Vancouver condo strain
Vancouver home prices are reported down about 7.8% year‑over‑year, with active inventory sitting roughly 38% above the ten‑year average—flagging potential liquidity stress in condos. (x.com) That gap between elevated supply and falling prices suggests local absorption is weak compared with historical norms. (x.com)
Vancouver’s condo market is carrying far more listings than usual while prices are still falling, a combination that points to weaker turnover in 2026. (homesinbc.com) In January 2026, Greater Vancouver REALTORS reported 12,628 active listings across Metro Vancouver, up 9.9% from a year earlier and 38% above the 10-year seasonal average of 9,153. Sales that month totaled 1,107, down 28.7% year over year and 30.9% below the 10-year average. (homesinbc.com) The board said the sales-to-active-listings ratio was 9.1% in January, including 10.3% for apartments. Greater Vancouver REALTORS said its historical data show prices tend to face downward pressure when that ratio stays below 12%. (members.gvrealtors.ca) By March 2026, the region still had 14,774 active listings, 38% above the 10-year seasonal average of 10,704, even after new listings fell 10.3% from March 2025. March sales reached 2,032, which was still 31.8% below the 10-year seasonal average. (homesinbc.com) Greater Vancouver REALTORS said an “emerging divergence” had opened between segments in March, with multifamily sales still slower while detached homes showed firmer activity. The apartment sales-to-active-listings ratio improved to 15.7% in March, but detached homes remained at 11%. (homesinbc.com) That split matters for condos because apartments are the biggest piece of Metro Vancouver’s multifamily stock, and they tend to absorb investor selling first when borrowing costs stay high. Andrew Lis, the board’s chief economist and vice-president of data analytics, said in January that sales were “fourth slowest in over two decades.” (members.gvrealtors.ca) The board’s benchmark price for all residential property in Metro Vancouver was C$1,101,900 in January, down 5.7% from a year earlier, and C$1,104,300 in March, down 6.8% year over year. Better Dwelling, using Greater Vancouver board data, reported the typical apartment benchmark at about C$704,600 in January, down 5.9% from January 2025. (members.gvrealtors.ca) (homesinbc.com) (van.city) The counterargument is that elevated inventory does not automatically mean a forced downturn. Lis said in March that fewer sellers were entering the market than a year earlier, which was keeping inventory “relatively flat,” and he said prices were not moving significantly in either direction at the aggregate level. (homesinbc.com) Mortgage costs are part of the backdrop. Lis said in the April 2, 2026 report that conflict in the Middle East was pushing up bond yields and fixed mortgage rates, which could damp demand into the spring market if it persisted. (homesinbc.com) For now, the Vancouver condo story is not a sudden crash but a market clearing slowly: more homes sitting for sale, fewer deals closing, and benchmark prices still below 2025 levels. (homesinbc.com 1) (homesinbc.com 2)
