Metro Vancouver Market Update

September 2026 · Prepared for the Century 21 In Town Realty team

At a Glance

Total Sales	1,717	▼ 8.4% YoY
Composite Benchmark	$1,075,900	▼ 5.5% YoY
Active Listings	16,394	▼ 4.0% YoY
New Listings	5,852	▼ 10.3% YoY

Detached S/A	9.7%
Attached S/A	12.2%
Apartment S/A	11.4%

2026 Sales-to-Active Ratio Trend

Metro Vancouver overall S/A ratio, GVR monthly data · dashed line marks the 12% buyer’s-market threshold

Key Insight

We crossed the line. The overall S/A ratio fell to 10.9% in September — below the 12% buyer’s-market threshold for the first time since January, and down every month since June’s 14.6% peak. Sales came in at 1,717, down 8.4% year over year and 25% below the 10-year seasonal average.

The headline hides the real story: the weakness is in apartments. Apartment sales dropped 18.6% year over year, while detached (+4.2%) and attached (+0.6%) sales actually finished slightly up. GVR chief economist Andrew Lis reads this as end-users carrying the market while investors wait for better conditions. He also points out that small monthly price dips have added up — every segment is now down about 3% since the start of the year.

Closer to home: the Vancouver West composite benchmark slipped 1.3% month over month to $1,206,600. Vancouver East was one of the few gainers, up 0.7% to $1,120,200.

What’s Hot:

Houses and townhomes — both posted more sales than last September, driven by people buying to live in. Attached is the only segment still above 12% (12.2%), though just barely.

What’s Not:

Apartments — sales down 18.6% year over year and the S/A ratio dropped from 13.7% to 11.4% in a single month. With investors on the sidelines, condo listings are competing for a smaller pool of buyers.

Client Conversations

For Buyers

More homes to choose from, fewer buyers competing — 16,394 active listings, 24.3% above the 10-year seasonal average.
Condos are where the negotiating room is right now. Push on price and terms.
Rates are a live question heading into the Bank of Canada’s October 28 decision — get pre-approved and lock in a rate hold now.

For Sellers

Price off today’s numbers, not spring comps — all segments are down about 3% since January.
Condo sellers: market to people who’ll live there, not investors. That’s who’s buying.
One bright spot: new listings are down 10.3% year over year, so a well-priced listing faces less fresh competition this fall.

Looking Ahead

3-Month Outlook

October is the fall market’s peak month, so expect a seasonal bump that brings the S/A ratio back above 12%. That’s all it is — a seasonal lift, not a change in the market. Sales are still running well below the 10-year average, and inventory is still about a third above normal.

12-Month Outlook

The Bank of Canada has held at 2.25% since October 2025; next decisions are October 28 and December 9. BCREA (Sept 2) said the next move is more likely a hike toward 2.75% than a cut. If fixed rates firm up, buyers sitting on the fence lose the “wait for lower rates” argument. (BCREA — context only, secondary to GVR.)

Winning Strategy This Month

This is an end-user market. The people buying are buying to live in the home — so speak to them. With buyers, especially on condos, there’s real room to find the right place and negotiate on price and terms.

With sellers, the conversation is realistic pricing and presentation aimed at owner-occupiers. Buyers aren’t in any hurry, but they are active for the right price — and with rates more likely to rise than fall, waiting isn’t free for either side.