Metro Vancouver Market Update: October 2026

by Jessica Yu

Metro Vancouver Real Estate: Buyers and Sellers Step Back in October

October was a quiet month for Metro Vancouver real estate. Home sales totalled 2,024, down 10.2% from 2,255 in October 2025. That is also 22.5% below the 10-year seasonal average of 2,612.

Why the slowdown?

Buyers and sellers had a lot on their minds. GVR chief economist Andrew Lis pointed to a surprising Bank of Canada rate hike and a snap provincial election, along with municipal election coverage and uncertainty about where mortgage rates are going. In his words, people "took a step back" to recalibrate.

On October 28, the Bank of Canada raised its policy rate by 0.25 points to 2.5%. It said inflation is running higher than expected and is projected to stay around 3% through much of 2027, mainly because of high energy prices. It also expects housing to stay relatively weak.

Sellers paused too

New listings were 4,805, down 11.6% from 5,438 last year, but still 1% above the 10-year seasonal average. Total active listings were 15,688, down 4.3% from last year and 24% above the seasonal average. Buyers still have plenty of choice.

Prices continue to ease

The composite benchmark price was $1,068,600, down 5.2% from October 2025 and 0.7% from September. Here is how each property type looked:

What the numbers mean

Apartments saw the biggest drop in sales. Townhouses were the steadiest, with sales almost flat and the fastest pace at 33 days on market. Detached homes sit at 11.6%. Historically, a ratio below 12% for a sustained period brings downward pressure on prices, while a ratio above 20% over several months tends to push prices up. No property type is near 20% right now.

What to watch next

The Bank of Canada's next rate announcement is December 9. It has said further increases may be needed, but it plans to move carefully. Markets are pricing in a slight chance of another quarter-point hike in December, and Lis says some buyers may step in before their mortgage rate holds expire. He also described 2026 as a pattern of "one step forward, one step back," and said how the year finishes will set the tone for the New Year.

What this means for you

Buyers: You have choice and room to negotiate. Get your mortgage pre-approval in order and check your rate hold dates.
Sellers: Price carefully. Buyers are comparing many options, so presentation and realistic pricing matter.

Thinking about buying or selling? Contact me for a free, no-pressure chat about your neighbourhood and your goals.

Source: Greater Vancouver REALTORS® (GVR), October 2026 statistics.