Q1 Commercial Sales Slow Across Greater Vancouver—But Multifamily Deal Count Jumps 33%

Commercial real estate deal flow in the Lower Mainland cooled slightly to start 2026, with 327 transactions recorded in the first quarter, down 5.5 per cent from the 346 sales seen in Q1 2025, according to Commercial Edge data from Greater Vancouver Realtors. The total dollar volume slid further, dropping 15.3 per cent year-over-year to $1.864 billion from $2.200 billion. Andrew Lis, GVR chief economist and vice-president of data analytics, noted that most asset classes saw quarter-over-quarter declines in transaction counts, with industrial being the lone exception. The multifamily segment held nearly steady quarter-over-quarter at 20 to 21 deals, but posted a 33 per cent jump compared to the same period last year. The figures set a subdued tone for the year, aligning with GVR’s forecast of essentially flat commercial transaction growth across 2026.

The divergence between transaction counts and dollar volumes tells a more nuanced story than a simple slowdown. Land deals fell 8.9 per cent by volume and 39.5 per cent by value, while office sales dropped 16.1 per cent in count but surged 44.6 per cent in value, suggesting fewer but larger or higher-quality trades. Retail and other sales rose 10.3 per cent in volume yet fell 21 per cent in value, and industrial transactions dipped 11.5 per cent in count while climbing 3.4 per cent in value. Multifamily stood out as the only category with a meaningful year-over-year increase in deal count, even as its total dollar value declined 30.6 per cent. GVR’s outlook suggests multifamily and retail may see slight volume increases this year, while other segments remain flat.