Cost- Vancouver remains the most expensive major Canadian housing market in 2026 by a wide margin.
- Sales activity and price growth have both softened compared to the 2021-2022 peak, broadly mirroring the national and Ontario trend.
- BC's speculation and vacancy tax and foreign buyer restrictions continue to shape investor behaviour in the market.
Still the most expensive market in the country
Despite a broader national softening, Vancouver remains Canada's most expensive major housing market in 2026, a position it has held consistently for years, driven by constrained land supply, geography that limits sprawl, and sustained demand from both domestic buyers and international capital over a long period. Affordability challenges here predate the recent rate cycle by a wide margin and aren't primarily a rate-driven story.
How much has it actually cooled?
Vancouver has followed a broadly similar softening path to the rest of BC and Ontario since the 2022-2023 rate increases, with both sales volumes and price growth pulling back from their 2021-2022 peak. The magnitude of the pullback has varied by property type and specific neighbourhood, generally following the same detached-versus-condo divergence seen in Toronto, though Vancouver's overall price level remains meaningfully higher across every segment.
The role of BC-specific policy
BC's Speculation and Vacancy Tax and the federal foreign buyer restrictions continue to shape investor and second-home-owner behaviour in the market, adding carrying costs to vacant or investor-held units that don't apply in most other provinces. These measures were designed to shift housing toward occupied use rather than investment holding, and they remain a distinct feature of the BC market that buyers relocating from other provinces sometimes aren't expecting.
Considering a Vancouver-area purchase? Check your numbers with the mortgage payment calculator and BC's specific closing costs on the closing cost calculator.
- Canadian Real Estate Association (CREA) — accessed September 2026