Not a Crash: What Vancouver’s Condo Surplus Really Means
Last week at an open house, a buyer asked me,
“So… is the condo market crashing?”
It’s a fair question.
They’d read headlines about rising inventory. Seen softened pricing. Heard whispers of “condo surplus.” For anyone who has followed Vancouver real estate over the past decade, it’s easy to jump to conclusions.
But here’s the reality: the Vancouver condo market isn’t crashing. It’s catching its breath.
For years, condos moved at sprint speed — multiple offers, no conditions, decisions made in hours. Today? Buyers are pausing. Comparing. Negotiating. That pause, though it may feel uncomfortable for some sellers, is actually healthy for the market.
What “Surplus” Looks Like in Vancouver
Metro Vancouver’s condo inventory has grown, but context matters. Greater Vancouver is a broad region — it’s not just downtown towers. It stretches across Burnaby, Surrey, Richmond, North Vancouver, West Vancouver, and beyond.
Here’s a snapshot of ‘active’ condos by neighbourhood + what has ‘sold’ in the last 30 days:
Vancouver West (West Side): 1,847 condos / 156 SOLD - Buyers’ market
North Vancouver: 479 condos / 57 SOLD - Balanced market
West Vancouver: 141 condos / 5 SOLD - Buyers’ market
Stats via GVRB – Feb. 2026
Inventory isn’t evenly distributed, and neither is demand. Well-located condos in neighbourhoods with walkability, transit access, and lifestyle appeal are still selling when priced properly.
Unlike Toronto, where many buyers move primarily for jobs, people move to Vancouver for lifestyle — the ocean, the mountains, walkability, and quality of life. That lifestyle factor keeps demand strong, even when prices soften.
Opportunities for Buyers
First-time condo buyers are discovering a calmer market. No more competing with a dozen offers and waiving inspections. Buyers can now:
Compare multiple options
Negotiate price and conditions
Make thoughtful, confident decisions
Move-up buyers are also finding advantages. If their current condo’s value has softened, so may the property they’re moving into. That can narrow the price gap and make upgrades more attainable than expected.
What Sellers Are Seeing
Sellers may read the headlines and feel anxious. But on the ground, well-located, well-presented, and properly priced condos are still receiving strong offers.
Prime locations in Vancouver West, lifestyle-focused North Vancouver, and select buildings in West Vancouver continue to attract buyers. Quality product in the right neighbourhood still commands attention — even as overall inventory rises.
Why Vancouver’s Market Isn’t in Crisis
Toronto’s condo market often makes headlines with oversupply and price swings. Vancouver’s inventory is higher than recent years, but it comes off a period of extremely tight supply. This is an adjustment, not a crash.
Buyers are cautious, but they’re not gone. Sellers who adapt to today’s market — rather than pricing for yesterday’s frenzy — are still achieving strong results.
The Bigger Picture
What we’re seeing now is balance returning.
Buyers can think strategically
Sellers need pricing precision
Negotiation is normalized again
And that’s healthy. Markets that only move in extremes rarely sustain themselves. Vancouver’s condo market is stabilizing — creating opportunity for both buyers and sellers.
Key Takeaway
“Surplus” may sound dramatic. But in reality, it means more choice, more negotiation, and more opportunity.
In a city where lifestyle drives demand, well-located condos continue to perform. This isn’t a crash. It’s a shift — and shifts, when approached thoughtfully, create opportunity.
Want to see how your condo stacks up in today’s market? Take a look at your neighbourhood and compare listings — sometimes the opportunity is just around the corner.
