Quick answer: Data-driven analysis of Vancouver real estate price changes by neighbourhood and property type from 2021 peak to June 2026. Covers West Side detached, East Van detached, Yaletown/downtown condos, Kitsilano, Marpole. Uses GVR benchmark data.
Vancouver's composite benchmark is $1,099,000 — the lowest since 2021. Here is what actually happened to prices across different neighbourhoods and property types.
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Vancouver’s composite benchmark reached $1,099,000 in June 2026, according to Greater Vancouver Realtors (GVR) monthly benchmark data. That is the lowest reading since approximately 2021 — and it represents a drop of roughly 6% year over year.
If you are trying to decide whether to buy, sell, or wait, a single headline number does not help much. Different neighbourhoods and property types have moved very differently over the last five years. Some areas have held value well. Others have seen a meaningful correction from the 2022 peak. Understanding which is which matters for your decision.
Here is what the data shows.
What Drove the Price Correction
From late 2021 into early 2022, Vancouver real estate benchmarks were near their all-time highs. The composite was above $1.2 million. Detached prices in many areas were at multi-decade highs.
Three things caused the correction:
Rate hikes. The Bank of Canada raised its overnight rate from 0.25% in early 2022 to 5.00% by mid-2023. That reduced purchasing power significantly. A buyer who could qualify for a $1.5M mortgage at 2% could qualify for considerably less at 5%.
Affordability limits. At peak prices, a very large share of Vancouver households could not afford to buy without the specific conditions of the 2021 market. When rates rose, demand from that group dropped.
Presale oversupply. Thousands of condo units that were sold as presales in 2020–2022 completed construction in 2024 and 2025. That added supply to the resale market at the same time buyer demand had softened — particularly in condo-heavy corridors like downtown, Yaletown, and Brentwood.
The result was a market that has moved sideways to lower since 2022, with the correction concentrated in specific property types and locations.
Where Prices Stand Today: Property Type Breakdown
Source: GVR/REBGV monthly benchmark data, June 2026
| Property Type | June 2026 Benchmark | Year-over-Year Change |
|---|---|---|
| All property types (composite) | $1,099,000 | -6% |
| Detached | $1,856,800 | -7% |
| Townhouse | $1,048,200 | -4% |
| Apartment/Condo | $697,800 | -6% |
Townhouses have seen the smallest correction from peak. They are also the property type with the largest gap between buyer demand and available supply in the Vancouver market. That combination has kept prices more stable.
Condos and detached have both corrected around 6–7% year over year. But the neighbourhood-level picture inside those numbers is quite different.
West Side Detached: Corrected More in Dollars, Still the Most Resilient
Neighbourhoods like Dunbar, Point Grey, and Kerrisdale have detached homes that typically trade in the $2.5M to $3.5M range. From the 2022 peak, these markets corrected more in raw dollar terms than East Van detached — a $200K move on a $3M property looks large, but it is proportionally smaller than many assume.
The demand base for West Side detached is structural. These are buyers who have specific reasons to be in those specific areas — school catchments, proximity to UBC, established neighbourhood character. That demand does not disappear when rates rise.
Historically, West Side detached has been among the most resilient parts of the Vancouver market over long periods. The current correction has followed the same general pattern as past cycles.
East Van Detached: Steady Demand, More Accessible Entry
Mount Pleasant, Grandview-Woodland, and Hastings Sunrise have seen steadier prices than some other areas. The reason is the buyer profile: local first-time buyers moving up from condos, move-up buyers, and people priced out of the West Side.
East Van detached is the more affordable path into detached ownership in Vancouver. That affordability means there is a broad pool of potential buyers at any given time. When prices soften, buyers who were previously priced out become buyers — which puts a natural limit on how far prices can fall.
For buyers considering East Van detached, data suggests this market is closer to its floor than the peak-era condo markets.
Downtown and Yaletown Condos: Most Room to Negotiate
This is where buyers currently have the most negotiating room. Presale completions added significant new supply to the downtown and Yaletown condo market through 2024 and 2025. At the same time, investor demand softened as rental yields compressed and holding costs rose with higher rates.
The result is more inventory, longer days on market, and sellers who are more willing to negotiate. The correction from the 2021 peak in this segment has been more pronounced than in other areas.
If you are a condo buyer and price matters, downtown and Yaletown deserve a close look. You are unlikely to see the same negotiating room in lifestyle-driven condo markets.
Kitsilano and Fairview Condos: More Resilient
Kitsilano and Fairview are different from downtown. Lifestyle demand in those neighbourhoods — proximity to beaches, walkability, independent retail — drives consistent resale demand. Vacancy rates in those areas have stayed low.
