Although condominium apartment listings edged slightly lower in October 2025, homebuying activity in Greater Vancouver continues to trail year-ago levels. Just over 10,300 units changed hands between January and October of 2025, down 11 per cent from 11,581 sales reported during the same period in 2024. Similar conditions exist in the Fraser Valley market, with apartment sales down over 20 per cent year-over-year, now sitting at slightly more than 3,100.
Uncertainty weighs on demand
Economic uncertainty and the rising cost of living have weighed heavily on demand throughout the year. Inventory levels remain high, driven by an influx of resale apartment listings and new condominium completions. The resulting oversupply will take time to absorb, with year-to-date resale apartment listings approaching 28,500 in October, up from 26,577 one year earlier. Listing inventory has trended higher in the Fraser Valley as well.
Although long-awaited interest rate cuts arrived in 2025, the .75-basis-point reduction in overnight rates this year has yet to move buyer sentiment. Purchasers are seeking broader economic improvement, greater market stability and a more optimistic outlook before re-entering the market. Softer sales are evident across the board, including a decline in the number of top-tier condo properties sold over $3 million in Vancouver.
Well-positioned buyers take advantage of timing
Opportunities exist for those with the wherewithal to make a move—including first-time buyers who have healthy downpayments or upsizing buyers taking advantage of the narrowed gap between the selling price of their existing condo apartment and the purchase price of a strata townhome.
Median selling prices for apartments were down year-to-date in several Greater Vancouver communities, including Burnaby, Coquitlam, Delta South, Maple Ridge/Pitt Meadows, New Westminster, North Vancouver, Port Coquitlam, Port Moody/Belcarra, Richmond, Sunshine Coast, Vancouver East, and West Vancouver/Howe Sound, but up in markets such as Squamish and Whistler/Pemberton, both of which reported an increase in median values. Average price also rose in Fraser Valley’s Mission area, climbing 5.6 per cent $490,172 over year-ago levels.
Investors are expected to remain on the sidelines until demand improves.
Policy changes add future rental supply
In addition to ending most rental and age restrictions in strata buildings, the enactment of Bill 44 is expected to further expand supply of small-scale rental or owner-occupied units by permitting small scale multi-unit housing (SSMUH) on lots zoned for single-family homes. Under the 2023 legislation, municipalities must now allow for multi-unit housing including secondary suites, as well as additional structures such as laneway homes, coach houses, and small multi-plexes.
The timing of the bill aimed to increase the availability of housing coincides with a slowdown in condominium construction. With more developers shifting to purpose-built rentals and planned condominium projects paused or cancelled, the pressure on existing condominium stock in the years ahead could be significant.
Looking ahead to 2026
While 2025 has been marked by caution, rising inventory and subdued sales activity, signs point to a more constructive backdrop in the year ahead. Anticipated improvements in economic performance, the possibility of additional interest rate relief and the gradual absorption of existing supply are expected to support renewed confidence among buyers. As affordability improves and population growth continues to underpin long-term housing demand, both Greater Vancouver and the Fraser Valley are poised for steadier market conditions in the latter half of 2026 and 2027.
