October in Metro Vancouver: Sales Slip Again as Buyers Pause for the Rate Hike — and a New Government

October’s numbers are in, and they tell the story of a market that hit the pause button.

Greater Vancouver REALTORS® recorded 2,024 home sales last month — down 10.2% from October 2025 and 22.5% below the 10-year average for October. The board’s chief economist, Andrew Lis, put it plainly: buyers and sellers “took a step back in October to recalibrate amid some suspenseful distractions.” He named two: the Bank of Canada’s surprise rate hike, and a snap provincial election.

The headline, in numbers. The composite benchmark price for a typical Metro Vancouver home now sits at $1,068,600 — down 5.2% from a year ago and 0.7% from September. Detached homes, at $1,775,200, are down 7% year over year on 643 sales (down 7.2%).

New listings came in at 4,805 — down 11.6% from last October but still 1% above the 10-year seasonal average. Total active listings stand at 15,688. The sales-to-active-listings ratio is 13.4%: the low end of balanced territory, but with detached at just 11.6%, that segment is firmly in buyer’s-market land.

Distraction one: the rate hike. On October 28, the Bank of Canada raised its policy rate to 2.50% — its first hike since 2023, and a genuine surprise to a market that had spent the summer pricing in cuts or a hold. (We covered the fallout in detail last week.) Anyone shopping in October did the math on higher carrying costs and decided to wait.

Distraction two: a new government. On October 24, British Columbians elected a Conservative majority government — the party’s first since 1928 — ending nine years of NDP rule. Interim leader Lorne Doerkson is set to become premier; David Eby resigned as NDP leader on election night. Final ballot counts run November 6–10.

What does a new government mean for housing? Honestly, it’s too early to say — platforms are one thing, governing is another. But it’s a real variable: provincial housing policy has driven much of the last decade’s market mechanics, and a new government can rewrite those rules. Buyers and sellers making multi-year decisions are right to watch what the Doerkson government signals in its first 100 days.

What it means for buyers. This is the most choice you’ve had in years, and sellers know it. Well-priced homes are still moving — 2,024 of them changed hands last month. But the rate hike changed the math: get pre-approved at today’s rates, not September’s, and stress-test your payments against the possibility of another move in December.

What it means for sellers. October rewarded realistic pricing and punished optimism. With 15,688 listings competing for attention, the gap between “listed” and “sold” is a pricing decision. If you’re listing this winter, price to the last 30 days of comparable sales — not to last spring, and not to your 2026 assessment.

The bottom line. October was a waiting room: buyers waiting out the rate shock, sellers waiting out the election. Two catalysts will decide what happens next — the Bank of Canada’s December 9 decision, and the first housing signals from the new provincial government. Until then, the advantage stays with buyers who are prepared and sellers who price honestly.