Vancouver home prices in 2026 reflect a cooling market with notable year-over-year price decreases across most property types. The average home price in Metro Vancouver was $1,225,818 in September 2026, a 2.2% decrease from the previous year. Market conditions have shifted towards buyers, with increased inventory and declining sales activity contributing to softer prices. Understanding these trends is crucial for Canadians considering the Vancouver real estate market, whether for purchasing, selling, or investment purposes.
Current Price Levels and Recent Trends
As of late 2026, Vancouver's housing market shows clear signs of price moderation. The average home price in Metro Vancouver reached $1,225,818 in September 2026, which represents a 2.2% decrease compared to September 2025. This figure also marked a 1.0% increase from the previous month of August 2026. The benchmark price, which aims to represent the value of a typical home and is less influenced by extreme sales, was $1,075,900 in September 2026. This benchmark price experienced a more pronounced 5.5% year-over-year decline. Data from August 2026 showed an average selling price of $1,081,900, which was a 5.59% decrease from August 2025. The market's peak occurred in the second quarter of 2022, and the general price trend since that time has been downward. These trends indicate a shift from the rapid price appreciation Vancouver experienced in prior decades.
Detailed Price Breakdown by Property Type
Price movements vary significantly across different types of residential properties in Vancouver. Detached houses, which are the most expensive segment, saw their average sale price decrease by 10.9% year-over-year to $1,895,496 in September 2026. The benchmark price for a detached house was $1,784,700, reflecting a 7.3% annual decline. Attached houses, which include townhouses and rowhouses, had an average price of $1,161,234 in September, down 4.7% from the previous year. The townhouse benchmark price specifically was $1,016,700, down 4.7% year-over-year. The apartment or condominium segment showed relative stability, with an average price of $759,995 in September, a minor 0.3% decrease from last year. The apartment benchmark price was $682,500, down 6.2% annually. In August 2026, the average selling price for a single-family home was $1,804,900, for a townhouse was $1,028,800, and for a condo was $686,200. The monthly changes for August showed detached homes down 1.34%, townhouses down 0.16%, and condos down 0.26% from July.
The benchmark price of homes in Metro Vancouver was $1,075,900 in September 2026. This represents a 5.5% decrease year over year. The benchmark price for detached houses in Vancouver was $1,784,700, down 7.3% from the previous year. Vancouver's townhouse benchmark price was $1,016,700, which is a 4.7% decrease year over year. The apartment benchmark price was $682,500, a 6.2% decline from September 2025.
- Detached House Benchmark: $1,784,700 (down 7.3% year-over-year)
- Townhouse Benchmark: $1,016,700 (down 4.7% year-over-year)
- Apartment Benchmark: $682,500 (down 6.2% year-over-year)
- Composite Benchmark: $1,075,900 (down 5.5% year-over-year)
These figures illustrate that while all segments are down, the scale of the decline is not uniform across the market. The average price of an attached house in Metro Vancouver decreased by 4.7% relative to last September to reach $1,161,234. This price is also 1.2% lower than it was in August 2026. Apartment prices declined by 0.3% year over year to $759,995. However, the apartment price was 0.1% higher than the previous month.
Sales Activity and Market Inventory
Sales volume in Vancouver has declined, contributing to the buyer-friendly market conditions. In September 2026, 1,717 homes were sold in Vancouver, which is an 8.4% decrease from September 2025. The sales breakdown for that month included 575 detached homes, 777 apartments, and 358 attached homes. August 2026 saw 1,869 residential sales, a 4.6% decrease from August 2025 and a significant 20.7% below the 10-year seasonal average of 2,356 sales for that month. The region is on pace for one of its lowest annual sales totals in decades, with 22,263 homes sold in 2025. Concurrently, inventory levels have risen. At the end of September 2026, there were 16,394 active listings in Metro Vancouver, which is down 4.0% from the previous year but up 3.8% from August. This inventory level remains well above the 10-year seasonal average of 13,186 listings. New listings in September totalled 5,852, a 10.3% decrease year-over-year.
Key monthly sales and listing statistics for August 2026 include several important figures. Vancouver home sales were 1,869 during August 2026, a 4.59% decrease year over year. The number of new listings in Vancouver was 4,100 during August 2026, a 2.96% decrease from a year ago. The sales to new listings ratio for Vancouver was 45.6% in August 2026, indicating balanced market conditions. Data from Greater Vancouver Realtors shows residential sales totalled 1,869 in August 2026.
