Metro Vancouver Market Update, October 2026: Apartment Sales Fell 18.6%

Last month I wrote that inventory was shrinking and prices were falling anyway. September changed the first half of that. The number of homes for sale went back up, and sales fell 8.4% from last September. The detail under that number is the useful part, so that's where this update spends its time.

Apartments account for the whole decline

Metro Vancouver recorded 1,717 home sales in September, down 8.4% from September 2025. That's 25% below the 10-year seasonal average of 2,289. Here's how it broke down:

• Detached: 575 sales, up 4.2% year over year

• Townhomes: 358 sales, up 0.6%

• Condos and apartments: 777 sales, down 18.6%

Apartments lost 177 sales compared with last September. The whole market lost 158. Detached and townhome sales together gained 25. GVR's chief economist says people buying a home to live in are driving the market right now, while investors wait for better conditions. Apartments are where investor buyers have been most active, which fits what the numbers show.

Apartment sales have trailed 2025 all year

Apartment sales came in below the same month of 2025 in eight of nine months this year. June was the only exception, up 63. Through September, apartments have sold 8,118 units, against 9,231 over the same nine months last year. That's 12% fewer.

Apartments dropped under the 12% line

GVR tracks the sales-to-active listings ratio, which compares a month's sales to the homes listed for sale. Their research says prices tend to face downward pressure when it sits below 12% for a sustained stretch, and upward pressure above 20%. The apartment ratio was 11.4% in September, down from 13.7% in August and 15.5% in June. It's the first reading under 12% since January, when it was 10.3%. Detached is at 9.7%, townhomes 12.2%, and the whole market 10.9%.

One month under the line doesn't make a trend. It does tell me apartment sellers have less room than they had over the summer.

Prices are still drifting down

The MLS Home Price Index benchmark for all homes is $1,075,900, down 5.5% from a year ago and down 0.6% from August. Last month I said I expected prices to keep sliding through the fall, and so far they have. The benchmark is about $23,000 lower than it was in June, after sitting inside a $6,000 band from January to June.

• Detached: $1,784,700, down 7.3% year over year, down 0.8% from August

• Townhome: $1,016,700, down 4.7%, down 1.2% from August

• Condo: $682,500, down 6.2%, down 0.5% from August

Townhomes had the biggest one-month drop. Apartment prices are down about 3% since January, the same pace as the other home types. Apartment sales have fallen much faster than apartment prices, and that gap is what I'm watching.

Listings went back up

Last month I wrote that inventory was shrinking. This month it grew. Active listings finished September at 16,394, up from 15,798 in August and the first monthly increase since June. Year over year, inventory is still down 4%, and it sits 24.3% above the 10-year seasonal average of 13,186.

New listings drove it. There were 5,852 in September, up from about 4,100 in August and 5.7% above the 10-year average for the month, though still 10.3% below last September. September is normally busier than August, and this year the extra supply landed on a market with fewer apartment buyers.

The Bank of Canada meets October 28

The policy rate has been 2.25% since late 2025, and the next decision is October 28. A rate that hasn't moved all year can't explain why apartment sales fell in September.

My take on what comes next

In September I expected prices to keep drifting down through the fall, and they did. I still expect that. What's new is where the pressure sits: apartments, where sales are down 18.6% and the ratio just fell under 12%.

I'm watching two things in the October numbers. One is whether listings keep climbing after the usual September pickup. The other is whether apartment sales level off. If apartment sales stay near 777 and listings keep rising, the ratio stays under 12%, and I'd expect apartment prices to fall faster than they have so far.

What this means for you

If you're buying an apartment: you have more room to negotiate than you did in the spring. Look at what has sold in the specific building, not the neighbourhood average, and check whether the unit has already had a price cut. Detached sits at a 9.7% ratio, so there is room to negotiate there too. Townhomes at 12.2% are closer to balanced.

If you're selling an apartment: price off the most recent sales in your building, not the spring. An apartment priced to spring's sales is competing with more listings for fewer buyers.

Every building and situation is different. If you're weighing a move in Metro Vancouver and want a straight read on what September's numbers mean for you, call me at 604-715-5568. I'm always glad to help.

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Barton Lui, Realtor, Real Broker