Last month, I commented on how June suggested we might be moving back to a better market: sales were up year-over-year; we were seeing some multiple offers, and even the media reported that the real estate market, at least for detached homes, seemed to be picking up. Respected commentators were also saying that the market was likely at the bottom and smart buyers should act, not wait.
I suspected we might see a busy summer-I was so confident that the summer would be better (after a terrible Spring) that I cut out some of my planned holidays. Sadly, I was wrong-we are NOT seeing a busy summer, despite the fact that it does seem we may be at the price bottom for detached homes, and of course, the "deals" on condos remain amazing.
The July statistics are not great, and our market is continuing its familiar 2025-2026 rhythm: one step forward, one step back. After a brief uptick in sales, activity slowed right back down last month, driven largely by an 18 percent drop in condo sales. Buyers are still holding firm leverage and taking their time, while inventory levels remain comfortably above long-term seasonal averages despite a slight slowdown in new listings.
As Andrew Lis, Greater Vancouver Realtors' chief economist, pointed out:
"Last month, we reported broad gains in home sales across all home types, raising the question of whether demand would continue to build into the summer. Instead, July sales were down nearly ten percent, led by an 18 percent drop in apartment sales, confirming to market watchers that the June momentum was not sustained. Over the past few years, the sales activity story has often been one step forward, one step back, and the June and July data are a prime example of this pattern."
If we look at the July 2026 numbers, last month in Greater Vancouver, we saw:
- Sales of all types of properties reached 2,061 transactions, which is DOWN 9.8% from July 2025 (2,286 sales). Sales were 18.6% BELOW the 10-year seasonal average (2,532).
- The number of active listings sits at 16,476, which is DOWN 4.0% compared to July 2025 (17,168). However, this is still 26.8% ABOVE the 10-year seasonal average (12,992), giving buyers plenty of options to choose from.
- Newly listed properties came in at 4,991, DOWN 11.5% compared to July 2025 (5,642). This figure matches the 10-year seasonal average (4,992).
- Detached home sales reached 639 transactions, DOWN 3.2% from July 2025 (660). The composite benchmark price for a detached home is now $1,822,900, which is DOWN 7.0% compared to July 2025 and DOWN 1.1% compared to June 2026.
- The sales-to-active listings ratio overall was 13.0%. By property type, it was 10.5% for detached homes, 15.8% for attached/townhomes, and 14.0% for apartments. Prices trend downward when the ratio is below 12% for a sustained period.
For Buyers
You are still sitting in a very advantageous position. With inventory levels nearly 27% higher than the 10-year average and composite benchmark prices easing 6.2% year-over-year ($1,088,800), you have the leverage, time to breathe, and room to negotiate. There is no rush or pressure to make rash decisions.
However, keep in mind that as new listings slow down, total inventory is beginning a gradual decline. When you find a quality home that is priced appropriately, don't wait around expecting unrealistic price drops. This window of buyer leverage won't remain wide open forever! You don't have to rely on me; experts in many fields are saying this and encouraging buyers to buy.
For Sellers
Realistic pricing from the very beginning remains the single most critical factor for success in this market. Buyers today are pragmatic and well-informed. If your home is overpriced, buyers will not bother making a low offer. Instead, they will simply ignore the listing and wait for you to lower the price. The longer you wait, the lower your likely eventual sale price.
If you feel discouraged by softening prices, keep the big picture in perspective: unless you purchased within the last couple of years, you have likely accumulated a LOT of tax-free gain over your time as a homeowner. It is very unlikely that we will see a price run like we had over the past 20 years for many decades.
Furthermore, if you are selling to "move up" to a larger or higher-priced home, a buyer's market is actually the absolute best time to do so. The financial "gap" between your current property and your target property shrinks when higher-end homes experience larger dollar-value price adjustments.
Final Thoughts
Navigating current market conditions requires strategy, realistic expectations, and proper execution. Whether you are planning your next move, considering buying, or curious about the specific market value of your home today, I am always here to help you understand the trends and timing.
Feel free to contact me anytime… or book an appointment!