Vancouver Housing Market
May 2026
Breaking down the April 2026 GVR data — Vancouver East, Vancouver West & North Vancouver.
A Tale of Two Markets
🌸 Spring is in full swing — and the market is splitting in two. April sales totalled 2,110 across Metro Vancouver, down 2.5% from last April and sitting 22.9% below the 10-year seasonal average. The headline still reads "soft," but underneath the data is doing something different than it has all year: detached is heating up, and multi-family isn't.
On the macro side, the Bank of Canada held its overnight rate at 2.25% on April 29 — the third straight hold since cutting through the back half of 2025. Inflation ticked back up to 2.4% on a spike in gasoline prices, which makes a near-term rate cut unlikely. With borrowing costs steady and inventory still well above seasonal norms, buyers and sellers have very different stories playing out depending on what type of home they're trading.
🧭 Where Does the Market Stand?
On inventory: 6,684 new listings came to market in April — down 2.4% from last year but still 15.5% above the 10-year seasonal average. Active listings are essentially flat YoY at 16,236, sitting 37.9% above the 10-year average. There's plenty of supply, and that's keeping a lid on price escalation. As GVR's chief economist Andrew Lis noted, this divergence is broad-based across most sub-markets — and detached has historically acted as a bellwether for where the rest of the market goes next.
📊 Vancouver & North Vancouver — Price Comparison
Source: Greater Vancouver Realtors (GVR) April 2026 Statistics Package
Metro Vancouver by Property Type
| Property Type | April Sales | Benchmark Price | MoM | YoY |
|---|---|---|---|---|
| 🏠 Detached | 659 ⬆ 14.0% | $1,840,700 | ⬇ 0.8% | ⬇ 8.4% |
| 🏘️ Townhome | 433 ⬇ 2.0% | $1,043,400 | ⬇ 0.4% | ⬇ 5.1% |
| 🏢 Condo | 1,009 ⬇ 10.7% | $703,000 | ⬇ 0.5% | ⬇ 7.9% |
| All Residential | 2,110 | $1,098,000 | ⬇ 0.6% | ⬇ 6.9% |
📊 City of Vancouver — Key Stats
| Property Type | Area | Benchmark | MoM | YoY |
|---|---|---|---|---|
| 🏠 Detached | Vancouver West | $2,979,500 | ⬆ +1.9% | ⬇ -11.6% |
| 🏠 Detached | Vancouver East | $1,681,000 | ⬇ -1.1% | ⬇ -9.5% |
| 🏢 Condo | Vancouver West | $790,300 | ⬆ +1.4% | ⬇ -6.8% |
| 🏢 Condo | Vancouver East | $664,800 | ⬇ -0.7% | ⬇ -5.6% |
| 🏘️ Townhome | Vancouver West | $1,340,400 | ⬇ -4.0% | ⬇ -5.4% |
| 🏘️ Townhome | Vancouver East | $1,026,200 | ⬇ -1.7% | ⬇ -8.0% |
📊 North Vancouver — Key Stats
North Vancouver remains the most resilient sub-market in the region for the second straight month. The composite benchmark sits at $1,320,500, down just 2.4% YoY while most of Metro Vancouver is down 6–13%. Detached on the North Shore is up +4.5% over the last three months — the strongest run anywhere in Metro Van. If you've been waiting for the North Shore to come back, the data says it already has.
| Property Type | Benchmark | MoM | 3-Month | YoY |
|---|---|---|---|---|
| 🏠 Detached | $2,129,900 | ⬆ +0.7% | ⬆ +4.5% | ⬇ -2.8% |
| 🏢 Condo | $784,500 | ⬆ +0.6% | ⬆ +0.5% | ⬇ -4.0% |
| 🏘️ Townhome | $1,273,700 | ⬆ +1.4% | ⬆ +0.3% | ⬇ -3.9% |
🎯 What This Means For You
Your leverage window in detached is narrowing — especially on the North Shore and Vancouver West. Sales momentum is building (+14% YoY) and the sales-to-active ratio is sliding toward the pressure zone. Get financing ready and show up prepared. In multi-family, you still have time and choice — but pick carefully, because not all condo and townhome inventory is moving. Well-priced and well-presented properties go; everything else sits.
Inventory sits 37.9% above seasonal average — pricing strategy is everything. Listings priced at 2022 expectations are sitting; well-priced detached homes are getting real traction. If you're selling a condo or townhome, your competition is real and patient buyers have leverage. Lean hard into prep, photography, and a sharp launch price — don't expect the market to do the work for you.
🔭 Looking Forward
The BoC held at 2.25% on April 29 (third straight hold), with March CPI ticking back up to 2.4% on gasoline. A near-term cut looks unlikely, but borrowing costs are stable through the spring — and meaningfully cheaper than 18 months ago, which is part of why detached buyers are stepping back in.
April detached sales were up 14% YoY while every other segment declined. The sales-to-active ratio at 11.3% is just below the 12% pressure line. If May data shows that ratio slipping further, expect price declines to stall — and possibly reverse — in this segment first. GVR's economist flagged this divergence explicitly.
North Van detached is up 4.5% over three months — the strongest run in Metro Van — and the composite is only down 2.4% YoY versus -6.9% across the region. If you're a buyer waiting for "the bottom" on the North Shore, that window may have already closed.
Condo and townhome sales are down 10.7% and 2.0% YoY respectively, with prices drifting lower across the board. Unless rates drop or pent-up demand spills over from the detached segment, expect well-priced units to move and everything else to sit through Q2.
Ready to Make Your Move?
Whether you're buying, selling, or just watching the market — let's build a strategy together.
📞 778-951-5853 ✉️ Email Luke
Luke Annunziello | Vancouver Realtor
About Luke
Luke is a real estate professional with a distinguished career as a realtor since 2019, specializing in the Greater Vancouver market. His expertise extends beyond traditional real estate services, as he possesses a comprehensive understanding of property renovations, accumulated over a period of seven years. Clients appreciate Luke for his friendly nature and ability to establish rapport, making complex transactions more accessible.
Luke is a part of the esteemed Saretsky group which is part of the top 1% of all realtors in Vancouver. This affiliation with the Saretsky group translates into a range of benefits for his clients. From market expertise and extensive networks to enhanced marketing capabilities and exclusive opportunities, Luke can provide a superior level of service and results for those seeking assistance in the competitive Vancouver real estate market.
When not doing real estate transactions you can find him playing hockey, snowboarding on the mountains or spending time with his wife and daughter. Whether navigating the dynamic Vancouver market or incorporating renovation insights into property dealings, Luke stands as a reliable and professional ally, ensuring a seamless and positive experience for his clientele.
Whether you're looking to buy or sell a property in North Vancouver or elsewhere in Vancouver, Luke is the agent you can trust to guide you through the process and achieve your goals.
