Vancouver Housing Market Report
- The average home price in Greater Vancouver was $1,253,274, which increased by 0.1% annually and by 2.2% monthly from August 2025.
- In September 2025, the benchmark price of homes in Metro Vancouver was $1,142,100, representing a 3.2% yearly decrease and a 0.7% monthly decrease.
- Vancouver's benchmark home price has risen by 40% over the past 10 years but remains 9.3% below the all-time high of $1,259,900 set in April 2022.
- Detached home average price decreased by 2.9% year-over-year to $2.13M.
- Attached home average price increased by 2.4% year-over-year to $1.22M.
- Condo apartment average price decreased by 0.6% year-over-year to $762k.
- October 27, 2025 Update: Today’s lowest mortgage rate in Vancouver is 3.79% for 5-Year Variable.
Greater Vancouver Housing Market Overview
Market Snapshot (September 2025)
Benchmark Home Price | $1,142,100 | -0.7% 1-Month Change | -3.2% 1-Year Change |
Average Home Price | $1,253,274 | +2.2% 1-Month Change | +0.1% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Home Prices by Property Type
In September 2025, the average home price in Greater Vancouver was $1,253,274. The average sale price of detached houses increased by 10% from August 2025 to reach $2,127,020, representing a yearly decrease of 2.9%. The average price of an attached house in Greater Vancouver rose by 2.4% relative to last September to reach $1,218,206, which is unchanged from August. Apartment average prices declined by 0.6% YoY to $762,156, which is 6.2% lower than last month.
The benchmark price of homes in Metro Vancouver was $1,142,100 in September 2025, a 3.2% decrease year-over-year and a 0.7% monthly decline. Benchmark prices of detached houses in Vancouver declined 4.4% over the past year and 0.9% over the past month to reach $1,933,100 for September 2025. Vancouver's attached home (townhouse) benchmark price is $1,069,800, down 2.7% year-over-year and down 0.9% month-over-month in September 2025. Apartment benchmark prices decreased 4.3% year-over-year and 0.7% month-over-month to $728,800.
Greater Vancouver Area Breakdown by Region for September 2025
Sales & Inventory
In September 2025, 1,875 Vancouver homes were sold, a 1.2% increase from September 2024. These included 552 detached, 356 attached, and 954 apartments, plus 13 other property types, for a total of 1,875. Metro Vancouver's housing market had 17,079 active listings at the end of September 2025, up 14.4% from last year. Inventory increased from 16,242 in August and remains well above the 10-year seasonal average of 12,553.
The 6,527 new listings this month represent a 6.2% increase year over year, and the 1,875 home sales this month are 1.2% higher year over year. These numbers put Vancouver's sales-to-active listings ratio at 11.3% for September 2025, compared with 12.4% for August 2025.
Vancouver's sales-to-new listings ratio (SNLR) was 29% for September, together with the sales‑to‑active listings ratio of 11.3%, they both indicate a buyer’s market. Historically downward pressure on home prices occurs when sales-to-active listings ratio dips below 12% for a sustained period.
Vancouver Home Prices
Vancouver benchmark home prices have increased by 225% since January 2005. This translates into a cumulative annual growth rate (CAGR) of 5.8%.
Long-Term Trends
Metro Vancouver remains one of the most expensive housing markets in Canada. Vancouver has been a pricey housing market for many years, and its current benchmark price has increased by merely 13% over the past nine years, compared with approximately 28% inflation. This decline in real home prices has occurred despite an increase in population.
Greater Vancouver Population Chart
Vancouver vs Toronto
Toronto’s competition with Vancouver regarding home unaffordability is relatively recent, as Greater Toronto home prices have climbed by 35% over the past nine years to reach $960,300 in September 2025. This nine-year growth translates into a CAGR of 3.4% (which does not include the potential rent received or the expenses paid). This 9-year growth is despite a 25% price decline from the peak of $1,281,900 in Toronto benchmark home prices in February 2022. Given that Vancouver began its restrictive zoning at least two decades before Toronto, it is no surprise that Vancouver became an unaffordable city much earlier than Toronto.
Long Term Trend
Over the past 20 years, the 196% growth in Vancouver home prices has been much faster than either the 53% inflation rate or wage growth. In other words, building houses (producing shelter) has been more difficult than making most other goods and services. Many claim that land is a limited resource, and thus, house building faces a natural limitation. This is incorrect, as there is no natural limitation on increasing population density.
For example, the population density in the Vancouver metropolitan area is around 1,150/km2, while the population density in the city-state of Singapore is 8,500/km2. So, land is not the limiting factor for sheltering people. In cities like Vancouver, the primary constraint on new housing is not land scarcity but restrictive municipal zoning and development regulations. The impact of these regulations has been quantified in the "Municipal Land Use and Regulation Survey."
Macroeconomics Factors
Heightened economic uncertainty stemming from trade tensions between Canada and the United States is impacting Canadian housing markets across multiple regions. A deterioration in cross-border trade relations reduces consumer confidence and business investment. This leads to slower (or negative) job growth in trade-dependent sectors, potentially dampening housing demand and putting downward pressure on sales volumes and property values. The effects would likely be most pronounced in regions with economies closely tied to U.S. trade, such as Ontario's manufacturing corridor and British Columbia's lumber industry. While the full impact remains unclear, prudent investors and homeowners have become very hesitant about making risky investments. As a result, most pricy housing markets have softened while more affordable markets remain active and their prices are growing.
In September 2025, with the Bank of Canada having cut rates by 2.5% over the past 1.5 years, monetary policy's influence on housing appears to wane. A more stable market has shifted the focus toward housing's intrinsic value, with less influence from speculative sentiment or FOMO (fear of missing out).
While monetary policy impacts all of Canada, real estate remains highly local. Ontario and BC, which heavily influence national price trends, saw housing bubbles fueled by ultra-low interest rates post-2008 and during the pandemic.
With continued rate cuts since June 2024, variable mortgage rates are expected to decline further through 2025, while fixed rates appear close to their bottom for this cycle due to their forward-looking nature. However, this is unlikely to reignite price surges in southern Ontario and BC, where home values remain unsustainably high, even with lower borrowing costs.
Regulatory & Structural Constraints
Over the past few decades, municipal restrictions on housing supply have kept availability low while investors leveraged borrowing to acquire more properties. This occurred despite Ontario and British Columbia prioritizing tenant security over landlord property rights. The belief in perpetual home price appreciation gave mortgage rates a key role in shaping the market. However, recent volatility challenges this assumption, encouraging more disciplined borrowing and reducing monetary policy's influence on housing.
Home Prices in Vancouver
Metro Vancouver Housing Market Statistics for All Property Types
Average Sold Price and Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Attached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Condo Apartments in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view and tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Real Estate Board of Greater Vancouver (REBGV) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.