Home prices in parts of Metro Vancouver and Fraser Valley back to levels before pandemic-induced surge
Other areas of Metro Vancouver are under the separate jurisdiction of Greater Vancouver Realtors (GVR), including Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, as well as the Sunshine Coast, Squamish, and Whistler.
In January 2026, properties in the FVREB area were on the market for an average of 55 days for single-family detached homes, 50 days for townhomes, and 53 days for condominiums. In the GVR area, single-family detached homes averaged 61 days on market, townhomes 47 days, and condominiums 49 days.
The benchmark home price in FVREB’s jurisdiction in January 2026 slipped below $0.9 million for the first time since Spring 2021 — continuing a sustained downward trend ever since the pandemic-induced surge sent FVREB’s benchmark home prices into the $1 million mark for the first-time ever, when remote work encouraged some people to seek larger and relatively more affordable living spaces in the outskirts of the Lower Mainland.
Benchmark home prices fell for the 10th straight month, with the benchmark falling to $0.897 million, representing a 6.9 per cent year-over-year drop.
Home sales activity in FVREB was soft, with just 619 transactions in January 2026 — 24 per cent below January 2025, and 33 per cent lower than December 2025. New listings surged by 128 per cent compared to December 2025, but this reflects typical seasonal patterns as sellers return to the market.
“January opened the year with negligible momentum,” said Tore Jacobsen, chair of the FVREB, in a statement.
“Prices continued to weaken while at the same time selection remains high. Under normal market dynamics, these would be considered highly favourable conditions for buyers, however the uncertainty of the past year or so continues to loom large, subduing buyer confidence and muting overall market activity.”
The benchmark price in FVREB for a single-family detached house fell to $1.373 million, down 1.1 per cent from December 2025 and 7.4 per cent compared with January 2025. Townhome prices also declined, with the benchmark at $0.773 million, representing a one per cent monthly decrease and a 6.5 per cent drop year-over-year. Condominium prices saw similar pressure, with the benchmark slipping to $0.489 million, down 0.6 per cent from December 2025 and 8.2 per cent from the same time last year.
Within Surrey, single-family detached house sales fell to 80 transactions, down 30 per cent from January 2025 and nearly 47 per cent from December 2025, while the benchmark price slipped to $1.47 million, an 8.3 per cent year-over-year decrease. Townhome sales also dropped sharply to 85 units, down 38 per cent from last year, as the benchmark price declined 7.2 per cent year over year to $0.789 million. Condominium sales were comparatively more resilient at 91 transactions, but still posted a 27 per cent year-over-year decline, with the benchmark price easing to $0.481 million — down 8.4 per cent from January 2025.
As for the jurisdiction of Greater Vancouver Realtors, home sales in January 2026 reached 1,107 transactions, representing a decline of about 29 per cent compared to January 2025, and 31 per cent below the 10-year seasonal average.
Listings remained elevated, with GVR’s total active inventory standing at 12,628 properties, roughly 38 per cent above the 10-year average, as sellers continue to list homes even while demand softens. New listings for the month were down slightly from last year but still above seasonal norms.
“On their own, the January sales appear alarming, but it’s important to put these figures in the context of the past few years. Last year ended with one of the lowest sales totals in over two decades, and so it’s not surprising that the January sales figures were fourth slowest in over two decades as well,” said Andrew Lis, GVR chief economist and vice-president data analytics.
“Market momentum is a slowly evolving force, and in many ways, the January figures represent a market that continues slowly evolving to what may be a new normal.”
GVR’s home prices continued to ease relative to last year. The benchmark price across all home types was $1.102 million, down 5.7 per cent from January 2025 and modestly lower than December 2025.
Home sales across all property types in GVR declined in January 2026, alongside continued softening in benchmark prices. Single-family detached house sales fell to 300 transactions, down 21 per cent year over year, with the benchmark price easing to $1.851 million — a 7.3 per cent year-over-year decline and a 1.5 per cent drop from December 2025.
Townhome sales also declined, totalling 246 units, a 23.4 per cent decrease compared with January 2025, as the benchmark price dropped to $1,043,400, down 5.4 per cent annually and 1.2 per cent from December.
Condominium sales saw the steepest slowdown, falling 34.5 per cent from last year to 554 units, while the benchmark price dropped to $0.705 million, down 5.9 per cent year-over-year and 0.8 per cent month-over-month.
“Our recent 2026 forecast suggests this year is likely to resemble 2025 on many fronts, and we expect sales to remain tepid. When paired with sellers remaining eager to list, inventory will likely remain elevated relative to historical averages and, as a result, we expect prices to finish the year relatively unchanged,” continued Lis.
“As consumers adjust to the ongoing backdrop of political and economic uncertainty, we expect a degree of pent-up demand to re-enter the market at some point. Whether it will happen in 2026 remains an open question, and we’ll be watching the market closely for signs of improvement.”
In January 2026, benchmark prices in the city of Vancouver — both Vancouver East and Vancouver West — declined across all property types on a month-over-month and year-over-year basis.
In Vancouver East, the benchmark price for a single-family detached house was $1.698 million, down 1.2 per cent from December 2025 and 8.1 per cent compared with January 2025. Townhome prices in the area edged up slightly month over month to $1.037 million, an increase of 0.2 per cent, but remained 7.9 per cent lower than a year earlier. Condominium benchmark prices fell 1.7 per cent from December to $0.639 million and were down 8.3 per cent year over year.
In Vancouver West, price declines were more pronounced for ground-oriented housing. The benchmark price for a single-family detached home dropped 5.8 per cent from December 2025 to $2.956 million and was 12.2 per cent lower than in January 2025. Townhome prices decreased 1.1 per cent month over month to $1.397 million and were down 5.2 per cent year over year. Condominium prices were comparatively more stable, with the benchmark at $0.777 million, down 0.7 per cent from December 2025 and 4.3 per cent lower than the same month last year.
- You might also like:
- Weakest in a generation: Lower Mainland home sales hit 25-year low
- 55% of all Metro Vancouver homes projected to be condos by 2051
- Pent-up demand set to drive Canada's housing recovery in 2026 and 2027: forecast
- Repeat of the 2010s: B.C. home prices at risk of 27% jump by 2032 due to delayed construction