December 2025 Vancouver Real Estate Market Update (Downtown, West End & English Bay)

Quick take: The month wrapped much like the last few, lots of selection, calmer sales, and prices nudging gently lower. Buyers have time to breathe sellers who price to today’s market are still getting deals done.

Vancouver at a glance (latest available month: November 2025)

• Sales: 1,846 homes

• New listings: 3,674

• Active listings: 15,149 (36% above the 10-yr seasonal average)

• Sales-to-Active Listings Ratio (SALR): 12.6% overall (balanced/soft)

• Composite Benchmark (HPI): $1,123,700 (-0.3% MoM, -3.9% YoY)

  
  Why it matters: SALR in the low-teens historically lines up with sideways-to-soft pricing and longer days on market great for due diligence and negotiation.
  
  These are from Greater Vancouver REALTORS® (formerly REBGV) November report. https://members.gvrealtors.ca/news/GVR-Stats-Package-November-2025.pdf

Big macro note: Bank of Canada held policy rate at 2.25% (Dec 10, 2025)

The BoC kept rates unchanged at 2.25%. For clients, that means variable/HELOC payments stay put for now; fixed rates may still drift with bond yields, but the hold reduces “surprise risk” as we head into 2026. Bank of Canada

What this means if you live (or want to live) Downtown / West End / English Bay

Buyers (condos & townhomes)

• More choice, less rush: Inventory is ample and pricing is flat-to-soft, so you can take time for strata docs, depreciation reports, and builds with strong contingency funds especially in older West End stock.

• Use the rate window: With the BoC on hold, refresh your pre-approval and shop confidently; you can still pivot product types (1-bed vs. large studio, TH vs. 2-bed) without getting pulled around by policy shifts. Bank of Canada

• Value hunting: Buildings with recent envelope, piping, or elevator work can trade at a premium but are often cheaper to own long-term.

Sellers (especially view units & renovated suites)

• Price to today, not last spring: With SALR near 13%, meeting the market is everything. Right-price, pre-inspect, and handle small repairs up front. Staging + pro photos still separate “sold” from “stale.”

• Make your strata docs easy: Ensure your agent posts the Form B, minutes, insurance cert & depreciation report for other agents and buyers to review. The smoother the review, the quicker the decision.

Investors

• Cash-flow pencil test: With rates steady and abundant choice, target livable, low-capex suites in the West End or compact 1-beds Downtown with strong rental histories. Have your broker check insurance deductibles and special levy history to avoid nasty surprises.

Neighbourhood snapshots

West End

Beloved for leafy streets and walkability to English Bay & Stanley Park. Inventory breadth gives buyers room to compare older character stock vs. newer concrete. Focus on buildings with recent capital projects and good CRF contributions for great long-term value.

English Bay

Waterfront proximity drives demand even in slower cycles. If you’re buying, expect good choice but stronger competition for view lines. If you’re selling, premium staging + twilight photography can materially improve click-through and showing volume.

Downtown (Core & Coal Harbour edges)

Larger supply keeps things price-sensitive. If you’re upsizing, trade-up often looks best in balanced markets: your sale might be slower, but the discount on the purchase can more than offset it.

Data corner (for the stat lovers)

• Sales 1,846 (-15.4% YoY; -20.6% vs the 10-yr seasonal average).

• New listings 3,674 (+3.1% above the 10-yr seasonal average).

• Active listings 15,149 (+14.4% YoY; +36.3% vs 10-yr seasonal).

• HPI composite $1,123,700 (-0.3% MoM; -3.9% YoY).

• SALR 12.6% overall 9.7% detached | 13.6% townhomes | 14.8% condos.

  
  Source: Greater Vancouver REALTORS® November 2025 release. https://members.gvrealtors.ca/news/GVR-Stats-Package-November-2025.pdf

FAQ

Q1: Is it a good time to buy a condo in the West End or English Bay?
With SALR 12.6% and plenty of listings, buyers have time for thorough due diligence and negotiation. Lock a pre-approval while the BoC is holding the policy rate at 2.25%.

Q2: Are prices falling in Downtown Vancouver?
They’re mostly edging sideways to slightly down. The HPI composite dipped 0.3% MoM in November, with YoY down 3.9%. The story is segment- and building-specific.

Q3: What’s the biggest advantage for sellers right now?
Presentation + realistic pricing. With healthy inventory, buyers are value-driven. Well-priced homes with light pre-listing repairs and great staging still sell efficiently.

Q4: How do interest rates affect my fixed vs variable mortgage?
The BoC hold keeps variable/HELOC payments steady for now. Fixed rates move more with bond yields, so they can drift independently of the BoC decision. Bank of Canada

Ready for a plan?

• Book a 15-minute strategy chat: coryfleck.com (I’ll tailor advice to your building type, budget, and timeline—no pressure.)

• First-time condo buyer? Grab my free guide for the West End / English Bay / Downtown: First-Time Condo Buyer Guide

Sources

• Greater Vancouver REALTORS® — November 2025 Market Report (sales, listings, HPI, SALR). https://members.gvrealtors.ca/news/GVR-Stats-Package-November-2025.pdf

• Bank of Canada — Dec 10, 2025 Rate Announcement (policy rate held at 2.25%). https://www.bankofcanada.ca/2025/12/fad-press-release-2025-12-10/

P.S. Holiday note

Merry Christmas and Happy Holidays to you all! Thank you to everyone I have interacted with throughout the year. It is always a pleasure to learn about the people I meet and where you are at on your journey through life. I am hopeful that I had a positive impact on you, even if only through a short interaction. I strongly believe in doing what is right for those in my community and hopefully you have witnessed this not only through my words, but also through my actions.

I want to wish you well moving into 2026. If our paths cross in the new year I look forward to providing you with the best service possible. Or, I hope you can at least find a small bit of value in this brief dose of information relating to the Vancouver Real Estate Market.

Cheers to 2026 and the future!

Cory