Metro Vancouver Market Data
2025 was the slowest year for home sales in Metro Vancouver in over two decades. By February 2026, benchmark prices had dropped 6.8% year-over-year and the rental vacancy rate sat at a 30-year high. Here's what the numbers actually say — and what they mean if you're buying a multiplex.
Key Topics
Prices Fell Across the Board
The composite Metro Vancouver benchmark dropped to $1,100,300 in February 2026 — down 6.8% year-over-year. Detached fell 8.8% to $1,835,900. Condos fell 6.8% to $708,200. Townhouses fell 5.6% to $1,046,100. Every property type declined.
Sales Hit a 20-Year Low
Only 23,800 homes sold in Greater Vancouver in 2025 — down 10.4% from the year before and 24.7% below the 10-year average of 31,625. Meanwhile, listings hit a record 65,335, the highest since the mid-1990s.
Vancouver Leads Multiplex Permits
498 multiplex applications have been filed in Vancouver as of January 2026. Multiplexes now represent about 50% of all R1-1 applications, surpassing both duplexes (~30%) and detached homes (~20%).
Rents Are Softening
The Metro Vancouver rental vacancy rate hit 3.7% in October 2025 — up from 1.6% the year before and the highest since 1988. Landlords are offering 1-2 months free rent to fill units. Asking rents for 1BR apartments dropped roughly 6% year-over-year.
First Multiplexes Are Complete
The first completed multiplexes under Bill 44 emerged in fall 2025. A larger wave of completions is expected in spring 2026. Construction costs run about $275/sqft — roughly half the $600-750/sqft for custom detached homes.
Permit Times Are Improving
Vancouver's multiplex permit processing dropped from 8.4 months in Q1 2025 to 6.2 months in Q4 2025. A new streamlined pathway launched in early 2025 aims to cut timelines by a further 50% for eligible 4-unit projects.
Metro Vancouver Benchmark Prices
GVR benchmark prices by property type, February 2026. All three categories continue to decline year-over-year, with detached homes falling the hardest at 8.8%.
Detached Home Benchmarks by Area
Detached benchmarks matter for multiplex buyers because that's the land you're buying — the lot that gets subdivided into 3-6 units.
| Area | Benchmark | YoY Change | Source |
|---|---|---|---|
| Vancouver West | $3,137,000 | -5.3% | GVR |
| Vancouver East | $1,719,000 | -5.3% | GVR |
| Burnaby South | $2,022,300 | -8.8% | GVR |
| Burnaby North | $1,930,400 | -7.8% | GVR |
| North Vancouver | $1,937,000 | -3.0% | BC Assessment |
| West Vancouver | $2,935,900 | -5.3% | GVR |
| Surrey | $1,484,000 | -7.2% | FVREB |
| Port Moody | $1,965,200 | -4.5% | GVR |
Sources: Greater Vancouver REALTORS (GVR) MLS HPI, February 2026. Fraser Valley Real Estate Board (FVREB), December 2025. BC Assessment median valuations for North Vancouver City. Port Moody benchmark from GVR, February 2026.
Supply Pipeline by City
Multiplex permit applications filed since Bill 44 and municipal zoning took effect. Vancouver dominates by a wide margin — other cities are still catching up.
Sources: VanPlex neighbourhood analysis (January 2026) — 498 applications filed in Vancouver. Burnaby, Surrey, North Vancouver, Port Moody, and West Vancouver estimates based on municipal SSMUH reporting and VanPlex tracking. Exact counts outside Vancouver are not centrally published.
What's Happening with Rents
If you're buying a multiplex to live in one unit and rent the others, you need to understand what rents are actually doing right now. The short answer: they're dropping.
Sources: CMHC Rental Market Report, October 2025. Asking rent data from Rentals.ca, January 2026. BC purpose-built registrations from CMHC Spring 2026 Housing Supply Report.
Neighbourhood Hotspots
The neighbourhoods with the most multiplex permit activity and land sales. East Vancouver dominates — but Burnaby and Port Moody are emerging.
Hastings-Sunrise
VancouverLed all Vancouver neighbourhoods with 66 multiplex land sales at an average of $1.9M per lot. The most active corridor for new multiplex construction, with gross rental yields of 3.5–4.5%.
Kensington-Cedar Cottage
VancouverAmong the top permit-filing areas in Vancouver. Strong demand from multi-generational families. Good transit access with frequent bus routes.
