Metro Vancouver apartment-building sales nosedived in the first half of the year, says a new report from Goodman Commercial.

A sharp decline in suburban rental-apartment properties spurred the drop, with both transaction and dollar volumes falling significantly, according to the mid-year Goodman Report.

“I think the biggest storyline is the massive drop- off in the suburbs, which saw the lowest number of transactions in over 20 years,” Mark Goodman, the company’s co-founder, told Connect. “Even during the height of the COVID pandemic and 2008 global financial crisis, there were more than twice as many sales in the suburbs.”

Total apartment-building sales volume declined 40% to $537.3 million from the same period in 2024 , while the number of transactions fell 46% to 32.

Only six suburban properties totalling $128.4 million traded, compared with 31 completed deals worth $461.7 million a year earlier. Suburban transactions and dollar volume dropped 81% and 72%, respectively.

Vancouver proper held up better, recording 26 transactions totalling $408.9 million, down 7% and 5%, respectively, from the first half of 2024.

The suburban nosedive could be linked to a large decline in deals involving non-profit groups, said Mark Goodman. As a result, the market has “come back to reality a little bit.”

“Non-profit and government buyers did 14 deals in the first half of 2024 which dropped off to only four deals in the second half of last year, and three transactions in the first six months of 2025,” he said.

Private buyers accounted for most of the trades across the region (74%), while institutional investors acquired 18% and 9% of the acquisitions involved government and non-profit groups.

The report notes that purchases by non-profit and government groups were in line with historical norms.

“There is a new round of [B.C.] Rental Protection Fund dollars being spent now, so these numbers will likely pick up in the second half,” said Mark Goodman.”

Meanwhile, new construction accounted for 64% of total dollar volume, with an average deal size of $42.9 million versus $8.1 million for legacy buildings.

Goodman Commercial has brokered 15 firm deals so far this year, with only five closed in the first half and 10 more still in the process of being completed.

“So, we are anticipating much bigger numbers in the second half of the year overall,” said Mark Goodman.

Photo: Courtesy of Goodman Commercial