Lower Mainland commercial sales slip in Q2 as dollar volume rises

Commercial real estate transactions in Metro Vancouver fell in the second quarter of 2026, but total dollar value rose sharply on larger deals. Office sales saw the steepest drop, while land and multi-family transactions posted gains.

Why it matters: - Lower transaction counts can signal caution among commercial real estate buyers and sellers in the Lower Mainland. - Higher dollar volume despite fewer sales suggests larger properties changed hands in Q2 2026. - Shifts in office and land activity can affect pricing, development plans and investor sentiment across Metro Vancouver.

What happened: - Commercial transactions in the Lower Mainland fell 3% year over year and 14% from the previous quarter in Q2 2026. - There were 285 commercial real estate sales in Q2 2026, down 2.7% from 293 sales in Q2 2025. - Total dollar value reached $1.541 billion in Q2 2026, up 16.3% from $1.325 billion a year earlier.

The details: - Land led the quarter with 56 sales, up 3.7% from 54 a year earlier, and dollar value rose to $537 million from $386 million. - Office sales fell to 46 from 64, a 28.1% decline year over year. - Office dollar value climbed to $144 million from $85 million, but that was still down 63% from the prior quarter, driven by a sharp pullback in higher-priced deals. - Retail and other sales rose to 82 from 79, while dollar value edged up to $442 million from $438 million. - Industrial sales slipped to 81 from 83, and dollar value fell to $226 million from $332 million. - Multi-family land sales jumped to 20 from 13, and dollar value surged to $193 million from $83 million. - Commercial Edge data from Greater Vancouver Realtors tracks commercial real estate transactions in the Lower Mainland that are registered with the Land Title and Survey Authority of British Columbia. - Commercial Edge is updated monthly using data from the BC Assessment Authority. - Commercial Edge does not include share sale transactions because those deals are not registered with the Land Title and Survey Authority of British Columbia. - Historical data may be revised as new transaction records arrive. - Greater Vancouver Realtors represents more than 14,000 residential and commercial REALTORS® and their companies. - Greater Vancouver Realtors provides services including the Multiple Listing Service® and Commercial EDGE. - More information is available at Greater Vancouver Realtors.

Between the lines: - Andrew Lis, GVR chief economist and vice-president of data analytics, said global economic turmoil and surging U.S. bond yields are weighing on investor sentiment. - Lis said turbulence could continue until there is some form of stable resolution to the situation in Iran. - The steep decline in office transactions points to weakness in one of the market’s most closely watched asset classes. - Stable land activity may suggest the market is finding a floor, even with a large overhang of newly completed and unsold residential units.

What's next: - GVR expects market turbulence to continue if global uncertainty and bond-market volatility persist. - Land activity will be watched closely for signs that pricing has bottomed. - Office transactions may remain subdued unless larger deals return to the market.

The bottom line: - Fewer deals, bigger dollars: Lower Mainland commercial real estate slowed in Q2, but bigger land and multi-family transactions kept total value moving higher.