What Happened

Home sales in Greater Vancouver are showing early signs of recovery as prices continue to decline, creating a market environment where activity is increasing despite falling valuations. In the City of Vancouver, the aggregate home price dropped five per cent over the past year to $1.34 million, while the median price for a single-family home fell 5.7 per cent to $2.13 million. The condo sector saw even steeper declines, with the median price dropping 7.9 per cent to $748,000. Royal LePage projects that the aggregate home price in Greater Vancouver will be down 3.5 per cent in the fourth quarter of 2026 compared to the same period last year. Despite the high number of listings, there are signs that the market is returning to balance, with some properties even seeing bidding activity. This divergence between rising sales and falling prices suggests a potential bottoming out of the market slump that began in November.

Why It Matters

The divergence between rising sales volume and falling prices indicates that buyers are gaining leverage in a market that has been characterized by high inventory and uncertainty. For sellers, the continued drop in aggregate and median prices highlights the pressure to price competitively to attract offers. The emergence of bidding on some properties, even amidst falling prices, suggests that well-priced homes in desirable areas are finding demand, signaling a shift from a pure buyer's market to a more balanced one. This trend is critical for understanding the trajectory of housing affordability and market confidence in the region.

Local Vancouver / Burnaby Context

In the City of Vancouver, the aggregate home price has dropped to $1.34 million, reflecting the broader trend of price corrections across property types. The median price for a single-family home has fallen 5.7 per cent to $2.13 million, while condos have seen a 7.9 per cent drop to $748,000. These figures underscore the significant adjustment in property values over the past year. The market is currently characterized by a high number of listings, which continues to suppress price growth despite the uptick in sales activity. This dynamic is consistent with recent reports of a market bottoming out after an uncertainty-driven downturn. The presence of bidding on some properties indicates that while the market is not yet fully recovered, there is renewed interest and confidence among buyers who are responding to lower entry prices.

Market Impact

The combination of rising sales and falling prices is likely to increase market liquidity, allowing more transactions to occur as buyers find better value. For existing homeowners, the decline in aggregate and median prices may impact equity levels, particularly for those who purchased at peak prices. The high number of listings continues to exert downward pressure on prices, preventing a rapid recovery. However, the emergence of bidding activity suggests that the market is stabilizing, which could lead to a gradual increase in price growth in the coming quarters as inventory absorbs.

Builder / Developer Perspective

The high number of listings and falling prices may impact the feasibility of new developments, particularly in the condo sector where median prices have dropped significantly. Developers may need to adjust pricing strategies and density plans to remain competitive in a market where buyers are more price-sensitive. The potential for a market bottoming out could provide some confidence for future projects, but the current environment requires careful management of construction costs and financing.

BurnabyHouse Insight

The Greater Vancouver market is in a transitional phase where sales volume is recovering while prices adjust to new realities. This divergence is a classic sign of a market finding its footing after a correction. For local readers, the key takeaway is that while prices are still falling, the emergence of bidding and rising sales suggests that the worst of the slump may be over. Buyers have leverage, but sellers must be realistic about pricing. The projected aggregate price drop of 3.5 per cent in the fourth quarter of 2026 indicates that the adjustment process is not yet complete, but the direction of travel is towards stability.