Vancouver-area home sales edge up as prices fall, but there’s still a high number of listings
Prices are still edging down in Vancouver, but there are signs market could be returning to balance soon
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There are early signs the number of home sales in Greater Vancouver is rising as prices fall. And there is even bidding for some properties.
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But the number of listings remains high.
“We’re not seeing large numbers of multiple offers happening, but we are seeing them pretty routinely,” said Randy Ryalls, managing broker at Royal LePage Sterling Realty.
“It’s always about price. A well-educated buyer, if they’ve been out there looking at homes in the marketplace, and they walk into one, and it’s sparkling clean and, in their mind, represents a really good opportunity and if the price is compelling, they’ll definitely act on it and even compete for it.”
He said that in the last few weeks of June, there was an uptick in the number of transactions.
“We actually saw the (number of) sales overtake the number of listings that were coming into the market for over that period of a couple of weeks,” he said.
On Tuesday, Royal LePage released its home price update and market forecast based on the second quarter of 2026.
A highlight for Greater Vancouver was that prices continued falling, with the aggregate home price dropping 4.5 per cent in the past year to $1.164 million. The median price of a detached house decreased 5.2 per cent to $1.65 million, while the median price of a condo decreased 5.1 per cent to $721,000.
For the City of Vancouver, the aggregate home price dropped five per cent to $1.34 million in the past year, while the median price of a single-family home dropped 5.7 per cent to $2.13 million and the median price of a condo dropped 7.9 per cent to $748,000.
Royal LePage expects the aggregate price of a home in Greater Vancouver will be down 3.5 per cent in the fourth quarter of 2026 from the same quarter last year.
Ryalls said that while some homes are drawing several offers, there is still a significant number of homes that remain overpriced.
“There’s people that are actually out there buying properties, no question about it, but if you’re going to be a seller, you’ve got to be realistic and I would say fairly aggressive,” he said.
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He described that as meaning that sellers have to have to price “ahead of the decline. If that house would have sold for $1.5 million in January, it’s probably $1.3 million or $1.4 million now. So pricing at $1.5 million because someone sold at that price in January is probably not going to get it done. You have to price it probably one or two per cent below what you’re thinking is market value.”
He said that homeowners who want to sell “and understand the market as it is, rather than the market that you wish it was,” are finding some success.
Even with the number of sales picking up, there is still sufficient supply in the market to tamp down prices, he said.
“For the proper context, we’ve got somewhere around 17,000 listings in Greater Vancouver, which is just above what historically would be a balanced market. Around 14,000 or 15,000 would be balanced,” he said.
The Royal LePage report said that in the second quarter of 2026, the national aggregate home price dropped 1.4 per cent year over year and increased only 0.2 per cent compared to the first quarter.
In Greater Toronto, the aggregate home price was down 4.6 per cent in the past year, but has been inching upward since the start of the year, with an increase of 0.9 per cent from the first to second quarter.
In Greater Vancouver, the aggregate home price dropped by 0.9 per cent from the first to second quarter.
