Metro Vancouver home sales fall again as prices keep easing

Metro Vancouver home sales on the MLS® fell 4.6% in August from a year earlier, extending a summer slowdown that has pushed prices lower across detached homes, apartments and townhouses. Greater Vancouver REALTORS® says softer demand, ample inventory and stable mortgage rates are keeping buyers cautious.

Why it matters: - Metro Vancouver’s housing market ended the summer weaker than last year, with sales below typical seasonal levels and prices still drifting down. - The softer market gives buyers more selection, but it also signals continued pressure on sellers and on the region’s home-price benchmark.

What happened: - Residential sales on the MLS® in Metro Vancouver totaled 1,869 in August 2026. - That was down 4.6% from 1,959 sales in August 2025. - August sales came in 20.7% below the 10-year seasonal average of 2,356. - Greater Vancouver REALTORS® said the August data marked the end of a summer that underperformed the summer of 2025.

The details: - New listings for detached, attached and apartment homes reached 4,100 in August 2026. - New listings were down 3% from 4,225 in August 2025. - New listings were 1.3% below the 10-year seasonal average of 4,152. - Active listings across the region totaled 15,798. - Active listings were down 2.7% from 16,242 in August 2025. - Active listings were 26.2% above the 10-year seasonal average of 12,522. - The sales-to-active listings ratio for all property types was 12.3% in August 2026. - The ratio was 9.6% for detached homes, 15.1% for attached homes and 13.7% for apartments. - Historical data suggests downward pressure on prices when the ratio stays below 12% for a sustained period. - Historical data suggests upward pressure on prices when the ratio stays above 20% for several months. - The MLS® Home Price Index composite benchmark price for all residential properties was $1,081,900. - The composite benchmark price was down 5.6% from August 2025 and down 0.6% from July 2026. - Detached-home sales totaled 557, down 3.1% from 575 a year earlier. - The detached benchmark price was $1,799,400, down 7.2% year over year and 1.3% from July. - Apartment sales totaled 891, down 6.8% from 956 a year earlier. - The apartment benchmark price was $686,200, down 6.6% year over year and 0.3% from July. - Attached-home sales totaled 412, up 0.7% from 409 a year earlier. - The townhouse benchmark price was $1,028,800, down 4.4% year over year and 0.2% from July.

Between the lines: - Andrew Lis, GVR’s chief economist and vice-president of data analytics, said the softer August results support the organization’s recent downward revisions to its 2026 forecast. - Lis said the market matched expectations in the first four months of 2026, but sales have lagged the January forecast since May. - Lis said inventory has eased from 2025 highs, but slower sales have still pushed prices lower across market segments. - Lis said the region’s soft market reflects slower immigration, reduced investor demand and mortgage rates that are not low enough to spur stronger buying. - Lis also said renewed trade tensions with the U.S. are an unwelcome distraction for the market. - Stable mortgage rates and more selection are helping buyers, but they have not pulled many buyers off the sidelines.

What's next: - GVR expects the sales slowdown to continue through the rest of 2026. - The market will likely stay influenced by inventory levels, mortgage rates, immigration trends and investor demand. - A sustained shift in the sales-to-active listings ratio could either deepen price declines or help stabilize the market.

The bottom line: - Metro Vancouver’s housing market is still cooling, with softer sales, elevated inventory and broadly lower benchmark prices heading into fall.