Highlights of Dexter’s November 2025 report
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Look how much you can spend with lower rates
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Listings are shrinking and ratios improving, hinting at a stronger 2026.
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Inventory is falling faster than sales, strengthening market balance.
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Pent up demand continues to grow to unprecedented levels
If home buying is on your holiday shopping list, you’re in luck. Better than any Black Friday sales, Metro Vancouver real estate provides some of the best deals we’ve seen in the last few years. And like those Black Friday deals, these opportunities won’t last forever before inventory shrinks and more buyers come to the table. With interest rates having come down after 9 Bank of Canda rate cuts since the peak in 2024, both variable and fixed rate mortgages are finally at a point that buyers can’t use them as an excuse not to buy. It’s time. In fact, since that peak in 2024, for an average Vancouver household income of $180,000, their purchasing power has gone from $710,000 to $950,000. And home prices have also come down. Two reasons why buyers will be back into the market with greater energy in 2026.
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 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 10-year average, after October was 15% below the 10-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 10-year average after October at 16% above the 10-year average, and September at 20% above the 10-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. Savy 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 month’s 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, 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, 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.
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in November were 1,846 down from 2,255 (18%) in October, down from 1,875 (2%) in September, down from 1,959 (6%) in August, down from 2,181 (15%) in November 2024, and up from 1,702 (8%) in November 2023; Active Listings were at 15,149 at month end compared to 13,245 at that time last year (up 14%) and 16,393 at the end of October (down 8%); the 3,741 New Listings in November were down 32% compared to October, down 44% compared to September, down 13% compared to August, down 1% compared to November 2024, and up 9% compared to November 2023. Month’s supply of total residential listings is up to 8 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 49% compared to 41% in October, 58% in November 2024, and 49% in November 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 3.9%.
Vancouver Westside: Total Units Sold in November were 363 down from 403 (10%) in October, up from 316 (15%) in September, down from 381 (5%) in August, down from 383 (5%) in November 2024, and up from 315 (15%) in November 2023; Active Listings were at 2,885 at month end compared to 2,856 at that time last year (up 1%) and 3,104 at the end of October (down 7%); the 705 New Listings in November were down 33% compared to October, down 45% compared to September, down 8% compared to August, down 1% compared to November 2024, and up 4% compared to November 2023. Month’s supply of total residential listings is steady at 8 month’s supply (buyer’s market conditions) and sales to listings ratio of 51% compared to 38% in October, 54% in November 2024, and 47% in November 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.
Vancouver East Side: Total Units Sold in November were 210 down from 269 (22%) in October, up from 208 (1%) in September, down from 219 (4%) in August, down from 268 (22%) in November 2024, and up from 175 (20%) in November 2023; Active Listings were at 1,517 at month end compared to 1,407 at that time last year (up 8%) and 1,654 at the end of October (down 9%); the 424 New Listings in November were down 30% compared to October, down 47% compared to September, down 8% compared to August, down 11% compared to November 2024, and up 4% compared to November 2023. Month’s supply of total residential listings is up to 7 month’s supply from 6 (balanced market conditions) and sales to listings ratio of 50% compared to 45% in October, 56% in November 2024, and 43% in November 2023.
Month-over-month, the house price index is down 0.7% and in the last 12 months down 3.7%.
North Vancouver: Total Units Sold in November were 158 down from 188 (16%) in October, down from 159 (1%) in September, up from 139 (14%) in August, down from 173 (9%) in November 2024, and up from 157 (1%) in November 2023; Active Listings were at 863 at month end compared to 716 at that time last year (up 21%) and 1,000 at the end of October (down 14%); the 289 New Listings in November were down 32% compared to October, down 52% compared to September, down 5% compared to August, up 12% compared to November 2024, and up 8% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 55% compared to 44% in October, 67% in November 2024, and 59% in November 2023.
Month-over-month, the house price index is flat and in the last 12 months down 0.7%.
West Vancouver: Total Units Sold in November were 53 down from 58 (9%) in October, up from 52 (2%) in September, up from 43 (23%) in August, up from 45 (18%) in November 2024, and up from 48 (10%) in November 2023; Active Listings were at 681 at month end compared to 645 at that time last year (up 6%) and 761 at the end of October (down 11%); the 116 New Listings in November were down 48% compared to October, down 58% compared to September, down 17% compared to August, down 3% compared to November 2024, and down 18% compared to November 2023. Month’s supply of total residential listings is steady at 13 month’s supply (buyer’s market conditions) and sales to listings ratio of 46% compared to 26% in October, 38% in November 2024, and 34% in November 2023.
Month-over-month, the house price index is up 1.3% and in the last 12 months down 3.0%.
