January home sales slide nearly 29% in Metro Vancouver
Metro Vancouver home sales fell 28.7% year-over-year in January 2026, with only 1,107 transactions recorded, marking one of the slowest starts to a year in recent memory. The composite benchmark price dropped 5.7% annually to $1.102 million, while active listings surged to 12,628 properties, sitting 38% above the 10-year average. Greater Vancouver Realtors chief economist Andrew Lis noted that market momentum is a slowly evolving force, predicting 2026 will resemble 2025 with tepid sales and stable year-end prices. (Source: Real Estate Magazine)
Vancouver Real Estate Enters Second-Wave Correction, Inventory Soars
Vancouver real estate is entering what analysts describe as a second-wave correction, with January prices dropping 1.2% month-over-month to $1.10 million and declining 5.7% year-over-year, now sitting 12.0% below the April 2022 peak. Inventory has surged to 12,600 active listings, 38% above the 10-year average, while the sales-to-new-listings ratio fell to just 21%, the weakest January reading since at least 2015. Completed but unsold new homes reached 5,500 units in December, representing over one-quarter of such inventory nationwide, with 88% of annual price declines occurring in the past six months alone. (Source: Better Dwelling)
Home prices in parts of Metro Vancouver, Fraser Valley fall to early-pandemic levels
Home prices in parts of Metro Vancouver and the Fraser Valley have fallen to levels not seen since early in the pandemic, with the Fraser Valley benchmark dropping to $897,000, down 6.9% year-over-year and dipping below $900,000 for the first time since spring 2021. Fraser Valley condominiums saw the steepest declines at 8.2% annually to $489,000, while only 619 transactions were recorded, down 24% from January 2025. In Greater Vancouver, the benchmark across all property types fell 5.7% to $1.102 million, with active listings 38% above the 10-year average as buyers continue to hold back. (Source: Daily Hive)
Vancouver home sales continue sluggish pace to kick of 2026: real estate board
Vancouver home sales continued at a sluggish pace to kick off 2026, with the Greater Vancouver Realtors reporting just 1,107 transactions in January, down 28.7% from a year earlier and well below the 10-year seasonal average. The benchmark price for all residential properties fell 5.7% year-over-year to $1.102 million, while new listings rose 7.3% and active inventory climbed to 12,628 homes, signaling a firmly buyer-favourable market. The real estate board attributed the slowdown to persistent affordability challenges and buyer uncertainty despite multiple Bank of Canada rate cuts in 2025. (Source: Business in Vancouver)
Metro Vancouver home flipping sales hit record lows
Home flipping in Metro Vancouver has plummeted to just 1.7% of overall sales, a record low, according to data compiled by the Saretsky Group from Greater Vancouver Realtors statistics. With home sales at a 25-year low, most current transactions involve end-users rather than investors, and anyone who purchased 18 months ago and sold today would likely take a loss. The BC Real Estate Association projects home prices could jump 27% by 2032 due to low unsold inventory, weak construction activity, and stalled pre-sales, mirroring post-2008 patterns when prices rose 47% between 2010-2019. (Source: Daily Hive)
City's response to the Auditor General audit report on real estate land sales and exchanges
The City of Vancouver issued a formal response to the Auditor General's audit report released in February 2026, which examined municipal land sales and exchanges from January 2016 to June 2024. The audit found that city staff could not consistently demonstrate they maximized taxpayer value in significant real estate transactions worth hundreds of millions of dollars, identifying systemic governance weaknesses including lack of strategic direction, policy inconsistencies, and insufficient Council engagement. The city accepted all ten recommendations, including establishing a clear Council-approved land strategy and improving documentation and reporting on appraisals. (Source: City of Vancouver)
Approved Burrard Bridge rental towers could reap $1 billion for City of Vancouver
Vancouver City Council voted 8-2 to approve a major municipal rental housing development at the north end of the Burrard Street Bridge, delivering 1,089 purpose-built market rental homes in two towers reaching 52 and 40 storeys on 1.8 acres at Burrard and Pacific Streets. The project, estimated to cost $900 million to build, is projected to generate approximately $1.02 billion in rental revenue over 35-40 years, with 13,000 square feet of retail space and roughly 330 parking stalls. However, construction financing remains unresolved, and city staff indicated that without new financial arrangements, construction may not begin for another two to three years. (Source: Daily Hive)
Vancouver commercial real estate outlook brightens after uneven 2025
Vancouver's commercial real estate outlook is brightening heading into 2026 after an uneven 2025 that saw varying performance across asset classes. The office market showed early recovery signs with vacancy expected to decline from 12.8% to 12.3% in 2026 as leasing activity doubled year-over-year and no major new office projects remain under construction. Despite current challenges, downtown Vancouver remains Canada's best-performing major city office market, though vacancy rates are still significantly elevated compared to the pre-pandemic rate of approximately 2%. (Source: Business in Vancouver)
