In September, Vancouver West detached homes priced above $3 million absorbed at just 5.4 percent. That is a sharp split at a single price line, and it is a useful reminder that pricing by micro-market matters more than pricing by a West Side average.

At the same time, the area's detached benchmark hit a twelve month low in September.

For sellers, the takeaway is practical, not dramatic. Above $3 million, buyers are being selective, and the price has to match what buyers in that specific neighbourhood and price band are actually paying. Pricing ahead of that band risks sitting, while pricing in line with it gives a home a fair chance to be seen and considered.

For buyers, the same split cuts the other way. Homes above $3 million are not moving at the same pace as the rest of the detached market, so there may be more room to take your time and to look closely at condition, location, and value before deciding.

If you are thinking about selling in Vancouver West, or you are watching a home above $3 million, it is worth looking at the numbers for your street and your price band, not just the West Side as a whole. That is where the real pricing conversation starts.

On Saturday, Vancouver voters chose a different direction at City Hall. Green Party candidate Pete Fry was elected mayor, ahead of incumbent Ken Sim, and ABC Vancouver went from holding a large majority on council to a single seat. These are the City's unofficial results, with the official count due to be declared today, so numbers could shift slightly.

Here's the plain version of what happened, and what it might mean if you own a home, are thinking of selling, or are hoping to buy.

How council looks now

Based on the City's unofficial results, the 10 councillors are four from COPE, four from the Greens, one from OneCity and one from ABC (Mike Klassen). Add Mayor Fry, who ran with the Greens, and the Greens have five votes on an 11-member council. No single group has a clear majority, so expect negotiation and deals to get things passed.

What's been promised, and what hasn't happened yet

I want to be careful here. These are campaign positions. The new council hasn't met or voted on anything yet, and plans often change once people see the real budget numbers.

On housing, Fry's Green platform focused on getting more homes built faster. That includes streamlining permits for low-rise apartments, row homes, townhomes and infill, offering pre-approved housing designs (including prefabricated ones), and partnering with the federal Build Canada Homes program. Fry has also said some of the value the City creates when it approves development should come back as rental and non-market homes.

On property taxes, Fry has said tax increases should follow inflation, but he hasn't promised a freeze. That's different from ABC's campaign pledge of a zero per cent increase for 2027. He has also said he wants a more detailed budget, with line items and fee changes laid out, before making further commitments.

Other parties on council have their own ideas. COPE's platform included raising the empty homes tax to nine per cent. OneCity talked about acquiring affordable rental buildings. Most of the opposition parties wanted to end the pause on new supportive housing. None of these are decisions yet, and with a split council, not everything will pass.

What this means for you

If you own a home you live in: The first thing to watch is the 2027 budget. Property tax is set by council each year, and this budget will be the first real sign of how the new group balances inflation, services and fees. Beyond that, nothing changes on your street overnight.

If you own a second property or a rental: Keep an eye on the empty homes tax conversation. If your property is rented for most of the year, you're generally in a different position than someone whose unit sits empty, but it's worth reading any proposal closely when it comes forward. If you own an older rental building, watch how the new council talks about rental protection.

If you're thinking about building on your lot: Faster permits and pre-approved designs would be good news if they happen, especially for laneway houses, duplexes and small infill projects. Wait for specifics before you plan around them. Permitting speed is something every council promises and few deliver quickly.

If you're a buyer: A new council is unlikely to change today's market. What matters more right now is mortgage rates, which have been creeping up, and the supply of unsold condos. Over a longer horizon, policies that make it easier to build more homes could affect prices and choices in particular neighbourhoods, but that's years away.

If you're selling: Buyers care more about price, condition and interest rates than about who sits at City Hall. A civic election doesn't usually move a home sale. Price your home against what is on the market now.

What's next

Vancouverites vote again this Saturday, October 24, in the provincial election. Housing policy, including the speculation and vacancy tax and unsold condo proposals, will be on that ballot too. I'll keep watching what actually gets passed at both levels and let you know if anything affects your plans.

If you'd like to talk about your own home, or what's happening in your neighbourhood, I'm happy to help. No pressure at all.

Heidi Rahn Oakwyn Realty

Every week, someone asks me why this market still feels so soft. Buyers want to know if they should wait. Sellers want to know if they missed their window. And a lot of people assume the answer has something to do with trade tensions south of the border.

