This isn’t a “here’s what the market will do” post. It’s a “here’s what I’m paying attention to” post. Because 2025 was weird in a very specific way: sellers showed up, buyers didn’t. Or more accurately, buyers showed up… and then stalled out.
GVR’s year-end report basically confirms what everyone already guessed. 2025 finished with the lowest annual sales total in over two decades, while listing activity hit record territory (the highest total of listings since the mid-1990s).
That combination is why so many people felt like the market was slow, even when plenty of homes were for sale.
A few 2025 facts that actually matter (and I’m keeping this short)
Sales in Metro Vancouver totalled 23,800 in 2025, down from 2024 (not a good year itself) and well below the 10-year average.
New listings totalled 65,335 in 2025 and were described by GVR as the highest since the 1990s (though this is a bit of an odd metric, as we also have many more condos you can buy in 2026 than were available in the 1990s).
Prices eased across property types, and borrowing costs fell nearly one full percentage point over the year.
My take:
2025 wasn’t a “no one can afford anything” year. It was a “no one wants to feel stupid” year. People could buy. They just didn’t want to buy the wrong thing at the wrong price.
What I’m actually watching in 2026. This is always what I watch, so that part is no different from any other year.
The sales-to-active listings ratio (because it’s the closest thing to a pressure gauge)
GVR spells this out pretty plainly: when the sales-to-active listings ratio sits below 12% for a sustained period, prices usually feel downward pressure; when it’s above 20% for several months, you tend to see upward pressure.
December finished around the low-teens overall, with detached below that 12% line and attached/condos higher. What this means is we’re not in “panic buy” territory. But we’re also not in “nothing sells” territory. It’s a market that picks favourites.
Stats Centre sales-to-actives chart, click the link for the most up-to-date live version of these stats. This is a 12-month rolling average, individual months often have a large amount of variability: https://statscentre.gvrealtors.ca/infoserv/s-v1/VdYr-wnI
Lower Lonsdale condos (still one of the tighter pockets)
If you made me pick one area in North Van that keeps acting healthier than people expect, it’s Lower Lonsdale condos. I live here myself – it’s simply a great area with the conveniences of downtown without a lot of the downtown problems.
The simple reasons:
people genuinely want the walkability (SeaBus, Shipyards, errands without a car)
the buyer pool is steady
The good Lower Lonsdale condos (light, view, layout, reasonable exposure, no obvious building headaches) still get traction. The compromised ones still sell too, but they stop being cute compromises and start being price deductions.
The Gap Between A-listings vs B-listings
In 2021, people bought B listings at A prices because they had to. In 2025, they didn’t. And in 2026, I think buyers will even less willing to shell out money for B-listings.
A listings:
decent light, good exposure, good/great views
awesome layouts
strata/building feels normal and maintained
B listings aren’t bad. They just come with something you have to talk yourself into: traffic, darkness, awkward layout, tired building, unclear records, weird access, you name it.
In 2026, B listings will still sell. Just not on the seller’s schedule unless they’re priced correctly.
Sellers who “test the market” …don’t bother
This is the part that sounds harsh, but it’s true: “testing the market” is usually just paying for your own market research. When inventory is plentiful, buyers don’t negotiate you down politely; they do it ruthlessly (if at all). Then they move on. Then your listing sits. Then price gets cut, often to below the original “lowball” offer, which in retrospect often is a fair offer, the listing is just way overpriced. Then the listing has a story. In 2025, I frequently saw this occur, and I don’t expect 2026 will be much different.
The sellers who do well in 2026 will be the ones who price it like they actually want it sold, not like they want to see if someone bites.
do good listings get clean offers, or does everything become a grind?
do price reductions become less common, or do they stack up?
which listings are actually coming on at a good price out of the gate?
does detached stay softer while condos/townhomes carry activity?
Reference links
GVR Year-End / December 2025 stats package (PDF):
https://members.gvrealtors.ca/news/GVR-Stats-Package-December-2025.pdf
Stats Centre sales-to-actives chart:
https://statscentre.gvrealtors.ca/infoserv/s-v1/VdYr-wnI
Lower Lonsdale condo tips on how one block changes light, street noise, and resale. Notes on Esplanade, 3rd Ave, and Lonsdale exposure.