November 2026 Market Pulse: Buyers Are Looking, But Are They Ready to Act?

Greater Vancouver's housing market continues to favour buyers, but we're beginning to see some encouraging signs beneath the surface.

Our November Market Pulse registered 24 out of 100, firmly within buyer-advantage territory. The latest reading reflects October's housing market activity, which remained subdued despite an increase in the number of properties available to buyers.

October's sales were 22.5% below the 10-year seasonal average, while the sales-to-active listings ratio stood at just 13.4%. The composite benchmark price declined another 0.7% month over month and was 5.2% lower than a year earlier.

These numbers confirm that buyers remain in a strong negotiating position. However, the statistics don't tell the entire story.

Buyers Are Coming Back to Open Houses

One of the more interesting developments we've noticed recently is a change in buyer activity.

"We've seen a meaningful increase in traffic at our open houses. It seems buyers are definitely out looking again, but they're not quite ready to pull the trigger. There's interest, but there's still a lot of hesitation."

— Brad Gannon

This is an important distinction.

Buyers haven't necessarily disappeared. Many are watching the market closely, comparing properties, and waiting for something to give them the confidence to make a purchase.

That hesitation is understandable. Prices have declined, borrowing costs remain significant, and economic uncertainty continues to weigh on consumer confidence.

But it also raises an interesting question: What happens when those buyers decide it's time to act?

Could the U.S. Midterm Elections Change the Outlook?

Another development we're watching closely is the political shift following the U.S. midterm elections.

Democratic gains could influence financial markets, particularly if investors begin reassessing expectations for trade policy, tariffs, government spending, and economic growth.

Changes in U.S. bond yields can influence Canadian borrowing costs, while shifts in trade policy and economic confidence can affect how Canadians feel about making major financial commitments.

Of course, political developments don't translate directly into lower mortgage rates or stronger housing demand. Much will depend on how financial markets interpret the election results and what policies ultimately follow.

Still, sentiment can change surprisingly quickly.

After an extended period of uncertainty, even a modest improvement in confidence could encourage some buyers who have been sitting on the sidelines to move forward.

Not Every Segment Is Experiencing the Same Market

It's also important to remember that Greater Vancouver isn't one uniform housing market.

Detached homes, townhouses, and condominiums continue to experience different levels of demand.

For families hoping to move from a condo into a townhouse or detached home, today's market may offer opportunities that were difficult to find during the more competitive years.

Condo buyers, meanwhile, generally have more selection and greater negotiating leverage, although well-priced and desirable properties can still attract considerable interest.

The key is understanding the individual neighbourhood and property type rather than relying entirely on regional averages.

Foreclosure Watch: 236 Active Listings

We're also introducing a new feature to our monthly Market Pulse: Foreclosure Watch.

Our November snapshot identified 236 active court-ordered listings across the Greater Vancouver region.

We'll be tracking this figure in future months to help identify whether financial stress among property owners is increasing or decreasing.

The number itself doesn't establish a trend. We'll need several months of consistent tracking before drawing meaningful conclusions.

Could This Become a Missed Opportunity?

There's an old pattern in real estate: buyers often feel most confident when prices are rising and competition is intense. Ironically, they're frequently most hesitant when prices are lower and negotiating conditions are more favourable.

We aren't calling the bottom of the market. Prices could decline further, and economic uncertainty remains significant.

But we do believe today's conditions deserve serious consideration from buyers who are financially prepared and planning to own their homes for the longer term.

The risk isn't simply buying too early. It's also waiting so long for certainty that the opportunity has already passed.

For some buyers, this may ultimately prove to be one of those classic missed opportunities.

And based on what we're seeing at our open houses, there are plenty of people watching closely to see what happens next.

Brad & Theo Gannon | Oakwyn Realty