As we transition out of summer and back into our regular routines, the latest real estate numbers are in. While I was hopeful that we might see some improvement (because anyone wanting to buy a home should be acting now) that has not happened. I really don't understand why buyers aren't snapping up the many good values available. Personally, while I am a bit over invested in real estate, I have been seeing so many great values that I recently asked my lender if I can buy another property. As a real estate addict, it is very hard for me to watch this strong buyer's market and not buy in it. As we know, what goes up must come down, but conversely, what goes down must go back up. I really hope anyone who is renting but could afford to buy does so now because when our market is hot (which it usually is-we live in the most beautiful, safe and healthy place in the world) it is painful watching the heartbreak when buyers cannot get into a home. If you or someone you know needs help understanding the market, I am happy to help with that as well. Sellers are still selling but a greater effort is required to succeed. And there is nothing I like more than helping someone get into their first home or move up in the market...
Ok so what happened last month? We are generally down from 2025. It is also important to keep in mind that the 2025 numbers were already down from the preceding year and significantly down from the peak.
So what do the August numbers say? If you were holding out for a late-summer surge, the data shows that buyers and sellers continued to take a breather. Home sales closed out the season underperforming the summer of 2025. Sales remain subdued, overall inventory remains elevated, and buyers continue to enjoy-but not capitalize on-ample selection.
As Andrew Lis, GVR's chief economist, noted this month: "The soft August sales data suggest the modest downward revisions we recently made to our 2026 forecast were a timely and prudent decision. The market's performance matched our expectations for the first four months of 2026, but since May, sales have lagged our January forecast, and we expect that trend to persist to the end of the year."
If we look at the August 2026 numbers, last month in Greater Vancouver we saw:
- Sales of all types of properties were DOWN 4.6% from August 2025.
- Sales were 20.7% BELOW the 10-year seasonal average (2,356).
- The total number of homes listed for sale was 15,798, which is DOWN 2.7% compared with August 2025. This is 26.2% higher than the 10-year average (12,522).
- The number of homes newly listed for sale was DOWN 3.0% from August 2025 and 1.3% BELOW the 10-year average (4,152).
- Detached home sales were DOWN 3.1% from August 2025.
- The benchmark price for detached homes was DOWN 7.2% when compared to August 2025, and a 1.3% decrease compared to July 2026.
- The sales-to-active listings ratio overall was 12.3%; for detached homes, the ratio was 9.6%. (Prices generally face downward pressure when the ratio remains below 12%).
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals some interesting underlying currents this month. While total inventory remains quite robust at 26.2% above the 10-year historical average, it has actually started to gradually decline from its 2025 heights. We are seeing fewer new listings come to market compared to last year. This suggests that while buyers are taking their time, some sellers are also opting to wait on the sidelines for more favourable conditions rather than listing into a quiet market. The problem is that forecasts suggest sellers will wait a LONG time for prices to pick up once they stabilize. If they are waiting for more buyers to come out that makes sense but if they are hoping prices will pop up, that could be a long wait. The time-versus-money equation suggests that in most cases, selling, investing the proceeds (or buying something else) and moving forward with their life plans makes more sense.
Prices continue their gradual downward trajectory across all segments. The composite benchmark price for all residential properties is currently $1,081,90 which down 5.6% compared to August of last year. By property type, detached homes have seen the most significant year-over-year adjustment (-7.2%), followed by condos (-6.6%) and townhomes (-4.4%). Month-over-month, the declines are much more modest, with benchmark prices drifting down less than 1.5% across the board since July.
And of course we don't even want to talk about how much prices are down from the peak; the drop has been significant.
For buyers, the equation remains highly favourable, especially if you are looking at detached homes, which are currently sitting firmly in buyer's market territory. Inventory is plentiful, benchmark prices are lower than they were last year, and there is very little competition pushing you to make rushed decisions. You have the leverage and the time to find exactly what you want. With condos, the numbers might LOOK lower but I believe that is because so many developer condos selling which are not included in these figures. As I mentioned in past newsletters, in some cases developers seem to be giving homes away.
For sellers, the message continues to be one of strategy and realistic expectations. The overall market is sitting just slightly above the threshold of a buyer's market. Homes that are priced in line with current market realities and presented beautifully are moving. However, with buyers having plenty of alternatives to choose from, properties that are overpriced or sit too long can quickly lose momentum.
Looking ahead, the fall market will tell us whether this softer trend truly persists through the end of the year, or if the changing season brings a renewed wave of activity.
Whether you're a buyer wondering if this is the right moment to jump in, or a seller trying to navigate these conditions and stand out from the competition, I'm happy to assist. There is nothing I like better than helping people improve their finances through real estate. Please contact me if you or someone you know would like to discuss your options.
