Commercial transactions moved lower in the second quarter of 2026, down three per cent relative to last year, and down 14 per cent relative to last quarter.
There were 285 commercial real estate sales in the Lower Mainland in Q2 2026, a 2.7 per cent decrease from the 293 sales in Q2 2025, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR).
The total dollar value of commercial real estate sales in the Lower Mainland was $1.541 billion in Q2 2026, a 16.3 per cent increase from $1.325 billion in Q2 2025.
“The drift lower in Q2 isn’t surprising given recent global economic turmoil, particularly with respect to surging US bond yields acting as harbinger of potential economic trouble ahead, worrying investors,” said Andrew Lis, GVR chief economist and vice-president data analytics. “While Canada’s bond markets are separate from that of the US, major shifts like we’re seeing in the US have knock-on effects, and historically, Canada has rarely been immune to such effects. Until there is some form of stable resolution to the situation in Iran, we expect the turbulence to continue.”
“A noteworthy soft spot in the second quarter data is the large pull back in office transactions which fell 42 per cent from last quarter. Among all Q2 office transactions, only two transacted at prices north of ten million, which dragged office dollar volume down 63 per cent from the previous quarter,” Lis said. “On the flip side, while still quite low relative to historical standards, land transactions continue at a similar pace to recent quarters, which is surprising given current dynamics in the residential development space. With a sizeable overhang of newly completed and unsold units that have been slow to sell due to weak demand, the stability observed in the land market is interesting, perhaps signalling a bottom for land is in.”
Q2 2026 activity by asset class
Land: There were 56 commercial land sales in Q2 2026, which is a 3.7 per cent increase from the 54 land sales in Q2 2025. The dollar value of land sales was $537 million in Q2 2026, a 38.9 per cent increase from $386 million in Q2 2025.
Office: There were 46 office sales in the Lower Mainland in Q2 2026, which is a 28.1 per cent decrease from the 64 sales in Q2 2025. The dollar value of office sales was $144 million in Q2 2026, a 68.4 per cent increase from $85 million in Q2 2025.
Retail & Other: There were 82 retail (& other) sales in the Lower Mainland in Q2 2026, which is a 3.8 per cent increase from the 79 sales in Q2 2025. The dollar value of retail sales was $442 million in Q2 2026, a 0.9 per cent increase from $438 million in Q2 2025.
Industrial: There were 81 industrial land sales in the Lower Mainland in Q2 2026, which is a 2.4 per cent decrease from the 83 sales in Q2 2025. The dollar value of industrial sales was $226 million in Q2 2026, a 31.9 per cent decrease from $332 million in Q2 2025.
Multi-Family: There were 20 multi-family land sales in the Lower Mainland in Q2 2026, which is a 53.8 per cent increase from 13 sales in Q2 2025. The dollar value of multi-family sales was $193 million in Q2 2026, a 131.6 per cent increase from $83 million in Q2 2025.