Are Vancouver condo prices falling in 2026?

Yes. Greater Vancouver REALTORS® (GVR) put the Metro Vancouver apartment benchmark price at $682,500 in September 2026. That is down 6.2% from September 2025 and 3.4% from March 2026. The decline is slow, about 0.5% a month lately, and it is not the same in every neighbourhood.

How much have Metro Vancouver condo prices fallen?

The MLS® Home Price Index (HPI) benchmark is the estimated price of a typical apartment. In September 2026, GVR measured these changes for Metro Vancouver apartments:

• Past 1 month: down 0.5%

• Past 3 months: down 1.8%

• Past 6 months: down 3.4%

• Past 1 year: down 6.2%

• Past 3 years: down 11.1%

• Past 5 years: up 0.3%

Five years ago the benchmark was about where it is now, and 3 years ago it was higher. Over 10 years, it is still up 36.8%.

Other property types are falling too. In September, the detached benchmark was $1,784,700, down 7.3% from a year earlier, and the townhouse benchmark was $1,016,700, down 4.7%.

Which areas have fallen the most?

Tsawwassen (down 12.2%) and Ladner (down 10.5%) fell the most of any area in GVR's table. Here are the 1 year changes in the apartment benchmark to September 2026 for the main condo markets, from largest drop to smallest:

• Richmond: $635,600, down 9.1%

• Burnaby South (includes Metrotown): $723,000, down 8.3%

• New Westminster: $579,900, down 7.5%

• Coquitlam: $640,100, down 7.3%

• Burnaby North: $662,400, down 6.6%

• Burnaby East: $708,100, down 5.5%

• Vancouver West: $761,800, down 5.2%

• Vancouver East: $634,800, down 5.2%

• North Vancouver: $769,000, down 3.2%

The monthly numbers are mixed. Over the last month Richmond's benchmark rose 0.4% and Vancouver East's rose 1.0%, while Burnaby South fell 1.2% and Vancouver West fell 1.7%. One month is noise. The 1 year column is the better read.

Why are condo prices falling?

Fewer people are buying. GVR counted 777 apartment sales in September 2026, down 18.6% from the 954 in September 2025. Overall sales across all property types were 25% below the 10-year seasonal average.

Listings haven't dropped as much. There were 16,394 homes listed for sale across Metro Vancouver at the end of September, 24.3% more than the 10-year seasonal average for the month, though 4% fewer than a year earlier.

GVR tracks the sales-to-active listings ratio. Its analysis of historical data suggests prices come under downward pressure when the ratio stays under 12% for a sustained period. The apartment ratio was 13.7% in August and 11.4% in September.

In the August release, GVR's chief economist named slower immigration, reduced investor demand and mortgage rates that aren't low enough to bring buyers back. In the September release, he said detached and attached sales were slightly up from last year, so the weakness sits in apartments.

Will condo prices keep falling?

I don't know, and I'd be wary of anyone who says they do. Here is how I read the numbers.

One month under 12% on the ratio is not a sustained period yet. The 1, 3 and 6 month price changes are all down, and nothing in the September numbers shows a turn. Apartment sales fell 18.6% over the year while total listings fell 4%, so I expect more small declines in the short term.

At the September pace of 0.5% a month, the benchmark apartment would lose about $3,400 a month. That's a trend, and it can stop or speed up.

Should a first-time buyer wait for the bottom?

My view as Barton Lui, a REALTOR® with Real Broker: if you're ready and you've found a unit you like, don't wait for the bottom. No one can tell you when it was, and you only find out afterwards. If you rent, waiting also costs you rent.

In a falling market you have time. Listings are 24.3% above the 10-year seasonal average, so you can look at more units and take longer to decide. It's also reasonable to ask for a price below the list price. Before you write an offer, read the strata documents. What strata documents should I read before buying in BC covers what to look for.

If you're working out what you can afford, start with how much you need to earn to buy a condo in Metro Vancouver.

Frequently asked questions

Are Vancouver condo prices falling in 2026?

Yes. GVR's apartment benchmark for Metro Vancouver was $682,500 in September 2026, down 6.2% from September 2025 and down 3.4% over 6 months. The monthly drop in September was 0.5%.

Which Metro Vancouver cities have seen the biggest condo price drops?

Between September 2025 and September 2026, the apartment benchmark fell 12.2% in Tsawwassen, 10.5% in Ladner, 9.1% in Richmond and 8.3% in Burnaby South. North Vancouver fell 3.2%, the smallest drop among the main condo markets.

Is the benchmark price the same as the average sale price?

No. The HPI benchmark is GVR's estimate of what a typical condo would sell for. An average or median of sales moves with whichever units happen to sell that month, so the two numbers differ.

Are detached homes falling faster than condos?

Yes, by a little. Between September 2025 and September 2026, GVR's detached benchmark fell 7.3%, apartments fell 6.2% and townhouses fell 4.7%.

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Barton Lui is a REALTOR® with Real Broker in Vancouver. He works mostly with first-time buyers across Metro Vancouver and speaks English, Cantonese and Mandarin.

Thinking about buying in a falling market? Book a consultation.

Reach him at 604-715-5568 or barton@bartonrealtor.com.