Housing market risks repeat of post-2008 crisis, BCREA warns
The BC Real Estate Association (BCREA) released a market intelligence report warning that British Columbia risks repeating the dramatic housing price swings of the 2010s unless consistent supply policies are maintained. Unsold new home inventory has reached a 30-year high, particularly for apartment units, while developers are delaying or cancelling projects due to weak demand. BCREA chief economist Brendon Ogmundson warned that current conditions put the province at risk of chronic undersupply when demand inevitably returns, projecting home prices could increase by 27% by 2032 if supply issues persist. (Source: Real Estate Magazine)
Vancouver Plan to be replaced by first-ever citywide Official Development Plan
Vancouver is preparing to adopt its first-ever citywide Official Development Plan (ODP), a legally binding land use framework for the next 30-plus years that provincial legislation mandates be completed in interim form by June 30, 2026. The plan maps the city's evolution over 50-100 years and introduces parcel-level designations defining maximum development potential, with the city projecting approximately one million residents by 2050, up 240,000 from current levels, along with 619,000 jobs. Notably, rezoning applications with 50% or more residential floor area that align with the ODP will no longer require public hearings, streamlining approvals but raising concerns about reduced public oversight. (Source: Daily Hive)
Downtown Vancouver office vacancies rise, but sales of major properties buoy confidence
Downtown Vancouver office vacancies continued to rise in 2025 despite several major property sales that signaled investor confidence in the market's long-term prospects. The vacancy rate climbed to 12.8% by year-end, far above pre-pandemic levels of roughly 2%, as several planned office developments were cancelled or converted to other uses. However, CBRE forecasts a modest improvement to 12.3% vacancy in 2026 as limited new supply combines with strengthening leasing demand, with gross leasing activity having doubled year-over-year. (Source: Vancouver Sun)
BC Real Estate Association says more consistency needed to avoid wild swings
The BC Real Estate Association (BCREA) is calling for more consistency in housing policy to avoid the wild price swings that have characterized British Columbia's real estate market over the past two decades. BCREA's latest report warns that unsold new home inventory has risen to levels not seen since the late 1990s, driven by crippling development taxes and weak demand, while developers delay or cancel projects. The association recommends strengthened pre-sales regulations, reconsidering foreign buyer participation in new construction, and reducing development costs to prevent chronic undersupply when demand inevitably returns. (Source: Castanet)
City of Vancouver can't prove it maximized value in some land sales: eight-year audit
Vancouver's Auditor General Mike Macdonell released a 53-page audit of city land sales and exchanges from 2016 to 2024, finding that staff cannot consistently demonstrate they maximized taxpayer value in transactions worth hundreds of millions of dollars. Of 16 major transactions analyzed, 13 were initiated by outside developers rather than city-led planning, with no competitive open-market sales since 2016, and Council was not informed when negotiated prices fell below appraised values in six transactions. A notable case at 601 Beach Crescent revealed a $13 million calculation error and a $12.1 million community amenity contribution agreed to via email without Council approval, prompting ten recommendations for improved governance. (Source: Daily Hive)
Army & Navy redevelopment proposal goes to public hearing Feb. 10
The historic Army & Navy department store redevelopment proposal at 36 West Cordova Street in Vancouver's Gastown is heading to a public hearing on February 10, 2026. The proposal seeks to transform the long-vacant heritage site into a mixed-use development featuring residential, commercial, and community space, as the building has sat empty since the retailer's closure during the pandemic. The project represents one of several significant redevelopment proposals in the Downtown Eastside area aimed at revitalizing the neighbourhood while preserving its heritage character. (Source: Business in Vancouver)
Toronto, Vancouver show biggest signs of mortgage stress: CMHC
Canada Mortgage and Housing Corporation (CMHC) data shows that Toronto and Vancouver are exhibiting the biggest signs of mortgage stress among major Canadian cities, with both markets seeing elevated rates of mortgage arrears and delinquencies. Rising interest rates over recent years have increased carrying costs for homeowners, particularly in these two high-priced markets where mortgage-to-income ratios are the highest nationally. The findings underscore ongoing affordability concerns as the housing correction continues to impact overleveraged borrowers in Canada's most expensive real estate markets. (Source: Business in Vancouver)
AI won’t replace real estate agents, but it will change the work
