September’s Metro Vancouver numbers look one way from the top and very different underneath. The composite benchmark sits at $1,075,900, down 5.5% from last September, and 1,717 homes changed hands — 8.4% fewer than a year ago and 25% below the 10-year seasonal average. But that single number hides a market now running in three different directions.
Detached homes are quietly holding up. Sales of detached homes rose 4.2% year-over-year to 575 — the strongest showing of any segment. The benchmark price is $1,784,700, down 7.3% from last September and 0.8% from August. In a slow market, “up from last year” counts as resilience.
Condos are carrying the market’s weakness. Apartment sales fell 18.6% to 777 — a steep drop for the segment that usually accounts for roughly half of all sales. The benchmark price is $682,500, down 6.2% year-over-year. When the biggest slice of the market pulls back this far, the headline numbers follow.
Townhomes sit in the middle. Attached sales edged up 0.6% to 358, and the benchmark is $1,016,700, down 4.7% year-over-year. It’s the least dramatic of the three segments — steady transactions, gentler price softening.
The ratio that decides which way prices move. The sales-to-active-listings ratio finished September at 9.7% for detached homes, 12.2% for attached, and 11.4% for apartments. GVR notes that sustained ratios below 12% have historically been associated with downward pressure on prices — which puts the detached segment in the softest position on this measure, even though its sales held up. Total inventory remains 24.3% above the 10-year seasonal average, so buyers are in no rush.
Why investors are sitting this one out. The pattern points to who is actually transacting: end-users buying homes to live in. Investor-driven demand — the engine of the condo market in past cycles — is still waiting for more favourable conditions. Until that changes, the condo segment is likely to stay the softest, and the gap between segments could keep widening into year-end.
If you’re buying: this fall offers something we haven’t seen in years — selection, time to decide, and negotiating room, especially among condos. Well-priced detached homes are still moving, so don’t treat every segment the same.
If you’re selling: pricing to the market is no longer optional, and property type matters more than it has in a decade. A detached home in a good neighbourhood can still draw competition; a condo priced at last year’s level will sit.
Thinking about a move this fall? Get in touch for a no-pressure read on what your home — or your target neighbourhood — is actually doing right now: info@jeffreyqian.com | (778) 238-2014.
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