Richmond: Total Units Sold in November were 191 down from 236 (19%) in October, the same as September, down from 223 (14%) in August, down from 234 (18%) in November 2024, and up from 179 (7%) in November 2023; Active Listings were at 1,992 at month end compared to 1,584 at that time last year (up 26%) and 2,137 at the end of October (down 7%); the 436 New Listings in November were down 28% compared to October, down 39% compared to September, down 22% compared to August, down 7% compared to November 2024, and up 8% compared to November 2023. Month’s supply of total residential listings is up to 10 month’s supply from 9 (buyer’s market conditions) and sales to listings ratio of 44% compared to 39% in October, 50% in November 2024, and 44% in November 2023.
Month-over-month, the house price index is up 0.1% and in the last 12 months down 4.6%.
Burnaby East: Total Units Sold in November were 18 down from 32 (44%) in October, down from 34 (47%) in September, down from 21 (14%) in August, down from 38 (53%) in November 2024, and up from 13 (38%) in November 2023; Active Listings were at 189 at month end compared to 144 at that time last year (up 32%) and 212 at the end of October (down 11%); the 33 New Listings in November were down 57% compared to October, down 66% compared to September, down 48% compared to August, down 41% compared to November 2024, and up 10% compared to November 2023. Month’s supply of total residential listings is up to 11 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 55% compared to 42% in October, 68% in November 2024, and 43% in November 2023.
Month-over-month, the house price index is down 0.4% and in the last 12 months down 7.4%.
Burnaby North: Total Units Sold in November were 98 down from 147 (33%) in October, down from 137 (28%) in September, down from 115 (28%) in August, down from 145 (32%) in November 2024, and down from 119 (18%) in November 2023; Active Listings were at 845 at month end compared to 729 at that time last year (up 16%) and 880 at the end of October (down 4%); the 239 New Listings in November were down 28% compared to October, down 37% compared to September, down 7% compared to August, down 9% compared to November 2024, and up 28% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 41% compared to 44% in October, 55% in November 2024, and 64% in November 2023.
Month-over-month, the house price index is down 0.5% and in the last 12 months down 6.6%.
Burnaby South: Total Units Sold in November were 89 down from 104 (14%) in October, down from 96 (7%) in September, down from 103 (14%) in August, down from 134 (34%) in November 2024, and up from 83 (7%) in November 2023; Active Listings were at 773 at month end compared to 597 at that time last year (up 29%) and 814 at the end of October (down 5%); the 190 New Listings in November were down 32% compared to October, down 37% compared to September, down 8% compared to August, up 14% compared to November 2024, and up 14% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 8 (buyer’s market conditions) and sales to listings ratio of 47% compared to 37% in October, 80% in November 2024, and 50% in November 2023.
Month-over-month, the house price index is down 2.4% and in the last 12 months down 7.4%.
New Westminster: Total Units Sold in November were 65 down from 98 (34%) in October, down from 84 (23%) in September, down from 73 (11%) in August, down from 93 (30%) in November 2024, and the same as November 2023; Active Listings were at 556 at month end compared to 464 at that time last year (up 20%) and 596 at the end of October (down 7%); the 134 New Listings in November were down 45% compared to October, down 50% compared to September, down 29% compared to August, down 24% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 49% compared to 40% in October, 53% in November 2024, and 50% in November 2023.
Month-over-month, the house price index is down 0.2% and in the last 12 months down 4.7%.
Coquitlam: Total Units Sold in November were 146 down from 185 (21%) in October, down from 167 (13%) in September, down from 164 (11%) in August, down from 172 (15%) in November 2024, and down from 159 (8%) in November 2023; Active Listings were at 1,269 at month end compared to 1,027 at that time last year (up 24%) and 1,341 at the end of October (down 5%); the 364 New Listings in November were down 31% compared to October, down 36% compared to September, down 14% compared to August, up 16% compared to November 2024, and up 26% compared to November 2023. Month’s supply of total residential listings is up to 9 month’s supply from 7 (buyer’s market conditions) and sales to listings ratio of 40% compared to 35% in October, 55% in November 2024, and 55% in November 2023.
Month-over-month, the house price index is down 0.1% and in the last 12 months down 3.1%.
Port Moody: Total Units Sold in November were 46 down from 65 (29%) in October, the same as September and August, down from 63 (27%) in November 2024, and up from 40 (15%) in November 2023; Active Listings were at 352 at month end compared to 212 at that time last year (up 66%) and 386 at the end of October (down 9%); the 109 New Listings in November were down 40% compared to October, down 43% compared to September, up 28% compared to August, up 36% compared to November 2024, and up 27% compared to November 2023. Month’s supply of total residential listings is up to 8 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 42% compared to 36% in October, 79% in November 2024, and 47% in November 2023.
