Our real estate market update November 2025 breaks down the key housing trends shaping Metro Vancouver and North Vancouver. November was one of the slowest and most selective months of the year, marked by higher-than-normal inventory, softer sales activity, and buyers who were laser-focused on value. These conditions closely mirrored what we saw in October.
For buyers, the November real estate market offered more negotiating room and more time to make informed decisions. For sellers, it underscored the importance of preparation, accurate pricing, and strong positioning.
In the real estate market update November 2025 below, we’ll walk you through the latest statistics, the economic forces shaping buyer behaviour, and the key signals to watch as we head into December 2025 and early 2026. We’ll also share a real example that shows why strategic planning is essential for success, especially in a cautious, high-inventory market.
Table of Contents:
November 2025 Market Overview
Real Estate Market Stats
Factors Shaping the Market
The Real Impact of Recent GDP Growth
What You Need to Know About 40-Year Mortgages
Market Signals to Watch in 2026
December Outlook
November Selling Success Story
Considering a Move? Start Here
Real Estate Market Update November 2025 Overview
- Inventory is high, sitting well above the 10-year average, and giving buyers more selection than usual heading into year-end.
- Sales volumes remain subdued, consistent with the broader Metro Vancouver slowdown observed in October.
- Pricing has eased, and motivated sellers are willing to negotiate.
- North Vancouver prices are holding more steadily than many surrounding areas, essentially flat month-over-month with mild year-over-year softening.
- Buyers have more leverage than in past years, with more time, more choice, and the ability to compare based on value.
- Performance is earned in today’s cautious, value-driven real estate market. Sellers who prepare, price, and present their homes strategically continue to outperform.
- GDP headlines overstated economic strength; buyer behaviour remained cautious, reaffirming the need for a data-driven selling strategy.
- December is expected to remain quiet, but strong listings will still succeed when properly priced and prepared.
November 2025 Real Estate Market Statistics
Source: GVR
In their November 2025 real estate market news release, Greater Vancouver REALTORS® reported that home sales in Metro Vancouver continued to lag behind last year’s pace, similar to what we saw in October.
What happened in the real estate market in October 2025? Explore our October market update here: Greater Vancouver Home Sales October 2025 News.
Here are the real estate market statistics for November 2025:
- Residential Sales (Metro Vancouver): 1,846 homes sold – down 15.4% year-over-year (YoY).
- New Listings: 3,674 new listings (across all residential property types) – down 1.4% YoY.
- Total Active Listings: 15,149 current active listings – up 14.4% compared to November 2024.
- Sales-to-Active Listings Ratio: 12.6% across all residential property types, signalling balanced-to-buyer-leaning conditions, as we saw in October.
- MLS® HPI Benchmark Prices (November 2025):
- All Residential Property Types: $1,123,700, a 3.9% decrease compared to November 2024 (YoY) and a 0.3% decrease compared to October 2025 (month-over-month or MoM).
- Detached Homes: $1,900,600, a 4.3% decrease from November 2024 (YoY) and a 0.4% decrease compared to October 2025 (MoM).
- Apartments: $714,300, a 5.2% decrease from November 2024 (YoY) and a 0.2% decrease compared to October 2025 (MoM).
- Townhomes: $1,065,600, a 4.4% decrease from November 2024 (year-over-year) and a 0.1% increase compared to October 2025 (month-over-month).
Below is a simple table that summarizes the HPI Benchmark Prices across residential property types and compares current prices to those at this time last year and last month.
| Property Type | HPI Benchmark Prices – November 2025 | HPI Benchmark Prices – November 2024 | HPI Benchmark Prices – October 2025 |
| Detached Homes | $1,900,600 | $1,997,400 | $1,916,400 |
| Apartments | $714,300 | $752,800 | $718,900 |
| Townhomes (Attached Homes) | $1,065,600 | $1,117,600 | $1,066,700 |
NOVEMBER 2025 TAKEAWAY:
Like in October, the real estate market update November 2025 shows buyer-leaning conditions. Sales remained well below last year’s levels while inventory continued to climb, giving buyers more choice and negotiating power. For buyers, this may be a great time to act (with a plan in place, of course)! For sellers, success will depend on proper planning, preparation, and a sharp strategy.
What factors impacted the housing market in November 2025?
A combination of macroeconomic pressures, tightening credit conditions, shifts in consumer spending, and changing supply dynamics shaped the housing market in November 2025. Together, these factors created a real estate market in which buyers were more selective, and sellers had to compete strategically.
