The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,100,300. This represents a 6.8 per cent decrease over February 2025 and a 0.1 per cent decrease compared to January 2026.

Specifically:

- The benchmark price for detached homes decreased 8.8% from Feb 2025 and decreased 0.8% from Jan 2026.

- The benchmark price for attached/townhouses decreased 5.6% from Feb 2025 and increased 0.3% from Jan 2026.

- The benchmark price for apartment/condos decreased 6.8% from Feb 2025 and increased 0.5% from Jan 2026.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Canadian real GDP rose by 0.2 per cent in December, after remaining mostly flat in November. Both goods-producing and service-producing sectors grew by 0.2 per cent, respectively. Sectoral growth was led by manufacturing (1.2 per cent), wholesale trade (1.7 per cent), and transportation/warehousing (0.7 per cent). The biggest detractor to growth came from mining, quarrying, and oil and gas extraction (-0.9 per cent). Output for the offices of real-estate agents and brokers fell by 3.6 per cent month-over-month. Preliminary estimates suggest that real GDP by industry was essentially unchanged in January.
     
Real GDP decreased by 0.2 per cent in the fourth quarter of 2025, registering an annualized growth rate of -0.6 per cent. Contraction was driven by declines in non-farm business inventories, led by the manufacturing and wholesale trade sectors. Overall trade picked up in the final quarter, with exports and imports increasing by 1.5 per cent and 0.3 per cent, respectively. Nonetheless, trade declined in 2025, with exports falling by 1.7 per cent and imports dropping by 0.4 per cent. Household spending rose 0.4 per cent in Q4, driven by higher expenditures on rent and financial services which offset an overall decline in goods-expenditures. Total capital investment increased 0.8 per cent, largely driven by government investments in weapons systems. Meanwhile, business investment declined by 0.1 per cent, as both residential and non-residential investment fell. However, business investment increased by 0.3 per cent overall in 2025. The household savings rate fell 0.8 points to 4.4 per cent, as disposable income growth was outpaced by nominal spending. Overall, the Canadian economy grew by 1.7 per cent in 2025.

Canada’s economic performance comes as an unwelcomed surprise, with annualized growth in the fourth quarter underperforming the Bank’s updated projection of flat (0 per cent) growth. Behind the headline number, increases in exports, household spending and government investment contributed to growth in the final quarter. However, 2025 marks the third consecutive year of government capital investment outpacing business capital expenditures with respect to GDP growth, suggesting ongoing weakness in private sector investment. A broad-based drawdown in trade for the year was the biggest detractor to growth in spite of further recovery during the final quarter, with export volumes to the US failing to recover from the sharp declines seen in the second quarter as tariffs began permeating into the economy. Taken together, while the headline number may spook readers, we expect the underlying resilience in the Canadian economy found in this report to keep the Bank of Canada on course for another rate hold in March.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian retail sales decreased by 0.4 per cent to $70 billion in December compared to the previous month. Retail sales were marginally lower compared to the same last year. Furthermore, core retail sales, which exclude gasoline and automobile items, decreased by 0.3 per cent in December. In volume terms, adjusted for rising prices, retail sales were unchanged in December. Overall, retail sales increased by 4.0 per cent in 2025 and rose by 2.3 per cent in volume terms.

Retail sales in British Columbia were down 0.5 per cent in December month-over-month and rose by 2.6 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.6 per cent from the prior month and were 3.6 per cent above the level of December 2024. 

A weak December print rounds out a year of retail sales characterized by volatility and resilience. While rising 4.0 per cent year-over-year, retail activity in December was just 0.5 per cent above the level in January 2025 amidst monthly oscillations. Nonetheless, Canadian retail sales demonstrated resistance to weak economic conditions and broader uncertainty throughout the year. We expect the Bank of Canada to hold once again in March as they have signaled for a quiet year pertaining to monetary policy changes.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.3 per cent on a year-over-year basis in January, following the 2.4 per cent increase in December. On a seasonally adjusted monthly basis, the CPI was up 0.1 per cent in January, equivalent to a 0.7 per cent increase on an annualized basis. The CPI ex-gasoline increased by 3.0 per cent in January, matching the previous month. Additionally, food prices increased by 7.3 per cent year-over-year, driven by base-year effects from last year’s GST holiday break on restaurant meals. In BC, consumer prices rose 2.0 per cent year-over-year in January, up 0.3 points from December. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, fell to 2.5 and 2.4 per cent year-over-year, respectively. 
 
Sharper falls in gasoline prices partially counteracted upward pressure on many sub-aggregates that were affected by last year’s GST holiday, leaving headline inflation in a fairly similar place compared to December. However, 3-month annualized core inflation cooled further to about 1.2 per cent, levels not seen since the early pandemic era. Looking ahead, we expect the Bank of Canada to remain on hold in 2026, but next week’s GDP release should provide an early indication of the direction of the Canadian economy this year.

