Metro Vancouver saw 23,800 sales in 2025 (lowest in over 20 years) while listings hit record levels. Here is how that affects presale pricing, incentives, appraisals, and completion risk.

If you are shopping for a presale in Metro Vancouver, the year-end 2025 numbers matter because they shape buyer leverage today and financing and appraisal risk at completion.

Greater Vancouver REALTORS® reported 23,800 residential sales in 2025, down 10.4 percent from 2024 and the lowest annual total in over twenty years. 
At the same time, 65,335 properties were listed on MLS® in 2025, and GVR described total listings as the highest on record since the mid-1990s. 

For presale buyers, this environment tends to create two simultaneous effects:

  1. More leverage and incentives at the point of purchase (today)
  2. More sensitivity around valuations at completion (future)

What the 2025 market signals for presales

1) Resale competition can cap presale pricing

When inventory is plentiful, buyers can often choose between:

  • A presale with a long completion timeline, deposits, and contract terms, or
  • A resale purchase that they can inspect, finance, and occupy sooner

With 12,550 active listings as of December 2025 (and inventory well above the seasonal average), resale options can act as a ceiling on what buyers are willing to pay for pre-construction unless the presale offering is clearly differentiated. 

2) Softer benchmark prices affect appraisal expectations at completion

The Metro Vancouver composite benchmark ended December 2025 at $1,114,800, down 4.5 percent year-over-year. 
If the broader market is flat or soft when your presale completes, lenders may value based on then-current comparables. That is why presale buyers must plan for:

  • Appraisal variability
  • Potential “cash-to-close” differences if value is below contract price
  • Conservative budgeting (do not assume appreciation solves affordability)

3) “Market balance” indicators suggest uneven demand by product

In December 2025, the sales-to-active listings ratio was 12.7 percent overall, with detached lower and attached/apartments higher. 
For presales, this often translates into:

  • Better buyer leverage on some product types / locations
  • Stronger demand resilience in truly supply-constrained niches (specific neighbourhoods, boutique concrete product, proven developer track record)

A presale decision framework for 2026 buyers

Below is the checklist I recommend buyers use before writing an offer on a presale.

A) Pricing reality check: “What is my resale alternative today?”

  • Identify 5 to 10 comparable resale units (same area, similar size, similar quality).
  • Compare the presale’s “all-in” cost: purchase price + deposit cost of money + GST (if applicable) + upgrades + closing costs.

If the presale premium is large, you need a clear reason you are paying it (unique product, long-term hold, specific building/amenity advantage, scarcity value).

B) Developer and project risk: “Who is executing, and how is it financed?”

  • Track record: prior completions, quality, warranty responsiveness.
  • Project structure: construction timeline realism, number of phases, and whether the project appears contingent on absorption targets.

C) Contract and disclosure: “Where is my risk concentrated?”

Your due diligence should focus on:

  • Disclosure statement and amendments
  • Completion and occupancy language
  • Change clauses (layout, finishes, amenities)
  • Assignment policy (if flexibility matters)
  • Deposits (schedule, stake, and security)

A presale contract is not the same as a resale contract; legal review is a best practice.

D) Completion financing plan: “What if rates or lending rules change?”

A presale is a forward commitment. Plan for:

  • Qualification at completion (not just at signing)
  • A buffer for interest rate variability
  • A buffer for appraisal variance (especially if the resale market is soft)

How to use today’s market to your advantage in presales

With sales down and inventory plentiful, many buyers can negotiate more effectively than in a tight market. 
When negotiating, prioritize terms that reduce risk rather than only chasing a headline discount:

  • Deposit structure that fits your cashflow
  • Clarified upgrade/credit terms in writing
  • Completion timing that supports your financing plan
  • Transparent disclosure and amendment history

Related reading

If you are also considering resale options (or comparing presale vs resale), read the buyer-education companion post on EuniceLee.ca:

“Metro Vancouver 2025 Market Recap: Lowest Sales in Over 20 Years, and What That Means for Buyers in 2026.”