Below is a clear breakdown of the most significant factors that influenced the real estate market update November 2025.
Lower Household Spending
Across Canada, households tightened their budgets, prioritizing essentials and debt servicing over discretionary purchases. In the North Vancouver real estate market, this translated into slower, more cautious homebuying behaviour. While it didn’t (and won’t) eliminate demand, it did widen the performance gap between homes that were properly priced and prepared and those that were not.
What it means for home buyers: In this environment, home buyers can benefit from focusing on value. As a result, many search for move-in-ready homes that are unlikely to require additional borrowing for upgrades.
What it means for sellers in North Vancouver: For sellers, these market conditions demand a stronger strategy. As buyers become more cautious, well-priced, well-prepared homes will continue to sell, while properties that feel outdated or overpriced will struggle to capture attention.
Thinking about selling? A quick strategy call with Jenny + Suzanne will set you up for success in today’s market. Get started on the right foot – Book A Strategy Call.
Increasing Home Equity Line of Credit (HELOC) Borrowing
Home equity line of credit borrowing increased this year at the fastest pace since 2012. In September alone, HELOC balances grew by about $1.2 billion – up 4.2% from last year. This rise signals that many Canadians are facing greater financial pressure and may be relying on their home equity to manage day-to-day costs or debt. As a result, buyers are making more cautious, value-driven housing decisions and are less willing to take on homes that require extensive renovations or added borrowing.
What it means for buyers in North Vancouver: In these conditions, buyers tend to avoid homes that need major updates or require extra spending. Instead, they focus on finding move-in-ready properties.
What it means for sellers: Homes that require significant upgrades or investment are more likely to sit on the market longer in these conditions. Therefore, sellers can greatly benefit from strategic planning, pricing, and home improvements (a clear theme in the real estate market update November 2025).
PRO TIP FROM JENNY + SUZANNE: Not all home renovations are worth doing! Here’s what not to fix when selling a house.
Considering selling and not sure where to start? Jenny + Suzanne can assess whether your home would benefit from improvements and/or staging. Give us a call for personalized recommendations. – Jenny: 604-561-9802 | Suzanne: 604-230-9339
Rising Mortgage Arrears & Fewer Active Mortgages
Across Canada, more homeowners began falling behind on their mortgage payments in 2025. Mortgage arrears rose to 0.24%, the highest level since 2020. At the same time, the total number of active residential mortgages declined.
This tells us two things:
- Some households are feeling more financial stress.
- Fewer new buyers are entering the market or qualifying for financing.
Together, these trends created a market with tighter borrowing conditions and fewer buyers able to move quickly.
What it means for home buyers: Buyers who are financially prepared will have an advantage. With fewer people actively shopping and stricter lending conditions, qualified buyers can take more time to compare homes and negotiate from a position of strength.
What it means for sellers: As we mentioned above, sellers must be strategic in this real estate market landscape. With fewer active buyers, homes that are priced accurately and presented well will continue to attract interest, while those that feel overpriced or require significant work are more likely to sit on the market.
Shift in New Housing Supply
Our real estate market update November 2025 wouldn’t be complete without discussing the latest shift in new housing supply. Canada saw a significant drop in new housing starts, with about 46,000 fewer homes beginning construction in October 2025 – a 17% decline. However, even though fewer new projects were started, roughly 360,000 homes were still under construction (a near-record high). Thus, as these projects finish, a surge of newly built homes will come onto the market.
In short, fewer new builds were starting, but plenty were still being completed, meaning a large wave of new homes is set to reach buyers.
What it means for home buyers: Buyers may see more choice, especially in newer or recently completed homes, making it easier to compare options and find good value.
What it means for sellers in North Vancouver: Sellers may face more competition from newly completed homes. Therefore, preparation is key. Well-presented, well-priced listings will stand out, as buyers compare resale properties directly against brand-new units.
Curious how new construction is affecting your home’s value? Jenny + Suzanne can walk you through the numbers and help you position your home effectively against brand-new inventory. Call today for a free consultation.
Easing New-Home Prices
The New Housing Price Index (NHPI) fell for the seventh month in a row, with prices down 1.85% year-over-year. This is the biggest drop since 2009. Most of this decline came from the structure component (the building itself), which has fallen 4.55% since its 2022 peak. The land component, on the other hand, stayed almost flat, rising just 0.09%.
