Lower prices and elevated inventory have yet to bring buyers back in force across BC’s Lower Mainland, with September home sales falling from a year ago in both Metro Vancouver and the Fraser Valley.

In Metro Vancouver, the weakness was concentrated in apartments, while detached and attached sales posted modest annual gains. In the Fraser Valley, sales remained sluggish as prices continued to soften.

Apartment Sales Weigh on Metro Vancouver

Greater Vancouver Realtors (GVR) recorded 1,717 residential sales in September, down 8.4% from 1,875 a year earlier and 25% below the 10-year seasonal average.

“While sales were down about 8% overall in September, this figure hides the fact the weakness is contained to the sizeable apartment segment, which typically accounted for half of sales in any given month in recent years,” said Andrew Lis, GVR chief economist and vice-president data analytics. “By contrast, sales of attached and detached homes finished slightly up from last September, consistent with our view that end-users are primarily driving the market, as investor-driven demand awaits more favourable market conditions.”

Apartment sales fell 18.6% year over year to 777, while detached sales rose 4.2% to 575 and attached sales edged up 0.6% to 358.

There were 5,852 properties newly listed in September, down 10.3% from a year earlier. Total inventory stood at 16,394 properties, four per cent below September 2025 but 24.3% above the 10-year seasonal average.

The composite benchmark price was $1,075,900, down 5.5% year over year and 0.6% from August.

“While small month-over-month changes may not appear significant individually, the cumulative effect of many small changes has become more pronounced over time, with all market segments now showing price declines of about 3% since the start of the year,” said Lis.

Fraser Valley Buyers Remain Cautious

In the Fraser Valley, 922 homes changed hands in September, down 2% from August and 4% from a year earlier.

The composite benchmark price fell 1% from August and 7% year over year.

“Prices continue to soften, with some areas of the Fraser Valley seeing more significant declines,” said Ishaq Ismail, chair of the Fraser Valley Real Estate Board. “The Benchmark price for a single-family home is now $460,000 below its March 2022 peak. For buyers who are in a position to act, this represents a significant shift in affordability and may create an opportunity for some households to move into a different segment of the market.”

The benchmark price for a detached home was $1.3 million, down 8.8% year over year. Townhomes fell 6.2% to $745,300, while apartments recorded the largest annual decline, falling 9.3% to $461,800.

New listings rose 19% from August to 2,818 but were 18% below September 2025. Active listings totalled 9,763, little changed from August and 31% above the 10-year seasonal average.

“Buyers have been waiting for months for greater economic certainty,” said Anthony Boone, interim CEO of the board. “But a succession of economic shocks have conspired to weigh on consumer confidence, keeping many buyers on the sidelines. Despite lower prices and more choice, buyers remain cautious, and that is being reflected in the pace of sales.”

Vancouver, Fraser Valley Housing Markets Cool Further in September by REM Real Estate Magazine