Vancouver Housing Market Report

Greater Vancouver Housing Market Overview

Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.

Home Prices by Property Type

In June 2026, the average home price in Greater Vancouver was $1,249,154. The average sale price of detached houses decreased by 4.3% from June 2025 to reach $1,989,575, which is 1.6% higher than in May. The average price of an attached house in Greater Vancouver decreased by 3.9% relative to last June to reach $1,197,892, which is 2.1% lower than in May. Apartment prices declined by 1.4% year-over-year to $771,217, which is 0.1% lower than last month.

The benchmark price of homes in Metro Vancouver was $1,099,100 in June 2026, a 6.0% decrease year-over-year and a 0.1% monthly decrease. Benchmark prices of detached houses in Vancouver declined 7.1% over the past year and fell 0.3% over the past month to reach $1,842,900 for June 2026. Vancouver's attached home (townhouse) benchmark price is $1,046,200, down 5.0% year-over-year and down 0.2% month-on-month in June 2026. Apartment benchmark prices decreased 7.1% year-over-year and 0.4% month-on-month to $695,200.

Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.

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Terms and conditions apply; rates are per annum and subject to change without notice. Eligible for CDIC deposit insurance. Non-Registered rates are tiered and based on your balance. 3.00% applies to deposits of $25,000 or more. See WealthONE website for current rates and applicable balance tiers. Highest rate in Canada for non-promotional HISA accounts, as confirmed by WOWA.ca as of June 25, 2026.

Sales & Inventory

In June 2026, 2,390 homes in Vancouver were sold, representing a 9.6% increase from June 2025. These sales included 747 detached homes, 1,103 apartments, and 527 attached homes. Metro Vancouver's housing market had 17,017 active listings at the end of June 2026, down 3.1% from last year and up 0.6% from May's 16,917 listings. Inventory remains well above the 10-year seasonal average of 13,070.

The 5,938 new listings this month represent a 6.0% decrease year-over-year. These numbers put Vancouver's sales-to-active listings ratio at 14.0% for June 2026, compared with 13.1% for May 2026.

Vancouver's sales-to-new listings ratio (SNLR) was 40% for June. About seven months of inventory suggests a buyer's market.

Vancouver benchmark home prices have increased by 214% since January 2005. This translates into a cumulative annual growth rate (CAGR) of 5.5%.

Long-Term Trends

Metro Vancouver remains one of the most expensive housing markets in Canada. Vancouver has been a pricey housing market for many years, and its current benchmark price has increased by merely 7.7% over the past 10 years, compared with approximately 32% inflation. This decline in real home prices has occurred despite an increase in population because 10 years ago, the Vancouver housing market was near the top of a Frenzy.

Vancouver vs Toronto

Toronto's competition with Vancouver regarding home unaffordability is relatively recent, as Greater Toronto home prices have climbed by 41% over the decade to reach a Benchmark price of $940,800 in June 2026. This 10-year growth is despite a 26% price decline from the peak of $1,279,800 in Toronto benchmark home prices in February 2022. Toronto's home price growth over the past decade was significantly higher than the 7.7% rise in Vancouver home prices over the same duration. Given that Vancouver began its restrictive zoning at least two decades before Toronto, it is no surprise that Vancouver became an unaffordable city much earlier than Toronto.

Long-Term Trend

Over the past 20 years, the 154% growth in Vancouver home prices has been much faster than either the 54% inflation or approximately 90% wage growth. In other words, building houses (producing shelter) has been more difficult than making most other goods and services. Many claim that land is a limited resource, and thus, house building faces a natural limitation. This is incorrect, as there is no natural limitation on increasing population density.

For example, the Vancouver CMA land area is 2,879 km², while the population of Vancouver CMA is 3,088,000; thus, the population density in the Vancouver metropolitan area is around 1,070/km², while the population density in the city-state of Singapore is approximately 8,100/km². So, land is not the limiting factor for sheltering people. In cities like Vancouver, the primary constraint on new housing is not land scarcity but restrictive municipal zoning and development regulations. The impact of these regulations has been quantified by Statistics Canada on behalf of CMHC in the Municipal Land Use and Regulation Survey.

