Metro Vancouver home prices continued to fall in the third quarter as economic uncertainty and concerns about future borrowing costs kept buyers on the sidelines, according to a new report from Royal LePage.

The aggregate home price in Metro Vancouver, which tracks price trends across different types of homes, declined 4% year-over-year and 1.4% from the previous quarter in the third quarter of 2026, according to the brokerage’s latest House Price Survey and Market Forecast, released Oct. 15.

Royal LePage forecasts the region’s aggregate home price will fall a further 4.5% year-over-year in the fourth quarter.

“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 % below our 10-year average,” said Randy Ryalls, managing broker at Royal LePage Sterling Realty, in a statement.

“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.”

The median price of a single-family detached home in Metro Vancouver fell 5.6% year-over-year to nearly $1.62 million, while the median condo price declined 4.1% year-over-year to $712,100.

Nationally, the aggregate home price fell 0.8% year-over-year to $810,000, while the median condo price declined 1.5% to $571,900.

Phil Soper, Royal LePage president and CEO, said renewed trade tensions between Canada and the U.S. have weighed on consumer confidence, making prospective buyers more hesitant to commit to major purchases.

Concerns that mortgage rates could rise are also keeping would-be buyers on the sidelines, he added.

“The opportunity is there; the confidence to act remains elusive,” said Soper in a statement.

“With more homes to choose from and little pressure to act quickly, buyers can afford to wait—and uncertainty gives them a reason to.”

According to Royal LePage’s 2026 Mortgage Renewal Survey, 45% of Vancouver homeowners with a mortgage on their primary residence expect their monthly payments to increase when they renew.

Household debt is adding to financial pressures, as non-mortgage debt reached $712.2 billion in the second quarter, up 4.8% year-over-year, according to figures cited in the report.

“It’s created a stop-and-start environment, where momentum never really takes off and pricing strategy is everything,” said Ryalls, adding that some sellers are pulling properties off the market if they’re not desperate to sell, while homes that are “aggressively priced” still attract multiple offers.

Despite forecasting a further decline in Metro Vancouver, Royal LePage expects Canada’s aggregate home price to increase 1% year-over-year in the fourth quarter of 2026.

Metro Vancouver Home Prices Drop 4% in Q3 as Royal LePage Forecasts Further Decline by Daisy Xiong | BIV