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Vancouver Housing Market Report
- The average home price in Metro Vancouver was $1,213,418, which decreased by 1.1% annually and was essentially unchanged (0.0%) monthly from July 2026.
- In August 2026, the benchmark price of homes in Metro Vancouver was $1,081,900, representing a 5.6% yearly decrease and a 0.6% monthly decrease.
- Vancouver's benchmark home price has risen by 6.7% over the past 10 years but remains 13.6% below the all-time high of $1,252,800 set in April 2022.
- Detached home average price increased by 2.6% year-over-year to $1.98M.
- Attached home average price decreased by 3.5% year-over-year to $1.18M.
- Condo apartment average price decreased by 6.6% year-over-year to $759k.
Greater Vancouver Housing Market Overview
Market Snapshot (August 2026)
| Home Price | 1-Month Change | 1-Year Change | |
|---|---|---|---|
Benchmark Home Price | $1,081,900 | -0.6% | -5.6% |
Average Home Price | $1,213,418 | 0.0% | -1.1% |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Home Prices by Property Type
In August 2026, the average home price in Metro Vancouver was $1,213,418. The average sale price of detached houses increased by 2.6% from August 2025 to reach $1,977,064, which is 0.5% higher than in July. The average price of an attached house in Metro Vancouver decreased by 3.5% relative to last August to reach $1,175,290, which is 2.2% higher than in July. Apartment prices declined by 6.6% year-over-year to $758,896, which is 2.2% higher than last month.
The benchmark price of homes in Metro Vancouver was $1,081,900 in August 2026, a 5.6% decrease year-over-year and a 0.6% monthly decrease. Benchmark prices of detached houses in Vancouver declined 7.2% over the past year and fell 1.3% over the past month to reach $1,799,400 for August 2026. Vancouver's townhouse benchmark price is $1,028,800, down 4.4% year-over-year and down 0.2% month-over-month in August 2026. Apartment benchmark prices decreased 6.6% year-over-year and 0.3% month-over-month to $686,200.
Greater Vancouver Area Breakdown by Region for August 2026
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Sales & Inventory
In August 2026, 1,869 homes in Vancouver were sold, representing a 4.6% decrease from August 2025. These sales included 557 detached homes, 891 apartments, and 412 attached homes. Metro Vancouver's housing market had 15,798 active listings at the end of August 2026, down 2.7% from last year and down 4.1% from July's 16,476 listings. Inventory remains well above the 10-year seasonal average of 12,522.
The 4,100 new listings this month represent a 3.0% decrease year-over-year. These numbers put Vancouver's sales-to-active listings ratio at 12.3% for August 2026, compared with 12.5% for July 2026.
Vancouver's sales-to-new listings ratio (SNLR) was 46% for August. About eight and a half months of inventory suggests a buyer's market.
Vancouver Home Prices (MLS Benchmark)
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 6.7% over the past 10 years, compared with approximately 32% inflation over the past decade. 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.
Metro Vancouver's benchmark home price has increased by 211% since the first quarter of 2005, which translates into a cumulative annual growth rate (CAGR) of 5.4%.
Greater Vancouver Population Chart
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 $943,800 in Q2 2026. This 10-year growth is despite a 25% price decline from the peak of $1,264,100 in Toronto benchmark home prices in Q1 2022. Toronto's home price growth over the past decade was significantly higher than the 6.7% 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.
A 20-Year Perspective
Over the past 20 years, the 154% growth in Vancouver home prices has been much faster than either the 54% inflation or the 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.
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.
Consumer sentiment remains cautious as economic uncertainty persists. The Bank of Canada held its policy rate at 2.25% on September 2, 2026 — its seventh 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, and the next move in rates is most likely upwards.
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 the third and fourth quarters of 2025 and again in the first quarter of 2026 — a rare run of consecutive quarterly declines — as departing study- and work-permit holders outweighed permanent resident 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.
Home Prices in Vancouver
Metro Vancouver Housing Market Statistics for All Property Types
Average Sold Price and Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Attached Homes in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Market Overview for Condo Apartments in Metro Vancouver
Average Sold Price & Benchmark Price
Transactions
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owners of the buildings have leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Real Estate Board of Greater Vancouver (REBGV) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.