Market Update January 2026

January Snapshot

Metro Vancouver began 2026 with a familiar mix: softer demand, steady new supply, and benchmark prices drifting lower from late‑2025 levels. Inventory remained above typical seasonal norms, keeping negotiating conditions more balanced than the peak years. For buyers and sellers, January’s data reinforced that pricing power is still highly sensitive to product type and micro‑location, with the broad market trend remaining flat-to-down.

Sales & Listings Momentum

• Residential sales totalled (1,107 sales; GVR Jan 2026), down 28.7% year over year and 30.9% below the 10‑year seasonal average.
• New listings hit (5,157 new listings; GVR Jan 2026), 7.3% lower than January 2025, yet still 19.4% above the 10‑year seasonal average.
• Total active listings finished the month at (12,628 active listings; GVR Jan 2026), up 9.9% from a year earlier and 38% above the 10‑year seasonal average.

Put together, the January pattern is clear: sellers are listing, but buyer follow‑through hasn’t returned at the same pace. That gap is what keeps the market from rebuilding sustained upward price pressure.

Price Trends

• The composite benchmark price was ($1,101,900; -1.2% month over month; -5.7% year over year; GVR Jan 2026).
• Detached benchmark: ($1,850,800; -1.5% month over month; -7.3% year over year; GVR Jan 2026).
• Townhome benchmark: ($1,043,400; -1.2% month over month; -5.4% year over year; GVR Jan 2026).
• Apartment benchmark: ($704,600; -0.8% month over month; -5.9% year over year; GVR Jan 2026).

Most of the “movement” in January was a continuation of the late‑2025 drift rather than a sharp repricing event. Pricing remains most resilient where supply is tightest and the buyer pool is least payment‑sensitive.

Supply–Demand Balance

• The overall sales‑to‑active listings ratio was (9.1%; GVR Jan 2026), a level historically associated with neutral-to-downward price pressure if it persists.
• By property type, the ratio was (6.7% detached; 11.1% attached; 10.3% apartments; GVR Jan 2026).
• Using month-end inventory and sales, “months of supply” worked out to about (11.4 months of supply; derived from 12,628 ÷ 1,107; GVR Jan 2026).

In practical terms, balanced conditions can still produce multiple offers on correctly priced, scarce listings, while over‑optimistic asking prices face longer exposure and sharper negotiations. Month-by-month, supply signals are currently doing more to shape outcomes than demand surges.

Policy Watch

• The Bank of Canada held the overnight rate target at (2.25%; Jan 28, 2026 decision), keeping the interest‑rate backdrop steady into February.
• Province-wide, BCREA reported January MLS® sales across B.C. at (3,314 units; -22.9% year over year; Feb 11, 2026 release), which aligns with the softer tone showing up in Metro Vancouver’s monthly results.
• On the rental side, B.C.’s Housing and Municipal Affairs ministry pointed to January asking rent declines, including (Vancouver one-bedroom asking rents down 6.3% year over year; Feb 9, 2026 statement).

For active buyers, the policy takeaway is that rate stability helps planning, but it doesn’t automatically revive demand if employment, trade, or broader economic uncertainty stays elevated. For sellers, stable rates matter most when they translate into steadier showing volumes and firmer conditional periods, which has not yet fully materialized.

Why It Matters

• Pricing strategy is still the advantage. In a higher-inventory market, correct pricing and strong presentation are often more decisive than “waiting for spring.”
• Condition and strata context carry more weight. Buyers are comparing more options, so maintenance history, operating costs, and upcoming capital work can meaningfully change perceived value.
• Payment sensitivity remains high. Even with stable policy rates, mortgage qualification and payment math continue to filter demand by property type and price band.
• Watch inventory more than headlines. A sustained drop in active listings is typically the prerequisite for broader price momentum to return.

REBGV January 2026 Metrics

• Detached: (300 sales; $1,850,800 benchmark; -1.5% MoM; -7.3% YoY; GVR Jan 2026)
• Townhome: (246 sales; $1,043,400 benchmark; -1.2% MoM; -5.4% YoY; GVR Jan 2026)
• Apartment: (554 sales; $704,600 benchmark; -0.8% MoM; -5.9% YoY; GVR Jan 2026)
• Total: (1,107 sales; $1,101,900 composite benchmark; -1.2% MoM; -5.7% YoY; GVR Jan 2026)

Extended Analysis

Sub-Market Highlights

January’s “headline” benchmark changes mask meaningful spread across neighbourhoods and building vintages. In higher-turnover condo sub-markets, buyers tend to compare a larger set of listings before committing, which raises the bar for pricing precision and for clear, low-risk strata documentation. In the detached segment, the wider gap between asking and accepted prices often shows up first in longer days on market and in more subject-to-financing offers, especially when similar homes compete within the same school catchment.

Macro-Economic Context

Rate stability helps buyers forecast carrying costs, but affordability still depends on household income, down payment size, and the specific mortgage product being used. When sales volumes are low and inventory is high, even modest changes in financing conditions or employment expectations can shift demand quickly. That’s one reason the market can remain “quiet” while still producing pockets of competitive activity for properties that are scarce, well-priced, and easy to underwrite.

Forward-Looking Indicators

For the next quarter, the indicators that matter most are not short-term price prints but the direction of new listings relative to sales, and whether active listings begin to compress. If the sales-to-active ratio rises and stays elevated for several months, price pressure typically firms. If inventory keeps building, buyers gain more negotiating room and sellers face a stronger incentive to be realistic on price, dates, and condition-related concessions.

FAQ

Does a “balanced” market mean prices will stay flat?
Not necessarily. Balanced conditions often reduce the chance of rapid price swings, but prices can still drift based on the mix of homes selling and the supply in specific segments. A balanced headline can also hide buyer’s-market conditions in one segment and seller’s-market conditions in another.

What should sellers do differently in a higher-inventory market?
Start with a clear pricing strategy grounded in recent comparable sales, then remove avoidable friction: complete documentation, clean disclosures, and a showing plan that doesn’t limit buyer access. When buyers have options, they choose the listing that feels easiest to proceed with.

This article is for informational purposes only. Statistics and market conditions are current as of the publication date and may change without notice. It is not legal or financial advice. Always verify details and consult qualified professionals before making real-estate decisions.