Highlights of Dexter’s December 2025 report
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Positive signs as 2025 came to a close
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Don’t wait for the rates
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Active listings down to 11,000 from the peak of 17,500
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Low sales levels show increased pent-up demand
December Market Analysis: Stability, Selective Strength, and a Foundation for 2026
December is rarely a month that defines a market. It reflects sentiment more than momentum, discipline more than urgency. This year was no different. Across Metro Vancouver, December activity cooled as expected, but beneath the seasonal slowdown lies a market that is quietly stabilizing, selectively strengthening, and positioning itself for a more active year ahead.
Sales slowed month-over-month across most regions, but that headline masks a far more important story: inventory contracted sharply, new listings fell dramatically, and sales-to-listings ratios rebounded. Total Active listings declined 29% from the peak in June. Over the last three years, total listings peaked in the fall, except for this year. A sign of some seller resistance in taking part in this market. For buyers, the time is now to take advantage of the opportunity that still exists. These are not the signs of a weakening market, moreover they are the early mechanics for returning balance after years of uncertainty.
Greater Vancouver Overview: Seasonal Level of Transactions, Healthier Structure
Total residential sales across Greater Vancouver reached 1,537 units in December, down 17% from November and well below the October peak in the fall market. Total sales in Greater Vancouver finished with 23,800 for the year, the lowest since 21,950 in 2,000. At the turn of the century, there were a lot few homes and people to buy them. A telling number that means there are a lot of people who have held off making a move and are ready to do so.
The decline in December, however, aligns almost perfectly with historical December patterns and should not be interpreted as fading demand. In fact, sales were 14% higher than December 2023, confirming that buyer participation remains meaningfully stronger than it was two years ago even though it was down 13% from a year ago.
Greater Vancouver sales in December were 18% below the 10-year average, after November was 21% below the 10-year average. This wasn’t a slow December compared to what’s typical for the month, and perhaps with milder weather in January, the market will heat up sooner rather than later.
The more telling data is the timing of sales.
The more significant number to look at is the comparison from the spring and fall markets. Typically, total sales in the first six months far exceed the last six months. In 2025, Greater Vancouver sales were only 2% higher in the first six months, compared to 2024 with 10% in the first six months, 2023 with 24% in the first six months and 2022 with 82% in the first six months (although attributed to the sudden rise in interest rates at the end of the first half of the year). The only year like this was 2019 with has 25% fewer sales in the first six months. After 2 down years, a recovery began in late 2019 only to be interrupted by the pandemic. This could point to improving market conditions.
The supply side tells its own compelling story.
Active listings ended the month at 12,550, down a significant 17% from November, even though inventory remains 15% higher year-over-year. This contraction is important. It shows sellers stepping back and not just seasonally, not flooding the market, while buyers continued to transact at the same pace through the fall.
New listings tell the same story. Just 1,905 properties came to market in December which was down nearly 50% from November and more than 65% from early fall levels. While seasonal, this drop reinforces a broader theme. And opposite to the breakdown in sales over the year, 37% of new listings occurred in the first six months, compared to 22% in 2024 and 13% in 2023. Sellers held back as the year progressed, which contributed to the decline in active listings. Buyer choice decreased, which will slow the decline of prices.
The number of new listings in November were 11% above the 10-year average after November was 3% above, October at 16%, and September at 20%. November and December showed a decline in Seller activity in the market, which resulted in the steep decline of new listings. Savy buyers will take advantage before more buyer competition in the market and less choice.
By numbers the region remained at 8 months’ supply, with December typically seeing a rise in that number due to the seasonal nature of a slower market. Still on the border of a balanced to buyer’s market.
Vancouver Westside: Quiet Strength Beneath the Surface
Vancouver’s Westside followed the seasonal script, with 287 sales in December, down from November and October but still 22% higher than December 2023. Activity slowed, but it did not disappear—and that distinction matters.
Active listings fell 18% month-over-month to 2,366, leaving inventory essentially unchanged year-over-year. This is not excess supply building; it’s a market finding equilibrium.
