October 2025 Vancouver Real Estate Market Update

Canada’s housing market is shifting faster than the headlines suggest—and not in one direction. On paper, “affordability” is improving as prices slip and the overnight rate eases to 2.5%, taking ownership costs back toward late-2021 levels.

But the market isn’t responding like 2021 because confidence has fractured. Job openings fell 4.2% month-over-month, construction vacancies plunged 14.3% in a single month, and there are now more Canadians on EI (~550k) than there are job postings (~460k). That backdrop makes a million-dollar decision a hard sell. Meanwhile, the presale engine that funds future supply is sputtering: the GTA’s August logged just 300 new-home sales—down 42% year-over-year and 81% below the 10-year norm—with Vancouver operating at roughly a third of typical activity.

Builders are finishing what’s already in the ground, but not launching new projects, setting up a delayed-impact shortage later this decade even as today’s prices grind lower.