Welcome to the September Metro Vancouver real estate market update.
The Bank of Canada cut the overnight rate by 0.25% on September 17, but so far, the data for the month hasn’t shown a noticeable impact. We may need to wait until the October numbers to see any effect.
As it stands, the Vancouver real estate market continued to cool through September. Sales were 20.1% below the 10-year average, while new listings were 20.1% above it. This combination kept total inventory 36% higher than the 10-year average.
As you can see in the table below, prices across all housing categories declined month-over-month. This trend aligns closely with the sales-to-listings ratio (SLR) — the lower the ratio, the weaker the demand. September marked the third consecutive month of SLR declines across all three housing types.
Looking ahead, most analysts expect one or two additional rate cuts by spring 2026. While this may offer some relief, significant headwinds remain — particularly in the condo market. Reports indicate there are already 2,500 new condo units sitting unsold, with more on the way. Naturally, this may lead some buyers to hold off and wait for prices to bottom out.
Adding to the challenge, the Office of the Superintendent of Financial Institutions (OSFI) recently introduced tighter lending guidelines for rental properties, making it harder to qualify for investment purchases. This adds to the condo problem because many of these units are designed for investors. As a result, presales have slowed considerably. Some developers have even returned deposits after failing to meet presale targets required to secure financing.
This could create a future supply gap — as existing inventory gets absorbed while new units have yet to be built — but for now, upward price pressure remains limited.
As we move into Thanksgiving season, take a moment to count your blessings.
Happy Thanksgiving!
Regardless, take time to count your blessing. Happy Thanksgiving!
