Vancouver Multiplex 2026: The Year in Review

We're five months into 2026, and the Vancouver multiplex market has spent most of the year doing things we didn't fully expect. Some of those surprises are good for buyers, some less so. Here's our honest read on the year so far — what's playing out, what surprised us, and what we're watching for the back half of 2026.

Multiplex completion volume is finally hitting the market

The multiplex story really started with BC's Bill 44 (the small-scale multi-unit housing legislation, in plain English: the law that made multiplex construction broadly possible across BC's residential zones in 2023–24). For the first 18 months, the market was almost entirely pre-sale — buyers buying off plans for delivery 1–2 years out.

In 2026 we're finally seeing real completion volume. By REBGV's count, more than a thousand new multiplex units have completed across Greater Vancouver in 2024–2025, with 2026 on pace to be larger. (REBGV Market Watch) That's still small relative to condo or townhouse stock, but it's enough that buyers can finally see, walk through, and compare actual finished product.

What surprised us: how quickly multiplex pricing diverged from condos

Coming into 2026, we expected multiplex pricing to track somewhere between condos and townhouses. What's actually happened: multiplex units have priced and resold much closer to townhouses, sometimes above. The premium for a brand-new fourplex unit in Mount Pleasant or Burnaby Heights over a comparable condo of the same square footage has held at $50,000–$150,000.

The buyer demographic explains it. Multiplex buyers in 2026 are mostly families — multigenerational households, downsizers who want a backyard, two-income professionals tired of renting townhouses. They're price-supportive in a way that the condo investor market isn't.

What didn't surprise us: who actually delivered

Coming into the year, we worried about a flood of inexperienced developers attracted by the new zoning. That happened — there are some less-than-ideal projects out there. But the buildings we'd recommend are mostly from the same group of established Vancouver and Burnaby developers who've been doing townhouses and small condo projects for 15+ years.

We've added new firms to our recommended list — Marcon, Mosaic Homes, Kerkhoff, and a handful of newer East Side specialists. The teams to be careful about are mostly first-time multiplex builders without other completed projects to walk through. Browse who's built what on our developers page.

The interest rate story everyone got wrong

In 2024 and 2025, conventional wisdom was that 2026 would bring rate cuts. The Bank of Canada has cut twice in early 2026, and the 5-year fixed mortgage benchmark has come down from the highs of late 2024. But not as dramatically as buyers had hoped. (Bank of Canada policy rate)

The takeaway for buyers: stop trying to time mortgage rates. Rates have been more stable than the predictions suggested, and waiting for the bottom usually means missing the window. The buyers who moved at the start of 2026 are looking smart in retrospect.

Neighbourhood winners (so far)

Mount Pleasant continues to dominate the high end. Hastings-Sunrise has been the surprise — buyer interest there has accelerated as Mount Pleasant prices stretched. Burnaby Heights and Brentwood have absorbed serious buyer demand by offering 15–20% better pricing for similar quality.

Surrey remains the affordability story for buyers willing to commute. The North Shore (North Van and West Van) has seen new multiplex stock arrive but at high price points — those projects are aimed at downsizers from existing North Shore homes, not first-time buyers.

What we're watching through year-end

Three things on our radar:

• Completion volume in fall 2026. A lot of pre-sale projects from 2023 and early 2024 are due for completion between September and December. Will the market absorb them or will price softening start?
• The federal Foreign Buyers Ban set to expire in early 2027. If it's not extended again, demand dynamics could shift quickly.
• Resale activity. We expect the second wave of multiplex resales (units that owners bought in 2023–2024 and now want to sell) to start appearing in fall. Pricing will be a real test of how the category holds up.

Common questions

Is now a good time to buy a Vancouver multiplex?

Mid-2026 looks balanced for buyers — supply is the most varied it's ever been, financing is more accessible than 2024, and prices have stabilized. If you've been waiting for the perfect moment, this is closer to it than the past two years have been.

Will multiplex prices drop in the back half of 2026?

Possibly slightly in the over-supplied micro-markets, but not broadly. The buyer demographic is family-driven and not particularly speculative; supply increases slowly. Big drops would require a recession or a rate spike, neither of which is currently expected.

What's the biggest risk a 2026 multiplex buyer should worry about?

Choosing the wrong building over the right neighbourhood. A spectacular multiplex in a quiet sub-area outperforms a mediocre one in a top neighbourhood almost every time on resale. Pick the location first, then the building.

What this comes down to

Vancouver's multiplex market in the first half of 2026 has been steadier and more buyer-friendly than the previous two years. Prices have stabilized, supply has improved, and the early resale data is encouraging. The story for the back half of the year is whether completion volume softens prices or simply gives buyers more to choose from. We think it's more the second.

Want our take on a specific building or neighbourhood you're considering? Browse our curated listings of brand-new multiplex homes across Vancouver and Burnaby on the properties page, or talk to a real person on our team who knows the buildings, the developers, and what's coming next.