Metro Vancouver home sales fall 8.4% as apartment demand weakens

Metro Vancouver home sales on the MLS® fell 8.4% in September from a year earlier, led by a steep drop in apartment transactions. Prices also continued to ease across all property types as inventory stayed above seasonal norms.

Why it matters: - Metro Vancouver’s housing market is cooling, with weaker apartment demand doing most of the damage to overall sales. - Lower sales and easing prices can affect affordability, seller expectations and the pace of market recovery. - Sales-to-listings ratios remained below the level that typically signals sustained price pressure, keeping the market tilted toward buyers.

What happened: - Home sales on the MLS® in Metro Vancouver totaled 1,717 in September 2026. - That was down 8.4% from 1,875 sales in September 2025. - Sales were 25% below the 10-year seasonal average of 2,289. - Greater Vancouver REALTORS® said apartment weakness accounted for most of the decline. - Andrew Lis, GVR chief economist and vice-president of data analytics, said detached and attached sales were slightly higher than a year ago, while investor-driven demand remains subdued.

The details: - New MLS® listings across detached, attached and apartment homes totaled 5,852 in September 2026. - New listings fell 10.3% from 6,527 in September 2025. - New listings were 5.7% above the 10-year seasonal average of 5,537. - Active listings reached 16,394 at the end of September. - That was down 4% from 17,079 a year earlier. - Active listings were 24.3% above the 10-year seasonal average of 13,186. - The overall sales-to-active listings ratio was 10.9%. - The ratio was 9.7% for detached homes, 12.2% for attached homes and 11.4% for apartments. - Historical data suggests downward price pressure begins when the ratio stays below 12% for a sustained period. - Price pressure has tended to rise when the ratio exceeds 20% for several months. - Lis said slow sales and lower inventory have kept prices from falling too quickly, but cumulative declines are now more visible. - All market segments are down about 3% since the start of the year, he said. - The MLS® Home Price Index composite benchmark price for all residential properties was $1,075,900. - That was down 5.5% from September 2025 and 0.6% from August 2026. - Detached home sales rose to 575, up 4.2% from 552 a year earlier. - The detached benchmark price was $1,784,700, down 7.3% year over year and 0.8% month over month. - Apartment home sales fell to 777, down 18.6% from 954 in September 2025. - The apartment benchmark price was $682,500, down 6.2% year over year and 0.5% from August 2026. - Attached home sales totaled 358, up 0.6% from 356 a year earlier. - The townhouse benchmark price was $1,016,700, down 4.7% year over year and 1.2% month over month. - GVR covers Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver and Whistler. - Greater Vancouver REALTORS® represents more than 15,000 REALTORS® and their companies. - The organization provides member services including the Multiple Listing Service®. - More information is available through the association’s website.

Between the lines: - The market’s headline decline is being driven by apartments, which are often the most sensitive segment to investor appetite and financing conditions. - Detached and attached homes holding up better suggests end-user demand is still present, but not strong enough to offset weakness in higher-volume apartment sales. - Inventory is still elevated versus the long-run average, which limits the chance of a sharp price rebound.

What’s next: - Price direction will likely depend on whether sales improve enough to push the sales-to-listings ratio higher. - If apartment demand stays weak, overall sales could remain under pressure even if other segments stabilize. - Buyers and sellers are likely to watch whether the current modest month-to-month price declines continue into the fall.

The bottom line: - Metro Vancouver remains in a cooler, softer market, with apartments leading the slowdown and prices drifting lower across the board.