Written By Adam Wachtel PREC* of The Patti Martin Real Estate Group, REMAX Westcoast in Richmond, BC

January 2026 Metro Vancouver Real Estate Market Update

New Year, Same Housing Market Trends

The Metro Vancouver real estate market began 2026 much the same way it ended 2025: with slower sales, elevated inventory, and modest downward pressure on prices. According to the latest Greater Vancouver REALTORS® (GVR) January 2026 housing market report, buyer activity remains subdued as consumers continue to navigate economic and political uncertainty.

While the headline numbers may seem concerning at first glance, market analysts suggest this slowdown reflects a broader shift toward what may be a new normal for the region’s housing market.

Home Sales Start the Year Quietly

A total of 1,107 residential properties sold in Metro Vancouver in January 2026, representing a 28.7% decrease compared to January 2025 and sitting 30.9% below the 10-year seasonal average. This makes January one of the slowest starts to a year in more than two decades.

GVR Chief Economist Andrew Lis notes that while the numbers appear alarming on their own, they are consistent with the low sales volumes seen throughout much of 2025. Rather than a sudden downturn, January’s results reflect a market that continues to slowly adjust to changing conditions.

Inventory Remains Elevated

New listings in January totaled 5,157 properties, down 7.3% year-over-year but still 19.4% above the 10-year seasonal average. More notably, total active listings climbed to 12,628, an increase of 9.9% compared to January 2025 and a significant 38% above historical norms.

This combination of slower sales and higher inventory continues to shift negotiating power toward buyers, particularly in certain segments of the market.

Sales-to-Active Listings Ratio Signals Buyer-Leaning Market

The overall sales-to-active listings ratio across all property types currently sits at 9.1%:

• Detached homes: 6.7%
• Townhouses: 11.1%
• Apartments: 10.3%

Historically, prices tend to experience downward pressure when this ratio remains below 12% for a sustained period. With the market now firmly below that threshold, price softness has continued into the new year.

Prices Continue to Drift Lower

The MLS® Home Price Index (HPI) benchmark price for all residential properties in Metro Vancouver is $1,101,900, down 5.7% year-over-year and 1.2% from December 2025.

By property type:

• Detached homes: Benchmark price of $1,850,800 (⬇️ 7.3% year-over-year)
• Apartments: Benchmark price of $704,600 (⬇️ 5.9% year-over-year)
• Townhouses: Benchmark price of $1,043,400 (⬇️ approximately 5.4% year-over-year)

Sales volumes declined across all categories, with apartment sales seeing the steepest year-over-year drop.

What This Means for Buyers and Sellers in 2026

GVR’s outlook for 2026 suggests conditions may closely resemble those of 2025. Sales are expected to remain modest, inventory levels elevated, and prices relatively flat by year-end.

For buyers, this market continues to offer increased choice, less competition, and improved negotiating conditions—particularly compared to the frenzied markets of previous years.

For sellers, realistic pricing and strong presentation are more important than ever. With buyers exercising patience, properties that are priced aggressively or poorly positioned risk longer days on market.

There is also growing discussion around pent-up demand. As consumers adjust to ongoing uncertainty around interest rates, employment, and government policy, some demand may re-enter the market. Whether that happens later in 2026 remains an open question.

Final Thoughts

January’s data reinforces a key theme: the Metro Vancouver real estate market is not collapsing—but it is evolving. Understanding these shifts is essential whether you’re planning to buy, sell, or simply stay informed.

If you’d like a neighborhood-specific breakdown, advice on timing a purchase or sale, or a personalized market strategy, feel free to reach out.

Data source: Greater Vancouver REALTORS® (GVR), January 2026 Housing Market Report