Downtown Vancouver and Burnaby both remain favourable environments for many condo buyers, but the two markets are not moving in exactly the same way.
The broad Vancouver West apartment benchmark showed more resilience in August, even as sales remained slow. Burnaby apartment benchmark prices, meanwhile, were down by more than 7% from a year earlier across East, North and South Burnaby. At the same time, a rise in Government of Canada bond yields has added uncertainty for buyers hoping that fixed mortgage rates will fall quickly.
The practical message is straightforward: buyers generally have room to compare and negotiate, but the right strategy still depends on the building, floorplan, condition, view and competing inventory—not only a citywide average.
- Metro Vancouver recorded 891 apartment sales in August, down 6.8% from August 2025.
- The Metro Vancouver apartment benchmark was $686,200, down 6.6% year over year.
- The Vancouver West apartment benchmark was $774,900, up 0.8% from July but down 3.8% year over year.
- Burnaby apartment benchmarks were down between 7.1% and 7.7% year over year.
- The Bank of Canada held its policy rate at 2.25% on September 2.
This update uses the latest official Greater Vancouver REALTORS® monthly report available at publication. Vancouver West is a broad market area and should not be interpreted as a Downtown-specific price index.
September 2026 Condo Market at a Glance
| Market indicator | Latest verified figure | What it suggests |
|---|---|---|
| Metro Vancouver apartment sales | 891 in August | Down 6.8% from August 2025 |
| Metro Vancouver apartment benchmark | $686,200 | Down 6.6% year over year and about 0.3% from July |
| Apartment sales-to-active-listings ratio | 13.7% | Near the weaker end of balanced conditions |
| Vancouver West apartment benchmark | $774,900 | Up 0.8% month over month, but down 3.8% year over year |
| Burnaby apartment benchmarks | $669,700–$731,500 | Down 7.1%–7.7% year over year, depending on area |
| Bank of Canada policy rate | 2.25% | Held unchanged on September 2 |
| Five-year Government of Canada benchmark yield | 3.65% on September 15 | Higher bond yields can put pressure on fixed mortgage pricing |
Sources: Greater Vancouver REALTORS®, August 2026, Bank of Canada policy decision, and Bank of Canada selected bond yields.
Metro Vancouver Apartments: Buyers Still Have Ample Choice
Metro Vancouver recorded 1,869 residential sales in August 2026, which was 20.7% below the ten-year seasonal average. Total active inventory stood at 15,798 homes—26.2% above the ten-year seasonal average.
For apartments specifically, 891 homes sold during August, down 6.8% from the same month last year. The apartment benchmark price was $686,200, down 6.6% year over year and approximately 0.3% from July.
The apartment sales-to-active-listings ratio was 13.7%. Greater Vancouver REALTORS® notes that sustained ratios below approximately 12% have historically been associated with downward price pressure, while sustained ratios above 20% have often supported upward pressure.
That places the apartment market near the weaker end of balanced conditions. Inventory has started to retreat from earlier highs, but buyer demand has not recovered enough to give sellers broad pricing power.
Downtown Vancouver: More Resilient Prices, but Slow Activity
Greater Vancouver REALTORS® does not publish a Downtown-only benchmark in its monthly package, so Vancouver West is the closest official broad indicator. It includes many neighbourhoods outside Downtown and must be treated as context—not as the value of a specific Downtown condo.
The Vancouver West apartment benchmark was $774,900 in August, up 0.8% from July but still down 3.8% from August 2025. This was more resilient than the 6.6% annual decline recorded for Metro Vancouver apartments overall.
However, the underlying activity was not a surge in demand. Vancouver West recorded:
- 225 apartment sales in August, down from 245 in July
- 1,829 active apartment listings, down from 2,163 in July
- 501 new apartment listings, down from 578 in July
Conditions became somewhat less oversupplied mainly because available inventory contracted—not because transactions accelerated.
What this means for Downtown buyers
Buyers can remain patient with common one- and two-bedroom layouts when several similar homes are available in the same building or immediate area. Listings that have remained unsold beyond the initial launch period deserve a careful review of previous price changes, same-building sales, competing units, strata documents and the seller’s preferred timing where disclosed by the listing representative.
Days on market can help identify where a conversation may be worthwhile, but it does not guarantee a particular discount. A well-priced home with an uncommon view, efficient floorplan or limited competing inventory may still attract stronger interest than the broader numbers suggest.
What this means for Downtown sellers
The first two to three weeks of a listing remain important. Buyers can see the same competing inventory and price history, so launching above comparable value and reducing later can weaken negotiating leverage.
The more effective approach is usually to identify the closest same-building and same-layout competition, price for the current market, and present the property strongly from day one.
Burnaby Condos: Broader Price Pressure Than Vancouver West
Burnaby’s official apartment benchmarks were weaker across all three Greater Vancouver REALTORS® sub-areas in August:
| Burnaby apartment market | Benchmark price | Monthly change | Annual change |
|---|---|---|---|
| Burnaby East | $707,600 | -0.8% | -7.7% |
| Burnaby North | $669,700 | -0.5% | -7.3% |
| Burnaby South | $731,500 | -1.4% | -7.1% |
Burnaby recorded 152 apartment sales and 1,210 active apartment listings in August. In July, it recorded 171 sales and 1,372 active listings. New apartment listings also fell from 364 in July to 322 in August.