According to GVR's chief economist Andrew Lis, that's not it at all.

In a recent outlook, Lis pointed to three real drivers behind Vancouver's weak buyer demand: slower immigration into the region, reduced investor activity, and mortgage rates that are still too high to draw buyers off the sidelines. He explicitly ruled out renewed US trade tensions as a factor. The softness is homegrown, not imported.

Let's take each one seriously, because they matter for anyone making a move right now.

Slower immigration. For years, population growth was a reliable engine of housing demand in Metro Vancouver. When fewer people are arriving, that engine idles. It doesn't mean demand disappears, but the urgency that defined the last decade has cooled.

Fewer investors. When investors step back, a whole layer of competition vanishes from the market. That's most visible in the condo segment, but the effect ripples outward. Fewer bidding wars, fewer unconditional offers, more time to think.

Rates still too high. This is the big one for everyday buyers. Even after the Bank of Canada's cuts brought the policy rate to 2.25%, with prime at 4.45%, plenty of would-be buyers are still doing the math and deciding to wait. The monthly payment hasn't fallen far enough to change minds at scale.

The number that tells the story

If you want one statistic that captures where we are, look at detached homes. The sales-to-active-listings ratio sits at just 9.6%. That's deep in buyer's market territory, and it's the kind of reading that keeps prices under pressure.

In plain terms: there are far more detached homes for sale than there are buyers willing to buy them. Sellers are competing for attention. Buyers can afford to be selective.

What this means if you're selling

I'll say what I say to every seller who sits down with me: price it right on day one. In a market like this, the first two weeks are your best shot at the largest possible audience. An aspirational asking price doesn't leave room for negotiation, it just means your actual buyers never see your home. And every price reduction after that tells the market you're chasing it down.

A proper comparative market analysis, built on what's actually selling on your street right now, is the single most valuable thing you can do before you list.

What this means if you're buying

This is what a buyer's market looks like when the data backs you up. More selection, less competition, and room to negotiate on price and terms. If you've been waiting for the right moment to get serious, the conditions are about as favorable as they've been in years.

That said, waiting for the absolute bottom is a gamble nobody wins consistently. The buyers who do well in markets like this are the ones who know their numbers, move decisively on the right home, and don't try to time the exact turn.

The bottom line

Vancouver's market isn't soft because of headlines about trade wars. It's soft because fewer people are arriving, fewer investors are competing, and borrowing costs are still keeping mainstream buyers on the fence. Until one or more of those shifts, expect more of the same: patient buyers, motivated sellers, and a premium on realistic pricing.

If you're thinking about a move in either direction, I'd rather walk you through what these numbers mean for your specific situation than let you guess. That's what I'm here for.

Oct 10, 2026 · @Heidi

The short answer: Greater Vancouver is a buyer's market right now, and prices are easing across most of the region. Fewer homes are selling, buyers are taking their time, and sellers who price realistically are the ones getting deals done.

Here's what I'm seeing in the numbers, and what it could mean for you.

By the numbers

Prices have dipped about 4% compared with last year, with detached homes and condos and townhouses moving down by similar amounts. Detached sales have held steady, but fewer condos and townhouses are selling. Listings are down for both.

This summer was especially quiet. July had one of the slowest months for sales in more than 20 years. New listings have also been running below last year's levels for several months in a row. Even with less inventory, prices have softened in nearly every part of the market, which tells me demand, not supply, is what's holding things back.

Why buyers are holding back

The biggest factor is uncertainty. Between interest rates, tariffs and headlines about falling prices, many buyers are waiting to see whether prices drop further before they commit.

Vancouver is also lagging behind the rest of Canada. Our market is more expensive, so higher borrowing costs and economic worries hit harder here. At the top end of the market, some sellers are making significant price reductions to attract buyers.

One thing hasn't changed: location still matters most. The buyers I work with are willing to compromise on size, finishes or parking, but rarely on the neighbourhood they want to live in.

What's ahead for the rest of 2026

The forecast is for more of the same. For the full year, average prices are expected to finish about 3% lower than 2025 for detached homes and about 1% lower for condos and townhouses. Sales are expected to come in roughly 9% lower for detached homes and 6% lower for attached homes.