- Home Sales: 1,869 (down 9.32% from July 2026)
- New Listings: 4,100 (down 17.85% from July 2026)
- Sales-to-New-Listings Ratio (SNLR): 45.6%
- Year-over-Year Sales Change: down 4.59%
- Year-over-Year New Listings Change: down 2.96%
The decline in new listings suggests some sellers are holding back. The overall inventory remains high relative to the slowed sales pace. These numbers put Vancouver's sales to active listings ratio at 10.5% for September 2026. This ratio was 12.3% for August 2026. Vancouver's sales to new listings ratio was 29% for September 2026. A ratio below 40% indicates a buyer's market.
Key Market Indicators and Conditions
Several key ratios help define the balance of power between buyers and sellers in the Vancouver market. The sales-to-active listings ratio was 10.5% in September 2026, down from 12.3% in August. Guidance from Greater Vancouver Realtors suggests that sustained readings below 12% put downward pressure on prices, and detached homes are already at 9.6%. The sales-to-new-listings ratio (SNLR) is another critical measure. An SNLR below 40% indicates a buyer's market, between 40% and 60% indicates a balanced market, and over 60% indicates a seller's market. Vancouver's SNLR was 29% in September 2026, firmly in buyer's market territory. This was a shift from August 2026, when the SNLR was 45.6%, indicating balanced conditions. The inventory level in September equated to about nine and a half months of supply, which is a high level that favours buyers. Economists attribute the market softness to factors including slower immigration to the region, reduced investor demand, and mortgage rates that are not low enough to draw buyers off the sidelines, rather than renewed trade tensions with the United States.
Historical Price Context and Long-Term Growth
Vancouver's current price levels must be viewed in the context of its long-term trajectory, which has been one of significant appreciation. Metro Vancouver's benchmark home price has increased by 211% since the first quarter of 2005, translating to a cumulative annual growth rate of 5.4%. However, over the past decade leading up to the second quarter of 2026, Vancouver's benchmark price rose by only 9.7%. This decade-long growth is modest compared to the approximately 32% rate of inflation over the same period, meaning real home prices have declined. This contrasts with the Greater Toronto Area, where benchmark prices climbed 41% over the same decade to reach $943,800 in Q2 2026. Over the past 20 years, Vancouver home prices have grown by 154%, which is much faster than the 54% inflation rate or the approximately 90% wage growth. Vancouver became an unaffordable city earlier than Toronto, partly due to its longer history of restrictive zoning policies. This decline in real home prices has occurred despite an increase in population because 10 years ago, the Vancouver housing market was near the top of a frenzy.
The Rental Market in Vancouver
The rental market in Vancouver has also experienced a cooldown, providing some relief for tenants. In August 2026, the average rent in Vancouver was $2,729, representing a 3.40% decrease year-over-year. Breaking this down by unit size, the average rent for a one-bedroom apartment was $2,350, down 5.92% from the previous year. The average rent for a two-bedroom apartment was $3,248, down 4.39% year-over-year. Two-bedroom units averaged $3,190, down from $3,390. Overall, the asking price for a one-bedroom in Metro Vancouver was down 9.5% from the same time in 2023. Analysts note this is one of the most significant rental market declines among major Canadian cities, influenced by factors such as federal migration caps and a slowing economy which have reduced pressure on rental demand.
Average rental prices for August 2026 in select Canadian cities show a range of costs. The average rent in Vancouver was $2,729 in August 2026. The average rent in North Vancouver was $3,036 for the same period. In Toronto, the average rent was $2,571 for August 2026. The average rent in Burnaby was $2,520. The average rent in Victoria was $2,255.
- North Vancouver: $3,036 total average
- Vancouver: $2,729 total average
- Toronto: $2,571 total average
- Burnaby: $2,520 total average
- Coquitlam: $2,510 total average
- Surrey: $2,185 total average
This ranking shows Vancouver maintains some of the highest rental costs in the country despite recent decreases. The average rent for a one bedroom apartment in Vancouver was $2,350 for August 2026. This represents a 5.92% decrease year over year. The average rent for a two bedroom apartment in Vancouver was $3,248 for August 2026. This represents a 4.39% decrease year over year.
Factors Influencing the Vancouver Market
A combination of economic and demographic factors is shaping the Vancouver housing landscape. Mortgage rates, while lower than peaks seen in recent years, remain a constraint on buyer purchasing power. Slower immigration to the region has reduced a key source of demand for both ownership and rental housing. Investor demand has also diminished, partly due to changed market expectations and regulatory measures. Affordability, despite recent price declines, remains a severe challenge, with home prices far outpacing income growth over the long term. The uncertainty in the broader economy is causing many potential buyers to adopt a wait-and-see approach. On the supply side, there is ongoing discussion about the completion of new construction projects and how zoning policies affect the ability to increase housing supply to meet demand. Chief economist Andrew Lis of Greater Vancouver Realtors cited these factors rather than renewed trade tensions with the United States as the primary causes of market softness. Affordability has improved in the Vancouver market, but buyers have not returned in force, indicating a lack of confidence or purchasing power.