The Westside remains selective, not stagnant. Buyers are cautious, but motivated. Sellers are patient, but realistic. That’s how stable markets behave.
Vancouver East: Stabilizing After a Reset
The East Side of Vancouver experienced a more pronounced slowdown in December sales, finishing the month at 158 transactions. While down from recent months, sales were still 7% higher than December 2023, confirming a floor under demand.
Inventory tightened meaningfully, with active listings dropping 18% from November. New listings also fell sharply yet remained well above year-ago levels, evidence of renewed seller confidence compared to last winter.
The Suburb Story
With just five months of inventory, North Vancouver sits squarely in balanced market territory. The sales-to-listings ratio surged to 110%, signaling competition on the right properties and renewed urgency among buyers. This is not a market waiting for clarity—it already has it.
Richmond posted 165 December sales, down from earlier months and well below year-ago levels. Inventory remains elevated, with 11 months of supply. This is a market transitioning from oversupply toward normalization. Momentum is slow—but direction matters more than speed.
Burnaby continues to behave as several distinct markets rather than one. Burnaby North posted a strong December, with sales up 15% month-over-month and inventory dropping significantly. Months of supply fell to 6, and the sales-to-listings ratio climbed to 90%. Burnaby South showed improving balance, with inventory declining and ratios rebounding into the low 80s. Burnaby East remains slower, but even there, inventory is contracting and year-over-year listing growth suggests confidence is returning. Overall, Burnaby’s trajectory is improving, led by transit-oriented and well-priced segments.
New Westminster is one of the most encouraging stories in December. Sales increased month-over-month and were 46% higher than December 2023. Inventory dropped sharply, months of supply declined to 6, and the sales-to-listings ratio rose to 89%.
The Tri-Cities: Clear Signs of Recovery.
Across Coquitlam, Port Moody, and Port Coquitlam, December data points to strengthening fundamentals. Coquitlam saw sales rise year-over-year, inventory fall, and months of supply improve to 7. Port Moody stood out with sales doubling year-over-year and inventory contracting sharply, settling into balanced conditions. Coquitlam remains stable, with improving ratios and steady demand.
Maple Ridge and Pitt Meadows experienced slower December volumes, but inventory tightened and ratios improved. These areas often lag during seasonal slowdowns but respond quickly when confidence returns. Ladner remains challenged with elevated supply and saw extremely low levels of sales in December, while Tsawwassen showed meaningful improvement, with sales up strongly year-over-year and months of supply declining.
Fraser Valley Listings sees Massive Drop to Finish 2025
Much like Greater Vancouver, The Fraser Valley experienced one of the slowest years for sales in decades. With 943 sales in December, they were down 3% from November and down 8% from December 2024. Like Greater Vancouver, sales were up from December 2023 at 10% higher. The biggest surprise though came on the inventory side where the total number of active listings finished 25% lower in December compared to November, only 10% higher from the end of 2024. This tightening supply will help to stabilize the market in the Fraser Valley.
With the reduction of inventory, months of supply in the Fraser Valley dropped down to 8 months compared to 10 in November, closer to balance than we’ve seen through 2025. A positive sign to start the year, especially with Surrey showing the best improvement in December.
The Bigger Picture: December Did Its Job
December did exactly what December is supposed to do: slow the market down, clear excess, and reset expectations.
What matters is what didn’t happen: Inventory did not surge and demand did not disappear. Instead, the market quietly absorbed listings, and entered the new year with leaner supply and stronger ratios. That is not a fragile setup. It’s a constructive one.
As we move into 2026, the groundwork is being laid for a more active spring, one driven not by speculation or urgency, but by confidence, affordability adjustments, and a growing acceptance that the market has already done most of its correcting.
Markets don’t need fireworks to turn. Sometimes they just need December to be December.
