VANCOUVER REAL ESTATE IS SPLITTING INTO TWO MARKETS IN 2026

Here is what I think a lot of people are missing about the Vancouver real estate market in 2026.

There is not one Vancouver housing market behaving the same way right now.

You can have two properties in the same neighbourhood, sometimes only blocks apart, and get completely different results.

One attracts serious buyers.

The other sits.

Price reductions. Longer days on market. Less urgency.

So when someone tells you, “The Vancouver real estate market is down,” or “The market is coming back,” my question is:

Which Vancouver market?

Because right now, different segments of Metro Vancouver real estate are behaving very differently.

There are micro markets.

And the difference can come down to property type, neighbourhood, price point, redevelopment potential, lot characteristics, zoning and even the individual street.

For anyone buying or selling a home in Vancouver in 2026, understanding the specific market you are entering can be much more useful than relying on a single Metro Vancouver headline.

Here are three areas I am watching closely.

1. EAST VANCOUVER DETACHED HOMES WITH REDEVELOPMENT POTENTIAL

This is where buyers need to look beyond the house itself and understand the land.

The City of Vancouver has significantly expanded opportunities for multiplex housing across many residential properties.

Vancouver introduced its R1 1 Residential Inclusive zoning in October 2023, allowing up to six strata units on a standard qualifying lot. Current City regulations allow up to six strata units in R1 1, RT 7 and RT 9 districts, subject to zoning, minimum site area, frontage and other site requirements.

The City also identifies additional residential zones where multiplex housing may be permitted, with the number of allowable units varying by zone and property.

That does not automatically make every East Vancouver detached home a redevelopment opportunity.

Lot dimensions, zoning, frontage, site characteristics, development regulations, servicing requirements, construction costs and financial feasibility all matter.

But multiplex zoning has changed what may be possible on qualifying Vancouver residential properties.

For buyers searching for East Vancouver homes for sale, understanding the land and zoning can therefore be just as important as evaluating the existing house.

For homeowners considering selling a detached home in East Vancouver, understanding the property's redevelopment potential can also be an important part of determining how it should be valued, positioned and marketed.

2. WELL LOCATED TOWNHOMES NEAR RAPID TRANSIT

Another segment I am watching is townhomes near rapid transit in Burnaby, Coquitlam and Port Moody.

In a market where affordability remains challenging, townhomes can occupy an interesting middle ground between condominiums and detached houses.

They can provide additional space and ground oriented living without requiring the budget associated with many detached properties.

CMHC's 2026 Housing Market Outlook expects demand for denser ground oriented housing in the Vancouver CMA to increase because these properties provide a relatively more affordable housing option.

CMHC specifically identifies North Fraser communities such as Coquitlam as areas where ground oriented attached homes, including townhomes, are expected to perform comparatively well because of competitive pricing and commuting distance from downtown Vancouver.

That does not mean every Burnaby townhouse, Coquitlam townhouse or Port Moody townhouse will appreciate.

They will not all behave the same way.

Location, transit access, layout, strata condition, neighbourhood, price and competing inventory can separate stronger properties from the rest of the market.

For buyers looking for townhomes near SkyTrain or rapid transit, the individual property and micro market matter.

3. NORTH VANCOUVER TOWNHOMES

The North Vancouver townhouse market is another segment worth watching.

The North Shore has a geographic characteristic that cannot easily be replicated.

Limited land.

Mountains on one side. Water on the other.

But limited geography does not make North Vancouver real estate immune to market corrections, nor does it mean every North Vancouver townhouse will outperform the broader market.

Family oriented, ground oriented housing represents a distinct segment of the market, and individual properties can perform very differently.

For buyers searching for North Vancouver townhomes for sale, neighbourhood, school catchment, layout, outdoor space, strata condition, transportation, walkability and proximity to amenities can create meaningful differences between seemingly comparable properties.

Again, the micro market matters.

WHERE DO VANCOUVER BUYERS HAVE MORE NEGOTIATING POWER?

Now let us flip the conversation.

There are also areas of the Vancouver housing market where buyers may have greater negotiating power, particularly when several comparable properties are competing for a limited number of buyers.

HIGHER PRICED VANCOUVER CONDOS

Higher priced condos are one segment where sellers need to pay close attention to their competition.

When buyers have several comparable properties to choose from, they have more options.

Condition, view, floor plan, building quality, strata history, location and pricing strategy can become major differentiators.

For sellers, simply looking at what another Vancouver condo is listed for is not enough.

The more important question is:

What are buyers actually paying for comparable properties?

This is why an effective Vancouver condo selling strategy needs to consider recent sales, current competition and buyer behaviour rather than relying solely on asking prices.

VANCOUVER INVESTMENT CONDOS

Vancouver investment condos are another segment I am watching carefully.

Metro Vancouver's rental market has changed.

CMHC reports that Vancouver's rental vacancy rate rose substantially in 2025, reaching its highest level in more than 30 years.