Regional Comparisons and the Fraser Valley
Market conditions are not uniform across the broader Lower Mainland region. The Fraser Valley, a neighbouring area to Metro Vancouver, has experienced even steeper price corrections. In late 2025, the average selling price for a home in the Fraser Valley was $1.45 million, which is down 19% from a peak in March 2022. Condo prices in the Fraser Valley were at $507,606, down 15% over the same period. This contrasts with the more moderate declines seen in the core Metro Vancouver area. On a national scale, Vancouver maintains its position as one of Canada's most expensive housing markets, though its rate of price growth over the past decade has been surpassed by Toronto. The average rent in Vancouver of $2,729 in August 2026 was the second-highest among major Canadian cities listed, behind only North Vancouver at $3,036, and ahead of Toronto at $2,571. The Fraser Valley's sharper correction highlights how markets that saw rapid gains during the peak are now experiencing more significant pullbacks. But home prices continued to fall in the Fraser Valley, with the average selling price for a home at $1.45 million, down 19 per cent from March 2022, and condos at $507,606, down 15 per cent over the same time period.
Market Forecast and Economic Outlook
The outlook for Vancouver's housing market remains cautious, with few immediate catalysts for a sharp rebound. Economists point to the sales-to-active listings ratio for detached homes, which was at 9.6% in September, as a sign of continued downward pressure on prices in that segment. The Bank of Canada maintained its policy rate at 2.25% in 2026, providing some interest rate stability but not the level of stimulus seen in previous cycles. The region appears set for its lowest year of home sales in a quarter-century, reflecting persistent affordability challenges and economic uncertainty. For the rental market, analysts suggest the factors working against rent increases, such as migration caps and a slowing economy, are likely to persist in the short term. The completion of new condo projects that began construction years ago will be a key factor to watch for its impact on both the ownership and rental supply. The market currently offers ample selection, softening prices, and stable rates, about as favourable a combination as this market offers. As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years.
Frequently asked questions
Are Vancouver home prices going down?
Yes, Vancouver home prices have been declining on a year-over-year basis. As of September 2026, the average price was down 2.2% and the benchmark price was down 5.5% compared to the previous year. Detached homes saw the largest decline at 10.9%, while apartments saw a more modest 0.3% decrease. The general price trend has been downward since the market peak in the second quarter of 2022.
Is it a buyer's or seller's market in Vancouver?
As of September 2026, Vancouver is in a buyer's market. The sales-to-new-listings ratio (SNLR) was 29%, which is below the 40% threshold that defines a buyer's market. This means there are more listings relative to sales, giving buyers more choice and negotiating power. The sales-to-active listings ratio was 10.5%, and sustained readings below 12% are understood to put downward pressure on prices.
How many homes are sold in Vancouver each month?
Sales volume has been below historical averages. In September 2026, 1,717 homes were sold in Vancouver. In August 2026, sales were 1,869. These figures represent decreases of 8.4% and 4.6% respectively from the same months a year earlier. The 10-year seasonal average for August is 2,356 sales, meaning recent activity is significantly lower, contributing to the buildup of inventory.
What is the average rent in Vancouver?
The average rent in Vancouver was $2,729 in August 2026. This is a 3.40% decrease from the previous year. For a one bedroom apartment, the average rent was $2,350. For a two bedroom apartment, the average rent was $3,248.
How does Vancouver compare to Toronto for home prices?
Vancouver remains more expensive than Toronto, but Toronto has seen faster price growth over the past decade. As of the second quarter of 2026, Toronto's benchmark price was $943,800, having grown 41% over the previous ten years. Vancouver's benchmark price grew only 9.7% over the same decade. However, Vancouver's market became unaffordable earlier than Toronto's due to a longer history of high prices and restrictive zoning policies.
What is the average house price in Vancouver in 2026?
The average home price in Metro Vancouver was $1,225,818 in September 2026. This figure represents a 2.2 percent decrease from the average price one year earlier. For further context, the benchmark price for a typical home in the same month was lower at $1,075,900, which reflects a 5.5 percent year over year decline. Market data shows significant variation by property type, with detached houses averaging $1,895,496 and apartments averaging $759,995 in September. These prices indicate a continued softening in the market, with overall values trending downward from previous peaks.
Sources and further reading
- Vancouver Housing Market: Oct. 5th, 2026 Update wowa.ca
- Vancouver Housing Market | 2026 Home Prices nesto.ca
- Vancouver, Historical Average, Median and Price ... www03.cmhc-schl.gc.ca
- National Price Map, CREA crea.ca
- Greater Vancouver looks set for lowest year of housing ... cbc.ca
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