In other words, I expect buyers to keep the upper hand through the end of the year.

What this means for you

If you're buying, this is one of the best opportunities in years to negotiate. You have more time to decide, more room to include conditions like inspections and financing, and less competition from other buyers.

If you're selling, pricing is everything. Homes that are priced right and well presented are still selling. Homes priced for last year's market tend to sit. A clear pricing strategy from day one makes all the difference.

Whether you're thinking of buying, selling or both, I'd be happy to walk you through what's happening in your neighbourhood. Reach out anytime at heidi@heidirahn.com or visit heidirahn.com.

Oct 7, 2026 · @Heidi

Life rarely lines up neatly with a five-year mortgage term. You might be selling to move closer to family, upsizing for a growing household, or downsizing now that the kids have moved out. Maybe rates have dropped and refinancing looks tempting.

Whatever the reason, ending your mortgage before the term is up usually comes with a penalty. For many of my clients, that number is the biggest surprise of the whole move. The good news is that with a little planning, you can often reduce it, and sometimes avoid it altogether.

What does breaking your mortgage mean?

Breaking your mortgage means ending your contract with your lender before the term is up. That includes paying it off when you sell, switching lenders, or refinancing to change your rate or borrow more.

Whether you pay a penalty depends on the type of mortgage you have:

• Open mortgage: You can pay it off at any time with no penalty. The trade-off is a higher interest rate.

• Closed mortgage: You get a lower rate in exchange for agreeing to stay for the full term. Most homeowners have this type, and breaking it early triggers a penalty.

Within closed mortgages, whether your rate is fixed or variable makes a big difference to how that penalty is calculated.

How the penalty is calculated

Variable rate: The penalty is usually three months' interest on your remaining balance. It's predictable and often fairly modest.

Fixed rate: The penalty is the greater of two amounts:

1. Three months' interest, or

2. The interest rate differential (IRD). This is roughly the interest your lender loses because you're leaving early, based on the difference between your rate and the rate it can lend at today for the time left on your term.

Here's a simple example. Say you owe $500,000 at 5.0%, with 30 months left on your term, and the lender's current rate for a similar term is 4.0%:

In this case, you'd pay the higher amount: $12,500.

A word of caution: lenders calculate the IRD differently. Some use their posted rates rather than the discounted rate you actually received, which can make the penalty much larger. The only way to know your real number is to ask your lender for a payout statement.

Ways to reduce or avoid the penalty

• Port your mortgage. Many mortgages let you take your existing rate and term with you to a new home. If you're buying and selling at the same time, this can eliminate the penalty entirely. Timing matters, as lenders usually require both deals to close within a set window.

• Blend and extend. Some lenders will combine your current rate with today's rate and start a new term, instead of charging a penalty.

• Let your buyer assume it. If your mortgage is assumable and your rate is attractive, a qualified buyer may be able to take it over.

• Use your prepayment privileges. Most closed mortgages let you pay down 10% to 20% of the original balance each year without penalty. Making a lump-sum payment before you break can shrink the balance the penalty is calculated on.

• Watch your timing. The closer you are to the end of your term, the smaller the IRD tends to be. Sometimes waiting a few months makes a real difference.

Every lender's rules are different, so check your mortgage documents or speak with your lender or mortgage broker before you decide.

Selling your home? Ask these questions before you list

Your mortgage penalty comes straight out of your sale proceeds, so it affects your bottom line and sometimes your pricing strategy. Before we list, I recommend calling your lender and asking:

1. What would my penalty be if I paid off my mortgage on a specific date?

2. Is my mortgage portable, and how long do I have to port it?

3. Is it assumable by a buyer?

4. How much can I prepay this year without a penalty?

With those answers, we can plan your completion date, your next purchase and your budget with no surprises at the lawyer's office.

Thinking about a move?

If you're wondering how your mortgage fits into a sale or purchase, I'm always happy to talk it through. I work with excellent mortgage professionals and can connect you with someone who will help you find the best path forward.

Reach out anytime at heidi@heidirahn.com or visit heidirahn.com.

This article is for general information only and isn't financial advice. Please speak with your lender or a mortgage professional about your specific situation.

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