If you were crossing your fingers for a dramatic market shift to kick off 2026, the January numbers are a bit of a letdown. January looks a lot like last fall. Even though the end of 2025 and the beginning of this year "felt" like things were shifting in a positive way, the numbers do not support that. It seems that we're picking up exactly where we left off.
On paper, the stats continue to look a little scary. Sales dropped nearly 29% compared to last January (which was already a bad month), and we are currently about 30% below the 10-year average. However as Andrew Lis (GVR's chief economist) pointed out, last year ended on a quiet note, so it's no surprise this year is starting on one, too. We aren't seeing a new crash; we're just seeing the "new normal" continue.
If we look at the January 2026 numbers, last month in Greater Vancouver we saw:
• Sales of all types of properties were DOWN 28.7% from January 2025.
• Sales were 30.9% BELOW the 10-year seasonal average (1,602).
• The number of homes listed for sale was 12,628, which is UP 9.9% compared with January 2025. This is 38% higher than the 10-year average (9,153).
• The number of homes newly listed for sale was DOWN 7.3% from January 2025 but still 19.4% ABOVE the 10-year average (4,318).
• Detached home sales were DOWN 21.1% from January 2025.
• The benchmark price for detached homes was DOWN 7.3% when compared to January 2025, and a 1.5% decrease compared to December 2025.
• The sales-to-active listings ratio overall was 9.1%; For detached homes, the ratio was 6.7%. Prices face sustained downward pressure when the ratio remains below 12%.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals a market that remains deeply tilted in favour of buyers. Across all property types, the sales-to-active ratio sits at just 9.1%, well below the 12% threshold that typically signals price declines. Detached homes are particularly challenging for sellers, with a ratio of only 6.7%—meaning fewer than seven of every 100 detached homes on the market sold in January. That is a sobering number. However, some homes flew off the shelf AND some had multiple offers. The weirdest thing about all of this is it is unpredictable as to which homes will sell quickly, and which will not.
Prices continue their gradual softening, with the composite benchmark down 5.7% year-over-year and another 1.2% drop from December. Detached homes have seen the largest adjustment at -7.3%, while condos and townhomes are down 5.9% and 5.4% respectively. Most analysts seem to be predicting further price drops over the next year.
For buyers, the market remains remarkably favourable. Inventory is plentiful—38% above historical averages—giving buyers unprecedented choice. Prices are down. Borrowing costs, while not at rock bottom, are stable-and quite low in a historical context. And there is absolutely no pressure to rush. Buyers can take their time, compare options, and negotiate with confidence.
For sellers, the path forward requires realistic expectations. As GVR's Lis notes, "sellers remaining eager to list" means inventory will likely stay elevated. Homes that are priced correctly-meaning aligned with recent comparable sales, not market peak sales are still selling although it is taking a lot longer.
Looking ahead, GVR's 2026 forecast suggests more of the same: tepid sales, elevated inventory, and prices that finish the year relatively unchanged. But as Lis points out, there is pent-up demand waiting in the wings. The question is whether 2026 will be the year that all of those buyers finally re-enter the market. Some continue to wait for "the bottom" but we don't know if this IS the bottom or whether a slightly lower price range might occur. Personally when I have bought homes in the past, I don't wait for "the bottom". If I find a house I like, I buy it because it is where I will live-it is not a buy and flip plan. Buying in a super buyer favourable market like this is not something I have ever experienced, but I have still never regretted buying. Conversely, some of my clients waited and lost out in past markets. One couple (friends of mine actually) thought our prices were too high so they "waited" while the market kept going up...Long story short they went from being able, (but unwilling) to buy a detached home (until prices came down) to having to move out of the province as they could no longer afford to buy here. When the market is this great for buyers, waiting to enter, upgrade, or begin investing doesn't make sense to me. The current market is a rare gift for anyone wanting to make these moves.
