Metro Vancouver home sales drop ten per cent

Residential property sales across Metro Vancouver fell 10.2 per cent in October compared to the same month last year, according to data released by Greater Vancouver Realtors. A total of 2,024 homes changed hands during the month, landing 22.5 per cent below the 10-year seasonal average for the region. Andrew Lis, chief economist and vice-president of data analytics for Greater Vancouver Realtors, said market participants stepped back to recalibrate following a surprise Bank of Canada interest rate hike and a provincial election.

The composite benchmark price for residential properties across the region slipped to $1,068,600, representing a 5.2 per cent decrease from October 2025 and a 0.7 per cent decline from September. Single-family detached home sales decreased 7.2 per cent to 643 units, while the benchmark price for detached properties fell 7 per cent to $1,775,200. Apartment transactions experienced the sharpest downturn, dropping 16.7 per cent year over year to 892 sales with a benchmark price of $673,400. Meanwhile, attached townhome sales proved more resilient, falling just 1.9 per cent to 468 units with a benchmark price of $1,006,500.

New listings also retreated during the month, falling 11.6 per cent to 4,805 properties across the region. Total active inventory dropped 4.3 per cent from a year earlier to 15,688 listings, though active inventory remained 24 per cent above the 10-year seasonal average. The overall sales-to-active listings ratio stood at 13.4 per cent for October. Real estate analysts noted that a ratio near this level keeps the regional market in buyer territory, with housing affordability remaining constrained by higher borrowing costs despite falling benchmark prices.

In the Fraser Valley, sales increased 14 per cent from the previous year, though the board reported that the region remained firmly in a buyer market. Andrew Lis said that prospective homebuyers must weigh falling property prices against higher borrowing expenses and the possibility of further rate adjustments. The Bank of Canada enacted a quarter-point rate hike, leading financial markets to price in potential future policy changes. The next scheduled policy rate update from the Bank of Canada takes place in December.