Apartment sales fell 18.6% in September as detached and attached homes held firm in Metro Vancouver
Metro Vancouver's residential market contracted in September, with apartment sector weakness pushing overall Multiple Listing Service (MLS) sales 8.4% below year-ago levels, according to Greater Vancouver Realtors (GVR) in British Columbia.
The region recorded 1,717 transactions last month — down from 1,875 in September 2025 — landing 25% below the 10-year seasonal average of 2,289. The aggregate figure, however, masks a market that has split along property-type lines.
"While sales were down about eight per cent overall in September, this figure hides the fact the weakness is contained to the sizeable apartment segment, which typically accounted for half of sales in any given month in recent years," said Andrew Lis, GVR's chief economist and vice-president of data analytics.
"By contrast, sales of attached and detached homes finished slightly up from last September, consistent with our view that end-users are primarily driving the market, as investor-driven demand awaits more favourable market conditions."
Apartment sales totalled 777 in September, an 18.6% annual decline from 954 units — extending the trend of Metro Vancouver condo sales weakness tracked through spring and summer.
That softness compounded after Metro Vancouver home sales retreated 9.8% overall in July, when apartment transactions alone shed 17.8%.
Vancouver broker Kyle Green told Canadian Mortgage Professional earlier that he expected the condo-detached divide to persist through the back half of the year.
Detached sales climbed 4.2% to 575 units and attached transactions edged 0.6% higher to 358.
TD Economics has cut its outlook for Canadian home sales. It warns that climbing bond yields, which set the price of fixed mortgage rates, will keep the resale market subdued through 2027, even with the Bank of Canada (BoC) on the sidelines. https://t.co/vqWoHwSeuk
— Canadian Mortgage Professional Magazine (@CMPmagazine) October 1, 2026
Inventory retreats but stays above seasonal norms
New listings fell 10.3% year-over-year to 5,852 in September, though the figure remained 5.7% above the 10-year seasonal average.
Total active inventory reached 16,394 properties, a 4% annual decline but still 24.3% above long-term norms.
The sales-to-active listings ratio registered at 10.9% across all property types in September, below the 12% threshold GVR's historical data links to sustained downward pressure on prices. By segment: detached 9.7%, attached 12.2%, apartments 11.4%.
Prices declining across all property types
The composite MLS Home Price Index benchmark for Metro Vancouver sits at $1,075,900, down 5.5% year-over-year and 0.6% below August.
Detached values fell to $1,784,700, a 7.3% annual decline, while apartments slipped 6.2% to $682,500 and townhouses settled at $1,016,700, off 4.7%.
Lis noted that modest monthly declines have accumulated into a more material outcome.
"The combination of slow sales and inventory trending lower has kept home prices from declining too swiftly, with the composite price index drifting down 0.5 percent month-over-month," he said.
"While small month-over-month changes may not appear significant individually, the cumulative effect of many small changes has become more pronounced over time, with all market segments now showing price declines of about three per cent since the start of the year."
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