Metro Vancouver’s housing market took another step back in October, as both home sales and new listings declined compared to the same time last year. Economic uncertainty, a surprise Bank of Canada interest rate increase, and provincial and municipal election activity appear to have prompted many buyers and sellers to pause and reassess their plans.

According to Greater Vancouver REALTORS® (GVR), there were 2,024 residential sales in October, down 10.2% from October 2025 and 22.5% below the 10-year seasonal average. New listings also declined, falling 11.6% year-over-year to 4,805 properties.

Despite fewer new listings, overall inventory remains elevated. There were 15,688 properties available for sale across Metro Vancouver at the end of October, 24% above the 10-year seasonal average. This continues to provide buyers with greater choice and negotiating flexibility.

What Does This Mean for the Market?

The overall sales-to-active listings ratio was 13.4% in October, keeping Metro Vancouver in buyer-market territory. Detached homes recorded a ratio of 11.6%, while townhouses reached 16.5% and apartments 13.5%.

Historically, sustained ratios below 12% tend to place downward pressure on prices, while ratios above 20% can create upward price pressure.

Home prices continued to edge lower. The overall MLS® benchmark price reached $1,068,600, down 5.2% compared to October last year and 0.7% from September.

October Market Snapshot by Property Type

• Detached Homes: 643 sales, down 7.2% year-over-year. Benchmark price: $1,775,200, down 7% annually.
• Townhomes: 468 sales, down 1.9% year-over-year. Benchmark price: $1,006,500, down 5.5% annually.
• Apartments: 892 sales, down 16.7% year-over-year. Benchmark price: $673,400, down 5.9% annually.

Apartments continue to experience the greatest slowdown in sales activity, while townhomes have demonstrated comparatively more resilience.

Looking Ahead: Cautious Buyers, Strategic Sellers

With borrowing costs moving higher and uncertainty surrounding the direction of interest rates, many buyers are weighing affordability against the possibility of further rate increases. Meanwhile, sellers are facing a market where pricing, presentation and positioning remain critical to attracting serious buyers.

As GVR’s chief economist Andrew Lis observes, 2026 has continued to deliver a pattern of “one step forward, one step back” for the housing market.

As we approach year-end, the key question is whether market confidence and activity will improve or whether cautious conditions will carry into 2027.

YourHomeTeam® Perspective

For buyers, today’s market offers opportunities to negotiate, explore more options and make informed decisions without the same competitive pressure seen in stronger markets.

For sellers, success requires a realistic understanding of current market conditions, strategic pricing and a compelling presentation that distinguishes your property from competing listings.

Every market is different, and every property has its own story. Understanding the local competition, buyer demand and current market trends is essential to making the right move.

Whether you’re considering buying, selling or simply evaluating your real estate options, YourHomeTeam® is here to help you move forward with confidence.

Download GVR’s October 2026 MLS® Residential Market Report.