PROPERTYLAB
METRO VANCOUVER · BACKTESTED SIGNALS
Housing market intelligence · MVP v0.1

Housing signals, backtested. No hype.

Every indicator on this page was put through 7 major market reversals from 2008 to 2026. The ones that failed didn't make the cut. The ones that survived come with their scars — including the false signals — shown openly.

DATA AS OF SEPTEMBER 2026 · SOURCES: GVR, BCREA, CMHC, BANK OF CANADA, ZEALTY
01 / Market snapshot

Where Vancouver stands right now

September 2026. Fourth consecutive monthly decline. The sales-to-active-listings ratio sits at 11% — below the 12% line that has historically meant downward pressure on prices.

Composite benchmark
$1,075,900
−5.5% year over year · −0.6% MoM
Back to April 2021 levels.
Sales
1,713
−8.4% YoY · −25% vs 10-yr avg
5th-weakest September since 2005.
Active listings
15,531
+24% vs historical norm
Buyers have unusual choice.
Sales-to-active ratio
11%
Buyer's market (<12%)
Detached weakest at 9.5%.
Detached
$1,799,400
−7.2% YoY
Townhome
$1,028,800
−4.4% YoY
Apartment
$686,200
−6.6% YoY
02 / Market charts

Where we are, in context

Nearly two decades of board data, plus a 36-year Teranet\u2013National Bank series (1990–2026). Dots mark verified figures — hover any dot for the exact reading. Dashed segments bridge gaps longer than 12 months and are interpolated for illustration.

Timeframe
Composite benchmark priceMLS® Home Price Index, all residential, Metro Vancouver
Sales-to-active-listings ratioThe board's own regime indicator — shaded bands follow its <12% / >20% guidance
The long view: Vancouver 1990–2026Teranet\u2013National Bank HPI, Vancouver (Jun 2005 = 100) — repeat-sales index from land registries, raw monthly

Dots are verified monthly figures published by Greater Vancouver Realtors via board reports. Dashed segments span gaps over 12 months with no verified monthly data (notably 2010–2016) and are interpolated for illustration only. The May-2018 peak is estimated from year-over-year data. Max = 2008–2026, the earliest verified board data — no earlier history is claimed. The long-view chart is a separate series: the Teranet\u2013National Bank House Price Index for Vancouver (repeat-sales, Jun 2005 = 100), monthly Jun 1990–Aug 2026 — its index levels are not comparable to the MLS® dollar benchmarks above. Pre-1990 context: StatCan's New Housing Price Index shows Vancouver new-home prices fell 21% in 1981–82, then moved sideways for 18 years.

03 / The Lab — indicator scorecard

Five indicators. Seven reversals. Graded.

Each indicator was given explicit signal rules before testing — no chart-reading after the fact. Tested against the 2008 crash, the 2016 foreign-buyer-tax shock, the 2018–19 correction, the COVID freeze, the 2021–22 boom, the 2022–23 rate-hike slide, and the current soft patch.

A+

Volume divergence — the strongest early warning

When sales fall year-over-year while new listings surge year-over-year — yet prices still rise — a top is forming. It fired 1–6 months before every major peak (2008, 2022).

LEAD TIME: 1–6 MONTHS · FALSE SIGNALS: NONE IN SAMPLE
B+

Sales-to-active-listings ratio — a regime filter, not a predictor

Below 12% sustained means buyer's market and downward price pressure; above 20% means the opposite. It describes the market's mode correctly — but it is a confirming indicator, not a timing tool.

LEAD TIME: 0–4 MONTHS · KNOWN FAILURE: APRIL 2020 (11.8% WITH FLAT PRICES)
Lab note — the April 2020 false signal. The ratio read 11.8%, textbook bearish, yet prices didn't budge. Why? Supply and demand froze together (new listings −59.7% YoY). Lesson encoded in our model: ratio signals are void when both sides of the market seize up.
B

Inventory peak → price bottom

Active listings peaked in May 2019; prices bottomed four months later. Better for bottom-fishing than top-calling.

LEAD TIME: ~4 MONTHS TO PRICE BOTTOM
±

Interest rates — asymmetric, and that's the big finding

Rate hikes are reliably bearish (2022–23: +475 bps → prices −19.1%). But rate cuts are not automatically bullish: the Bank of Canada cut from 5.00% to 2.25% through 2024–25, yet Vancouver prices still fell 5.5% YoY in 2026. Cuts only work when inventory is low and buyers can still qualify — neither holds today.

HIKES: RELIABLY BEARISH · CUTS: CONDITIONAL
C

Price momentum stall — confirmation only

The final month before each top showed monthly gains shrinking (+0.5% in Mar 2008, +1.0% in Apr 2022 after +3.6%). Noisy on its own.

USE: CONFIRMATION, NEVER STANDALONE
Spotlight / Data distortion

Half of September's "new" listings weren't new.

5,228 Greater Vancouver + Fraser Valley listings expired or were cancelled in September 2026. By October 1, 2,631 were back on the market as "new" listings — each with its days-on-market clock reset to zero.

~50%
of "new" listings are relists
66 → 56
median days-on-market "improvement" — cosmetic, driven by clock resets, not faster sales
+41.7%
headline new listings — overstates true fresh supply

Property Lab's answer: track what the official reports don't.

TRUE NEW SUPPLY  =  HEADLINE NEW LISTINGS  −  RELISTS
RELIST-ADJUSTED DOM  =  DAYS ON MARKET WITH CLOCK-RESETS REMOVED
04 / Method

Tested, not guessed.

Seven reversals. Monthly board data (REBGV / Greater Vancouver Realtors), Bank of Canada policy history, and BC/federal policy events. Rules written before testing; misses published alongside hits.

Limitations we're upfront about

The estimated 2018 composite peak (~$1.105M) is derived backwards from 2019 data — the original monthly package would pin it exactly. Ratio data before 2015 is sparse (the board didn't publish it consistently), so that indicator's sample is four episodes. This backtest is qualitative across major turns; the next step is a full quantitative run computing hit-rates and false-positive rates per threshold on complete monthly data.

05 / Watchlist

What would flip the call

History says a downtrend ends only when all three arrive together. Track them here — none are met today.

Not met

Sales-to-active ratio sustains above 12–15%. Currently 11% and falling.

Not met

Sales recover toward the 10-year average. Currently 25% below it.

Not met

Active listings roll over. Currently 24% above norm and relist-inflated.

Base case: prices grind 2–5% lower over the next 6–9 months, concentrated in condos and high-end detached. A genuine reversal looks like a late-2027 story — consistent with CMHC and Central 1 outlooks.