While artificial intelligence is rapidly transforming the real estate industry, experts say AI will not replace real estate agents but will fundamentally change how they work. AI tools are increasingly being used for property valuations, market analysis, lead generation, and client communications, allowing agents to automate routine tasks and focus more on relationship-building and complex negotiations. The technology is expected to raise the bar for agent competency, with those who embrace AI tools gaining a significant competitive advantage over those who resist adoption. (Source: Real Estate Magazine)
Another Ontario real estate firm has trust accounts frozen by regulator
Ontario's real estate regulator has frozen the trust accounts of another real estate brokerage firm following an investigation into financial irregularities. The action against Save Max Real Estate comes amid increasing regulatory scrutiny of brokerage trust account management across the province, highlighting the importance of proper fiduciary oversight in real estate transactions. The case follows a series of enforcement actions by the Real Estate Council of Ontario (RECO) aimed at protecting consumers and maintaining trust in the real estate industry. (Source: Global News)
Ontario’s real estate regulator freezes bank accounts of four Mississauga brokerages
The Real Estate Council of Ontario (RECO) has frozen bank accounts of four Save Max brokerages in Mississauga after an investigation found $2.7 million was disbursed unlawfully from trust accounts, used for loan payments, property management fees, taxes, credit card balances, and vendor services. RECO discovered the unlawfully withdrawn funds were typically replaced before month-end reconciliation, suggesting deliberate concealment, and has issued notices to revoke registration, imposed suspension orders, and notified Peel Regional Police. Approximately 400 registered agents are impacted by the enforcement action, with RECO advising affected buyers and sellers to contact their agents about outstanding transactions. (Source: CTV News)
Block-long redevelopment of Vancouver’s Granville strip calls for 523 rental units
A block-long redevelopment proposal for Vancouver's Granville Entertainment Strip is calling for 523 purpose-built rental units in a major mixed-use project that would transform the area's streetscape. The development would bring new residential density along with commercial and retail space to one of downtown Vancouver's most prominent entertainment corridors. The project is part of a broader trend of large-scale rental housing proposals in the city centre as developers respond to the ongoing housing supply shortage. (Source: Business in Vancouver)
Downtown Vancouver's office space market may finally be turning around
Downtown Vancouver's office market is showing early signs of recovery heading into 2026, with CBRE forecasting vacancy rates to decline from 12.8% to 12.3% as leasing activity doubled year-over-year and no major new office projects remain under construction. Several previously planned office developments have been cancelled or converted, including Westbank's 583,000-square-foot tower at 150 West Georgia becoming a mixed-use project, and a 376,000-square-foot tower at 450 West Georgia being abandoned for a grocery store conversion. Despite current challenges, downtown Vancouver remains Canada's best-performing major city office market, with a new 22-storey, 417,000-square-foot premium office tower by Cadillac Fairview expected to receive a municipal decision by May 2026. (Source: Daily Hive)
Fraser Valley home prices drop to pandemic-era levels
Fraser Valley home prices continued their downward trajectory in January 2026, with the composite benchmark falling to $897,000, down 6.9% year-over-year and below $900,000 for the first time since spring 2021. Single-family detached homes in the Fraser Valley declined 7.4% annually to $1.373 million, while condominiums saw the steepest drops at 8.2% to $489,000, as sales activity fell 24% with only 619 transactions recorded. Market conditions remain firmly in buyers' favour, with elevated inventory levels and properties averaging over 50 days on market across all property types. (Source: CityNews Vancouver)
B.C. fund exceeds goal: 2,200 old affordable rentals protected from big rent hikes
British Columbia's Rental Protection Fund has surpassed its original goal of protecting 2,000 affordable rental homes, securing approximately 2,200 units across the province in under three years since its 2023 launch with $500 million in provincial funding. Recent acquisitions include 40 units in Vancouver's Grandview-Woodlands neighbourhood with rents 50% below market averages and 37 units in White Rock at 45% below market rates. Housing Minister Christine Boyle emphasized that protecting homes people already rely on is one of the most impactful tools available to ease pressures on renters across the province. (Source: Daily Hive)
B.C. rental protection fund surpasses goal, preserves 2,200 homes, government says
BC's Rental Protection Fund has exceeded its three-year target of protecting 2,000 affordable rental homes, reaching approximately 2,200 units secured across the province through partnerships with non-profit housing organizations. The $500-million fund, launched in 2023, enables non-profits to purchase at-risk rental buildings that might otherwise face redevelopment or significant rent increases, with recent acquisitions in Vancouver and White Rock offering rents 45-50% below market rates. The milestone demonstrates the fund's effectiveness as a tool for preserving existing affordable housing stock amid ongoing rental market pressures in BC. (Source: Vancouver Sun)
Rental Protection Fund surpasses 2,000 homes protected across B.C.
