Greater Vancouver Region Housing & Rental Market Update – Fall 2025
(Including Richmond, Burnaby, Delta, Coquitlam, Surrey, North Vancouver & West Vancouver)
The Greater Vancouver real estate and rental markets have gone through a major shift in 2025. After years of sky-high prices and rent bidding wars, the region is now seeing softer prices, more inventory, and changing dynamics between buyers, sellers, landlords, and tenants. Here’s the latest snapshot as of September 2025.
Market Price Trends – Housing
Home prices across Metro Vancouver are cooling.
- The benchmark home price sits at $1,165,300 as of August 2025 – down 2.7% year-over-year and 0.7% month-over-month.
- Detached homes average $1,974,400 (-3.6% YoY), apartments are $743,700 (-3.2% YoY), and townhomes are $1,099,200 (-2.3% YoY).
- Burnaby, Richmond, Surrey, Coquitlam, and the North Shore are all following this downward trend, with both detached and condo prices softening.
Sales activity remains sluggish:
- Only 2,286 sales were recorded in July 2025, down 2% year-over-year and nearly 14% below the 10-year average.
- With inventory climbing, sellers are competing harder for buyers.
- The sales-to-active listings ratio is 13.8% — barely above buyer’s market territory.
Housing Listings – Plenty of Choice for Buyers
If you’re house-hunting, you now have more options than at any time in the past decade.
- July 2025: 17,168 active listings (up 19.8% YoY, and 40% above the 10-year average).
- August 2025: 16,242 listings (up 18% YoY, and 37% above the 10-year average).
The surge in inventory means buyers can afford to be pickier, while sellers may need to adjust expectations.
Rental Market – Prices Finally Easing
The rental market is also shifting in renters’ favour.
- The average 1-bedroom unfurnished unit rents for $2,206 (August 2025) — a 7.2% drop from last year.
- The sharpest declines were seen in Langley (-13.1%), Burnaby (-10.6%), West Vancouver (-12.5%), and Surrey (-11.2%).
Supply is high:
- 72.6% of all active rentals are apartments, with one-bedrooms making up over half of listings.
- Renters now have more choice, putting downward pressure on asking rents.
Landlord Concerns – Rent Non-Payment on the Rise
While renters are finding relief, some landlords are facing challenges:
- Industry reports suggest rent non-payment cases are increasing, with slower eviction timelines adding stress for small landlords.
- Legal delays mean some owners are stuck carrying mortgage costs without rent coming in.
- Still, the majority of tenants remain reliable, and rental demand near transit and amenities continues to be strong.
Market Outlook – What to Expect in 2026
Looking ahead, most forecasts point to a period of stabilization:
- Home prices are expected to soften slightly through the end of 2025, then level off in mid-to-late 2026 as interest rates ease.
- Rental prices may dip a bit further due to oversupply, but should stabilize by next year once the market absorbs the extra inventory.
Quick Snapshot by Area (Sept 2025)
| Area | Home Price YoY | Rental Price YoY | Active Listings | 2026 Outlook |
|---|---|---|---|---|
| Vancouver | -2% to -3% | -7% to -10% | 16,242+ | Further softening, then stable |
| Richmond | Similar to Van | Similar to Van | Incl. above | Drops then stabilize |
| Burnaby | Similar to Van | -10%+ | Incl. above | Cautious optimism |
| Delta | Similar to Van | Drop | Incl. above | Stabilizing |
| Coquitlam | Similar to Van | Drop | Incl. above | Stabilizing |
| Surrey | Similar to Van | -11%+ | Incl. above | Stabilizing |
| N/West Van. | Similar to Van | -3% to -12% | Incl. above | Stabilizing |
Final Takeaway
2025 has been a year of reset for Greater Vancouver’s housing and rental markets. Buyers and renters finally have more leverage after years of competition, while sellers and landlords face tougher conditions.
If you’re thinking of buying, selling, or renting, the next several months could bring more favourable deals, but many analysts expect the pendulum to swing back toward stability in 2026 as the market rebalances.
Key Sources:
- July 2025 Greater Vancouver Realtors Statistics (Benchmark prices, sales, inventory):
https://www.vancouvernewcondos.com/july-2025-greater-vancouver-realtors-statistics/ - September 2025 Market/Inventory Analysis:
https://solutionsreg.com/blog.html/september-2025-market-update-inventory-peaks-buyers-gain-control-8817888 - August 2025 Metro Vancouver Rent Report (rental prices, active listings):
https://liv.rent/blog/rent-reports/august-2025-metro-vancouver-rent-report/ - Additional Rental/Landlord Commentary:
https://learn.openroom.ca/post/how-shifting-rental-market-trends-are-impacting-tenants-and-landlords-in-canada - 2026 Market Forecast (recovery outlook):
https://www.kelownarealestate.com/blog-posts/british-columbia-housing-market-poised-for-recovery-in-2026
Disclaimer:
The information provided in this article is based on our research from publicly available sources and market reports. While we strive for accuracy, we do not guarantee the completeness or correctness of the information. Readers are encouraged to conduct their own research and consult with qualified professionals before making any real estate or financial decisions. We do not assume any liability for actions taken based on the content of this article.
