The Vancouver housing market in 2026 is characterized by declining sales and prices, with overall conditions favouring buyers. Residential sales in Metro Vancouver for September 2026 totalled 1,717, an 8.4 percent decrease from the same month the previous year and significantly below the 10-year seasonal average. The composite benchmark price for all residential properties was $1,075,900, reflecting a 5.5 percent annual decline. Understanding these sales trends, price movements, and inventory levels is crucial for Canadians considering real estate transactions in one of the country's most expensive markets.
Current Sales Performance and Market Activity
Sales activity in the Vancouver housing market remained subdued through 2026. The Greater Vancouver REALTORS reported 1,717 residential sales in September 2026, which was 8.4 percent lower than the 1,875 sales recorded in September 2025. This volume of sales was also 25 percent below the 10-year seasonal average of 2,289 transactions. The weakness in sales was not uniform across all property types. Sales of detached homes saw a modest increase of 4.2 percent year-over-year to 575 units, while attached home sales were essentially flat, rising just 0.6 percent to 358 units. The significant decline was concentrated in the apartment segment, where sales fell 18.6 percent to 777 units from 954 the previous September. This shift indicates that end-user demand is primarily driving the market for houses and townhouses, while investor-driven demand for apartments has softened.
New listings entering the market also declined, with 5,852 properties newly listed on the MLS in September 2026. This represented a 10.3 percent decrease from the 6,527 new listings in September 2025. Despite the drop in new supply, the total inventory of active listings stood at 16,394 at the end of September 2026, which was 4.0 percent lower than the 17,079 active listings a year earlier. This inventory level remains 24.3 percent above the 10-year seasonal average of 13,186 listings. The combination of slow sales and a gradual reduction in inventory has prevented home prices from declining more rapidly, though the cumulative effect of small monthly decreases has become more pronounced over the course of the year.
Price Trends and Benchmark Analysis
Home prices across Metro Vancouver continued to trend downward in 2026. The MLS Home Price Index composite benchmark price for all residential properties was $1,075,900 in September 2026. This marked a 5.5 percent decrease compared to September 2025 and a 0.6 percent decrease from August 2026. This benchmark price remains 14.1 percent below the all-time high of $1,252,800 set in April 2022. The benchmark price represents the value of a typical home in the area, providing a more stable measure than average prices by accounting for home quality and size. The decline in the benchmark price reflects a broad-based softening across all major property types, though the magnitude of the decrease varies.
Detached homes experienced the largest annual price decline among the main property segments. The benchmark price for a detached home in September 2026 was $1,784,700, representing a 7.3 percent decrease from September 2025 and a 0.8 percent decrease from the previous month. The townhouse segment saw its benchmark price fall to $1,016,700, down 4.7 percent year-over-year and down 1.2 percent month-over-month. Apartments, which constitute a large portion of the market, had a benchmark price of $682,500 in September 2026, a 6.2 percent decrease from the previous year and a 0.5 percent decrease from August. These price declines have occurred despite Vancouver's benchmark home price increasing by 211 percent since the first quarter of 2005, which translates to a cumulative annual growth rate of 5.4 percent.
Key Market Indicators and Ratios
Several key ratios help define the balance of power between buyers and sellers in the Vancouver real estate market. The sales-to-active listings ratio is a critical indicator of market pressure. In September 2026, this ratio across all property types was 10.9 percent. Analysis of historical data suggests that sustained readings below 12 percent put downward pressure on home prices, while ratios surpassing 20 percent over several months often lead to upward price pressure. By property type, the September 2026 ratios were 9.7 percent for detached homes, 12.2 percent for attached homes, and 11.4 percent for apartments. These figures collectively indicate a buyer's market, where supply exceeds demand, giving purchasers more negotiating power.
Another important metric is the sales-to-new-listings ratio. For September 2026, Vancouver's sales-to-new-listings ratio was 29 percent. This ratio measures home sales relative to new listings, providing insight into the absorption of new supply. The specific thresholds for interpreting this ratio are clearly defined.
- An SNLR below 40 percent indicates a buyer's market, where buyers hold greater negotiating power.
- An SNLR between 40 percent and 60 percent indicates a balanced market.
- An SNLR over 60 percent indicates a seller's market.
The sales to new listings ratio for Vancouver was 29 percent in September 2026, which firmly places the market in buyer's territory. The available inventory at the end of that month represented about nine and a half months of supply at the current sales pace. This is another strong indicator of a buyer's market. These metrics help explain the ongoing price declines. Conditions currently favour those looking to purchase a home in the region.
