A tale of two markets: What September's numbers mean for your next move

When people ask me "how's the market?", the honest answer right now is "which one?" September's numbers from Greater Vancouver Realtors show two segments moving in very different directions, and which one you're in matters a lot.

By the numbers (Greater Vancouver, September 2026)

• Total sales: 1,717, down 8.4% from last September and 25% below the 10-year average for the month

• Detached sales: 575, up 4.2%

• Townhouse and other attached sales: 358, up 0.6%

• Condo (apartment) sales: 777, down 18.6%

• Active listings: 16,394, down 4%

• New listings: 5,852, down 10.3%

Benchmark prices:

• Detached: $1,784,700, down 7.3% from a year ago

• Townhouse: $1,016,700

• Condo: $682,500, down 6.2%

• All property types: $1,075,900, down 5.5%, and down about half a percent from August

So the weakness is mostly in condos. The board's chief economist put it simply: the weakness is contained to the apartment segment, while sales of attached and detached homes finished slightly up. He also noted that fewer new listings have kept prices from falling too quickly.

Why condos are lagging

There's more competition for condo buyers right now than for any other type of home. On top of resale listings, there are thousands of new, completed condos across Metro Vancouver that developers still haven't sold. That supply is concentrated in Burnaby, Richmond, Coquitlam and Port Moody, but it shapes the whole condo market. When a buyer can choose between a resale unit and a brand-new one with incentives, sellers have to work harder.

What this means for you

If you own a condo and are thinking of selling: Pricing matters more than ever. Buyers have plenty of choice and they compare everything. Condition, layout, parking, storage and strata health all count, and a well-prepared home still sells. It's worth knowing exactly how your unit compares to what's listed in your building and nearby, including any new construction.

If you're hoping to move up from a condo to a townhouse or house: This is the interesting one. Detached prices are down 7.3% from a year ago and condo prices are down 6.2%. Because detached homes cost so much more, the dollar drop is far larger. Based on the benchmark prices, the gap between a typical condo and a typical detached home has narrowed by roughly $95,000 over the past year. You may get less for your condo than you would have a year ago, but the step up has become smaller. Selling in a slower condo market can feel frustrating, but you're also buying in a softer detached market. Looking at both sides together is what counts.

If you own a house and are thinking of selling: Detached sales are slightly up from last year, which is a good sign. But buyers are still price-sensitive and the overall market is quiet, so realistic pricing from day one is still the key. Many of your likely buyers are condo owners trying to move up, so a slower condo market can affect your timing too.

If you're a first-time buyer: This is a good time to be a condo buyer. You have choice, time to make decisions and, in many cases, room to negotiate. Get your pre-approval in place so you can move when the right place comes along.

The bottom line

Headlines about "the Vancouver market" can be misleading when the pieces are moving in different directions. What really matters is your specific property type, your neighbourhood and, if you're moving, both sides of the transaction.

If you'd like to know how your home or building fits into all of this, I'm happy to pull the numbers for you. No pressure at all.

Heidi Rahn

Oakwyn Realty