Greater Vancouver didn’t see the housing correction Toronto did, but it’s unclear if that was just a delay. Greater Vancouver REALTORS (GVREB) data shows sales fell in September. Combined with elevated inventory, weaker sales pushed prices to a 5-year low. 

The price of a typical home across Greater Vancouver fell 0.6% (-$6.0k) to $1.08 million in September, 5.5% (-$62.4k) lower than last year. Since peaking in 2022, prices have dropped 14.1% (-$176.9k) and sit at the lowest level since March 2021. 

Source: GVREB; CREA; Better Dwelling. 

The region saw 1,720 existing homes sold through the MLS in September, 8.2% (-158) lower than last year. The drop marked the weakest September since 2022, which doesn’t seem that bad. However, a quick peek at historical data and it’s clear the past few years were unusually slow for Vancouver. September sales volumes this low were generally associated with recession years in the two decades prior. 

On the supply side, the board reported 5,850 new listings, 10.3% lower than last year. Even with the drop, only four Septembers have seen a higher inflow in the past 20 years. This is a historically strong volume that’s fairly rare for a region that’s historically light on supply. 

The demand balance suggests that prices may move lower. The CREA-preferred sales-to-new listings ratio (SNLR) was just 29% in September. That’s well below the balanced range of 40% to 60%, placing it firmly in a “buyer’s market,” where experts see prices falling further. Elevated unsold inventory may add to that pressure, with 16,390 active listings last month. While down roughly 4% from last year, it’s still the third-highest September total the board has reported in over 15 years.