Copyright British Columbia Real Estate Association. Reprinted with permission.

The British Columbia Real Estate Association (BCREA) reports that 3,314 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in January 2026, down 22.9 per cent from January 2025. The average MLS® residential price in BC in January 2026 was down 1.9 per cent at $924,239 compared to $942,384 in January 2025.

Total MLS® residential sales dollar volume was $3.06 billion, down 24.4 per cent from the same time the previous year. BC MLS® unit sales were 30.97 per cent lower than the ten-year average for the month of January.

“British Columbia’s housing market kicked off 2026 with its second weakest January since 2016, with sales in almost every region falling short of historical averages,” said BCREA Chief Economist Brendon Ogmundson. “Despite a slow start, we expect stable rates and improved affordability conditions to release pent-up demand with sales picking up over the course of 2026.”

Active listings in January 2026 climbed to 32,626 units, a 5.6 per cent increase from the same month last year. Weak sales activity over the past several quarters have led to an accumulation of inventory, which should accommodate demand pressures in the short term. However, dampening sentiments concerning new home construction in BC leave the housing market vulnerable to long-term demand growth, a pattern which will be monitored over the next few years.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian employment ticked down 0.1 per cent from the previous month, with the economy losing 25,000 jobs to 21.121 million in January. The employment rate also edged down 0.1 per cent to 60.8 per cent, while the unemployment rate fell by 0.3 points to 6.5 per cent. Average hourly wages rose 3.3 per cent year-over-year to $37.17 in January.
           
Employment in B.C. increased by 0.1 per cent to about 2.948 million, with the provincial economy gaining 3,500 jobs in January. Employment in Metro Vancouver increased by 0.3 per cent to 1.691 million. The unemployment rate in B.C. fell 0.2 points to 6.1 per cent in January. Meanwhile, Vancouver's unemployment rate fell by 0.3 points to 6.2 per cent in January. 

The Canadian labour market opened 2026 with a slight downturn in employment, while seeing the unemployment rate reach its lowest levels since September 2024. Much of this decline is attributable to fewer people (-94,000) looking for work, yet only 0.3 per cent of the population not participating in the labour force are disgruntled job seekers (according to Stats Canada). Nonetheless, January’s employment data end a 4-month streak of job growth following a summer of sharp losses. After a year of volatility and resilience in the jobs market, the Bank of Canada will monitor labour market behaviours as global conditions continue to evolve.

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,101,900. This represents a 5.7 per cent decrease over January 2025 and a 1.2 per cent decrease compared to December 2025.

Specifically:

- The benchmark price for detached homes decreased 7.3% from Jan 2025 and decreased 1.5% from Dec 2025.

- The benchmark price for attached/townhouses decreased 5.4% from Jan 2025 and decreased 1.2% from Dec 2025.

- The benchmark price for apartment/condos decreased 5.9% from Jan 2025 and decreased 0.8% from Dec 2025.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

Canadian retail sales increased by 1.3 per cent to $70.4 billion in November compared to the previous month. Compared to the same time last year, retail sales were up by 3.1 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, increased by 1.6 per cent in November. In volume terms, adjusted for rising prices, retail sales rose by 1.1 per cent in November.

Retail sales in British Columbia were up 1.8 per cent in November month-over-month and rose by 4.2 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.4 per cent from the prior month and were 1.7 per cent above the level of November 2024.

A strong November print made up for two consecutive monthly declines in consumer spending, bringing Canadian retail sales to its highest point of the year. This recovery reflects broader volatility in monthly retail activity throughout 2025 while demonstrating ongoing resilience in consumption despite a relatively weak economy. Markets anticipate a rate hold from the Bank of Canada next week to kick off what is expected to be a quieter year concerning monetary policy adjustments.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.4 per cent on a year-over-year basis in December, following the 2.2 per cent increase in November. On a seasonally adjusted monthly basis, the CPI was up 0.3 per cent in December, equivalent to a 3.7 per cent increase on an annualized basis. The CPI ex-gasoline increased by 3.0 per cent in December, up by 0.4 points from the previous month. Additionally, food prices increased by 6.2 per cent year-over-year, driven by base-year effects from last year’s tax break on restaurant food and continued acceleration in grocery prices. In BC, consumer prices rose 1.7 per cent year-over-year in December, down 0.5 points from November’s increase. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, fell to 2.5 and 2.7 per cent year-over-year, respectively. 
 