Marpole
VancouverProximity to the Canada Line and Marine Drive makes this a high-value multiplex corridor. Rapid densification ongoing since 2024.
Renfrew-Collingwood
VancouverOne of the highest permit-volume neighbourhoods alongside Kensington. Relatively lower lot costs for East Vancouver with SkyTrain access.
Burnaby South (Metrotown)
BurnabyNew R1 SSMUH zoning allows up to 6 units near frequent transit. Detached benchmark down 8.8% YoY creates buying opportunities for developers.
Port Moody (Moody Centre)
Port MoodySkyTrain-adjacent area seeing early-stage multiplex interest. Lower lot prices compared to Vancouver proper. Feb 2026 detached benchmark at $1.97M.
Sources: VanPlex neighbourhood analysis (January 2026). CBRE 2024 Multiplex Land Sales Report (124 sales, $303M total). City of Vancouver R1-1 permit data. Lot price ranges from VanPlex and Storeys reporting.
2025–2026 at a Glance
Sources: Greater Vancouver REALTORS December 2025 year-end report and February 2026 stats. VanPlex multiplex market analysis. City of Vancouver permitting data, Q4 2025.
The bottom line
This is one of the best buyer's markets Metro Vancouver has seen in years — and for multiplex buyers specifically, the conditions are remarkably favourable. Sales hit a 20-year low at 23,800 transactions in 2025. February 2026 sales were 28.7% below the 10-year seasonal average. That means fewer competing offers, more negotiating room, and motivated sellers. The composite benchmark at $1,100,300 (down 6.8% YoY) represents a window that won't stay open indefinitely.
On the rental side, the vacancy rate of 3.7% and softening asking rents (1BR at $2,362) mean tenants have more choices — which actually benefits quality owner-occupiers who maintain their units well and offer genuine value. Conservative rental projections make your financial plan more resilient, and the income still substantially offsets carrying costs.
The structural story is stronger than ever. Detached homes benchmark at $1.84M. A condo is $708K for a balcony and no yard. Multiplex units offer ground-oriented, separate-entrance homes with outdoor space — and the zoning that makes them possible is permanently locked in through Bill 44, Bill 47, and Bill 25. Nearly 500 applications have been filed in Vancouver alone, and falling detached land prices mean the development math is actually improving.
The first completed multiplexes hit the market in fall 2025, with a much larger wave arriving through spring 2026. Real comparable sales data for finished units is building quickly. For buyers ready to own a home — with rental income as a powerful bonus — the numbers are more favourable now than they were 12 months ago.
The data is clear and the opportunity is here. Explore the full Playbook for more guides, or talk to our team to get a personalized market briefing for the neighbourhoods you're considering.
Data: GVR February 2026 stats and December 2025 year-end report. VanPlex multiplex market analysis. CMHC Rental Market Report, October 2025. Rentals.ca January 2026 National Rent Report.
Key Takeaways
- Metro Vancouver composite benchmark fell 6.8% YoY to $1,100,300 in February 2026.
- Only 23,800 homes sold in 2025 — the lowest sales volume in over 20 years.
- 498 multiplex permit applications filed in Vancouver as of January 2026.
- Rental vacancy rate hit 3.7% in October 2025, the highest since 1988.
- Multiplex permit processing times dropped from 8.4 to 6.2 months through 2025.
- Detached land prices down 8.8% YoY, improving the math for new multiplex development.
Frequently Asked Questions
What is the average home price in Metro Vancouver?
The composite benchmark price in Metro Vancouver was $1,100,300 in February 2026, down 6.8% year-over-year. Detached homes averaged $1,835,900, townhouses $1,046,100, and condos $708,200. All categories declined from the prior year.
Those benchmark numbers vary wildly by neighbourhood. Vancouver West detached sits at $3.14M while Vancouver East is $1.72M — nearly half. Burnaby South detached dropped 8.8% to $2.02M. If you're looking at multiplex land, the detached benchmark is the number that matters most because you're buying the lot, not the house on it. East Vancouver and Burnaby offer the most realistic entry points for families pooling resources. Keep in mind these are benchmark figures from the MLS Home Price Index, not averages — they reflect a typical property, which filters out outlier sales that can skew average calculations.
How many multiplex permits have been filed in Vancouver?
As of January 2026, approximately 498 multiplex applications had been filed in the City of Vancouver under Bill 44 zoning. Multiplexes now represent about 50% of all R1-1 applications, surpassing both duplexes and detached home permits.
