I feel like I am starting to sound like a broken record when talking about the market over the past 2 years. I keep thinking things are looking up but then the results come in.... Last month, I wrote about a softer-than-expected end to summer. September hasn't brought a broad rebound. The decline in sales also hides a real difference between property types: detached and townhouse sales were slightly higher than last September, while condo sales fell 18.6%. In September we did see some decent activity on detached homes but very little on condos; that market seems to be going from bad to worse.
Given the continuing market trends, if you're thinking about buying or selling, look closely at the part of the market you're in. A condo seller and a detached-home buyer are dealing with quite different conditions. It is really amazing to me the incredible "deals" currently available to anyone buying a condo.
GVR's chief economist, Andrew Lis, sees the stronger detached and attached sales as consistent with a market driven mainly by people buying homes to live in, while investors wait for more favourable conditions. It definitely is the time for people who are renting to buy; however the fact that investors are on the sidelines is surprising to me. I have been a real estate investor for many decades and for me, there have been very few times where the opportunities for investors have been as good as they are now in the Lower Mainland. Usually the gap between what one must pay on a monthly basis, versus what they can obtain in rent from tenants is much less favourable. This is why most of my investments in real estate (other than my principal residence of course) are outside of our area. HOWEVER, right now, for the second time ever, I am looking at making a real estate investment here in the Lower Mainland-not just to benefit from the likely gains in value appreciation, but also for rental returns.
But I digress...let's get back to what happened in September.
If we look at the September 2026 numbers, last month in Greater Vancouver we saw:
- Sales of all types of properties totalled 1,717, DOWN 8.4% from September 2025.
- Sales were 25.0% BELOW the 10-year seasonal average of 2,289.
- The total number of homes listed for sale was 16,394, DOWN 4.0% from September 2025 and 24.3% ABOVE the 10-year seasonal average.
- Newly listed properties totalled 5,852, DOWN 10.3% from September 2025 and 5.7% ABOVE the 10-year seasonal average.
- Detached home sales reached 575, UP 4.2% from September 2025.
- The detached benchmark price was $1,784,700, DOWN 7.3% from September 2025 and DOWN 0.8% from August 2026.
- The sales-to-active listings ratio was 10.9% overall and 9.7% for detached homes. The ratios were 12.2% for attached homes and 11.4% for apartments.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
Prices continued to soften across all three property types. The composite benchmark price was $1,075,900, DOWN 5.5% from September last year. Apartment benchmark prices were $682,500, DOWN 6.2% year over year, while the townhouse benchmark was $1,016,700, DOWN 4.7%. Of course these numbers don't tell us the whole story-we need to consider the specific areas and type of home for better information.
The overall sales-to-active listings ratio has slipped from 12.3% in August to 10.9% in September. GVR's historical data suggests prices face downward pressure when this ratio stays below 12% for a sustained period. One month's figure doesn't tell us when the market will turn, but it is taking its time.
For buyers, there is still plenty to choose from, and lower prices give more room to negotiate. Use that choice to compare homes, check your financing and do your due diligence. For condos, look carefully at the building's documents and the full monthly cost alongside the asking price.
As I mentioned in the recent special edition of The Real Estate Clock, nobody can promise exactly when prices will reach the bottom. If you're ready to buy, a home that suits your needs and budget deserves a closer look.
For sellers the increase in detached and townhouse sales is encouraging. Prices are still easing, though, and buyers have alternatives. Pricing needs to reflect recent comparable sales and the homes your buyer can choose from today.
The fall is usually quite a good time for sellers so maybe October will pick up a bit. Key to note this month, as has been the case for many months is:
- it is a fabulous time to get into the market: there is selection, time to think and great prices available.
- it is a fabulous time to move up in the market: for all of the above reasons AND because now one can often buy with a "subject to sale" clause rather than living through the stress of trying to sell before completing a purchase. Also, in many cases the more expensive properties will have come down more than the property one is upgrading from. This creates a favourable "gap" for buyers moving to more expensive homes. If you're selling to move to another home, look at both sides of the move. Compare what you can sell for with what your next home will cost. The difference between the two matters more than either asking price on its own.
- it is a fabulous time to buy an investment property...for all of the above reasons and because rents will likely come closer to covering the purchase price
If you'd like to understand what all of this means for your neighbourhood or your plans, I'm happy to help. Reply to this email or book a time below for more information.