What it means for home buyers: The easing of new-home prices can open more room for negotiation and better value. In North Vancouver, we won’t see ‘fire sale’ pricing, but we will see a return to more rational, numbers-driven buying decisions. Therefore, if you’re considering buying a new home, now may be the time to start planning.
What it means for sellers in North Vancouver: Most of the recent price easing noted in our real estate market update November 2025 is due to building costs, not land. Therefore, in a land-scarce market like North Vancouver, your equity is still rooted in something buyers value. But with buyers now more focused on value, protecting that equity depends on strong pricing, excellent presentation, and making your home the most compelling option in its bracket.
GDP “Growth”
Canada’s GDP appeared to grow in late 2025, but the increase didn’t reflect real economic strength. Instead, much of the “growth” came from increased weapons spending and Canadians buying fewer imported goods (which makes GDP look higher even though households are actually spending less overall). At the same time, household consumption fell, and business investment stayed flat – both signs of a cooling economy rather than a strengthening one.
What it means for buyers: GDP headlines may have sounded positive, but they didn’t translate into stronger buying power. Instead, most buyers continued to approach the market cautiously, focusing on value and long-term affordability.
What it means for home sellers: Upbeat GDP headlines didn’t create a surge in demand. Instead, success depended on strong pricing, thoughtful preparation, and clear positioning, especially as buyers looked past the headlines and focused on real, on-the-ground market conditions.
Tip for North Vancouver Home Buyers and Sellers: This is a good reminder that real estate decisions shouldn’t be based on headlines alone. Instead, working with experienced local professionals helps ensure your choices are grounded in real data and market behaviour, not national noise. Keep reading to learn how Jenny + Suzanne helped North Shore homeowners decide when to sell and how to prepare using real data combined with local expertise.
Key Takeaway for North Vancouver Buyers and Sellers: The real estate market update November 2025 does not show a distressed housing market. Instead, it demonstrates a careful, strategic landscape in which buyers seek value and sellers must earn their results through planning and preparation.
If a move is on your radar for 2026, getting the right information early matters! Jenny + Suzanne will help you understand your home’s position in the current market and what steps will give you the strongest outcome. Book a Strategy Call Today.
Does Canada’s GDP “growth” actually signal strength for the Vancouver housing market?
QUICK ANSWER: No, while GDP improved on paper, the underlying numbers told a very different story.
Canada’s GDP number for late 2025 appeared strong at first glance, but the details tell a different story – and it’s the details that matter. So, here’s what anyone buying or selling real estate in Vancouver or North Vancouver needs to know.
The real data show that most of the reported “growth” didn’t come from a stronger economy. Instead, it was driven by Canadians buying fewer imported goods (which raises GDP on paper without improving real economic activity) and a significant increase in government weapons spending. Meanwhile, household consumption actually fell, and business investment stayed flat – both indicators of a cooling economic environment rather than rising confidence.
Therefore, unfortunately, for Vancouver and North Vancouver real estate, these GDP headlines were not a reliable signal of stronger demand. As you can see throughout our real estate market update November 2025, buyers weren’t spending more, weren’t feeling more confident, and weren’t suddenly gaining more purchasing power. Instead, they continued to behave cautiously, compare homes closely, negotiate more, and prioritize long-term affordability.
This reinforces the importance of strategic pricing, preparation, and avoiding decisions based solely on economic headlines. In today’s market, what matters most is actual buyer behaviour, not how GDP appears on paper.
Is now a good time to sell? Read our article When is the Best Time to Sell a House, or reach out to Jenny + Suzanne for personalized, data-backed selling advice.
How would 40-year mortgages affect housing affordability in Canada?
There’s been a lot of recent discussion about introducing 40-year mortgages in Canada to help with housing affordability. But what would the real impact be?
Here’s the truth: the data shows mixed results, most of which are only positive in the short-term.
Canada’s Parliamentary Budget Officer found that extending mortgage terms to 40 years would lower monthly payments but significantly increase total interest paid. In fact, a 40-year mortgage would increase total interest by about 75% compared to a 25-year mortgage! In other words, longer amortizations may make homes feel more affordable each month, but they do not make them cheaper overall.
Research from the Bank of Canada and the U.S. Federal Reserve shows a similar pattern: when payments drop (whether through lower interest rates or longer terms), affordability often improves – but only briefly. Over time, lower payments tend to push prices higher and ultimately worsen affordability.