Historical Context and Long-Term Trends
Understanding the current Vancouver market requires perspective on its long-term trends. While the market has seen significant growth over two decades, recent performance has been more muted. The benchmark price for homes in Metro Vancouver has risen by 211 percent since the first quarter of 2005. However, over the past 10 years up to the second quarter of 2026, Vancouver's benchmark price increased by only 9.7 percent. This decade-long growth is considerably less than the approximately 32 percent rate of inflation over the same period, meaning real home prices have declined. This slowdown is notable when compared to the Greater Toronto Area, where benchmark prices climbed 41 percent over the same decade to reach $943,800 in Q2 2026, despite a 25 percent decline from its peak in early 2022.
The long-term upward trend peaked in the second quarter of 2022, and the general price trend since then has been downward. Over the past 20 years, the 154 percent growth in Vancouver home prices has far outpaced both the 54 percent rate of inflation and the approximately 90 percent growth in wages. This disparity highlights the challenge of housing affordability in the region. The Vancouver housing market was near the top of a frenzy ten years ago, which explains part of the subdued growth in the last decade. The region remains one of the most expensive housing markets in Canada, a status it achieved much earlier than Toronto due to factors like restrictive zoning implemented decades prior.
Sales and Price Forecast for 2026
Forecasts for the full year 2026 anticipate continued softening in both sales volumes and prices. The average residential sale price in the Vancouver Region is expected to decrease by 4.1 percent for houses and 3.7 percent for condominiums and townhouses between 2025 and 2026. This translates to average house prices declining from approximately $2.061 million to $1.979 million, while average condominium and townhouse prices decline from $927,256 to $893,941. Sales volumes are also projected to fall, with detached home sales expected to decline by approximately 9.2 percent and attached home sales by about 6.3 percent compared to 2025 levels. These projections align with the weak activity observed in the first three quarters of the year.
The Metro Vancouver housing market is expected to remain a buyer's market through the remainder of 2026. Economic uncertainty is a primary factor causing buyers to delay entering the market. Concerns about potential further price declines contribute to a widespread wait and see approach. Several specific factors are influencing the 2026 market outlook for the region.
- High interest rates and tariff-related economic uncertainty weigh more heavily on the expensive Lower Mainland market.
- The foreign buyer ban has reduced new construction development without significantly improving affordability for local buyers.
- In the high-net-worth segment, some condominiums are selling at prices comparable to 2013 levels.
- Some buyers of new condos have been unable to complete purchases due to the foreign buyer classification, resulting in financial losses.
- The GST/HST rebate has not meaningfully affected the market dynamics.
- Location remains the factor buyers are least willing to compromise on, but overall decision-making has slowed.
These factors collectively contribute to the forecast of a continued buyer's market. The forecast anticipates further declining prices and sales activity. Home sales in Metro Vancouver are running 21 percent below the ten year norm. The region is on pace for one of its lowest annual sales totals this century.
Property Type Breakdown: Detached, Attached, and Apartment
The Vancouver market exhibits distinct trends across its three main property types. Detached homes, while seeing a slight increase in sales volume, experienced the sharpest price declines. In September 2026, 575 detached homes were sold, and their benchmark price was $1,784,700. Attached homes, which include townhouses, saw sales of 358 units with a benchmark price of $1,016,700. The apartment segment, typically accounting for about half of all sales in recent years, was the weakest performer in 2026, with sales of 777 units and a benchmark price of $682,500. The divergence in performance underscores a market where end-users are more active in the detached and attached segments, while investor demand for apartments has receded.
The average sale prices for these property types provide additional context. In September 2026, the average sale price of a detached house in Metro Vancouver was $1,895,496, representing a 10.9 percent decrease from September 2025. The average price of an attached house was $1,161,234, down 4.7 percent year-over-year. The average apartment price was $759,995, a minor 0.3 percent decline from the previous September. These average prices can be more volatile than benchmark prices as they are influenced by the mix of properties sold in a given month. The data confirms that all segments are experiencing price softening, contributing to the overall composite benchmark decline.
Common Factors Influencing the 2026 Market
Several interconnected factors are influencing the Vancouver housing market's performance in 2026. High interest rates have reduced purchasing power and kept many potential buyers on the sidelines, despite some improvement in affordability from peak prices. Reduced immigration to the region has also contributed to weaker demand, particularly in the apartment segment which often attracts new residents and investors. Economic uncertainty, including concerns about global trade tensions, has made buyers increasingly hesitant to make significant financial commitments. Furthermore, the market is grappling with an excess supply of listings relative to current demand, which maintains downward pressure on prices.
