Metro Vancouver home prices fall 4% in Q3 as Royal LePage forecasts another decline in Q4

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Metro Vancouver home prices continued to decline in the third quarter as economic uncertainty and concerns about future borrowing costs kept buyers on the sidelines, according to a Royal LePage report released Oct. 15.

Royal LePage said its House Price Survey and Market Forecast found the region’s aggregate home price fell 4% year over year and 1.4% from the previous quarter in Q3 2026.

For the fourth quarter, Royal LePage forecast Metro Vancouver’s aggregate home price would fall a further 4.5% year over year.

Royal LePage managing broker Randy Ryalls said the housing market “is operating well below normal levels,” with transaction volumes “consistently running 25 to 30 per cent below our 10-year average.” He added that sales activity declined over the summer into the start of fall.

Royal LePage reported the median price of a single-family detached home in Metro Vancouver dropped 5.6% year over year to nearly $1.62 million, while the median condo price fell 4.1% year over year to $712,100.

The report also showed broader trends in Canada: the aggregate home price fell 0.8% year over year to $810,000, and the median condo price declined 1.5% to $571,900.

Royal LePage president and CEO Phil Soper said renewed trade tensions between Canada and the U.S. have weighed on consumer confidence, and concerns mortgage rates could rise are keeping some prospective buyers from committing.

Soper said the “opportunity is there; the confidence to act remains elusive,” adding that with more homes to choose from and little pressure to act quickly, buyers can wait as uncertainty persists.

Royal LePage’s 2026 Mortgage Renewal Survey said 45% of Vancouver homeowners with a mortgage on their primary residence expect their monthly payments to increase when they renew.

The report cited Statistics Canada figures that non-mortgage debt reached $712.2 billion in the second quarter, up 4.8% year over year.