40-Year Mortgage Takeaways
Takeaway for buyers: A 40-year mortgage might help you qualify and reduce your monthly payment, but it won’t improve true affordability – especially in a high-value, land-limited market like North Vancouver. It also makes your home more expensive overall due to higher lifetime interest. A better approach is to focus on the total cost of your home and how quickly you’re building equity, not just the monthly payment.
Takeaway for sellers: Longer amortizations won’t magically expand the buyer pool the way headlines might suggest. In the short term, they may bring more buyers into the market, but many of those buyers will have tighter long-term budgets. Instead, strong pricing, preparation, and presentation matter far more than any policy change.
Tip for sellers in North Vancouver: As you may have noticed throughout our real estate market update November 2025, strategic pricing, preparation, and presentation are the real keys to selling a home in today’s cautious, competitive market. To succeed, you’ll need to stage, make strategic repairs and upgrades, price to the market (not above it), launch with a strong marketing plan, and be ready to negotiate on terms as well as price.
Thinking about buying or selling in 2026? Jenny + Suzanne can help you understand how financing trends may affect your plans. Schedule a commitment-free call today!
What real estate market signals should you be watching in early 2026?
Here are the housing market signals and data we’ll be monitoring in early 2026.
- Sales-to-Active Listings Ratio. When the sales-to-active ratio sits near the 12% threshold (as it is now), markets often show price stability with mild downward pressure.
- Inventory Levels. When year-end inventory stays elevated, January to March listings often open in a competitive environment. Thus, if elevated inventory levels persist into early spring, sellers will benefit from stronger preparation, sharper pricing, and standout presentation.
- Buyer Pace & Demand Quality. Sales remain below last year’s levels, meaning buyers are active but selective and taking their time. If this trend continues throughout early 2026, homes that offer clear value will continue to outperform the rest.
- Inflation & Borrowing Costs. With inflation cooling and interest rates likely to stay steady, borrowing costs may remain more predictable in the near term, creating a positive backdrop for both buyers and sellers.
- Segment Strength. In November 2025, condos showed the most stability, while detached homes remained the softest segment. We’ll continue to monitor this trend closely, as it influences pricing strategy on the North Shore.
Our Outlook for December 2025
Based on seasonal patterns and the data in our real estate market update November 2025, December is expected to be a quiet month for real estate in North Vancouver. Fewer new listings and slower buyer activity are typical for this time of year.
Even so, North Vancouver remains a steady, value-driven market. Buyers are active but selective, and homes that are well-priced and well-prepared will continue to perform.
December Tip for Sellers: Focus on strong presentation and realistic pricing, and you’ll still find success, even in a slower month.
Tip for Buyers: December can offer real opportunities – more negotiating room, less competition, and motivated sellers preparing for January. Prepare early to take advantage!
How Sellers Can Win in This Market: A Real Example From November 2025
In markets like the one we saw in November 2025, strategy matters more than ever. Here’s a real example of how we helped one North Vancouver homeowner turn a confusing moment into a clear plan – and ultimately into a win.
We recently met a North Vancouver homeowner who was considering listing in the spring. A few national headlines had suggested the economy was “strengthening,” and the strong GDP number made them think a hot market might be on the horizon. But once we dug into the actual data with them – weaker household spending, flat business investment, higher debt sensitivity, and GDP “growth” driven mainly by reduced imports and increased government weapons spending – the story looked very different.
They weren’t facing a surging market. They were facing a selective, high-inventory, value-driven market.
So we shifted the plan.
To ensure success, we helped them:
- Plan a few high-impact home improvements.
- Price with precision.
- Time their launch strategically.
- Plan for a standout presentation, including staging and professional marketing.
This turned what could have been a reactive decision into a strategic one – positioning them to launch ahead of the spring inventory surge.
The Takeaway: In a careful, value-focused market like North Vancouver, strategy beats timing, and with the right guidance and preparation, you can outperform the broader market trend.
Considering a Move? Start With a Strategy Consult.
In a market where buyers are selective, inventory is high, and national headlines don’t tell the whole story, your next step shouldn’t be guessing – it should be planning.
Whether you’re thinking about buying or selling a home in early 2026, the right strategy will help you avoid costly mistakes and position you for success. We’ll walk you through the numbers, timing, and preparation needed to win in today’s North Vancouver market.
Book a quick, commitment-free strategy consult with Jenny + Suzanne to start planning your next move.
Book Online: https://jennyandsuzanne.ca/contact-us/
Call Us: Jenny – 604-561-9802 | Suzanne – 604-230-9339