The correction from peak in Kitsilano and Fairview condos has been shallower than downtown or the Brentwood corridor. Data does not suggest these markets have a large amount of negotiating room for buyers — but they also have not suffered the oversupply problem that has affected downtown.
Marpole and South Vancouver: Affordability as a Floor
Marpole and South Vancouver remain among the most affordable areas in the city for detached and townhouse ownership. That affordability acts as a natural demand floor. When prices in other areas rise, buyers who cannot compete there move to Marpole. When prices soften, that same group absorbs inventory.
Price resilience in Marpole is not driven by prestige or lifestyle — it is driven by the simple fact that buyers exist at those price points. That is a different kind of stability, but it is real.
What Buyers Should Know
The Vancouver market is not uniformly at its floor or uniformly still falling. It depends on what you are buying and where.
Where data suggests you are near the floor: East Van detached, Marpole, townhouses across the city. Demand is consistent and supply is not excessive.
Where you have the most room to negotiate: Downtown and Yaletown condos. Supply is elevated, and sellers know it.
Where stability comes from lifestyle demand: Kitsilano, Fairview. These markets have not corrected as much from peak, but they also have not seen the oversupply that hit downtown.
If you are a buyer, being ready to move matters more than trying to call the exact bottom. A current mortgage pre-approval and a clear sense of your target neighbourhoods puts you in a better position than waiting for a clear signal that rarely arrives cleanly. See our step-by-step buying guide for the full process.
What Sellers Should Know
The most important thing for sellers right now is accurate pricing. The 2022 peak was a specific moment — rates near zero, limited supply, very strong demand. None of those conditions exist today.
Sellers who price based on 2022 comparables are setting themselves up for a longer time on market and eventual price reductions. That process tends to result in a lower final sale price than pricing accurately from the start.
The question is not “what did my neighbour sell for in 2022?” The question is “what is a buyer willing to pay in July 2026, with a mortgage at current rates, competing against current inventory?” Those are two different numbers. Our seller’s guide walks through how to set a realistic list price in this environment.
The Overall Pattern
Looking across the last five years, the consistent pattern has been:
- Detached in desirable East Van and West Side locations has been the most resilient long-term
- Condos in presale-completion-heavy corridors (downtown, Brentwood, New Westminster) have seen the most correction from peak
- Townhouses have seen the smallest correction and remain the most in-demand relative to available supply
That pattern matches what the GVR benchmark data shows at the property-type level. For a deeper look at how the West Side and East Van markets compare across all property types and buyer profiles, see our East Van vs West Side comparison. For a forward-looking view, see our 2026 Vancouver real estate forecast.
Frequently Asked Questions
Is the Vancouver real estate market still falling in 2026?
The composite benchmark in June 2026 is down roughly 6% year over year at $1,099,000. Whether prices continue to fall depends on the property type and neighbourhood. Townhouses and detached in areas with consistent demand appear closer to a floor. Downtown condos are still working through elevated supply from presale completions. A single answer does not apply across the full market.
Which Vancouver neighbourhoods have been most resilient since 2021?
Based on GVR benchmark data, East Van detached (Mount Pleasant, Grandview-Woodland, Hastings Sunrise) and West Side detached (Dunbar, Point Grey, Kerrisdale) have shown more resilience than downtown condos. Townhouses across the city have also corrected less from peak than either condos or detached. Marpole and South Vancouver have shown stability driven by their affordability floor.
Are downtown Vancouver condos a good buy right now?
Downtown and Yaletown condos currently offer buyers more negotiating room than other parts of the market. Supply from presale completions has been elevated, and seller competition has increased. That said, “a good buy” depends on your specific situation — your timeline, financing, and intended use. The data suggests this segment has seen more correction from peak than lifestyle-driven markets like Kitsilano and Fairview.
Why did Vancouver home prices fall from the 2022 peak?
Three main factors: Bank of Canada rate hikes from 0.25% to 5.00% between 2022 and 2023 reduced purchasing power significantly; affordability limits meant fewer buyers could qualify at peak prices; and presale condo completions in 2024–2025 added supply to the resale market at the same time demand had softened. The combination pushed prices lower from the late-2021 / early-2022 peak.
Sources
- Greater Vancouver Realtors — Market Watch (monthly benchmark data)
- Bank of Canada — Policy Rate History
Data reflects GVR/REBGV monthly benchmark figures for June 2026. Benchmark prices represent the price of a typical property in a given area — they are not averages and are not tied to a specific transaction. Neighbourhood-level commentary reflects general market patterns observed through GVR data; individual property performance varies. This is market information, not financial or legal advice.
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