Here’s a summary of the numbers:
Greater Vancouver: Total Units Sold in December were 1,537, down from 1,846 (17%) in November, down from 2,255 (32%) in October, down from 1,875 (18%) in September, down from 1,765 (13%) in December 2024, and up from 1,345 (14%) in December 2023; Active Listings were at 12,550 at month end compared to 10,948 at that time last year (up 15%) and 15,149 at the end of November (down 17%); the 1,905 New Listings in December were down 49% compared to November, down 65% compared to October, down 71% compared to September, up 10% compared to December 2024, and up 41% compared to December 2023.
Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 49% in November, 102% in December 2024, and 99% in December 2023.
Vancouver Westside: Total Units Sold in December were 287, down from 363 (21%) in November, down from 403 (29%) in October, down from 316 (9%) in September, down from 307 (7%) in December 2024, and up from 235 (22%) in December 2023; Active Listings were at 2,366 at month end compared to 2,396 at that time last year (down 1%) and 2,396 at the end of November (down 18%); the 317 New Listings in December were down 55% compared to November, down 70% compared to October, down 74% compared to September, down 4% compared to December 2024, and up 28% compared to December 2023.
Month’s supply of total residential listings is steady at 8 month’s (buyer’s market conditions) and sales to listings ratio of 81% compared to 51% in November, 93% in December 2024, and 95% in December 2023.
Vancouver East Side: Total Units Sold in December were 158, down from 210 (25%) in November, down from 269 (41%) in October, down from 208 (24%) in September, down from 198 (20%) in December 2024, and up from 148 (7%) in December 2023; Active Listings were at 1,242 at month end compared to 1,151 at that time last year (up 8%) and 1,517 at the end of November (down 18%); the 219 New Listings in December were down 48% compared to November, down 64% compared to October, down 73% compared to September, up 18% compared to December 2024, and up 48% compared to December 2023.
Month’s supply of total residential listings is up to 8 month’s from 7 (buyer’s market conditions) and sales to listings ratio of 72% compared to 50% in November, 107% in December 2024, and 100% in December 2023.
North Vancouver: Total Units Sold in December were 125, down from 158 (21%) in November, down from 188 (34%) in October, down from 159 (21%) in September, down from 138 (9%) in December 2024, and up from 106 (18%) in December 2023; Active Listings were at 625 at month end compared to 532 at that time last year (up 17%) and 863 at the end of November (down 28%); the 114 New Listings in December were down 61% compared to November, down 73% compared to October, down 81% compared to September, up 33% compared to December 2024, and up 14% compared to December 2023.
Month’s supply of total residential listings is steady at 5 month’s (balanced market conditions) and sales to listings ratio of 110% compared to 55% in November, 131% in December 2024, and 106% in December 2023.
West Vancouver: Total Units Sold in December were 28, down from 53 (47%) in November, down from 58 (52%) in October, down from 52 (46%) in September, down from 39 (28%) in December 2024, and down from 41 (32%) in December 2023; Active Listings were at 573 at month end compared to 546 at that time last year (up 5%) and 681 at the end of November (down 16%); the 64 New Listings in December were down 45% compared to November, down 71% compared to October, down 77% compared to September, down 18% compared to December 2024, and up 19% compared to December 2023.
Month’s supply of total residential listings is up to 20 month’s from 13 (buyer’s market conditions) and sales to listings ratio of 44% compared to 46% in November, 50% in December 2024, and 76% in December 2023.
Richmond: Total Units Sold in December were 165, down from 191 (14%) in November, down from 236 (30%) in October, down from 191 (14%) in September, down from 235 (30%) in December 2024, and down from 169 (2%) in December 2023; Active Listings were at 1,781 at month end compared to 1,351 at that time last year (up 32%) and 1,992 at the end of November (down 11%); the 265 New Listings in December were down 39% compared to November, down 56% compared to October, down 43% compared to September, up 36% compared to December 2024, and up 64% compared to December 2023.
Month’s supply of total residential listings is up to 11 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 62% compared to 44% in November, 121% in December 2024, and 104% in December 2023.