The Rental Protection Fund has surpassed 2,000 homes protected across British Columbia, achieving its original three-year target ahead of schedule with approximately 2,200 units now secured through non-profit acquisitions. The $500-million provincial fund has enabled community housing organizations to purchase rental buildings at risk of redevelopment or sale, preserving below-market rents for long-term tenants in cities including Vancouver, White Rock, and communities throughout BC. The fund is managed through partnerships with the BC Non-Profit Housing Association, Co-operative Housing Federation BC, and the Aboriginal Housing Management Association. (Source: Financial Post)
B.C. developer worth millions risks jail unless she reveals truth of personal finances
Vancouver developer Helen Chan Sun, CEO of Landmark Premiere Properties Ltd., faces a 40-day jail sentence if she fails to comply with a court order by February 20, 2026 to disclose her personal finances. Sun owes approximately $3.5 million remaining on a $5.6 million settlement related to a failed Burnaby real estate project, while also facing nearly $6 million in CRA tax debt. The court found inconsistencies between her claimed annual income of $60,000-$70,000 and evidence of luxury purchases and expensive vacations, with a judge warning she is hanging by a very fine thread. Separate creditors are also pursuing bankruptcy proceedings that could threaten 100 pre-sale condo units in her White Rock development project. (Source: CBC News)
In Canadian real estate's longest winter, buyers hold the power as sellers face reality
Canada's housing market has shifted firmly in favour of buyers as rising inventory, falling prices, and cautious consumer sentiment give purchasers increasing negotiating power over sellers who face a new reality. With benchmark prices declining across major markets including Metro Vancouver where prices have dropped 5.7% year-over-year, sellers are being forced to adjust expectations as the days of multiple offers and bidding wars become increasingly rare. The buyer's market is expected to persist through much of 2026 as elevated interest rates and ample supply continue to moderate price expectations nationally. (Source: Financial Post)
West Vancouver landlord ordered to pay tenant $38,000 for wrongful eviction
A West Vancouver landlord has been ordered to pay a tenant $38,000 in compensation for wrongful eviction, in a ruling that underscores tenant protections under British Columbia's Residential Tenancy Act. The Residential Tenancy Branch found that the landlord failed to meet the legal requirements for eviction and ordered substantial damages reflecting lost housing security in one of the province's most expensive rental markets. The case serves as a reminder to landlords of the significant financial penalties that can result from improperly executed evictions in BC. (Source: Vancouver Is Awesome)
Westbank downtown Vancouver office project shifts to hotel, housing, data centre
Developer Westbank has abandoned its original 17-storey, 583,000-square-foot office tower plan at 150 West Georgia Street (formerly 720 Beatty Street) near BC Place, pivoting to a 48-storey, 700,000-square-foot mixed-use tower combining hotel, residential units, and a data centre, designed by Align Architecture. The project change reflects Westbank's significant financial difficulties, with the developer owing approximately $171 million plus interest to secured lenders according to a BC Utilities Commission ruling. The revised development remains in pre-application stages with no formal municipal submission, while the accompanying Creative Energy steam plant project has seen costs escalate from $53.1 million in 2018 to $74.3 million in 2022. (Source: Daily Hive)
Monstrosities' or the evolution of housing? Multi-unit buildings on single-family lots gain traction in B.C. cities
Vancouver's multiplex housing initiative is gaining momentum as the city continues to encourage the development of duplexes, triplexes, and fourplexes on traditional single-family lots across residential neighbourhoods. The program, which allows increased density on previously restricted lots, is part of Vancouver's broader strategy to address the housing supply shortage and improve affordability by enabling more gentle density options. Early results show growing interest from homeowners and developers looking to add housing units in established neighbourhoods while maintaining neighbourhood character. (Source: Vancouver Sun)
Mortgage broker says housing prices haven't hit bottom yet: FP Video
