Prices keep
drifting down.
Activity is
splitting apart.
Metro Vancouver closed the summer with fewer sales than last year and a benchmark price down almost six per cent. Underneath that regional number, the four markets I work in are behaving very differently. North Vancouver is holding. West Vancouver detached is not. Downtown condos are carrying the weight of a stalled presale market.
Ray Reyhani · Royal Pacific Lions Gate RealtyMarket report for August 2026 · Published September 4, 2026
The short version
- Regional sales came in at 1,869 for August, down 4.6 per cent from last August and roughly 21 per cent below the ten-year average for the month. This was a slow summer by any measure.
- The composite benchmark price is $1,081,900, down 5.6 per cent over the year. Detached has fallen furthest at 7.2 per cent.
- Inventory is down slightly from last year but still sits about 26 per cent above the ten-year average. Buyers have selection.
- The regional sales-to-active-listings ratio is 12.3 per cent, right at the line where prices usually stop falling and start moving sideways. Detached is below that line at 9.6 per cent.
- North Vancouver is the clear outperformer of the four areas here, down 2.5 per cent over the year against West Vancouver at 5.8 per cent and Vancouver West at 4.4 per cent.
What is behind it
Three things are holding the market down at once, and none of them are about to change quickly.
Borrowing costs have stopped improving. The Bank of Canada held its policy rate at 2.25 per cent on September 2, its seventh consecutive hold, and pointed to new tariffs and high energy prices as inflation risks. Five-year bond yields have climbed toward 3.4 per cent, which pushes fixed mortgage rates up, not down.
Population growth into the region has slowed, and investors have largely left the condo market. That removes two sources of demand at the same time.
The good news for anyone buying is that this is a market where careful analysis pays. Prices are negotiable, selection is real, and there is no crowd to compete with.
Part one
The regional picture
20.7% below the 10-year average
1.3% below the 10-year average
26.2% above the 10-year average
Down 0.6% from July
The one number that matters most
The sales-to-active-listings ratio compares how many homes sold against how many are for sale. It is the cleanest read on whether prices are likely to rise or fall over the following few months.
Below roughly 12 per cent, prices tend to slip. Above roughly 20 per cent, they tend to rise. In between, they usually move sideways.
Metro Vancouver sits at 12.3 per cent. Detached homes are the weakest at 9.6 per cent, which is why detached prices are falling faster than condos and townhomes.
Detached
12.3%
Benchmark price, indexed to 100 twelve months ago
| Property type | Benchmark | 1 month | 3 month | 1 year | Sales | Sales vs. Aug 2025 |
|---|---|---|---|---|---|---|
| Detached | $1,799,400 | -1.3% | -2.6% | -7.2% | 557 | -3.1% |
| Townhouse | $1,028,800 | -0.2% | -1.9% | -4.4% | 412 | +0.7% |
| Apartment | $686,200 | -0.3% | -1.7% | -6.6% | 891 | -6.8% |
| All residential | $1,081,900 | -0.6% | -1.7% | -5.6% | 1,869 | -4.6% |
Part two
Four markets,
four stories
The regional average hides more than it reveals. Over the past twelve months the gap between the strongest and weakest of these four markets is nearly seven percentage points on the composite benchmark, and wider still on detached homes.
Benchmark change over twelve months, by area and property type
Detached
Townhouse
Apartment
The longer view: composite benchmark change over ten years
Area report
West
Vancouver
The most discounted market on the North Shore, and the one where the gap between asking price and achievable price is widest. Twenty-nine detached homes sold in August against 104 new listings.
West Vancouver detached is down 7.5 per cent over twelve months and 12.4 per cent over three years. Over ten years the composite index has fallen 26.9 per cent, the steepest decline of any area in the region.
Two forces explain most of it. The 20 per cent additional property transfer tax on foreign buyers and the federal purchase ban removed a slice of demand that mattered more here than almost anywhere else. And the local buyer pool for a $3 million house is small, rate-sensitive, and in no hurry.
What is quietly encouraging is that activity has not collapsed. August sales were slightly ahead of last year, and summer sales across June to August were up 6.3 per cent. Homes are still trading. They are trading at lower numbers.
The condo market is the outlier
The apartment benchmark rose 1.7 per cent in the month and 1.6 per cent over three months, yet it remains down 9.2 per cent over the year. Eighteen apartments sold against 26 new listings, the tightest ratio in the area. West Vancouver has very little condo supply, so a handful of sales moves the index. Read the monthly gain with caution.
Median detached sale price, August
| Detached | Attached | Apartment | |
|---|---|---|---|
| Sales | 29 | 5 | 18 |
| New listings | 104 | 12 | 26 |
| Sales per 100 new listings | 28 | 42 | 69 |
| Same month last year | 27 | 23 | 50 |
| Sales, Jan to Aug | 241 | 30 | 100 |
If you are buying here
- You are the scarce party. Twenty-nine sales against 104 new listings means most sellers this month did not find a buyer.
- Ask what a property sold for last time it traded. Many West Vancouver homes are worth less today than in 2016, and that history is negotiating leverage.