Burnaby East: Total Units Sold in December were 15, down from 18 (17%) in November, down from 32 (53%) in October, down from 34 (56%) in September, down from 21 (39%) in December 2024, and down from 18 (17%) in December 2023; Active Listings were at 155 at month end compared to 116 at that time last year (up 34%) and 189 at the end of November (down 18%); the 26 New Listings in December were down 21% compared to November, down 66% compared to October, down 73% compared to September, up 8% compared to December 2024, and up 117% compared to December 2023.
Month’s supply of total residential listings is down to 10 month’s from 11 (buyer’s market conditions) and sales to listings ratio of 58% compared to 55% in November, 88% in December 2024, and 150% in December 2023.
Burnaby North: Total Units Sold in December were 113, up from 98 (15%) in November, down from 147 (23%) in October, down from 137 (18%) in September, down from 130 (13%) in December 2024, and up from 91 (24%) in December 2023; Active Listings were at 691 at month end compared to 595 at that time last year (up 16%) and 845 at the end of November (down 18%); the 125 New Listings in December were down 48% compared to November, down 62% compared to October, down 67% compared to September, down 9% compared to December 2024, and up 60% compared to December 2023.
Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 90% compared to 41% in November, 94% in December 2024, and 117% in December 2023.
Burnaby South: Total Units Sold in December were 85, down from 89 (4%) in November, down from 104 (18%) in October, down from 96 (11%) in September, down from 97 (12%) in December 2024, and up from 79 (8%) in December 2023; Active Listings were at 639 at month end compared to 493 at that time last year (up 30%) and 773 at the end of November (down 16%); the 102 New Listings in December were down 66% compared to November, down 64% compared to October, down 66% compared to September, up 21% compared to December 2024, and up 36% compared to December 2023.
Month’s supply of total residential listings is down to 8 month’s from 9 (buyer’s market conditions) and sales to listings ratio of 83% compared to 47% in November, 115% in December 2024, and 105% in December 2023.
New Westminster: Total Units Sold in December were 67, up from 65 (3%) in November, down from 98 (32%) in October, down from 84 (20%) in September, down from 96 (30%) in December 2024, and up from 46 (46%) in December 2023; Active Listings were at 430 at month end compared to 360 at that time last year (up 19%) and 556 at the end of November (down 23%); the 75 New Listings in December were down 40% compared to November, down 69% compared to October, down 62% compared to September, up 12% compared to December 2024, and up 92% compared to December 2023.
Month’s supply of total residential listings is down to 6 month’s from 9 (balanced market conditions) and sales to listings ratio of 89% compared to 49% in November, 143% in December 2024, and 118% in December 2023.
Coquitlam: Total Units Sold in December were 149, up from 146 (2%) in November, down from 185 (19%) in October, down from 167 (11%) in September, up from 128 (16%) in December 2024, and up from 119 (25%) in December 2023; Active Listings were at 1,062 at month end compared to 867 at that time last year (up 22%) and 1,269 at the end of November (down 16%); the 172 New Listings in December were down 53% compared to November, down 67% compared to October, down 70% compared to September, up 11% compared to December 2024, and up 100% compared to December 2023.
Month’s supply of total residential listings is down to 7 month’s from 9 (balanced market conditions) and sales to listings ratio of 87% compared to 40% in November, 83% in December 2024, and 138% in December 2023.
Port Moody: Total Units Sold in December were 50, up from 46 (9%) in November, down from 65 (23%) in October, up from 46 (9%) in September, up from 29 (72%) in December 2024, and up from 25 (100%) in December 2023; Active Listings were at 261 at month end compared to 155 at that time last year (up 68%) and 352 at the end of November (down 26%); the 56 New Listings in December were down 49% compared to November, down 69% compared to October, down 71% compared to September, up 107% compared to December 2024, and up 75% compared to December 2023.
Month’s supply of total residential listings is down to 5 month’s (balanced market conditions) and sales to listings ratio of 89% compared to 42% in November, 107% in December 2024, and 78% in December 2023.
