The Metro Vancouver housing market in October showed continued signs of cooling, creating increasingly favorable conditions for buyers. Sales activity declined significantly while inventory levels remained elevated compared to historical norms.
Sales Activity
Residential sales totaled 2,255 units, marking a 14.3% drop from October 2024's 2,632 transactions. This also fell 14.5% below the ten-year seasonal average of 2,638 sales. The slowdown persisted despite the Bank of Canada implementing its fourth policy rate cut of the year, suggesting buyer hesitation remains strong.
nventory Levels
New listings came in at 5,438 properties, roughly flat compared to last year (down just 0.3%), but running 16.3% above the decade-long average. Total active listings reached 16,393 units—up 13.2% year-over-year and 35.9% above the ten-year average. This represents the highest inventory accumulation the market has seen in several years.
Market Balance
The overall sales-to-active listings ratio sits at 14.2%, with detached homes at 11.3%, attached at 17.6%, and apartments at 15.5%. These ratios indicate downward price pressure, particularly for detached properties which have dipped into buyer's market territory (below the 12% threshold).
Pricing Trends
The MLS® benchmark price across all property types is $1,132,500, down 3.4% from last October and 0.8% from September. Breaking it down by segment:
- Detached homes: $1,916,400 (-4.3% YoY, -0.9% MoM) with 693 sales
- Apartments: $718,900 (-5.1% YoY, -1.4% MoM) with 1,071 sales
- Attached homes: $1,066,700 (-3.8% YoY, -0.3% MoM) with 477 sales
Outlook
With no additional rate cuts anticipated for the remainder of 2025, current conditions appear to represent the most buyer-friendly environment we've seen all year. The combination of moderating prices, elevated inventory, and stabilized borrowing costs provides notable negotiating leverage for purchasers.