The permit count tells only part of the story. Of those 498 applications, most are concentrated in East Vancouver — Hastings-Sunrise alone accounted for 66 multiplex land sales. Processing times have improved from 8.4 months in Q1 2025 to 6.2 months in Q4, and a new streamlined pathway aims to cut that further for standard 4-unit projects. Outside Vancouver, the numbers are much smaller: Burnaby has roughly 85 filings, Surrey about 65, and West Vancouver just 15. The gap matters if you're buying — Vancouver projects have more comparables and more contractor experience, while suburban municipalities are still working through their first wave of applications.
What is the rental vacancy rate in Metro Vancouver?
The purpose-built rental vacancy rate in Metro Vancouver hit 3.7% in October 2025, up from 1.6% the year before. That is the highest vacancy rate since 1988. Asking rents for one-bedroom apartments dropped roughly 6% year-over-year.
This shift changes the math for anyone buying a multiplex with rental income in mind. A year ago, landlords could list a unit and fill it within days. Now some are offering one to two months of free rent to attract tenants. Average asking rents for a one-bedroom dropped to $2,362, and two-bedrooms to $3,279. The cause is simple: 25,855 new purpose-built rental units were registered in BC in 2025, up 40% from the year before. More supply, same demand. If your purchase plan depends on rental income, run your numbers with a 3-4% vacancy assumption and flat or slightly declining rents — not the 1% vacancy and 5% annual increases that worked in 2022.
Are multiplex prices going up or down in BC?
Multiplex-relevant prices are falling. Detached land benchmarks dropped 8.8% year-over-year by February 2026, and multiplex land sales in Vancouver fell from 124 deals in 2024 to just 46 in 2025. Construction costs remain around $275 per square foot.
The price decline is actually good news for buyers, not bad. Falling land costs mean the total project budget for a new multiplex is lower than it was 12 months ago, and with fewer competing buyers (the sales-to-active ratio sat at just 12.6% in February 2026), you have more negotiating room on lot purchases. Construction costs at roughly $275/sqft are about half what custom detached homes cost at $600-750/sqft. The first completed multiplexes under Bill 44 hit the market in fall 2025 — once spring 2026 brings a larger wave of completions, we will finally have real comparable sales data for finished multiplex units instead of relying on land deal prices alone.
Why aren't more multiplexes being built if the zoning allows it?
Zoning is necessary but not sufficient. Construction costs sit around $275/sqft, permit processing averages 6.2 months, and VanPlex analysis suggests only about 50% of eligible lots yield financially viable projects once you factor in land cost, servicing, and parking requirements.
The gap between zoning permission and actual construction comes down to economics. A typical Vancouver lot costs $1.4M-$2.2M. Add $275/sqft construction across four 1,200-sqft units and you are at $1.32M in building costs alone, plus soft costs (permits, design, engineering) of $200K-$350K. The total project budget can hit $3M-$4M, and the finished units need to sell for $750K-$1M each to make the numbers work. On many lots — especially smaller ones under 4,000 sqft or those with challenging topography — the math simply does not pencil. Permit timelines have improved from 8.4 months to 6.2 months, but that is still over half a year of carrying costs on the land. Add labour shortages in the trades and you understand why only 46 multiplex land sales closed in Vancouver in 2025, down from 124 the year before. The pipeline will grow, but it will take years, not months.
Are multiplex prices going to drop as more supply comes online?
Probably some softening, but do not expect a crash. The broader market dropped 6.8% year-over-year by February 2026 across all types. More multiplex supply is coming, but land constraints in Metro Vancouver put a floor under prices that other markets do not have.
Here is the honest picture. Detached benchmarks fell 8.8% YoY, townhouses dropped 5.0%, and condos declined 5.3% — all before meaningful multiplex supply even hit the market. The first wave of completed Bill 44 projects arrived in fall 2025, and spring 2026 will bring more. Basic supply-and-demand logic says prices should moderate as inventory grows. But Metro Vancouver is not a normal market. Buildable land is physically constrained by mountains, ocean, and the ALR. The population keeps growing. And multiplex units occupy a sweet spot between condos and detached homes that has genuine demand from families, downsizers, and multi-generational buyers. Our take: if you are waiting for a 20% drop in multiplex prices, you will probably be waiting a long time. If you are hoping for 5-10% better pricing as more projects complete and sellers compete, that is a reasonable expectation over the next 12-18 months. Buy when the right unit at the right price shows up — do not try to time the bottom.
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