Whether you're a buyer wondering if this is the moment, or a seller trying to navigate these conditions, I love to help people understand the market and figure out how to best work with it to their advantage. I am always happy to discuss real estate-you don't need to be buying or selling imminently. Just reach out.
On paper, the stats continue to look a little scary. Sales dropped nearly 29% compared to last January (which was already a bad month), and we are currently about 30% below the 10-year average. However as Andrew Lis (GVR's chief economist) pointed out, last year ended on a quiet note, so it's no surprise this year is starting on one, too. We aren't seeing a new crash; we're just seeing the "new normal" continue.
If we look at the January 2026 numbers, last month in Greater Vancouver we saw:
• Sales of all types of properties were DOWN 28.7% from January 2025.
• Sales were 30.9% BELOW the 10-year seasonal average (1,602).
• The number of homes listed for sale was 12,628, which is UP 9.9% compared with January 2025. This is 38% higher than the 10-year average (9,153).
• The number of homes newly listed for sale was DOWN 7.3% from January 2025 but still 19.4% ABOVE the 10-year average (4,318).
• Detached home sales were DOWN 21.1% from January 2025.
• The benchmark price for detached homes was DOWN 7.3% when compared to January 2025, and a 1.5% decrease compared to December 2025.
• The sales-to-active listings ratio overall was 9.1%; For detached homes, the ratio was 6.7%. Prices face sustained downward pressure when the ratio remains below 12%.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals a market that remains deeply tilted in favour of buyers. Across all property types, the sales-to-active ratio sits at just 9.1%, well below the 12% threshold that typically signals price declines. Detached homes are particularly challenging for sellers, with a ratio of only 6.7%—meaning fewer than seven of every 100 detached homes on the market sold in January. That is a sobering number. However, some homes flew off the shelf AND some had multiple offers. The weirdest thing about all of this is it is unpredictable as to which homes will sell quickly, and which will not.
Prices continue their gradual softening, with the composite benchmark down 5.7% year-over-year and another 1.2% drop from December. Detached homes have seen the largest adjustment at -7.3%, while condos and townhomes are down 5.9% and 5.4% respectively. Most analysts seem to be predicting further price drops over the next year.
For buyers, the market remains remarkably favourable. Inventory is plentiful—38% above historical averages—giving buyers unprecedented choice. Prices are down. Borrowing costs, while not at rock bottom, are stable-and quite low in a historical context. And there is absolutely no pressure to rush. Buyers can take their time, compare options, and negotiate with confidence.
For sellers, the path forward requires realistic expectations. As GVR's Lis notes, "sellers remaining eager to list" means inventory will likely stay elevated. Homes that are priced correctly-meaning aligned with recent comparable sales, not market peak sales are still selling although it is taking a lot longer.
Looking ahead, GVR's 2026 forecast suggests more of the same: tepid sales, elevated inventory, and prices that finish the year relatively unchanged. But as Lis points out, there is pent-up demand waiting in the wings. The question is whether 2026 will be the year that all of those buyers finally re-enter the market. Some continue to wait for "the bottom" but we don't know if this IS the bottom or whether a slightly lower price range might occur. Personally when I have bought homes in the past, I don't wait for "the bottom". If I find a house I like, I buy it because it is where I will live-it is not a buy and flip plan. Buying in a super buyer favourable market like this is not something I have ever experienced, but I have still never regretted buying. Conversely, some of my clients waited and lost out in past markets. One couple (friends of mine actually) thought our prices were too high so they "waited" while the market kept going up...Long story short they went from being able, (but unwilling) to buy a detached home (until prices came down) to having to move out of the province as they could no longer afford to buy here. When the market is this great for buyers, waiting to enter, upgrade, or begin investing doesn't make sense to me. The current market is a rare gift for anyone wanting to make these moves.
Whether you're a buyer wondering if this is the moment, or a seller trying to navigate these conditions, I love to help people understand the market and figure out how to best work with it to their advantage. I am always happy to discuss real estate-you don't need to be buying or selling imminently. Just reach out.