Port Coquitlam: Total Units Sold in December were 43, down from 61 (30%) in November, down from 69 (38%) in October, down from 45 (4%) in September, down from 51 (16%) in December 2024, and up from 36 (19%) in December 2023; Active Listings were at 258 at month end compared to 237 at that time last year (up 9%) and 323 at the end of November (down 20%); the 57 New Listings in December were down 38% compared to November, down 62% compared to October, down 69% compared to September, up 14% compared to December 2024, and up 46% compared to December 2023.
Month’s supply of total residential listings is up to 6 month’s (balanced market conditions) and sales to listings ratio of 75% compared to 66% in November, 102% in December 2024, and 92% in December 2023.
Pitt Meadows: Total Units Sold in December were 16, down from 28 (43%) in November, down from 29 (45%) in October, up from 15 (7%) in September, down from 28 (43%) in December 2024, and down from 19 (16%) in December 2023; Active Listings were at 83 at month end compared to 68 at that time last year (up 22%) and 109 at the end of November (down 24%); the 12 New Listings in December were down 65% compared to November, down 74% compared to October, down 77% compared to September, up 9% compared to December 2024, and down 14% compared to December 2023.
Month’s supply of total residential listings is up to 5 month’s from 4 (balanced market conditions) and sales to listings ratio of 133% compared to 61% in November, 254% in December 2024, and 135% in December 2023.
Maple Ridge: Total Units Sold in December were 78, down from 100 (22%) in November, down from 110 (29%) in October, down from 97 (20%) in September, down from 112 (30%) in December 2024, and down from 100 (22%) in December 2023; Active Listings were at 746 at month end compared to 611 at that time last year (up 22%) and 881 at the end of November (down 15%); the 100 New Listings in December were down 50% compared to November, down 66% compared to October, down 70% compared to September, up 11% compared to December 2024, and down 2% compared to December 2023.
Month’s supply of total residential listings is down to 7 month’s from 7 (balanced market conditions) and sales to listings ratio of 78% compared to 49% in November, 124% in December 2024, and 98% in December 2023.
Ladner: Total Units Sold in December were 7, down from 27 (74%) in November, down from 30 (77%) in October, down from 34 (79%) in September, down from 15 (20%) in December 2024, and down from 12 (50%) in December 2023; Active Listings were at 132 at month end compared to 117 at that time last year (up 13%) and 155 at the end of November (down 15%); the 12 New Listings in December were down 77% compared to November, down 80% compared to October, down 83% compared to September, down 20% compared to December 2024, and down 14% compared to December 2023.
Month’s supply of total residential listings is up to 19 month’s from 6 (buyer’s market conditions) and sales to listings ratio of 58% compared to 52% in November, 93% in December 2024, and 86% in December 2023.
Tsawwassen: Total Units Sold in December were 29, down from 30 (3%) in November, down from 51 (43%) in October, down from 38 (24%) in September, up from 21 (38%) in December 2024, and up from 21 (38%) in December 2023; Active Listings were at 245 at month end compared to 181 at that time last year (up 35%) and 292 at the end of November (down 16%); the 23 New Listings in December were down 65% compared to November, down 75% compared to October, down 77% compared to September, down 8% compared to December 2024, and up 28% compared to December 2023.
Month’s supply of total residential listings is down to 8 month’s from 10 (buyer’s market conditions) and sales to listings ratio of 126% compared to 45% in November, 84% in December 2024, and 117% in December 2023.
Fraser Valley: Sales in December were down 3% at 919 compared to November at 943 and were down 8% from December 2024 at 994. New listings were down 39% at 1,350 from November at 2,210 and down 5% from December 2024 at 2,101. The average price of $993,519 was down 1% month-over-month and was down 5% year-over-year. Active listings at 6,965 were down 24% compared to last month at 9,201 and up 11% from December 2024 at 6,285.
Month’s supply of total residential listings is down to 8 months supply from 10 (buyer’s market conditions).
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