Much of the upward pressure in December’s CPI print was a base-year effect from last year’s GST/HST holiday on several aggregates, counteracted by larger declines in gasoline prices. Nonetheless, 3-month annualized core inflation cooled to about 1.65 per cent, its lowest level since Spring of 2024, and falling below the midpoint of the Bank of Canada’s threshold. Looking ahead, we expect a rate-hold from the Bank next week as they further evaluate Canada’s economic growth in the final quarter relative to their most recent projections.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian retail sales decreased by 0.7 per cent to $69.8 billion in September compared to the previous month. Compared to the same time last year, retail sales were up by 3.4 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, were relatively unchanged month-over-month. In volume terms, adjusted for rising prices, retail sales decreased by 0.8 per cent in September. Retail sales rose 0.2 per cent in the third quarter of the year.

Retail sales in British Columbia were down 0.9 per cent in September month-over-month and rose by 4.4 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were down 1.0 per cent from the prior month and were 2.6 per cent above the level of September 2024.

September’s report rounds out the weakest quarterly retail growth since Q2 of 2024, demonstrating some hesitancy in consumption amidst shaky economic conditions. However, further resilience in October’s jobs report and slight downticks in core inflation reaffirm the Bank’s guidance toward holding the overnight rate during its December meeting.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian housing starts decreased 17 per cent from the previous month, totaling 232,765 units in October at a seasonally adjusted annual rate (SAAR). Starts were down 5 per cent from the same month last year.  Single-detached housing starts decreased by 8 per cent from last month, while multi-family and other starts decreased by 1 per cent. 

In British Columbia, starts fell by 5 per cent from last month to 35,356 units (SAAR) in all areas of the province. In areas of the province with 10,000 or more residents, single-detached starts increased by 16 per cent to 4,671 units, while multi-family starts fell by 8 per cent to 27,809 units month-over-month (SAAR). Starts in the province were 19 per cent below the levels from October 2024. Year-to-date starts are up 111 per cent in Abbotsford and 23 per cent in Victoria, but down 52 per cent in Nanaimo, 38 per cent in Kelowna, and 4.5 per cent in Vancouver.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 2.2 per cent on a year-over-year basis in October, down from a 2.4 per cent increase in September. On a seasonally adjusted monthly basis, the CPI was up 0.1 per cent in October, equivalent to a 1.5 per cent increase on an annualized basis. The CPI ex-gasoline increased by 2.6 per cent in October, matching the previous month. Additionally, shelter price growth fell by 0.1 points to 2.5 per cent in October, while food prices increased by 3.4 per cent year-over-year, 0.4 points lower than September. In BC, consumer prices rose 2.0 per cent year-over-year in October, up from 1.9 per cent in September. The Bank of Canada's preferred measures of median and trimmed inflation, which strip out volatile components, fell to 2.9 per cent and 2.7 per cent year-over-year, respectively. 
 
Much of the downward pressure in October’s CPI print was driven by lower year-over-year gasoline prices, while several major aggregates also saw slower price growth compared to September. Nonetheless, 3-month annualized core inflation is 2.6 per cent, closely aligned with the Bank’s perceived level of underlying inflation. Looking ahead, the Bank appears poised for a rate hold during its final meeting of the year, barring a catastrophic third quarter performance by the Canadian economy in this month’s quarterly GDP print.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Canadian employment increased by 0.3 per cent from the previous month, with the economy gaining 67,000 jobs to 21.082 million in October. The employment rate rose by 0.2 points to 60.8 per cent, while the unemployment rate dropped by 0.2 points to 6.9 per cent. Average hourly wages rose 3.5 per cent year-over-year to $37.06 last month.
           
Employment in B.C. fell by 0.1 per cent to 2.942 million, with the provincial economy losing 2,900 jobs in October. Employment in Metro Vancouver decreased by 0.3 per cent to 1.687 million. The unemployment rate in B.C. increased by 0.2 points to 6.6 per cent in October. Meanwhile, Vancouver's unemployment rate rose by 0.1 points to 6.3 per cent in October. 

October’s jobs report marks two consecutive months of employment growth that offset similar sized job losses during the summer. Job growth was driven by gains in private sector employment, the first private sector job growth since June. This report will likely further solidify the Bank of Canada's resolve that further rate cuts are not needed at this time, leading to a hold at their December meeting. 

Copyright British Columbia Real Estate Association. Reprinted with permission.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver* is $1,132,500. This represents a 3.4 per cent decrease over October 2024 and a 0.8 per cent decrease compared to September 2025.

Specifically:

- The benchmark price for detached homes decreased 4.3% from Oct 2024 and decreased 0.9% from Sep 2025.

- The benchmark price for attached/townhouses decreased 3.8% from Oct 2024 and decreased 0.3% from Sep 2025.

- The benchmark price for apartment/condos decreased 5.1% from Oct 2024 and decreased 1.4% from Sep 2025.

*Areas covered by the Real Estate Board of Greater Vancouver include: Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.