New data shows how tough Vancouver’s real estate market has become for sellers

Vancouver’s real estate market has been declining for several years, and new analysis from online property search service Zealty shows the pressure on sellers. The company examined regular residential sales in Greater Vancouver and the Fraser Valley. From January to September this year, 40 per cent of homes in the two regions needed a second listing to sell. The first listing had either expired or been withdrawn after failing to sell. In 2021, 19 per cent of homes needed a second listing.

Homes sold a median of 23 days after being re-listed, compared with 58 days from the first listing. In 2021, the median was 12 days from the first listing to sale. Zealty also found a steeper discount on the second attempt: homes sold after their first listing went for 3.5 per cent below the initial asking price, while those sold after a second listing went for 13.5 per cent below the asking price. Detached homes were hit hardest: 43 per cent needed a second listing, and they sold for 15 per cent below their first asking price.

Sales were slowest in West Vancouver, where 50 per cent of homes needed a second listing and the median time from first listing to sale was 105 days. The municipality has a substantial luxury real estate market, which has struggled in recent years. A report from Sotheby’s International Realty Canada found that 57 properties sold for more than $4 million between Jan. 1 and Aug. 30 this year, down 25 per cent from 76 homes during the same period in 2025.

Royal LePage’s recently released third-quarter housing market report found that home prices in Greater Vancouver fell four per cent year over year. Randy Ryalls, managing broker at Royal LePage Sterling Realty, said in a release that the market had not come to a complete standstill, but transaction volumes were consistently 25 to 30 per cent below the 10-year average and well below normal levels.

Royal LePage expects the downward trend to continue and forecasts that the aggregate price of a home in Greater Vancouver will fall 4.5 per cent in the fourth quarter of 2026 compared with the same quarter last year. Ryalls described the market as stop-and-start, with momentum never really taking off and pricing strategy crucial. Some sellers who are not desperate to sell are withdrawing their properties, he said, while homes priced aggressively and presented well can still attract multiple offers. Ryalls called this a good time to be a buyer, while noting that the state of the economy and anxiety over trade tensions make the climate challenging.