Metro Vancouver in September 2026
Metro Vancouver recorded 1,717 home sales in September 2026 — an 8.4% decline from September 2025 and 25.0% below the 10-year seasonal average of 2,289. With 16,394 active listings — down 4.0% from a year ago but sitting 24.3% above their 10-year seasonal average, and a sales-to-active listings ratio of 10.9%, the market is in buyer’s territory. Detached homes are the softest segment with a ratio of 9.7%, while attached homes are the closest to balanced at 12.2%.
The benchmark price of $1,075,900 is down 5.5% from a year ago and sits 14.1% below the April 2022 peak of $1,252,800, though still 208% above January 2005 levels. GVR chief economist Andrew Lis says the weakness is concentrated in apartments: attached and detached sales finished slightly up from last September, consistent with end-users driving the market while investor demand waits for more favourable conditions.
Benchmark & Average Prices
All three property categories declined year over year, with detached homes seeing the steepest benchmark drop at 7.3%. The benchmark price reflects a typical property and is less distorted by high-end sales than the average.
| Property Type | Benchmark (HPI) | MoM | YoY | Sales | Sales YoY |
|---|---|---|---|---|---|
| Detached | $1,784,700 | ▼ 0.8% | ▼ 7.3% | 575 | ▲ 4.2% |
| Townhouse / Attached | $1,016,700 | ▼ 1.2% | ▼ 4.7% | 358 | ▲ 0.6% |
| Apartment / Condo | $682,500 | ▼ 0.5% | ▼ 6.2% | 777 | ▼ 18.6% |
Source: Greater Vancouver REALTORS® (GVR) press release, October 2, 2026. Benchmark prices use the MLS® Home Price Index. GVR does not publish average sold prices in its official monthly release.
Supply and Demand Breakdown
Sales fell 8.4% year over year and new listings fell 10.3%, leaving active inventory 24.3% above its 10-year seasonal average at 16,394 units. New listings came in 5.7% above their own seasonal average (5,852 vs. 5,537), so sellers are arriving at a slightly faster than normal pace while buyers continue to absorb inventory sluggishly. The sales-to-active ratio of 10.9% sits below the 12% line GVR uses to separate a buyer’s market from a balanced one — below 12% for a sustained period is where the board expects downward price pressure.
What's Driving the Market
Interest rates: The Bank of Canada's overnight rate held at 2.25% through mid-2026, with 5-year fixed rates settling around 4.29–4.69%. The rate environment is meaningfully better than the 2023 peak (5.5% overnight), but affordability remains stretched given benchmark prices above $1M.
Immigration policy: Federal immigration targets were revised downward significantly in late 2025, reducing a key demand driver that had supported Vancouver prices through 2023–2024. The effect is most visible in the condo segment, where investor-held pre-construction units compete with resale.
Supply constraints: Metro Vancouver's restrictive zoning remains the structural floor under prices. Single-family zoning covers the majority of residential land; new density is being added incrementally through provincial housing legislation, but the supply pipeline is measured in years, not months.
Trade uncertainty: Ongoing Canada–U.S. trade tensions have dampened business confidence and slowed hiring in some sectors, contributing to cautious buyer sentiment particularly among move-up buyers who would otherwise absorb detached inventory.
20-Year Price History
Despite the current correction, the long-run trajectory of Metro Vancouver prices remains far above inflation and wage growth — a reflection of persistent supply constraints rather than speculative excess alone. Buyers who purchased at the 2022 peak have seen paper losses; buyers from 2018 and earlier remain well ahead.
Key Terms
Vancouver Rents — September 2026
Metro Vancouver remains one of Canada’s most expensive rental markets. Average asking rents for apartments and condos were $2,741/month in September 2026, up 1.4% from August — the largest monthly gain among Canada’s six largest markets — but down 1.3% year over year, the city’s 34th consecutive month of annual decline. One-bedroom units averaged $2,380/month, down 4.8% from a year ago, the largest one-bedroom decline of any major market, while three-bedroom rents fell 1.8% to $3,993.
Source: Rentals.ca October 2026 National Rent Report (September 2026 data), published October 7, 2026. View full Canadian rent report →