Macroeconomic Factors

Heightened economic uncertainty stemming from trade tensions between Canada and the United States continues to weigh on Canadian housing markets across multiple regions. A deterioration in cross-border trade relations reduces consumer confidence and business investment, leading to fewer jobs in trade-dependent sectors and putting downward pressure on sales volumes and property values. The effects remain most pronounced in regions with economies closely tied to U.S. trade, such as Ontario's manufacturing corridor and British Columbia's forestry sector, and with CUSMA renegotiations still unresolved, the Bank of Canada has singled out trade policy as the biggest swing factor for the outlook.

The conflict in the Middle East, now in roughly its fifth month, continues to shape the interest rate backdrop, though its acute phase has eased. After U.S. and Israeli strikes on Iran in late February 2026, Iran closed the Strait of Hormuz — the chokepoint through which roughly a fifth of the world's seaborne oil and LNG normally flows — a mid-June U.S.–Iran memorandum of understanding and a fragile ceasefire reopened a widened shipping route, and oil has retreated into the low-$70s from its wartime highs. That pullback has relieved some of the inflationary pressure that earlier in the spring had pushed up bond yields and, with them, fixed mortgage rates. Renewed tit-for-tat strikes in late June show the truce remains fragile, but for now, the easing of energy costs is a modest tailwind for Canadian homebuyers at a time when affordability is already stretched.

Consumer sentiment remains cautious as economic uncertainty persists. The Bank of Canada held its policy rate at 2.25% on June 10, 2026 — its fifth consecutive hold, with the prime rate steady at 4.45%. The spring energy shock lifted headline inflation to roughly 3.2%, and the Bank expects it to hover near 3% in the near term before easing back toward the 2% target in 2027. Many analysts now regard the easing cycle that began in mid-2024 — nine cuts from a 5% peak — as complete, with the rate widely expected to hold through 2026 unless the trade picture deteriorates. The Bank's next decision, alongside a new Monetary Policy Report, is scheduled for July 15, 2026.

A more recent structural shift is weighing on housing demand in Canada's largest cities: a sharp reversal in immigration. After Ottawa moved in 2024 to curb both streams — lowering permanent-resident targets to 380,000 a year for 2026 through 2028, down from a previous 500,000 goal, and, for the first time, aiming to shrink the temporary-resident population toward roughly 5% of the total — the inflows that had powered record growth went into reverse. Canada's population contracted in both the third and fourth quarters of 2025, and first quarter of 2026 its first annual decline since Confederation, as departing study- and work-permit holders outweighed permanent arrivals. The pullback is concentrated in the very metros that were the biggest magnets for newcomers: British Columbia and Ontario posted the steepest provincial declines, with the drop in study-permit holders centred on Greater Vancouver and Greater Toronto. Because temporary residents are overwhelmingly renters, the near-term hit falls on rental demand, but slower population growth also thins the underlying demand for housing and reinforces the elevated-inventory, soft-price backdrop now visible in Vancouver.

While monetary policy impacts all of Canada, real estate remains highly local. Ontario housing market and the BC housing market, which heavily influence national price trends, saw housing bubbles fueled by ultra-low interest rates post-2008 and during the pandemic.

Regulatory & Structural Constraints

Over the past few decades, municipal restrictions on housing supply have kept availability low while investors have leveraged borrowing to acquire more properties. This occurred despite Ontario and British Columbia prioritizing tenant security over landlord property rights. The belief in perpetual home price appreciation gave mortgage rates a key role in shaping the market. However, recent volatility challenges this assumption, encouraging more disciplined borrowing and reducing the influence of monetary policy on housing.

May 2026 Summary

May 2026 continued the pattern of below-average sales activity in Metro Vancouver. With 2,150 transactions, sales were down 3.5% from May 2025. New listings also declined, with 6,115 properties listed during the month, representing a 7.6% decrease compared to May 2025. Active inventory reached 16,917 listings, down 1.0% year-over-year and 4.2% from April.

With sales subdued and inventory elevated, prices continued to ease year-over-year across all property types. The benchmark price rose 0.2% from April to $1,100,700, while the sales-to-active listings ratio of 13.1% keeps the market firmly in buyer's market territory.

Home Prices in Vancouver

Metro Vancouver Housing Market Statistics for All Property Types

Market Overview for Detached Homes in Metro Vancouver

Market Overview for Attached Homes in Metro Vancouver

Market Overview for Condo Apartments in Metro Vancouver