Month-over-month, the house price index is up 0.3% and in the last 12 months down 2.8%.
Port Coquitlam: Total Units Sold in November were 61 down from 69 (12%) in October, up from 45 (36%) in September, up from 46 (33%) in August, down from 76 (20%) in November 2024, and up from 55 (11%) in November 2023; Active Listings were at 323 at month end compared to 285 at that time last year (up 13%) and 374 at the end of October (down 14%); the 92 New Listings in November were down 39% compared to October, down 49% compared to September, down 24% compared to August, down 16% compared to November 2024, and up 2% compared to November 2023. Month’s supply of total residential listings is steady at 5 month’s supply (balanced market conditions) and sales to listings ratio of 66% compared to 46% in October, 70% in November 2024, and 61% in November 2023.
Month-over-month, the house price index is up 0.6% and in the last 12 months down 3.0%.
Pitt Meadows: Total Units Sold in November were 28 down from 29 (3%) in October, up from 15 (87%) in September, up from 19 (47%) in August, down from 30 (7%) in November 2024, and up from 21 (33%) in November 2023; Active Listings were at 109 at month end compared to 105 at that time last year (up 4%) and 129 at the end of October (down 16%); the 35 New Listings in November were down 26% compared to October, down 33% compared to September, down 22% compared to August, down 16% compared to November 2024, and down 10% compared to November 2023. Month’s supply of total residential listings is steady at 4 month’s supply (seller’s market conditions) and sales to listings ratio of 80% compared to 61% in October, 71% in November 2024, and 53% in November 2023.
Month-over-month, the house price index is down 1.0% and in the last 12 months down 7.8%.
Maple Ridge: Total Units Sold in November were 100 down from 110 (9%) in October, up from 97 (3%) in September, down from 128 (22%) in August, down from 116 (14%) in November 2024, and down from 103 (3%) in November 2023; Active Listings were at 881 at month end compared to 765 at that time last year (up 15%) and 951 at the end of October (down 7%); the 201 New Listings in November were down 31% compared to October, down 39% compared to September, down 17% compared to August, down 8% compared to November 2024, and up 1% compared to November 2023. Month’s supply of total residential listings is steady at 9 month’s supply (buyer’s market conditions) and sales to listings ratio of 49% compared to 37% in October, 52% in November 2024, and 51% in November 2023.
Month-over-month, the house price index is down 1.3% and in the last 12 months down 4.6%.
Ladner: Total Units Sold in November were 27 down from 30 (10%) in October, down from 34 (21%) in September, up from 26 (4%) in August, down from 33 (18%) in November 2024, and up from 21 (29%) in November 2023; Active Listings were at 155 at month end compared to 135 at that time last year (up 15%) and 156 at the end of October (down 1%); the 52 New Listings in November were down 13% compared to October, down 28% compared to September, up 2% compared to August, up 18% compared to November 2024, and up 100% compared to November 2023. Month’s supply of total residential listings is up to 6 month’s supply from 5 (balanced market conditions) and sales to listings ratio of 52% compared to 50% in October, 75% in November 2024, and 81% in November 2023.
Month-over-month, the house price index is down 0.3% and in the last 12 months down 4.6%.
Tsawwassen: Total Units Sold in November were 30 down from 51 (41%) in October, down from 38 (21%) in September, down from 39 (23%) in August, up from 26 (15%) in November 2024, and up from 20 (50%) in November 2023; Active Listings were at 292 at month end compared to 204 at that time last year (up 43%) and 314 at the end of October (down 7%); the 66 New Listings in November were down 29% compared to October, down 35% compared to September, down 19% compared to August, up 50% compared to November 2024, and up 47% compared to November 2023. Month’s supply of total residential listings is up to 10 month’s supply from 6 (buyer’s market conditions) and sales to listings ratio of 45% compared to 55% in October, 59% in November 2024, and 44% in November 2023.
Month-over-month, the house price index is down 0.2% and in the last 12 months down 7.9%.
Fraser Valley: Sales in November were down 16% at 943 compared to October at 1,123 and were down 17% from November 2024 at 1,136. New listings were down 26% at 2,210 from October at 2,967 and down 7% from November 2024 at 2,367. The average price of $1,003,693 was up 2% month-over-month and was down 2% year-over-year. Active listings were down 9% to 9,201 compared to last month at 10,121 and up 13% from November 2024 at 8,125. Month’s supply of total residential listings is up to 10 months supply from 9 (buyer’s market conditions).
Month-over-month, the house price index is down 0.7% and in the last 12 months down 5.9%
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