Button CopyPathCircle CloseCircle Left ArrowArrow Down Icon GreyClosecirclecircleBurger
FR

Your personal VOWS Listing Portal is provided by Royal LePage Real Estate Services, Brokerage

Housing Price Report: Greater Vancouver Market Report – Q3 2025

Today, Royal LePage® released its Q3 2025 House Price Survey. Below are highlights from the report for Greater Vancouver, British Columbia, housing market.

  • In Greater Vancouver, the aggregate[1] home price decreased 3.1% year over year to $1,195,500 in Q3 2025, and decreased 1.9% from Q2 2025.
  • The median price of a single-family detached home decreased 2.4% year over year to $1,712,800.
  • The median price of a condominium decreased 3.4% year over year to $742,300.
  • In the city of Vancouver, the aggregate home price decreased 1.9% year over year to $1,383,200 in Q3 2025.
  • In the city of Vancouver, the median price of a single-family detached home decreased 1.8% year over year to $2,203,400, while the median price of a condominium decreased 4.6% year over year to $801,100.
  • Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 2.0% in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect current market conditions.

October 15, 2025 – “The Greater Vancouver market has been lagging behind Toronto in its recovery this year, but that momentum started to turn around over the summer. While sales activity is slowly improving, active listings remain well above historical averages, which continues to place downward pressure on prices – a welcome reprieve for buyers in Canada’s most expensive housing market,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Today, buyers have greater selection and more negotiating power, allowing many to comfortably wait on the sidelines while prices continue to adjust downward. The increase in inventory is also forcing sellers to face reality – properties not priced for the current climate are simply not competitive.”

Ryalls noted that activity is expected to pick up in the final months of the year, with a return to seasonal trends. “Early indicators, including increasing open house traffic and offers being submitted on properties that have been sitting for months, suggest that patient, realistic buyers are starting to engage. While the recent Bank of Canada rate cut did not immediately spur significant demand, a further cut or two could be the psychological trigger needed to bring more buyers off the sidelines, particularly if fixed mortgage rates begin to come down.

“The region traditionally experiences a material drop in new listings at the end of the year. If this holds true, we could enter 2026 with a far more balanced or even constrained inventory level. This, combined with the current trend of sellers pricing more appropriately, sets the stage for a potentially firmer spring market once pent-up demand finally flows in.”

Nationally, the aggregate price of a home in Canada recorded virtually no change in the third quarter of 2025, increasing just 0.1 per cent year over year to $816,500. However, on a quarter-over-quarter basis, the national aggregate home price posted a decline of 1.2 per cent, driven by depreciation in many major markets across the country over the summer.

“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO, Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”

Following a slower-than-usual start to the year, home sales picked up late in the spring and have consistently increased over the last five months, according to the Canadian Real Estate Association (CREA).[2]

“Affordability is improving and the economic backdrop remains remarkably stable, yet consumer confidence is lagging,” said Soper. “Many buyers remain hesitant – some worried about broader economic uncertainty, others waiting to see if prices dip a little further before stepping in.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 1.2 per cent year over year to $860,600, while the median price of a condominium decreased 1.6 per cent to $580,700. On a quarter-over-quarter basis, the median price of a single-family detached home and a condominium declined 1.1 and 1.9 per cent, respectively. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Compared to the peak of pandemic pricing in the spring of 2022, national home prices have come down by approximately five per cent, driven by depreciation in the urban centres of Toronto and Vancouver, where prices are currently sitting more than 12 per cent below the peak. Meanwhile, home prices have continued to appreciate in Quebec, the Prairies and Atlantic Canada.

“Buyer sentiment is being influenced by a complex mix of economic and psychological factors,” said Soper. “Despite materially improved affordability in major cities, many Canadians – particularly younger ones – remain cautious amid high post-pandemic living costs, perceived job uncertainty, and general unease about our economic prospects. It’s understandable that some are waiting before making such a significant purchase.”

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 1.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect price depreciation across Ontario and British Columbia, and slowing growth in other major markets. 

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2025
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2025 

[1] Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

[2] Canadian Home Sales Post Best August in Four Years, September 15, 2025