Home sales across Metro Vancouver fell more than 10 per cent in October, while the neighbouring Fraser Valley saw a seasonal rebound that did little to shift market conditions in favour of sellers.
According to Greater Vancouver Realtors (GVR), 2,024 residential properties changed hands in October, down 10.2 per cent year over year and 22.5 per cent below the 10-year seasonal average.
“October came with a few suspenseful distractions for buyers and sellers alike, with a somewhat surprising Bank of Canada rate hike and a snap provincial election among them,” said Andrew Lis, GVR chief economist and vice-president, data analytics.
“Between the onslaught of news coverage of the provincial and municipal elections, and the uncertainty surrounding where mortgage rates may be headed, it’s not entirely surprising that market participants took a step back in October to recalibrate.”
New listings declined 11.6 per cent year over year to 4,805, while active listings fell 4.3 per cent to 15,688. Inventory remained 24 per cent above the 10-year seasonal average.
The sales-to-active listings ratio was 13.4 per cent, including 11.6 per cent for detached homes, 16.5 per cent for attached homes and 13.5 per cent for apartments.
Metro Vancouver benchmark price falls 5.2 per cent
The composite benchmark price fell to $1,068,600, down 5.2 per cent year over year and 0.7 per cent from September.
Detached home sales declined 7.2 per cent to 643, while the benchmark price fell seven per cent to $1,775,200.
Apartment sales dropped 16.7 per cent to 892, with the benchmark price declining 5.9 per cent to $673,400. Attached home sales fell 1.9 per cent to 468, while the townhouse benchmark declined 5.5 per cent to $1,006,500.
Lis said buyers face a difficult trade-off as falling prices improve affordability but higher borrowing costs erode those gains.
Fraser Valley sales rise, but buyer’s market persists
In the Fraser Valley, October sales increased 14 per cent from September to 1,051 transactions, according to the Fraser Valley Real Estate Board (FVREB). Sales remained six per cent below October 2025 levels.
The region remained in a buyer’s market, with a sales-to-active listings ratio of 11 per cent.
“Detached homes continued to lead sales activity in October, significantly outpacing both townhomes and apartments,” said Ishaq Ismail, FVREB chair.
New listings declined 10 per cent from September to 2,551, while active listings fell six per cent to 9,164.
The composite benchmark price dipped to $860,000, down 6.4 per cent year over year.
Detached home prices fell 8.5 per cent annually to $1,293,800, while townhouse prices declined 5.5 per cent to $742,300. Apartment prices dropped 8.1 per cent to $460,800.
“Much of the pandemic-era price growth in the Fraser Valley has been erased,” said Rock Lefebvre, FVREB CEO. “That brings affordability to its best level in five years, creating a welcome opportunity for buyers.”
Lefebvre cautioned that higher borrowing costs could complicate purchasing decisions.