CMHC expects elevated vacancy rates to continue through 2026 and into 2028 as additional rental apartments are completed while rental demand remains softer.

It also expects rent growth in Metro Vancouver to remain limited.

This is important for real estate investors.

It does not mean Vancouver investment properties no longer make sense.

It means investors cannot automatically assume the exceptionally tight rental conditions of previous years will continue.

Rental income, strata fees, financing costs, property taxes, vacancy assumptions and long term potential need to be evaluated property by property.

CMHC also expects softer rental market conditions to dampen individual investor activity, particularly in the condominium market.

For anyone considering buying an investment property in Vancouver in 2026, the numbers matter more than ever.

VANCOUVER WEST DETACHED AND HIGHER PRICED HOMES

Another segment where buyers may encounter negotiating opportunities is the higher priced Vancouver West detached home market.

Higher priced properties naturally have a smaller pool of qualified buyers.

When buyers have multiple alternatives, unrealistic pricing can become costly for a seller.

A property that enters the market significantly above what buyers perceive as current market value may accumulate days on market and ultimately require a price adjustment.

CMHC's 2026 outlook also notes that price adjustments are expected in certain higher priced areas and property types within the Vancouver region.

That is why determining what a Vancouver home is worth in 2026 requires much more than looking at a regional benchmark.

Neighbourhood, condition, lot characteristics, zoning, price range and direct competition all matter.

ARE VANCOUVER HOME PRICES DOWN IN 2026?

Yes, compared with the same period last year.

According to the latest Greater Vancouver REALTORS market report, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,081,900 in August 2026.

That represents a 5.6 percent decrease from August 2025 and a 0.6 percent decrease from July 2026.

By property type:

Detached homes: $1,799,400, down 7.2 percent from August 2025

Townhomes: $1,028,800, down 4.4 percent from August 2025

Apartments: $686,200, down 6.6 percent from August 2025

But those Metro Vancouver statistics do not tell you exactly what your property is worth today.

Even within those categories, individual neighbourhoods, buildings, streets and properties can behave differently.

WHAT IS HAPPENING WITH METRO VANCOUVER INVENTORY?

There were 15,798 properties listed for sale in Metro Vancouver in August 2026.

That was 26.2 percent above the 10 year seasonal average.

Meanwhile, residential sales totalled 1,869 in August, which was 20.7 percent below the 10 year seasonal average.

The overall sales to active listings ratio was 12.3 percent.

By property type:

Detached homes: 9.6 percent

Attached homes: 15.1 percent

Apartments: 13.7 percent

Greater Vancouver REALTORS notes that historically, downward pressure on home prices can occur when the sales to active listings ratio remains below 12 percent for a sustained period, while upward pressure can occur when it remains above 20 percent for several months.

These numbers help explain why buyers currently have considerable selection in parts of the market.

But they also reinforce why it is dangerous to treat every property as though it belongs to the same market.

A North Vancouver townhome is not necessarily behaving like a Vancouver West detached house.

An East Vancouver property with redevelopment potential is not necessarily competing for the same buyer as a conventional detached home.

A well located townhome near rapid transit is not necessarily behaving like every other townhouse in Metro Vancouver.

And two homes only blocks apart can still generate very different buyer responses.

IS VANCOUVER A BUYER'S MARKET OR SELLER'S MARKET IN 2026?

Instead of simply asking:

“Is Vancouver a buyer's market or a seller's market?”

The better question is:

“What is happening in my specific Vancouver real estate micro market?”

Because in 2026, your neighbourhood, property type, price point, lot, zoning, building, condition and individual street can materially affect how your property competes.

For sellers, that means pricing and positioning need to reflect what buyers are actually doing in your specific segment.

For buyers, it means negotiating power can change significantly from one neighbourhood, building or property type to another.

The headline tells you what Metro Vancouver is doing. Your micro market tells you what you should do.

THINKING ABOUT BUYING OR SELLING VANCOUVER REAL ESTATE?

If you are considering buying a home in Vancouver or wondering whether now is a good time to sell your Vancouver property, do not make your decision based solely on a Metro Vancouver headline.

Your individual market matters.

For Vancouver sellers: I can provide a personalized market analysis to help determine what your property may realistically sell for in today's market, how it compares with recent sales and current competition, and how it should be positioned to attract serious buyers.

For Vancouver buyers: I can help identify where buyers may currently have greater negotiating leverage, which properties deserve a closer look and how individual Vancouver real estate micro markets compare.

Whether you are looking in Vancouver, East Vancouver, North Vancouver, Burnaby, Coquitlam or Port Moody, your real estate strategy should be based on the specific market you are actually entering.

Want to know what is happening in your specific micro market?

Contact me for a personalized Vancouver real estate market analysis.

Liza Marie Moyo
Vancouver Real Estate Advisor
trustedrealtorvancouver.com