The Metro Vancouver housing market entered 2026 much the same way it ended last year: slower sales, elevated inventory, and steady pricing pressures. January’s data confirms that the market remains in a period of adjustment rather than recovery, as buyers and sellers continue to navigate economic and political uncertainty.
According to the Greater Vancouver REALTORS® (GVR), residential home sales across Metro Vancouver totalled 1,107 in January 2026, representing a 28.7% decline compared to January 2025. Sales activity was also 30.9% below the 10-year seasonal average, making this one of the slowest Januarys in more than two decades.
GVR Chief Economist Andrew Lis notes that while the figures may appear concerning at first glance, they must be viewed in context. With 2025 already ending as one of the weakest years for sales volume in over 20 years, the subdued start to 2026 reflects a market that is slowly redefining its “new normal” rather than entering a sudden downturn.
Inventory Remains Elevated Across Metro Vancouver
New listings in January 2026 reached 5,157 properties, a 7.3% decrease year over year, yet still 19.4% above the 10-year seasonal average. At the same time, total active listings climbed to 12,628, marking a 9.9% increase compared to January 2025 and sitting 38% above long-term averages.
This imbalance continues to give buyers more choice while limiting upward price pressure, particularly in the detached and apartment segments.
Sales-to-Active Listings Ratio Signals Price Softness
Across all property types, Metro Vancouver’s sales-to-active listings ratio stood at 9.1% in January 2026. Broken down by category:
-
Detached homes: 6.7%
-
Townhouses (attached): 11.1%
-
Apartments: 10.3%
Historically, sustained ratios below 12% tend to place downward pressure on prices, while ratios above 20% often signal rising values. Current conditions suggest continued price stability with mild softness rather than sharp corrections.
Home Prices Trend Lower Year Over Year
The MLS® Home Price Index benchmark for all residential properties in Metro Vancouver is now $1,101,900, reflecting a 5.7% decrease from January 2025 and a 1.2% decline month over month.
By property type:
-
Detached homes:
-
Sales: 300 (-21.1% YoY)
-
Benchmark price: $1,850,800 (-7.3% YoY)
-
-
Apartments:
-
Sales: 554 (-34.5% YoY)
-
Benchmark price: $704,600 (-5.9% YoY)
-
-
Townhouses:
-
Sales: 246 (-23.4% YoY)
-
Benchmark price: $1,043,400 (-5.4% YoY)
-
What This Means for Buyers and Sellers in 2026
GVR’s outlook suggests 2026 is likely to mirror 2025, with sales remaining muted and inventory staying higher than historical norms. Prices are expected to finish the year relatively unchanged, barring a meaningful shift in interest rates or consumer confidence.
However, as households adapt to prolonged uncertainty, pent-up demand may gradually return. Whether that resurgence materializes later in 2026 or beyond remains to be seen.
For buyers, this environment offers leverage, selection, and negotiation power. For sellers, realistic pricing and strong presentation are more important than ever.
If you’re planning to buy, sell, or invest in Metro Vancouver this year, understanding these trends is critical. Our team continues to monitor the market closely and provide data-driven guidance tailored to each client’s goals.
The full report is accessible from the GVR website.