A prominent Canadian mortgage broker warns that housing prices across the country have not yet reached their bottom, suggesting further declines are ahead before the market finds a floor. The assessment comes amid continued price softening in major markets including Vancouver where benchmark prices have fallen 5.7% year-over-year, with elevated inventory levels and cautious buyers keeping downward pressure on valuations. The broker points to persistent affordability challenges and the lagging impact of previous rate hikes as factors that will continue to weigh on prices through 2026. (Source: Financial Post)
This week's headlines paint a portrait of a Vancouver housing market navigating uncharted territory. The convergence of plunging sales, accelerating price declines, and record inventory levels signals a market firmly in correction mode, with experts warning the bottom has not yet been reached. For buyers, this represents an increasingly rare opportunity in a market where negotiating power has shifted decisively in their favour. For sellers, the message is clear: adjusting expectations is no longer optional. Looking ahead, the tension between today's weak demand and tomorrow's potential supply shortage -- BCREA's warning of a possible 27% price jump by 2032 -- underscores the cyclical nature of Vancouver real estate. The approval of major rental projects, a transformative Official Development Plan, and expanded renter protections suggest the region is building the infrastructure for its next chapter, even as the current correction plays out. Stay tuned to My GoodReal for your weekly pulse on Vancouver's evolving real estate landscape.News Sources
- (Real Estate Magazine) January home sales slide nearly 29% in Metro Vancouver
- (Better Dwelling) Vancouver Real Estate Enters Second-Wave Correction, Inventory Soars
- (Daily Hive Vancouver) Home prices in parts of Metro Vancouver, Fraser Valley fall to early-pandemic levels
- (Business in Vancouver) Vancouver home sales continue sluggish pace to kick of 2026: real estate board
- (Daily Hive Vancouver) Metro Vancouver home flipping sales hit record lows
- (City of Vancouver) City's response to the Auditor General audit report on real estate land sales and exchanges
- (Daily Hive Vancouver) Approved Burrard Bridge rental towers could reap $1 billion for City of Vancouver
- (Business in Vancouver) Vancouver commercial real estate outlook brightens after uneven 2025
- (Real Estate Magazine) Housing market risks repeat of post-2008 crisis, BCREA warns
- (Daily Hive Vancouver) Vancouver Plan to be replaced by first-ever citywide Official Development Plan
- (Vancouver Sun) Downtown Vancouver office vacancies rise, but sales of major properties buoy confidence
- (Castanet) BC Real Estate Association says more consistency needed to avoid wild swings
- (Daily Hive Vancouver) City of Vancouver can't prove it maximized value in some land sales: eight-year audit
- (Business in Vancouver) Army & Navy redevelopment proposal goes to public hearing Feb. 10
- (Business in Vancouver) Toronto, Vancouver show biggest signs of mortgage stress: CMHC
- (Real Estate Magazine) AI won’t replace real estate agents, but it will change the work
- (Global News) Another Ontario real estate firm has trust accounts frozen by regulator
- (CTV News) Ontario’s real estate regulator freezes bank accounts of four Mississauga brokerages
- (Business in Vancouver) Block-long redevelopment of Vancouver’s Granville strip calls for 523 rental units
- (Daily Hive Vancouver) Downtown Vancouver's office space market may finally be turning around
- (CityNews Vancouver) Fraser Valley home prices drop to pandemic-era levels
- (Daily Hive Vancouver) B.C. fund exceeds goal: 2,200 old affordable rentals protected from big rent hikes
- (Vancouver Sun) B.C. rental protection fund surpasses goal, preserves 2,200 homes, government says
- (Financial Post) Rental Protection Fund surpasses 2,000 homes protected across B.C.
- (CBC) B.C. developer worth millions risks jail unless she reveals truth of personal finances
- (Financial Post) In Canadian real estate's longest winter, buyers hold the power as sellers face reality
- (Vancouver Is Awesome) West Vancouver landlord ordered to pay tenant $38,000 for wrongful eviction
- (Daily Hive Vancouver) Westbank downtown Vancouver office project shifts to hotel, housing, data centre
- (Vancouver Sun) Monstrosities' or the evolution of housing? Multi-unit buildings on single-family lots gain traction in B.C. cities
- (Financial Post) Mortgage broker says housing prices haven't hit bottom yet: FP Video
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