August closed out a slower-than-expected summer market, with sales continuing to underperform across Greater Vancouver. While inventory is gradually declining and borrowing conditions remain relatively stable, these factors have yet to bring buyers back to the market in meaningful numbers.
Metro Vancouver recorded 1,869 home sales in August, down 4.6% year-over-year and 20.7% below the 10-year seasonal average. Following weaker-than-expected activity since May, Greater Vancouver REALTORS® has revised its 2026 forecast downward and expects the underperforming sales trend to persist through the remainder of the year.
With demand remaining soft, prices continued to drift lower. The composite benchmark price declined another 0.6% from July to $1,081,900, now 5.6% below August 2025.
Richmond experienced another highly segmented month. Detached sales declined to just 49 homes, down 15.5% year-over-year and from 65 sales in July. This pushed the detached sales-to-active listings ratio down to 7.5%, firmly within buyer's market territory.
More significantly, Richmond's detached market has now remained below the 12% sales-to-active threshold for 19 consecutive months. This prolonged period of weaker demand has placed sustained downward pressure on values, with the detached benchmark price of $1,925,400 now 7.8% below August 2025 and approximately 13% below two years ago.
Conditions were somewhat stronger in the other segments. Condo sales increased to 111, up 2.8% year-over-year, with a 12.1% sales-to-active ratio. Townhomes remained Richmond's strongest segment at 16.7%, with sales up 3.5% year-over-year. Benchmark prices remain down 9.8% year-over-year for condos and 4.1% for townhomes.
One positive development is the continued reduction in supply. Active inventory is now lower year-over-year across all three Richmond property types.
Properties are still selling—they are simply not selling at the pace or, in many cases, at the prices we saw in stronger market conditions.
For sellers, this creates something of a crossroads. Those who need or want to sell in today's market must be prepared to price competitively and respond to current market conditions, rather than hoping for values achieved in previous years. Sellers who are unwilling to adjust their expectations may decide that waiting is the better option.
For buyers, conditions remain favourable, with ample selection, softer pricing and relatively stable borrowing costs. Yet many buyers remain on the sidelines, likely because macro uncertainty is keeping overall demand subdued.
As we move into the traditionally more active fall market, September and October will be important months to watch. With inventory gradually declining, even a modest return in buyer activity could begin to improve the balance between supply and demand. For now, however, patience and realistic expectations remain important on both sides of the transaction.
- Sean Lawson
Greater Vancouver: Summer Ends on a Softer Note
With demand remaining soft, prices continued to drift lower. The composite benchmark price declined another 0.6% from July to $1,081,900, now 5.6% below August 2025.
Richmond Market Update: Detached Homes Remain Under Pressure
More significantly, Richmond's detached market has now remained below the 12% sales-to-active threshold for 19 consecutive months. This prolonged period of weaker demand has placed sustained downward pressure on values, with the detached benchmark price of $1,925,400 now 7.8% below August 2025 and approximately 13% below two years ago.
Conditions were somewhat stronger in the other segments. Condo sales increased to 111, up 2.8% year-over-year, with a 12.1% sales-to-active ratio. Townhomes remained Richmond's strongest segment at 16.7%, with sales up 3.5% year-over-year. Benchmark prices remain down 9.8% year-over-year for condos and 4.1% for townhomes.
One positive development is the continued reduction in supply. Active inventory is now lower year-over-year across all three Richmond property types.
What This Means Moving Forward
Properties are still selling—they are simply not selling at the pace or, in many cases, at the prices we saw in stronger market conditions.
For sellers, this creates something of a crossroads. Those who need or want to sell in today's market must be prepared to price competitively and respond to current market conditions, rather than hoping for values achieved in previous years. Sellers who are unwilling to adjust their expectations may decide that waiting is the better option.
For buyers, conditions remain favourable, with ample selection, softer pricing and relatively stable borrowing costs. Yet many buyers remain on the sidelines, likely because macro uncertainty is keeping overall demand subdued.
As we move into the traditionally more active fall market, September and October will be important months to watch. With inventory gradually declining, even a modest return in buyer activity could begin to improve the balance between supply and demand. For now, however, patience and realistic expectations remain important on both sides of the transaction.
- Sean Lawson
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