If you've been sitting on the sidelines waiting for the right moment to buy a home in Greater Vancouver, 2026 might just be your year. The market has shifted significantly over the past couple of years, and conditions are looking more favorable for buyers than they have in quite some time.
Whether you're a first-time buyer or looking to upgrade, understanding what's happening right now can help you make smarter decisions. Let's break down the 10 things you absolutely need to know before jumping into the Greater Vancouver real estate market this year.
1. It's Officially a Buyer's Market
Here's some great news: the power dynamics have shifted. With approximately eight months of inventory on the market and a sales-to-active listings ratio hovering around 12.7%, buyers now have significant negotiating leverage.
What does this mean for you? Sellers are competing for your attention rather than the other way around. You can take your time, negotiate harder, and potentially walk away with a better deal than you would have just a couple of years ago.
2. Home Prices Have Dropped to Three-Year Lows
Benchmark prices have declined approximately 4.5% over the past year, bringing us back to early-2023 levels. The average home price currently sits around $1,189,227: down 6.8% from where it was a year ago.
To put that in perspective, we're looking at a meaningful correction from the 2022 peak of $1,252,800. If you felt priced out during the pandemic housing frenzy, this shift could make previously unreachable neighborhoods suddenly attainable.
3. You'll Have More Choices Than Ever
Active listings reached 12,550 in December 2025: that's a 20% increase year-over-year and represents the fourth-highest December inventory level on record going back to 2005.
More listings mean:
- Greater variety in neighborhoods, styles, and price points
- Less pressure to make snap decisions
- Better chances of finding a home that truly fits your needs
- More room to be selective about features and condition
Ready to explore what's available? Our map search tool lets you browse current listings across the region.
4. Property Type Makes a Big Difference
Not all property types have been affected equally by recent market shifts. Here's how the numbers break down:
| Property Type | Current Benchmark | Year-Over-Year Change |
|---|---|---|
| Condos | $720,000 | Down 11% |
| Attached Homes | $1.20 million | Down 4.3% |
| Detached Homes | $2.05 million | Down 3.6% |
Condos have seen the steepest discounts, making them particularly attractive for first-time buyers or those prioritizing location over space. If you're flexible on property type, there could be some real opportunities to stretch your budget further.
5. Mortgage Rates Have Eased Up
Remember when rates were keeping everyone up at night? Current 5-year variable rates have dropped to around 3.54%, providing some welcome relief for borrowers.
This lower borrowing cost helps offset some of the challenges of carrying a mortgage in an expensive market. Combined with softening prices, your monthly payments might be more manageable than you expected.
Pro tip: Use our mortgage calculator to get a realistic picture of what your monthly costs might look like at current rates.
6. Take Your Time: Properties Are Staying Listed Longer
Gone are the days of needing to make an offer within hours of a listing going live. Days on market have stretched to levels we haven't seen since 2019, giving you breathing room to:
- Schedule multiple viewings
- Get proper inspections done
- Compare options thoughtfully
- Sleep on major decisions
This extended timeline is a gift for buyers who want to make informed choices rather than panic-buying out of fear of missing out.
7. Competition Is Lower Than It's Been in Decades
Here's a statistic that might surprise you: 2025 closed with the fewest home sales since 2000. While that sounds concerning for the overall market, it's actually good news for you as a buyer.
Fewer transactions mean:
- Less competitive pressure from other buyers
- Lower likelihood of bidding wars
- More negotiating power on price and terms
- A more relaxed purchase environment overall
8. Don't Expect Massive Further Drops
While prices have come down, most forecasts suggest we're unlikely to see dramatic further declines. Price erosion is expected to be limited mostly to condos and certain luxury segments.
What this means: if you're waiting for prices to crash another 20%, you might be waiting a long time. The current market represents a correction, not a collapse. Vancouver's fundamentals: limited land, strong immigration, desirable lifestyle: continue to support long-term value.
9. New Construction Options Are Changing
Developers are adapting to current market realities by pivoting from high-rise condo models to mid-rise and ground-oriented projects. This shift means more diverse housing options are entering the market, potentially offering alternatives that better match what today's buyers are actually looking for.
If you're interested in pre-construction opportunities, it's worth exploring what's coming to market. Check out our presales page for current developments.
10. Vancouver Remains More Stable Than Other Major Markets
Here's some reassuring context: while Toronto prices have fallen roughly 27% from their 2022 peak, Vancouver's correction has been more measured. Our market has shown greater resilience, suggesting broader economic stability in the region.
This relative stability means you're buying into a market that, while adjusting, isn't experiencing the dramatic swings seen elsewhere in Canada.
What Does This All Mean for You?
The 2026 Greater Vancouver real estate market offers a combination of factors that genuinely favor buyers:
- More inventory = more choices
- Lower prices = better value
- Reduced competition = less pressure
- Lower rates = improved affordability
- Longer listing times = more decision-making time
Of course, every buyer's situation is unique. Your timeline, budget, and priorities will determine whether now is the right time for you specifically.
Ready to Start Your Home Search?
If you're considering making a move in 2026, having the right information and guidance makes all the difference. Understanding local market conditions, neighborhood dynamics, and negotiation strategies can save you thousands: and help you find a home you'll love.
Want to learn more about the buying process? Visit our buying resources page or reach out directly to discuss your specific situation.
The market is ready for buyers. The question is: are you ready to take advantage of it?
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.