It continues to look like a buyer’s market in the real estate industry, with Vancouver home prices continuing to fall — with no signs of a short-term turnaround.
Royal LePage released its Q3 Housing Market Report, showing that aggregate home prices fell four per cent year-over-year in the Greater Vancouver region. Quarter-over-quarter, they fell by 1.4 per cent.
“The Vancouver housing market hasn’t come to a total standstill, but it is operating well below normal levels, with transaction volumes consistently running 25 to 30 per cent below our 10-year average,” said Randy Ryalls, Royal LePage Sterling Realty’s managing broker, in a release.
Single-family detached homes fell the most, with the median price dropping by 5.6 percent year-over-year, to $1,617,200 in the third quarter of 2026.
The median price of a condo fell by 4.1 per cent, to $712,100.
In the city of Vancouver, the drops were even higher. The aggregate price of a home fell 5 per cent year-over-year to $1,314,000. A single-family detached home fell by 5.7 per cent to $2,076,900.
Condo sales slid the most in Vancouver, falling by 7.7 per cent to $739,100.
Royal LePage is forecasting that this trend will continue, predicting that the aggregate price of a home in Greater Vancouver will fall by 4.5 per cent in the fourth quarter of 2026, compared to the same quarter last year.
“Sales activity steadily declined over the summer months and into the start of fall, and while inventory tightened slightly, it hasn’t been enough to keep prices from declining,” said Ryalls.
“It’s created a stop-and-start environment, where momentum never really takes off, and pricing strategy is everything. Some sellers are pulling properties off the market if they’re not desperate to sell, while homes that are aggressively priced and well-presented can still attract multiple offers. It is undeniably a good time to be a buyer right now, but it’s a challenging climate given the current state of the economy and anxiety over trade tensions.”
Ryalls said that buyers are holding off due to”heavy distractions” like geopolitical tensions and B.C.’s upcoming election.
Further, he said that the development industry has “virtually ground to a halt,” with presales slowing dramatically and “the investor class has gone quiet.”
Ryalls said they are “optimistic that buyer confidence will return soon,” but that this optimism is getting harder to maintain.
There could be a slight increase in sales activity this fall, but real estate conditions are unlikely to transform in the short term.
Royal LePage and other real estate experts had all predicted that the housing market was going to pick up in 2025. The Bank of Canada’s interest rate was on a downward trend, and they assumed that prospective homebuyers had been holding back for the past three years due to high borrowing costs.
Instead, home prices have continued to fall throughout 2025 and 2026, as greater uncertainty entered the real estate market once U.S. Donald Trump became president and started a trade war with Canada.