British Columbia Housing Market Update — April 2026 April brought a clear divergence to Metro Vancouver: detached homes are firming up while the multi-family segment (condos especially) keeps slipping. The Greater Vancouver REALTORS data shows a market that is broadly balanced on the surface but pulling apart underneath. Greater Vancouver (GVR Monthly Report, April 2026) Composite benchmark: $1,098,000, down 6.9% YoY and down 0.6% MoM Total sales: 2,110, down 2.5% YoY (22.9% below the 10-year April average) New listings: 6,684, down 2.4% YoY (15.5% above the 10-year average) Total active listings: 16,236 — 37.9% above the 10-year norm Sales-to-active ratio: 13.5% (Detached 11.3%, Attached 15.0%, Apartment 14.7%) Below 12% the historical pattern is downward price pressure; above 20% is upward pressure. Vancouver is sitting in the soft middle. By Property Type (GVR) Detached: 659 sales, +14% YoY. Benchmark $1,840,700, down 8.3% YoY, down 0.8% MoM Townhouse: 433 sales, -2% YoY. Benchmark $1,043,400, down 5.1% YoY, down 0.4% MoM Apartment: 1,009 sales, -10.7% YoY. Benchmark $703,000, down 7.9% YoY, down 0.5% MoM GVR Chief Economist Andrew Lis: the detached segment has historically been a bellwether — its momentum may pull the multi-family segments along by summer if pent-up demand re-enters. Fraser Valley & Victoria Fraser Valley: townhomes in Langley and Surrey Cloverdale leading; detached in South Surrey/White Rock firming after a soft Q1 Victoria: still outperforming the Lower Mainland on YoY sales — single-family homes near $1.30M, condos near $555K The PTT Reality BCs Property Transfer Tax still bites: 1% on the first $200K 2% on $200K to $2M 3% on $2M to $3M 5% on the portion above $3M On a $1.2M Vancouver condo, PTT alone is $22,000 — due in cash on closing. First-time buyers can fully exempt up to $500K and get partial exemption up to $860K, so this primarily hits move-up buyers. Dont forget the BC Speculation and Vacancy Tax if the property wont be your principal residence — 0.5% for Canadians, 2% for foreign owners. Mortgage Math on a Benchmark Vancouver Condo ($703,000) 10% down ($70,300), 4.04% 5-year fixed, 25-year amortization: Insured mortgage with CMHC premium (3.10%): ~$652,300 Principal & interest: ~$3,455/month Strata: ~$420/month Property tax: ~$200/month Heat: ~$80/month Total PITH: ~$4,155/month Stress test at 6.04% pushes required household income to roughly $148K. The 4.5x rule of thumb agrees: $652K / 4.5 ≈ $145K of income. Vancouvers entry-level condo market remains a dual-income, professional-couple market. Pre-Sale Condo Caution The pre-sale market remains under pressure. New completions are coming in below the contract prices buyers signed in 2021-22, which is creating appraisal gaps. If you bought a pre-sale closing in 2026: Get a current appraisal before your completion date Talk to a broker early — some lenders are still funding 80% of the lower of contract or appraisal, others will fund 80% of contract for arms-length deals Have a backstop in case you need to bring extra cash to closing What Buyers Should Do Detached buyers: the 14% YoY sales jump means competition is returning at the upper end — get pre-approved before you tour Condo buyers: you have leverage. Inventory is 38% above the 10-year norm and the sales-to-active ratio sits at 14.7% Use the $1.5M insured cap — 10-15% down is now feasible on Vancouver detached up to $1.5M Stack FHSA + HBP for the down payment if you are a first-time buyer Calculate your closing costs before you write an offer — PTT is the line that surprises everyone Outlook Detached momentum may be the leading indicator that GVR is calling out. If the multi-family segment follows by summer, the 38%-above-average inventory pile will start to draw down. The wild card is the BoCs next move — another cut would unlock demand quickly given how rate-sensitive BC is. Ready to Get Started? Contact us today for personalized mortgage advice and competitive rates. Get Pre-Approved Call (416) 822-7357