As in Vancouver West, both sales and inventory declined. The difference is that Burnaby’s benchmark-price trend was consistently negative across East, North and South Burnaby on both a monthly and annual basis.
What this means for Burnaby and Metrotown buyers
Burnaby currently offers a stronger negotiating setup in many buildings, particularly where several similar condos are competing for the same buyer. Metrotown buyers should compare units within the same tower or development wherever possible because floor height, direction, parking, storage, condition and strata history can create meaningful price differences.
A longer listing period should be treated as a prompt for investigation—not as an automatic discount formula. Review the price history, relevant comparable sales and current competition before deciding how aggressively to negotiate.
What this means for Burnaby sellers
A falling citywide inventory count does not necessarily mean an individual seller has gained pricing power. If several interchangeable units are listed in the same building, buyers can compare them directly.
The immediate competition inside the building may therefore matter more than the Burnaby-wide average. Sellers should monitor new listings, recent reductions and accepted sales throughout the listing period rather than relying on a single monthly statistic.
Mortgage Update: Waiting for Lower Fixed Rates Is Not Risk-Free
The Bank of Canada held its policy rate at 2.25% on September 2. Statistics Canada subsequently reported that headline inflation remained at 3.0% in August, unchanged from July.
Fixed mortgage rates do not move directly with the Bank of Canada’s overnight rate. They are influenced by bond-market pricing, lender funding costs, borrower characteristics and competition among lenders. The five-year Government of Canada benchmark yield reached 3.65% on September 15, reflecting firmer bond yields during the first half of the month.
For buyers, this weakens the assumption that waiting will automatically produce a meaningfully lower fixed rate. A practical approach is to refresh a mortgage pre-approval or rate hold, compare payments under more than one rate scenario, negotiate the purchase price and terms available today, and avoid basing a purchase on a guaranteed future rate cut or rapid appreciation.
Sources: Bank of Canada, Statistics Canada, August 2026 CPI, and Bank of Canada bond yields.
A Condo Document Buyers Should Ask About This Fall
Existing strata corporations with five or more lots in Metro Vancouver generally must obtain an electrical planning report by December 31, 2026, subject to statutory timing rules and exemptions.
The report assesses the building’s current electrical capacity and anticipated demand from items such as EV charging and heat pumps. For a condo buyer, its status can be relevant to future upgrades and capital planning.
Buyers should ask whether the report has been completed, commissioned, scheduled or is not yet underway, and review it together with the depreciation report, contingency reserve fund information, meeting minutes, insurance and available engineering reports.
Source: Province of British Columbia — Strata electrical planning reports.
The Bottom Line
Downtown Vancouver remains buyer-friendly for many ordinary condo listings, but the broad Vancouver West benchmark has been more resilient than the region overall. Buyers can negotiate patiently on similar, interchangeable inventory while responding more quickly to genuinely scarce homes.
Burnaby currently shows broader price pressure. Apartment benchmark prices in East, North and South Burnaby were each more than 7% below August 2025. That can support stronger negotiations in buildings with multiple competing listings, although it does not guarantee a discount on every property.
Financing is the main near-term uncertainty. The policy rate remains at 2.25%, but firmer five-year bond yields mean buyers should not assume fixed rates will immediately become cheaper. Price, property quality and financing should be evaluated together.
Frequently Asked Questions
Is Downtown Vancouver currently a buyer’s market?
Many Downtown listings are operating in buyer-friendly conditions, particularly where several similar units are available. However, GVR’s official monthly benchmark covers the broader Vancouver West area, not Downtown alone. The strength of the buyer’s position depends on the building and unit.
Are Burnaby condo prices falling?
GVR’s August 2026 apartment benchmarks were down month over month and year over year in Burnaby East, North and South. These are benchmark-market indicators, not valuations for every condo.
Does a longer listing period mean the seller will accept less?
Not necessarily. A longer listing period can justify asking about price history and seller timing, but the offer should still be based on comparable sales, current competition and the property’s condition and features.
Should buyers wait for mortgage rates to fall?
No one can guarantee the timing or size of future rate changes. Buyers should compare the benefit of waiting with the price and negotiating opportunity available now, using financing scenarios they can comfortably afford.
Request a Building-Level Condo Review
Looking at a condo in Downtown Vancouver, Burnaby or Metrotown? Citywide averages cannot tell you what a particular unit is worth. Request a review of recent comparable sales, competing listings and key strata documents before making a decision.
Yi Tak Sze | Real Broker B.C. Ltd.
Real estate services are provided through Real Broker B.C. Ltd. Catalyze Insights is a content platform and is not a real estate brokerage.
Information reviewed September 2026. Official benchmark and monthly market statistics are sourced from Greater Vancouver REALTORS®. A benchmark price estimates the value of a typical home in a market and is not an appraisal of a specific property. This article is for general information only and is not real estate, legal, mortgage, financial or tax advice. Market conditions, rates, rules and availability may change. Obtain advice appropriate to your circumstances before acting.