Contributing factors include ongoing affordability issues, economic uncertainty, and mortgage rates that, while lower than in recent years, are still elevated compared to pre-pandemic levels. These factors have created a market where many potential buyers are either hesitant or unable to act, leading to a decline in overall sales.
Although sales activity has been slow, home prices in the region have remained relatively steady. Detached homes in Greater Vancouver are still fetching an average price of over $2 million, while condos are priced just under $800,000. In contrast, the Fraser Valley has seen more significant price declines, with home values dropping by 19% since March 2022. This variance highlights the differing conditions in different areas of the region, with some markets feeling the effects of affordability concerns more acutely. The overall trend paints a picture of a market in flux, with many buyers adopting a wait-and-see approach and sellers adjusting their expectations in response to the current economic climate.
Meanwhile, the rental market in Metro Vancouver has also been showing signs of change, with rents continuing to decline. The average asking rent for a one-bedroom apartment dropped by nearly 10% compared to the previous year, signaling relief for renters who have faced sky-high prices in recent years. Experts note that while the reasons behind the decrease in rents remain unclear, factors such as migration patterns and construction delays may be contributing to the shift. Even so, the broader outlook for the rental market appears positive for tenants, with reduced competition and more negotiating power for those in search of rental properties. With the economy slowing and fewer people entering the housing market, renters are experiencing a welcome change in the Vancouver area’s traditionally tight housing landscape.