- Finishings can be changed. The outlook, the lot, and the grade cannot. Buy the ones that are hard to replace.
If you are selling here
- Price to the current market, not to last year's comparable. The index has moved 7.5 per cent since then.
- Expect a longer campaign. Plan for it in your timeline rather than reacting to it with a price cut at week six.
- Presentation matters more when a buyer has forty alternatives. Photography, staging, and the first two weeks decide the outcome.
Area report
North
Vancouver
The strongest of the four markets, and the only one where the benchmark is higher today than it was six months ago. Detached prices rose 0.5 per cent in August while the region fell 1.3 per cent.
-2.5% over 12 months
North Vancouver has separated itself from the rest of the region this year. The composite is down 2.5 per cent over twelve months against 5.6 per cent regionally, and it is actually up 2.0 per cent over the past six months. Detached homes are up 2.8 per cent over six months.
The reason is supply. New detached listings fell to 87 in August from 100 a year ago and 104 in July. Sales held at 43. When listings drop and sales hold, the ratio tightens and prices firm up. Detached sold at a rate of 49 homes per 100 new listings, against 28 in West Vancouver.
Townhomes are the tightest segment in the area at 66 sales per 100 new listings, up from 47 last August. Buyers priced out of a $2 million detached house are competing for a $1.25 million townhouse, and there are not many of them.
Where it is softer
Apartments are the exception. The benchmark fell 2.0 per cent in the month, the largest monthly drop of any segment in the four areas covered here, and the sales rate slipped to 40 per 100 new listings from 48 last August. North Shore condos are competing with a downtown market that is discounting hard.
Sales per 100 new listings, August 2026 against August 2025
Detached
Townhouse
Apartment
| Detached | Attached | Apartment | |
|---|---|---|---|
| Sales | 43 | 33 | 62 |
| New listings | 87 | 50 | 156 |
| Median sale price | $2,179,000 | $1,270,000 | $793,500 |
| Median, Aug 2025 | $1,897,500 | $1,295,000 | $756,500 |
| Sales, Jan to Aug | 449 | 285 | 581 |
If you are buying here
- This is the least discounted of the four markets. Do not expect West Vancouver style negotiating room, particularly on townhomes.
- Well-priced detached listings are selling. Be ready to move on the good ones and patient on the rest.
- Condos are the softer entry point right now, and the one segment here where you have leverage.
If you are selling here
- You are selling into the best conditions on the North Shore. Fewer competing listings than last year is a real advantage.
- A detached or townhouse listing priced correctly should transact. The absorption rates support that.
- If you own a condo, price sharply from the start. That segment is moving the other way.
Area report
Vancouver
West Side
The largest price correction on detached homes of the four areas, down 8.7 per cent over twelve months and 15.3 per cent over three years. Buyers have noticed. Detached sales are up 21 per cent year to date.
The west side detached market has repriced harder than anywhere else covered here. The benchmark has fallen 15.3 per cent in three years and 17.8 per cent in ten. A house that indexed at $3.5 million three years ago sits near $2.93 million today.
The response has been the most interesting number in the whole release. Detached sales on the west side are up 21 per cent year to date, 500 against 413 over the same eight months last year. August alone came in at 68 sales, ahead of both last August and July. Buyers who were priced out three years ago are stepping in.
Condos are moving the opposite way. Apartment sales are down 15 per cent year to date, 1,829 against 2,163. That gap between houses and condos is the defining feature of this market right now.
A note on what Vancouver West includes
Greater Vancouver REALTORS reports Vancouver West as a single area covering the west side neighbourhoods and the downtown peninsula, which means Downtown, Coal Harbour, Yaletown and the West End sit inside these figures. Downtown is not published separately. Neighbourhood-level detail requires a direct MLS search, which I am happy to run for any specific building or block.
Sales, January to August, 2026 against 2025
Detached
Attached
Apartment
| Detached | Attached | Apartment | |
|---|---|---|---|
| Sales | 68 | 56 | 225 |
| New listings | 142 | 134 | 501 |
| Sales per 100 new listings | 48 | 42 | 45 |
| Same month last year | 37 | 44 | 55 |
| Median sale price | $2,850,000 | $1,505,000 | $820,000 |
If you are buying here
- Detached is where the discount has already happened and where competition is returning. The easiest pricing was probably earlier this year.
- Condos are the reverse. Supply is heavy, buyers are few, and there is room to negotiate.
- Compare a west side detached house against a West Vancouver one before deciding. The two markets have moved differently and the relative value has shifted.
If you are selling here
- Detached owners have a genuine buyer pool for the first time in a few years. That is worth acting on.
- Condo owners are competing with 501 new listings a month plus developer inventory. Price and presentation are the whole game.
- If you are selling a condo to buy a house, the trade works better today than it did three years ago. Run the numbers on both sides.
Area report
Downtown
and condos
The weakest part of the region and the one with the most complicated outlook. Regional apartment sales fell 6.8 per cent in August, the largest drop of any property type.
Downtown sits inside the Vancouver West area in this data, with Gastown and the Downtown Eastside falling into Vancouver East. Between the two, the condo benchmark ranges from roughly $629,000 to $775,000, down 3.8 and 7.5 per cent respectively over the year.
