Greater Vancouver: One Step Forward, One Step Back
Metro Vancouver recorded 2,061 home sales in July, down 9.8% year-over-year and 18.6% below the 10-year seasonal average. This effectively erased June’s 9.6% year-over-year sales gain, confirming that the increase in demand seen last month was not sustained.
Apartments accounted for much of the weakness, with sales falling 17.8% year-over-year, compared with declines of just 3.2% for detached homes and 1.1% for townhomes.
Supply also continued to tighten. New listings declined 11.5% year-over-year, while total active inventory fell 4%. Although inventory remains 26.8% above the 10-year seasonal average, the continued slowdown in new listings is gradually reducing the number of homes available for sale.
Richmond Market Update: Townhomes Buck the Trend
Richmond’s July market showed a significant divergence between property types, with townhomes clearly emerging as the strongest segment.Townhome sales increased 24% month-over-month and 36% year-over-year, pushing the sales-to-active listings ratio to 17.3%, firmly within balanced market territory. The benchmark townhome price also increased approximately 1% from June to $1,035,200, although it remains 5.9% below July 2025.
In contrast, both the detached and apartment segments remain in buyer’s market territory, with sales activity declining month-over-month and benchmark prices falling by approximately 1%.
Importantly, active inventory is now lower year-over-year across all three Richmond property types, providing some counterbalance to softer demand and helping to limit further downward price pressure.
What This Means Moving Forward
July reinforces a theme we have seen repeatedly over the past year: market improvement is occurring unevenly rather than in a straight line.
June’s broader increase in demand did not carry through into July, but declining inventory and fewer new listings are helping prevent a significant imbalance between supply and demand. Locally, Richmond townhomes remain a notable bright spot, while the apartment market is currently facing the greatest downward pressure.
As we move through the typically quieter summer months, attention will turn to the fall market. September and October traditionally bring renewed activity, and with inventory beginning to tighten, an increase in demand could help create stronger and more balanced market conditions heading into the final months of 2026.
- Sean Lawson
June’s broader increase in demand did not carry through into July, but declining inventory and fewer new listings are helping prevent a significant imbalance between supply and demand. Locally, Richmond townhomes remain a notable bright spot, while the apartment market is currently facing the greatest downward pressure.
As we move through the typically quieter summer months, attention will turn to the fall market. September and October traditionally bring renewed activity, and with inventory beginning to tighten, an increase in demand could help create stronger and more balanced market conditions heading into the final months of 2026.
- Sean Lawson
If you’ve enjoyed working with me and want to share your experience, I’d greatly appreciate a quick 5-star review. Reviews help others find trusted guidance when navigating the real estate market, an increasingly important factor in challenging times.
--> Leave a 5 Star Review Here
Real Estate Tip: Title Fraud - Could someone fraudulently sell or mortgage your property?
Title fraud may be uncommon, but the consequences can be serious. Here are two steps BC property owners should consider:
1. Register for BC Property Connect
This LTSA FREE service creates a secure digital connection between you and your property and alerts you when an application is submitted that could change your title. Think of it as an early-warning system that can help you identify suspicious activity and act quickly.
How to register for an account: go to https://bcpropertyconnect.ltsa.ca/
2. Purchase title insurance
Title insurance may provide coverage for certain losses, legal expenses and title-related risks arising from fraud, forgery or false impersonation. Check your original purchase documents or speak with your lawyer or notary to confirm whether you already have an owner’s policy and what it covers.
Protecting your property is about more than locks and alarms—it also means protecting your legal ownership.
1. Register for BC Property Connect
This LTSA FREE service creates a secure digital connection between you and your property and alerts you when an application is submitted that could change your title. Think of it as an early-warning system that can help you identify suspicious activity and act quickly.
How to register for an account: go to https://bcpropertyconnect.ltsa.ca/
2. Purchase title insurance
Title insurance may provide coverage for certain losses, legal expenses and title-related risks arising from fraud, forgery or false impersonation. Check your original purchase documents or speak with your lawyer or notary to confirm whether you already have an owner’s policy and what it covers.
Protecting your property is about more than locks and alarms—it also means protecting your legal ownership.
