Greater Vancouver: Sales Remain Below Seasonal Averages
Metro Vancouver recorded 1,717 home sales in September, down 8.4% year-over-year and approximately 25% below the 10-year seasonal average. Apartment sales account for much of the weakness, declining 18.6% year-over-year, while detached and attached sales increased 4.2% and 0.6%, respectively.Active inventory declined 4% year-over-year to 16,394 homes, continuing the gradual reduction in supply seen over recent months. The composite benchmark price declined to $1,075,900, down 5.5% year-over-year, as softer demand continues to weigh on property values.
Richmond Market Update: Encouraging Signs of Renewed Activity
In contrast to the broader regional market, Richmond recorded year-over-year sales increases across all three property types in September.Detached and condo sales increased 18.2% and 18.3%, respectively, while townhome sales rose 4.5%. The increase in detached activity was particularly encouraging, helping lift the sales-to-active listings ratio from 7.3% in August to 10.2% in September, moving closer to balanced market territory. Historically, sustained periods below 12% tend to place downward pressure on home prices.
However, Richmond's detached market has now remained in buyer's market territory for 21 consecutive months, reflecting the prolonged period of softer demand and downward pressure on prices.
Townhomes continue to demonstrate the strongest market conditions, with a sales-to-active ratio of 13.1%, remaining in balanced market territory for the 5th consecutive month.
Benchmark prices remain below September 2025 levels, declining 8.5% for detached homes, 9.1% for condos and 2.3% for townhomes. Month-over-month, condo and townhome prices remained relatively stable.
Importantly, active inventory is now lower year-over-year across all three Richmond property types, providing some counterbalance to the prolonged period of weaker demand.
What This Means Moving Forward
September's results offer some encouragement for Richmond, particularly following a slower-than-expected summer. However, with regional sales still approximately 25% below the 10-year seasonal average and prices remaining below last year's levels, it is too early to conclude that the market has turned a corner.With civic and provincial elections occupying much of the public's attention this fall, I anticipate activity will remain relatively subdued through October and November, and December is a historically slow month with the holidays. While Richmond's September sales improvement is a welcome development, a more sustained increase in demand will be needed before we see a meaningful shift in market conditions.
- Sean Lawson
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