Metro Vancouver Real Estate Market Update: August 2026

Quick note. Every two weeks I go through the latest numbers on the Metro Vancouver real estate market and share what I think about them. These are my opinions, not financial advice.

The Short Version

We still see more homes for sale than usual, fewer buyers, and prices continuing to soften. If you’re buying, you have more negotiating power than we have seen in a while. For sellers, the list price matters more than anything else.

August by the Numbers

Here’s what Greater Vancouver REALTORS® reported for August:

• 1,869 sales. Down 4.6% from last August, and about 21% below the 10-year average for the month.
• 15,798 homes for sale. That’s 26% more than the 10-year average, which means you have lots of choice.
• Benchmark price, all home types: $1,081,900. Down 5.6% from a year ago and 0.6% from July.
• By type: detached $1,799,400 (down 7.2%), townhomes $1,028,800 (down 4.4%), condos $686,200 (down 6.6%).

The Number That Matters Most

The sales-to-active listings ratio. It compares how many homes sold to how many were available. GVR’s rule of thumb: when it stays below 12%, prices tend to go down. When it stays above 20%, prices tend to go up.

In August it was 12.3% overall. Detached houses were at 9.6%, which is buyer’s market territory. Condos were at 13.7% and townhomes at 15.1%.

In summary: detached sellers are feeling it the most, and townhomes are holding up better. Townhomes were the only type of home where sales went up year over year.

What Rates Mean for Your Timing

The Bank of Canada held its rate at 2.25% on September 2. Inflation is running around 3%, mostly because of gas prices, and the Bank pointed to tariffs and energy costs as risks. The next decision is October 28.

I think if the numbers work for you at today’s rates, don’t sit on your hands waiting for a cut that may not come. However, if they only work with a cut, you’re not ready yet, and that’s okay. Your mortgage professional can tell you where you stand.

If You’re Buying

• You can negotiate, especially on detached homes and anything that’s been sitting for a few weeks.
• Read the strata documents before you commit. Here’s what I look for in a Form B.
• Get pre-approved first, so you can move quickly when the right home comes up.

If It’s Your First Home

One number worth knowing: BC’s first-time buyer property transfer tax exemption applies in full to homes up to $835,000 and phases out by $860,000. August’s benchmark condo ($686,200) sits well under that line. The benchmark townhome ($1,028,800) is above it. If you’re shopping near that price, it’s worth asking your lawyer or notary how it applies to you. The free first-time buyer guide walks through the rest of the process.

If You’re Selling

• Price for today’s market (not for what your neighbour got in 2022). Overpriced homes sit, and then sell for less.
• Buyers are comparing your home to several others. How it looks online and in person matters.
• Own a townhome? The numbers look a bit better for townhomes than for other property types right now.

Want to know how the Vancouver real estate market is playing out in your building or neighbourhood? Send me a message, and I’ll pull the recent sales for you.

Thinking about selling? Start with a free price estimate.

Sources: Greater Vancouver REALTORS®, August 2026 market report; Bank of Canada, September 2, 2026 rate announcement; Statistics Canada, Consumer Price Index, August 2026.