Is the Vancouver Condo Market Recovering in 2026?

Canada's housing market has begun recovering — but that doesn't mean Vancouver condominiums have recovered with it.

In its September 16 Summary of Deliberations, the Bank of Canada said national housing activity experienced a rebound during the second quarter, following an extended period of weakness. It also specifically flagged continuing softness in the condominium markets of Vancouver and Toronto — the two cities weren't included in the good news.

What Do Metro Vancouver's Numbers Show?

Greater Vancouver REALTORS® reported 1,869 residential sales in August, 20.7% below the ten-year seasonal average.

Apartment sales totalled 891, down 6.8% from August 2025. The apartment benchmark price was $686,200, a 6.6% year-over-year decline. Meanwhile, total Metro Vancouver inventory remained 26.2% above its ten-year seasonal average.

These conditions generally give condo buyers more time and negotiating room. They also create more competition between sellers — with elevated inventory and softer sales moving at the same time, condo owners are effectively competing against a larger pool of alternatives than they were a year ago.

Why Is Vancouver's Condo Market Still Soft?

The Bank of Canada's own language points to it directly: abundant condo inventory in Vancouver and Toronto, built up over several years of construction, is taking longer to absorb than the detached and townhouse segments. That's consistent with what other economists have flagged — RBC's most recent housing outlook expects the condo segment specifically to lag the broader recovery, potentially into 2027, due to that inventory overhang and softer investor demand.

Does Every Vancouver Condo Face the Same Market?

No. Regional statistics can't evaluate an individual building or home. Buyers also weigh strata finances, insurance, upcoming maintenance, special levies, parking, outdoor space, layout, and proximity to transit — none of which show up in a benchmark price.

Current competition is equally important. A strong condo can struggle when several comparable units are available in the same building. Conversely, a property offering a scarce layout, view, or feature may outperform the broader benchmark entirely.

Will Lower Interest Rates Improve Vancouver Condo Sales?

Possibly, over time — but not on their own. The Bank of Canada held its rate at 2.25% on September 2, and its own commentary treats the housing rebound as fragile rather than settled, citing the condo inventory overhang as a specific risk to sustaining it. Rate relief helps affordability broadly, but it doesn't erase an oversupply of condo inventory that took years to build up. Expect the condo recovery to lag the rest of the market even if rates ease further.

How Should I Price My New Westminster Condo?

Sellers should examine:

1. Recent comparable sales
2. Active competing listings
3. Listings buyers rejected, and why
4. Price changes and days on market
5. The condition and finances of the strata corporation

The most useful question isn't "Has Canadian housing recovered?" It's: "What can my likely buyer purchase instead of my condo today?"

National housing improvement is encouraging, but it shouldn't replace a property-specific pricing strategy — especially in a segment the Bank of Canada itself is calling out as the exception to the rebound.

If you own a condo in New Westminster, Burnaby, or Vancouver, I can help identify which market evidence actually applies to your property.

Frequently Asked Questions

Are Vancouver condo prices falling in 2026? Yes. The August 2026 apartment benchmark price was $686,200, down 6.6% year-over-year, with sales also down 6.8% from August 2025.

Is Vancouver currently a condo buyer's market? Conditions favour buyers, with elevated inventory (26.2% above the ten-year seasonal average) and softer sales giving room to negotiate — though the degree varies significantly by building and unit.

Why is Vancouver's condo market still soft? The Bank of Canada specifically cited continuing softness in Vancouver and Toronto condos even as national housing activity rebounded, pointing to an inventory overhang built up over recent years of construction.

Will lower interest rates improve Vancouver condo sales? They should help over time, but the Bank of Canada's own commentary treats condo softness as a distinct, ongoing risk rather than something rate cuts alone will resolve quickly.

How should I price my New Westminster condo? Start with true comparables — similar size, layout, and building type — plus active competing listings and any units that sat unsold. Your strata's financial health and any special levies matter as much as the sale prices themselves.