Lower prices and elevated inventory have yet to bring buyers back in force across B.C.’s Lower Mainland, with September home sales falling from a year ago in both Metro Vancouver and the Fraser Valley.
In Metro Vancouver, the weakness was concentrated in apartments, while detached and attached sales posted modest annual gains. In the Fraser Valley, sales remained sluggish as prices continued to soften.
Apartment sales weigh on Metro Vancouver
Greater Vancouver Realtors (GVR) recorded 1,717 residential sales in September, down 8.4 per cent from 1,875 a year earlier and 25 per cent below the 10-year seasonal average.
“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 chief economist and vice-president 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 fell 18.6 per cent year over year to 777, while detached sales rose 4.2 per cent to 575 and attached sales edged up 0.6 per cent to 358.
There were 5,852 properties newly listed in September, down 10.3 per cent from a year earlier. Total inventory stood at 16,394 properties, four per cent below September 2025 but 24.3 per cent above the 10-year seasonal average.
The composite benchmark price was $1,075,900, down 5.5 per cent year over year and 0.6 per cent from August.
“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,” said Lis.
Fraser Valley buyers remain cautious
In the Fraser Valley, 922 homes changed hands in September, down two per cent from August and four per cent from a year earlier.
The composite benchmark price fell one per cent from August and seven per cent year over year.
“Prices continue to soften, with some areas of the Fraser Valley seeing more significant declines,” said Ishaq Ismail, chair of the Fraser Valley Real Estate Board. “The Benchmark price for a single-family home is now $460,000 below its March 2022 peak. For buyers who are in a position to act, this represents a significant shift in affordability and may create an opportunity for some households to move into a different segment of the market.”
The benchmark price for a detached home was $1.3 million, down 8.8 per cent year over year. Townhomes fell 6.2 per cent to $745,300, while apartments recorded the largest annual decline, falling 9.3 per cent to $461,800.
New listings rose 19 per cent from August to 2,818 but were 18 per cent below September 2025. Active listings totalled 9,763, little changed from August and 31 per cent above the 10-year seasonal average.
“Buyers have been waiting for months for greater economic certainty,” said Anthony Boone, interim CEO of the board. “But a succession of economic shocks have conspired to weigh on consumer confidence, keeping many buyers on the sidelines. Despite lower prices and more choice, buyers remain cautious, and that is being reflected in the pace of sales.”
