Market Takeaways

• April sales totaled 2,110 homes, down 2.5% year over year and nearly 23% below the 10 year average.
• Active inventory rose to 16,236 listings, roughly 38% above historical norms.
• Detached home sales increased 14% year over year, significantly outperforming condos and townhomes.
• Benchmark prices across Metro Vancouver are now down 6.9% year over year.
• Well-priced detached homes are seeing stronger activity and occasional multiple offers.
• Condos and townhomes remain slower overall, with buyers negotiating more aggressively.
• Higher-end townhomes priced close to detached homes continue facing softer demand as buyers prioritize land ownership where possible.
• Homes requiring major renovations or redevelopment remain among the weakest-performing product types.

Sales Activity Remains Historically Soft

Although spring activity improved modestly from winter levels, overall demand across Metro Vancouver remains historically subdued.

April sales were nearly 23% below the 10 year average, continuing the slower trend seen throughout 2025 and early 2026. However, the bigger story is not the overall sales number itself, but rather the growing divergence between detached housing and multifamily properties.

Detached homes are beginning to outperform meaningfully, while condos and townhomes continue facing elevated inventory and softer buyer demand.

Detached Homes Continue Leading

Detached homes were once again the strongest-performing segment in April.

Sales rose 14% year over year, with improved activity particularly within entry-level family homes and move-in ready properties in desirable neighbourhoods. In many areas, well-priced detached homes are attracting stronger showing activity and, in select cases, multiple offers.

Buyers appear increasingly willing to compete for detached housing as prices have corrected from peak levels and inventory growth has stabilized. Many are also recognizing the long-term scarcity of detached housing supply across Metro Vancouver.

That said, this remains a far more balanced and price-sensitive market than the conditions experienced during the pandemic years. Buyers continue negotiating aggressively and pricing discipline remains critical.

Condos & Townhomes Continue Facing Pressure

While detached housing has improved, condos and townhomes remain considerably softer overall.

Condo sales declined nearly 11% year over year in April, while benchmark apartment pricing is now down almost 8% annually. Inventory remains elevated across many multifamily segments, particularly in investor-heavy areas and newer condo product.

Buyers today have significantly more choice, which has changed purchasing behaviour dramatically. Instead of rushing into decisions, buyers are taking their time, comparing inventory carefully, and negotiating far more aggressively.

Higher-end townhomes have also experienced slower activity recently, particularly those priced close to entry-level detached homes. In many cases, buyers are stretching toward detached housing where possible.

We are also continuing to see a widening gap between turnkey homes and properties requiring major renovations or redevelopment. Buyers remain cautious about construction costs, financing uncertainty, and renovation timelines.

Inventory Remains Elevated

Metro Vancouver finished April with over 16,000 active listings, nearly 38% above the 10 year average.

However, inventory growth has started stabilizing somewhat as fewer sellers are bringing homes to market compared to last year. Many homeowners who do not need to sell are choosing to wait rather than transact in a softer market environment.

Elevated inventory levels continue limiting broad price growth across most segments, particularly within condos and investor-oriented product.

Interest Rates & Market Uncertainty

One of the biggest factors continuing to influence the market is uncertainty.

Fixed mortgage rates remain elevated relative to the ultra-low rate environment buyers became accustomed to during 2020 and 2021. At the same time, geopolitical tensions, economic slowdown concerns, and rising bond yields continue weighing on consumer confidence.

As a result, many buyers remain cautious and patient, particularly investors and discretionary purchasers. However, improving affordability compared to recent years is slowly bringing some end-user buyers back into the market, particularly within detached housing.

Pre-Sale & Construction Market

The pre-sale market across Metro Vancouver remains under significant pressure.

Most major developers continue delaying larger condo launches due to weaker demand, elevated financing costs, and softer investor activity. New project activity today remains concentrated primarily in smaller low-rise condo and townhouse developments.

At the same time, rising material costs and global uncertainty continue placing pressure on construction economics and future housing supply.

Rental Market

Rental conditions across Metro Vancouver continue softening compared to the extreme tightness experienced during the post-pandemic years.

Increased inventory, slower population growth, and weaker investor demand have created a more balanced rental environment, particularly within the condo segment. Tenants generally have more selection and negotiating power today than they did several years ago.

Bottom Line

The Vancouver market remains cautious overall, but detached housing is beginning to separate itself from the broader slowdown affecting much of the market.

Demand for quality detached homes has improved meaningfully compared to last year, while condos and townhomes continue facing softer conditions and elevated competition.

For buyers, this remains one of the more negotiable markets we’ve seen in years, particularly within the condo and townhouse segments. Buyers today have more time, leverage, and inventory to evaluate carefully before making decisions.

For sellers, pricing and positioning remain critical. Homes that are priced appropriately and presented well are still selling, while aspirational pricing continues leading to longer days on market and repeated price reductions.