Metro Vancouver's housing market took a breather in October 2026. According to Greater Vancouver Realtors (GVR), 2,024 homes sold across the region, down 10.2% from October 2025 and 22.5% below the 10-year seasonal average. New listings also fell, and the composite benchmark price slipped to $1,068,600, down 5.2% from a year ago.
With a surprise Bank of Canada rate hike and a snap provincial election landing in the same month, many buyers and sellers chose to wait and see. Here is what the numbers say, and what they may mean for you in Burnaby and across Greater Vancouver.
Key takeaways
Fewer sales, fewer new listings: sales fell 10.2% year over year, and new listings fell 11.6%.
Prices are still easing: the composite benchmark is down 0.7% from September and 5.2% from October 2025.
Buyers keep the edge: the overall sales-to-active listings ratio is 13.4%, and detached homes sit at 11.6%, below GVR's 12% threshold.
By the numbers
Sales: 2,024 (down 10.2% from 2,255 in October 2025; 22.5% below the 10-year seasonal average of 2,612)
New listings: 4,805 (down 11.6% from 5,438; 1% above the 10-year seasonal average of 4,758)
Active listings: 15,688 (down 4.3% from 16,393; 24% above the 10-year seasonal average of 12,649)
Sales-to-active listings ratio: 13.4% overall (detached 11.6%, attached 16.5%, apartment 13.5%)
GVR's rule of thumb: when the ratio stays below 12% for a sustained period, prices tend to face downward pressure. When it stays above 20% for several months, prices often face upward pressure. At 13.4%, the overall market sits in balanced-to-buyer-leaning territory, with detached homes slightly on the buyer's side of the line.
Inventory is the story to watch. Active listings are down a little from last year but still well above the long-term norm, so buyers have plenty to choose from.
Benchmark prices by property type
Detached: $1,775,200 (down 7.0% year over year; down 0.5% from September). Sales: 643, down 7.2%.
Townhouse: $1,006,500 (down 5.5% year over year; down 1.0% from September). Attached sales: 468, down 1.9%.
Condo: $673,400 (down 5.9% year over year; down 1.3% from September). Sales: 892, down 16.7%.
Attached homes held up best on sales volume, while apartment sales saw the sharpest drop. Detached homes posted the largest annual price decline of the three.
Neighbourhood snapshot
Composite benchmark prices (all property types) and year-over-year change from GVR's area tables:
Burnaby
Burnaby North: $875,000 (down 5.8%)
Burnaby South: $975,400 (down 6.1%)
Burnaby East: $972,500 (down 7.1%)
Vancouver
Vancouver East: $1,121,600 (down 4.4%)
Vancouver West: $1,196,600 (down 4.5%)
Richmond
Richmond: $998,300 (down 8.3%)
North Shore
North Vancouver: $1,281,400 (down 2.7%)
West Vancouver: $2,299,200 (down 3.5%)
Coquitlam
Coquitlam: $957,500 (down 7.1%)
The North Shore and Vancouver saw milder annual declines than the regional average, while Richmond, Coquitlam and Burnaby East saw larger ones.
Rates and the election: what changed in October
On October 28, 2026, the Bank of Canada raised its policy rate by 25 basis points to 2.50%, its first change since October 2025. The same month brought a snap provincial election alongside municipal elections.
GVR chief economist Andrew Lis pointed to the rate hike, the election news cycle and uncertainty over where mortgage rates are headed as reasons the market paused. In his words, it was not surprising that "market participants took a step back in October to recalibrate."
Lis also noted that some buyers with expiring rate holds may step in soon, and that financial markets see a slight chance of another quarter-point hike in December. For buyers, the challenge is that lower prices this year have been partly offset by higher borrowing costs.
What it means for you
Buyers
Choice is good and prices are lower than a year ago, so get your pre-approval or rate hold in place and shop with a clear budget. Learn more on my buying page.
Sellers
Buyers are selective, so pricing to today's benchmark and presenting your home well matter more than ever. See my selling page or request a home evaluation.
Downsizers and executors
A balanced market gives you time to plan a move or an estate sale without rushing. See seniors real estate and estate and executor real estate.
Bottom line
October 2026 was a pause rather than a turn. Sales and new listings both pulled back, prices eased slightly, and inventory remains well above the 10-year average. With rates and politics in the headlines, the next few months will show whether buyers return or keep waiting. For now, buyers have more room to negotiate, and well-priced homes are still selling.
Sources: Greater Vancouver Realtors, "October 2026 Market Statistics" (released November 2, 2026); Bank of Canada.
Thinking about buying or selling in Burnaby or Greater Vancouver? Feel free to reach out anytime: Buying | Selling | Home evaluation | Contact
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Leo Nagaoka, SRES®, CEA, PSA | Oakwyn Realty Northwest | (236) 885-6097 | leo@leonagaoka.com
Figures are GVR's as of the release date. This post is for general information and is not financial or tax advice.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.