Welcome to your March 2026 market update! This month, we have added a section on the latest economic data and a link to a blog post that might provide some relief to seasonal allergy sufferers. (See our latest blog below.)
The real estate landscape across the region currently reflects a collective "wait-and-see" approach as we move into the spring season.
While Greater Vancouver and Vancouver Island are seeing buyers and sellers move at a measured, cautious pace, the Fraser Valley is showing the first early signs of price stabilization after nearly a year of declines.
Across all three markets, elevated inventory levels continue to provide a rare window of opportunity for buyers to explore their options with less horizontal pressure than in years past.
However, this local activity is being shaped by broader forces. Later in this newsletter, we will look at how shifting economic indicators, from fluctuating bond yields to international conflicts, are directly impacting fixed mortgage rates and overall buyer demand as we head into the second quarter of the year which is typically the busiest time of the year.
GREATER VANCOUVER
Wait-and-see approach takes hold in Metro Vancouver
The Metro Vancouver housing market is moving at a similar pace to last year, with buyers and sellers pausing to see what happens next. Overall sales are down slightly and remain well below historical averages. However, there is a shift under the surface: while condo and townhome sales are slowing down, single-family homes are starting to see more action.
Homeowners are holding off on listing their properties, leading to fewer fresh options on the market compared to last spring. Despite this, the total number of homes for sale is still much higher than usual for this time of year. With average sales and steady inventory, home prices aren't making any big swings up or down right now.
The Forecast: Global events are directly impacting the local real estate market. Conflict in the Middle East is pushing fixed mortgage rates higher. Unless this resolves quickly, we can expect higher rates to cool off buyer demand as we head into the traditionally busy spring season.
The Strategy: For Sellers, especially those with condos or townhomes, pricing your home perfectly is essential since there isn't enough demand to push prices higher right now. For Buyers, this cautious market is a great opportunity. With plenty of homes to choose from and overall prices slightly down from last year, you have the time to look around, do your research, and negotiate without feeling rushed.
FRASER VALLEY
Early signs of stability emerge as affordability improves
The Fraser Valley housing market is beginning to show early signs of stabilizing after nearly a year of steady price declines. Benchmark prices edged up month-over-month for the first time in 11 months. While sales saw a 20 per cent bump from February, they remain three per cent below last year and 42 per cent below the ten-year seasonal average, reflecting lingering buyer caution.
Sellers are eager to get ahead of the spring market, pushing new listings up 20 per cent from the previous month. As a result, overall inventory remains highly elevated at 50 per cent above the 10-year seasonal average. With a sales-to-active listings ratio of 11 per cent, the region sits just below the 12 to 20 per cent threshold of a balanced market, keeping it firmly in buyer's market territory.
The Forecast: Economic uncertainty and rising day-to-day costs are causing many households to take a more cautious approach to their finances. However, the combination of improving housing affordability and potential upward pressure on interest rates could create a timely moment for buyers to consider entering the market.
The Strategy: For Sellers, navigating elevated competition is key, as properties are taking over a month to sell on average: 39 days for detached homes, 36 days for townhomes, and 43 days for apartments. For buyers, this market presents a rare window of opportunity. With greater choice, better affordability, and meaningful incentives, (especially in the condo segment) buyers are in a strong position to find the right property when paired with professional guidance.
Click HERE for the full statistics report.
VANCOUVER ISLAND
Balanced market with measured momentum heading into spring
The Vancouver Island Real Estate Board (VIREB) recorded 636 unit sales across all property types in March 2026, representing a one per cent increase from one year ago. The single-family segment led the way with 302 sales, an increase of 32 per cent compared to February. While there is pent-up demand in the market, some potential buyers are choosing to take a cautious approach and wait until the timing feels right.
Active listings across all property types reached 3,776, a two per cent increase over the previous year. Despite some hesitation from buyers, Vancouver Island's housing market is demonstrating stability compared to other provincial regions. Because the island remains a highly desirable location for retirees, housing demand is well-supported even during periods of economic uncertainty.
The Forecast: Prices are holding relatively steady, with the benchmark single-family home price sitting at $780,500, which is unchanged from last year and up one per cent from February. The condo and townhouse segments saw slight year-over-year benchmark price decreases of four per cent and two per cent, respectively. The fundamentals of the Vancouver Island market remain strong, and activity is picking up as the spring market unfolds.
The Strategy: For Sellers, the market is historically stable but buyers are being deliberate, making accurate pricing important. For Buyers, overall active listings are up two per cent from last year. With benchmark prices slightly down in the condo and townhome segments, you have an opportunity to take a measured approach in finding the right property.