The resale numbers only tell part of the story. The bigger issue is what is happening on the new construction side.
The presale market has stalled
There were no concrete condo project launches in Metro Vancouver in the first quarter of 2026, against 152 in the same quarter a year earlier, according to Zonda Home Canada. Investors, who once made up around half of new condo purchases, have fallen to a small fraction of the market. Roughly 3,500 completed but unsold condo units are sitting across the region.
CMHC expects more projects to be postponed or cancelled through 2026, with the effects running into 2027 and 2028.
What that means in practice
In the short term it means pressure. Developer inventory competes directly with resale listings, often with incentives a private seller cannot match.
Over a longer horizon it points the other way. Buildings that do not start today cannot complete in 2029. If population growth returns before that supply does, the shortage arrives with it.
| Area | Benchmark | 1 month | 1 year | 3 year |
|---|---|---|---|---|
| West Vancouver | $1,122,600 | +1.7% | -9.2% | -16.3% |
| Vancouver West | $774,900 | +0.8% | -3.8% | -8.0% |
| North Vancouver | $770,300 | -2.0% | -3.4% | -5.0% |
| Greater Vancouver | $686,200 | -0.2% | -6.6% | -10.7% |
| Vancouver East | $628,600 | 0.0% | -7.5% | -12.5% |
| Burnaby South | $731,500 | -1.4% | -7.1% | -13.5% |
| Richmond | $633,300 | -1.0% | -9.8% | -13.9% |
Regional condo supply and demand, August
Part three
What is moving
the market now
The August data reflects decisions made in June and July. Here is what is shaping the next few months, and where I think each factor cuts.
Interest rates
The Bank of Canada held its policy rate at 2.25 per cent on September 2, the seventh consecutive hold, and warned that new tariffs and high energy prices are pushing inflation risk up rather than down. The next decision is October 28.
Fixed mortgage rates follow bond yields, not the policy rate. The five-year Government of Canada yield has climbed to around 3.4 per cent, close to a 52-week high, which has already pushed most five-year fixed offerings back above 4 per cent. The cheap-money relief many buyers were waiting for has been postponed, and could be postponed further.
Where it cuts: against buyers waiting for lower rates. If your plan was to wait for a better rate before buying, that plan is looking weaker than it did in the spring.
Trade and the wider economy
Trade talks between Canada and the United States have broken down, and new tariffs and counter-measures are in place. Energy prices remain elevated because of the conflict in the Middle East. Canadian GDP grew 3.3 per cent in the second quarter and unemployment eased to 6.4 per cent in July, so the economy itself is holding up better than the housing market.
Where it cuts: both ways. A stronger economy supports employment and incomes. Trade uncertainty holds back the confidence people need to commit to a large purchase.
Population growth
Slower immigration into the region is the factor GVR's own chief economist puts first when explaining soft demand, alongside reduced investor activity. Fewer new arrivals means fewer renters, fewer first-time buyers, and less pressure on the bottom of the market where the chain usually starts.
Where it cuts: against the condo market above all, and against the rental investment case that supported it.
New supply
The presale slowdown described earlier is the most consequential thing in this report for anyone thinking beyond the next twelve months. Projects that do not launch now do not complete in three or four years. CMHC has been direct that condo starts will stay low into 2028.
Where it cuts: against sellers today, and potentially for owners later. A market with heavy inventory now and a thin pipeline later is a market where the medium-term risk sits on the upside.
The foreign buyer ban
The federal prohibition on residential purchases by non-Canadians is set to expire January 1, 2027. The government has signalled it is considering a replacement rather than a simple extension, possibly along Australian lines where foreign buyers can purchase new construction but not existing homes. Nothing has been confirmed.
Worth keeping in proportion. Foreign buyers accounted for around 1.1 per cent of BC sales in 2021, and British Columbia's separate 20 per cent additional property transfer tax is provincial and does not expire.
Where it cuts: most relevant to West Vancouver, the west side, and downtown presales, which is exactly where this report is focused. It is a headline worth watching in the fourth quarter, not a reason to change a decision today.
Part four
What I would
actually do
If you are buying
- Buy on the index, not on the asking price. Ask what the segment has done over one and three years before you form a view on value.
- Stop waiting for rates. The Bank of Canada is on hold and bond yields are rising. Price negotiation is available to you now. A lower rate might not be.
- Match the segment to your leverage. Condos and West Vancouver detached give you room. North Vancouver townhomes do not.
- If you are moving up from a condo to a house, this is a better trade than it has been in years. Your condo sells for less, but the house costs proportionally less again.
If you are selling
- Price against today, not against your neighbour's 2024 sale. In most of these segments the market has moved four to nine per cent since.
- The first two weeks carry the campaign. Overpricing early costs more than it saves, because the eventual sale price tends to end up lower after a stale listing.
- Know your absorption rate. Twenty-eight sales per 100 new listings in West Vancouver is a very different conversation than 66 in North Vancouver townhomes.
- If you do not have to sell and you own in a supply-constrained segment, the timing question is worth a proper conversation rather than a guess.
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