January’s combined (detached+attached) benchmark values fell in both the Greater Vancouver and Fraser Valley boards for the 10th consecutive month.

Fraser Valley Ties the Record for Longest Housing Slump in Modern History

The modern (2005+) record home value slump in the Fraser Valley was the 10 months that home values fell between March 2022 and January 2023. Back then, the combined benchmark price fell from the a historic peak of just over $1.19 million to $933,000 (-21.6%) before turning around in February 2023.

Although the current slump isn’t following any record breaking highs, it also hasn’t been a nearly drastic drop. After experiencing steady ups and downs since mid-2023, prices have fallen from March’s $972,800 benchmark value to $897,200. So although it’s also been a record-matching 10-month drop, the values have only fallen by -7.8% in that period.

But what housing types have been hit the hardest?

As suspected, the high inventory and low demand for apartments during 2025 has resulted in the typical apartment condo falling from $538,500 in March 2025 to $488,600 – a loss of almost $50,000 in equity, or -9.3%.

Detached homes started falling one month later than attached home in the Fraser Valley, from $1.507 million in April 2025 to $1.373 million in January 2026. That $134,000 of equity loss in the typical detached home represents a drop of -8.9%, indicating that despite the focused narrative of the over-saturation of condos, the Valley’s detached homes have also taken a substantial hit.

The Fraser Valley benchmark value for townhomes has fallen from $833,700 in March 2025 to $773,100, representing a drop of -7.3% an over $60,000 of equity.

However, late January and very early February statistics and anecdotal evidence from real estate professionals indicate that we’ve hit the bottom and sales activity has picked up due to these lower home prices. Whether this translates into a reversal of pricing is yet to be seen.

Greater Vancouver Experiences Longest Slump Since 2018-19

Unlike the Fraser Valley, Greater Vancouver didn’t have a 10-month drought in 2022… it was *only* 8 months before the market started turning around. Instead, it was a much longer 16-month plunge between March 2018 and July 2019 that I’m sure many homeowners would like to avoid. Back then, the benchmark value fell -15.1% during that time. By comparison, Greater Vancouver values fell by -11.8% between the April 2022 all-time peak and the December. Meanwhile, prices have fallen from $1.185 million in March 2025 to $1.102 million in January 2026, a loss of -7.0%, showing the relatively slower, steady decline compared to those other periods. Or what was that term that politicians and economists love: “a soft landing”?

As with the Fraser Valley, not all housing types experience the same level of pain.

Unlike the Valley and throughout the country, Greater Vancouver’s detached home market has actually taken a bigger hit than apartments. The benchmark value for a detached home in Greater Vancouver has fallen from $2.02 million in March 2025 to $1.851 million, a loss of -8.4%

Meanwhile, the benchmark value for a Greater Vancouver apartment was $766,900 in March 2025 and is now $704,600: a decrease of -8.1%. Townhomes actually saw a value increase back in November and a more balanced market. The “typical” townhome found its 2025 peak in March at just under $1.111 million, but has since fallen to $1.043 million, a loss of -6.0%.