Policy measures have also played a role. The foreign buyer ban has been cited by industry professionals as reducing new construction development without meaningfully improving affordability for local buyers. It has particularly impacted the high end of the market, where some condominiums are selling at prices last seen in 2013. Location remains the factor buyers are least willing to compromise on, but overall decision-making has slowed due to heightened uncertainty and media coverage about potential price declines. The GST/HST rebate for new homes has not been reported as having a significant effect on the market dynamics in Vancouver, as noted by local real estate professionals.
Frequently asked questions
How much have home prices fallen in Vancouver?
Home prices in Vancouver have fallen from their peak. The composite benchmark price in September 2026 was $1,075,900, which is 5.5 percent lower than September 2025 and 14.1 percent below the all-time high of $1,252,800 set in April 2022. By property type, detached home benchmark prices fell 7.3 percent year-over-year, townhouse prices fell 4.7 percent, and apartment prices fell 6.2 percent. The average residential sale price for the Vancouver Region decreased by 4.1 percent for houses and 3.7 percent for condominiums and townhouses between 2025 and 2026.
How many homes are selling in Vancouver?
Sales volume is below historical averages. In September 2026, 1,717 homes were sold in Metro Vancouver, which was an 8.4 percent decrease from September 2025 and 25 percent below the 10-year seasonal average of 2,289. For the full year 2025, the region saw 22,263 homes sold, which was on pace to be the lowest total this century, below the previous low of 24,619 in 2018. Forecasts for 2026 anticipate a further decline in sales volumes compared to 2025.
What is the sales-to-active listings ratio and what does it indicate?
The sales-to-active listings ratio measures the number of sales relative to the total inventory of homes for sale. In September 2026, this ratio was 10.9 percent across all property types in Metro Vancouver. Historical analysis suggests that sustained readings below 12 percent put downward pressure on home prices, as it indicates a surplus of supply relative to demand. Conversely, a ratio surpassing 20 percent over several months typically leads to upward price pressure. The current ratio confirms a buyer's market environment.
What is the forecast for the Vancouver housing market?
The forecast for 2026 anticipates continued declines in both prices and sales volumes. Average sale prices are expected to decline by approximately 3.1 percent for detached homes and one percent for attached homes compared with 2025 levels. Sales are forecast to decline by approximately 9.2 percent for detached homes and 6.3 percent for attached homes. The market is expected to remain a buyer's market through the end of the year, with economic uncertainty and high interest rates continuing to weigh on buyer demand.
Is Vancouver a buyer's market or a seller's market in 2026?
Vancouver remains a buyer's market in 2026, and this condition is expected to continue through the remainder of the year. This is confirmed by the sales to active listings ratio of 10.9 percent for September 2026, which is below the 12 percent threshold that indicates sustained downward pressure on prices. Furthermore, the sales to new listings ratio was 29 percent that same month, a figure firmly below the 40 percent mark that defines a buyer's market. These metrics, alongside approximately nine and a half months of inventory, provide buyers with greater selection and negotiating power. Market analysis notes that overall conditions remain in buyer's market territory, though certain segments may be shifting.
How does Vancouver's price growth compare to Toronto's?
Vancouver's price growth over the past decade has been significantly slower than Toronto's. Up to the second quarter of 2026, Vancouver's benchmark home price rose by only 9.7 percent over ten years. In contrast, the benchmark price in Greater Toronto climbed by 41 percent over the same decade to reach $943,800. This substantial difference occurred even though Toronto's prices declined 25 percent from their peak in early 2022. Analysts note that Vancouver became an unaffordable city much earlier than Toronto, partly due to its earlier implementation of restrictive zoning policies. Consequently, while both markets are expensive, Toronto's competition with Vancouver on unaffordability is a more recent phenomenon.
Sources and further reading
- Vancouver Housing Market: Oct. 5th, 2026 Update wowa.ca
- Greater Vancouver REALTORS® | CREA Statistics creastats.crea.ca
- Vancouver Housing Market | 2026 Home Prices nesto.ca
- Vancouver, Historical Average, Median and Price ... www03.cmhc-schl.gc.ca
- Greater Vancouver Housing Market Outlook (Fall 2026) blog.remax.ca
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