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This is no longer a market defined by scarcity, panic or forced urgency. It is defined by choice, balance and discipline.
Kevin Skipworth
Dexter Realty
Ask a real estate agent if January is feeling different so far. Sometimes the numbers do not tell the whole story; the feeling on the ground from agents is that buyers are more engaged than we saw last year. With buyers citing better purchasing power and more opportunity as 2026 begins, we’ll see if the market saw its shadow or not on Groundhog Day. And perhaps an early start to the spring market is in store.
This is not a market losing momentum. It is a market rebuilding confidence.
Greater Vancouver: more inventory, better balance, clearer direction.
Total residential sales across Greater Vancouver reached 1,107 units in January, down from the fall months and in line with the seasonal drop from December’s numbers. Sales transactions that start in the last half of December are reflected in January sales reported, so while many celebrated the holidays and took time away from the market, it makes for weaker results in January. Nothing to be surprised at. But activity last month still outperformed January 2023 and January 2019, and thus reflected typical winter behavior rather than structural weakness. What’s more important is that activity in the market has increased at opens and with homes getting more buyers viewing them and even some multiple offers sprinkling into the market.
More importantly, supply continues to be a story in the market. Not just resale homes, but newly built properties – mostly apartments, are providing buyers with meaningful opportunities in the market. At the end of 2025, there were 4,350 newly built and move-in ready strata units available in Metro Vancouver according to Zonda Urban. Burnaby/New Westminster led the way with 1,388, followed by Richmond/South Delta with 653. Those opportunities will dwindle, though, as developers shy away from planning and building new projects due to the high costs in development, especially ever-increasing municipal and regional fees and levies. Once these new homes are gone, expect there to be a shortage in the next two to five years, with many developments halted and developers have pivoted to rental buildings.
Greater Vancouver sales in January were 31% below the ten-year average after sales in December were 18% below the ten-year average and November with 21% below the ten-year average. January lagged with the hangover from the end of 2025 as a year of uncertainty kept so many buyers on the sidelines.
Active listings rose to 12,628, up 10% year-over-year, while new listings surged to 5,253, a dramatic post-holiday return of sellers. The question is how many of these listings were brought back from 2025, some with lower prices to reflect sellers listening to the market. This influx of inventory pushed months of supply to 11 months, firmly into buyer’s market territory and giving purchasers something they have lacked for years: a continuation of time, selection and leverage.
The number of new listings in January were 19% above the ten-year average after December was 11% above the ten-year average and November 3% above. Again, how many of these listings are new to market or back on after a break for the holidays speaks volumes. With the total active listing count having only grown by less than 1% from December, this indicates that many of these new listings aren’t that new at all.
Yet despite this shift, the market remains orderly. The sales-to-listings ratio opened the year at 21%, a level that signals a significant buyer advantage. Buyers are present. Sellers need to be realistic. Transactions are happening – just with more deliberation.
This is the foundation of a sustainable market.
Vancouver Westside: inventory contracts quietly to tighten the market.
On the Vancouver Westside, January sales declined to 190 units, consistent with seasonal slowdowns and reflecting the discretionary nature of higher-end purchases. However, the more telling story lies on the supply side.
Active listings fell to 2,301, down 10% year-over-year (an anomaly in Metro Vancouver) and continued to trend lower month-over-month. This decline occurred even as 916 new listings entered the market, an indication that many listings came back on as opposed to new to market.
Months of supply rose to 12 months, maintaining buyers’ market conditions, but these metrics mask the growing selectivity of demand. Buyers are active, but focused. Sellers who align pricing with today’s realities are being rewarded with successful outcomes. The Westside is not oversupplied, it is recalibrating. Buyers are finding purchasing power they didn’t know existed.
Vancouver East Side: modestly moving with selection for buyers.
January sales reached 127 units, down seasonally but up 8% compared to January 2023, reinforcing the longer-term stability of demand in this submarket. Detached sales were up 9% year over year with buyers taking advantage of move-up opportunities. Active listings rose to 1,329 and new listings surged nearly 200% from December, reflecting sellers’ growing confidence in a more balanced environment.
Months of supply increased to ten months, yet the East Side remains one of the region’s most liquid markets. Townhomes and duplexes remain fully stocked as developers shift to smaller projects.
North Shore: inventory rebuild sets the stage for recovery.
North Vancouver recorded 92 sales in January, lower than prior years but still 21% higher than January 2023, highlighting the longer-term upward trend in demand. The story here is inventory.
Active listings climbed to 696, up 17% year-over-year, while new listings rose sharply as sellers responded to improving conditions. Months of supply increased to eight months, a notable shift from the tighter conditions of recent years. The North Shore remains highly desirable and this period of balance is likely temporary as pent-up demand slowly reasserts itself.
Beyond Vancouver.
Richmond’s January performance mirrored the broader region: slower sales at 129 units, paired with a meaningful increase in inventory. Active listings rose to 1,684, up 28% year-over-year, while new listings increased sharply from December.
Burnaby North and South outperformed the eastern part of that city with the south seeing more sales than January 2025 in detached and townhome segments. Opportunities are there for buyers in Burnaby, where massive developments at Brentwood and Metrotown continue to provide a significant supply of new condos, including the upscale Highline at Metrotown.
The Tri-Cities experienced one of the most pronounced inventory expansions in January which includes the supply of newly built homes. Coquitlam recorded 89 sales, outperforming January 2023 by 22%, while active listings rose to 1,063. Port Moody and Port Coquitlam saw sharp seasonal slowdowns in sales, but also dramatic increases in listings, creating the most buyer-friendly conditions seen in years.
Months of supply now range from 11 to 12 months, giving buyers flexibility and encouraging longer-term planning.
Further afield, markets like Maple Ridge, Pitt Meadows, Ladner and Tsawwassen experienced slower January sales. Ladner didn’t see a townhome or condo sale in January. Maple Ridge stood out with 72 sales, up from January 2023. And supply was stable at ten months, which could be a sign of underlying consistency.
Fraser Valley tells a similar story as Greater Vancouver.
Much like Greater Vancouver, The Fraser Valley experienced a tepid start to 2026, with February showing a decline in sales and new listings year-over-year. With 619 sales in January, this was down 32% from December and down 24% from January 2025. Unlike Greater Vancouver, sales were slightly down from January 2023 and down 21% from January 2019. Affordability continues to take a toll on the Fraser Valley market with prices showing higher declines over the last year compared to Greater Vancouver, with Surrey and North Delta being the hardest hit. Inventory saw a greater increase month-over-month in the Fraser Valley, up 11% compared to Greater Vancouver at only 1%.
With the increase in listing inventory, months of supply in the Fraser Valley increased from eight months in December to 12 months in January and compared to nine months in January 2025.
Big picture: this is what stability looks like.
January’s data confirms a critical shift underway across Metro Vancouver. This is no longer a market defined by scarcity, panic or forced urgency. It is defined by choice, balance and discipline. Inventory is being restored without overwhelming demand. Buyers are returning without overextending. Sellers are adjusting expectations without capitulating.
Sales volumes may be lower, but market quality is improving with prices experiencing sharper declines in the last six months. Purchasing power is at its best for buyers compared to the last five years.
As interest rate expectations stabilize and confidence gradually rebuilds, these conditions position the region well for more activity, particularly in the second half of 2026. Markets move in cycles and January made one thing clear: the groundwork for the next expansion phase is already being laid. There have been far too few sales in the past four years to expect this market to remain quiet.
