Metro Vancouver & North Shore | Week ending November 2, 2026

This week’s BC real estate briefing covers the Bank of Canada’s rate increase, Vancouver’s updated apartment housing mix requirements, new commercial market reports and an affordable housing proposal in North Vancouver.

Bank of Canada raises policy rate to 2.50%

On October 28, 2026, the Bank of Canada increased its overnight policy rate by 25 basis points, from 2.25% to 2.50%. Its next scheduled rate decision is December 9, 2026.

What it means: Buyers and owners should review financing budgets with their lenders. The effect on an individual mortgage depends on its terms; fixed mortgage pricing also reflects bond yields and lender decisions.

Source: Bank of Canada — October 28, 2026 announcement

Vancouver updates apartment and family housing mix rules

Vancouver’s October 27, 2026 policy amendments align its housing mix policies with updated apartment regulations. Site-specific CD-1 rezonings that include housing are required to provide at least 35% of dwelling units with two or more bedrooms, including at least 5% of all units with three or more bedrooms. Exceptions and project-specific requirements still need to be checked.

What it means: Owners and developers should confirm the applicable unit mix early when assessing a residential project’s design and feasibility.

Source: Vancouver Council minutes — October 27, 2026 | Apartment regulations and policy amendments

Metro Vancouver office vacancy reaches 12.2% in Q3 2026

CBRE’s October 28 report puts Metro Vancouver office vacancy at 12.2%, up 0.5 percentage points from the previous quarter. Downtown vacancy increased by 0.9 percentage points, compared with 0.1 percentage points in suburban markets. Technology-sector consolidation contributed to the downtown increase.

What it means: Office leasing conditions differ by location and building quality. Tenants and investors should assess comparable buildings and current incentives before making a decision.

Source: CBRE — Vancouver Office Figures Q3 2026, October 28

Vancouver industrial demand improves as asking rents soften

CBRE’s October 29 industrial report shows vacancy unchanged at 5.0%, while availability declined by 0.3 percentage points quarter over quarter. Net absorption reached approximately 1.1 million square feet. Average asking lease rates fell to $18.87 per square foot, down 1.4% quarterly and 5.0% annually.

What it means: Improving demand and softer asking rents create a mixed picture. Compare effective lease costs, operating expenses, space suitability and local supply when evaluating a property.

Source: CBRE — Vancouver Industrial Figures Q3 2026, October 29

North Vancouver Riverside Drive proposal includes 81 affordable homes

The District of North Vancouver’s Riverside Drive project page, updated October 28, describes a development permit application for 81 homes in a six-storey building near Old Dollarton Road. The proposal includes studios and one-, two- and three-bedroom homes, 59 underground parking stalls and 124 bicycle spaces. Rezoning is complete; the proposal remains in the development permit process.

What it means: The proposal could add affordable housing options on the North Shore. The application should not be treated as a completed project or a confirmed construction schedule.

Source: District of North Vancouver — Riverside Drive affordable housing site

Discuss your Metro Vancouver or North Shore property plans

For help evaluating a residential, commercial or investment property, contact Altin (Mehdi) Yousefi at RE/MAX Crest Realty. We can discuss how current financing conditions, local supply and development requirements relate to your goals.

Information current to November 2, 2026. Market commentary is general; property-specific financing, planning and professional advice may be required.

Featured photo: Adrian Yu / Unsplash.

October 26, 2026 | Metro Vancouver & North Shore
Reporting period: October 19–25, 2026

Executive Summary

This was a consequential week for British Columbia real estate, primarily because of the October 24 provincial election and the confirmation of new municipal councils.

Five developments deserve particular attention:

1. BC Conservatives are projected to form a majority government, potentially changing housing density policies, development charges, permitting requirements and building regulations.

2. Municipal election results are official, bringing new leadership to Vancouver while incumbent mayors remain in office in the City and District of North Vancouver.

3. Commercial real estate investment conditions are tightening, with rising bond yields putting pressure on property valuations and financing.

4. The Bank of Canada will announce its next interest-rate decision on October 28, a significant event for mortgage borrowers and developers.

5. Vancouver completed a $175-million municipal bond issuance, providing a useful indicator of longer-term borrowing costs.

BC's real estate market continues to favour buyers, with falling prices, weak sales volumes, and uncertainty surrounding interest rates.

Three important developments this week:

1. BC home sales declined 8.9% year over year in September, according to the BC Real Estate Association's October 14 report.

2. Greater Vancouver home prices declined 4.0% year over year in Q3 2026, with detached properties experiencing larger declines.

3. Municipal elections took place October 17, making changes to housing, zoning, development approvals, and municipal leadership particularly important for North Shore developers and investors.

1. BC residential sales and prices — October 14

The BC Real Estate Association released its September 2026 market statistics on October 14.

September sales were also 25.8% below the 10-year seasonal average.

BCREA Chief Economist Brendon Ogmundson attributed part of the slowdown to higher oil prices and concerns about possible Bank of Canada interest-rate increases. However, declining inventory may help keep many regional markets balanced. British Columbia Real Estate Association

Implications for real estate investors

The market provides opportunities to negotiate on properties where sellers face extended marketing periods.

For residential developers, however, weaker sales activity increases the risk associated with speculative land purchases and condominium presales.