Metro Vancouver's housing market kicked off 2026 with a quiet start, continuing the trend seen throughout 2025. It looks like things are moving a bit slower than usual.
Key Takeaways
- Home sales are down significantly compared to last year.
- More homes are listed for sale than the average.
- The market is showing signs of settling into a new normal.
- Home prices are down compared to last year.
- The forecast for 2026 suggests continued slow sales and stable pricing.
January 2026 Market Snapshot
In January, residential home sales across Metro Vancouver totaled 1100. This is a 29% drop compared to the same time last year and also 31% below the 10-year average for January. It's definitely a slower start to the year.
On the supply side, things look a bit different. Around 5200 homes were listed on the MLS in January. This is a 7% decrease from last year, but it's actually about 19% higher than the 10-year average for the month. By the end of January, there were about 12,600 homes listed for sale in total across Metro Vancouver. That's a pretty big jump, 38% higher than the average for January.
Understanding Supply and Demand: The Sales-to-Active-Listings Ratio
To get a better idea of what's happening with supply and demand, we look at the sales-to-active-listings ratio. This ratio compares the number of homes available for sale with the number of homes that actually sold during the month.
Historically, when this ratio stays below 12% for a while, it usually means home prices are likely to go down. On the flip side, if the ratio goes above 20% for several months, prices tend to go up.
In January, this ratio for all homes ended up at 9%. Breaking it down by property type:
- Detached Homes: 7%
- Attached Homes (Townhomes): 11%
- Apartments: 10%
These numbers suggest that there's more supply than demand right now, which can put downward pressure on prices.
Home Prices in January 2026
The MLS Home Price Index (HPI) benchmark price for all housing types in Metro Vancouver was $1,120,000 in January. This is 6% lower than it was last year.
Here's how the benchmark prices break down by property type:
- Detached Homes: $1,851,000
- Townhomes: $1,043,000
- Apartments: $705,000
So, prices have seen a decrease across the board compared to last year.
What to Expect Moving Forward
Looking ahead to the rest of 2026, the forecast suggests that sales will likely remain slow, and prices are expected to stay pretty flat. This is pretty similar to what we saw in 2025.
There's a chance that some pent-up demand might come back into the market at some point this year. However, whether that actually happens in 2026 is still an open question. It seems like the market is slowly adjusting to what might be a new normal.
