The Brad & Theo Market Pulse for July 2026 rose to 32 out of 100, up five points from 27 last month. That is the strongest monthly improvement we have seen in some time, but the market remains firmly in Buyer Advantage territory.

The key question is whether this is the beginning of a genuine recovery or simply a better month in a still-weak market. At this stage, we think it is too early to call a bottom. However, June’s data did contain some genuinely encouraging signs.

The biggest improvement came from sales activity. June sales were 9.6% higher than a year earlier and only 12.4% below the 10-year seasonal average. That is still weaker than normal, but it represents a meaningful improvement from May, when sales were approximately 27% below the 10-year average.

The sales-to-active listings ratio also improved to 14.6%. This is an important measure because it looks at demand relative to the amount of inventory available. The higher the ratio, the more pressure there is on buyers; the lower it is, the more choice and negotiating leverage buyers generally have.

At 14.6%, the market is still not strong, but demand is doing a better job of absorbing available inventory than it was earlier this year. That improvement is the main reason the Pulse moved from 27 to 32.

Inventory Is Still the Biggest Challenge

The strongest argument against declaring a market bottom is inventory.

There were approximately 17,000 active listings across Greater Vancouver at the end of June, roughly 30% above the 10-year seasonal average. Buyers still have a lot of choice, and sellers are competing against far more listings than they were during the stronger markets of recent years.

This has a significant psychological effect. When buyers have limited options, they worry about missing out. When they have numerous comparable properties to consider, they become more patient. They watch new listings, compare recent price reductions and wait for a property that offers clear value.

That is very much the market we are seeing today.

The important change in June was that demand strengthened while the flow of new listings began to slow. If that continues, the market could gradually work through some of its excess inventory. But one month is not enough to establish a trend, particularly as we move into the traditionally quieter summer period.

Prices Are Still Under Pressure

The composite benchmark price was approximately 6% lower than a year ago and edged down another 0.1% from May.

That monthly decline is small, but the broader trend matters. Despite better sales activity, prices have not yet shown convincing evidence of stabilizing.

This is why we are cautious about calling the current market a bottom. A true market turn would likely involve several things happening together: stronger sales, a sustained improvement in the sales-to-active ratio, inventory beginning to decline relative to normal levels, and prices showing broader signs of stabilization.

We have now seen improvement in the first two areas. We have not yet seen enough progress in the other two.

A Buyer’s Market Does Not Mean Every Property Is Easy to Buy

One of the clearest lessons from our June transactions is that the market is much more nuanced than the headline numbers suggest.

We recently sold 153–20180 84th Avenue after just one open house. We were initially a little nervous about using an underpricing strategy to generate competition. In a market with high inventory and selective buyers, underpricing can be risky if the demand simply is not there.

However, after a lot of research into the competing inventory, recent sales and likely buyer demand, our experience told us the strategy was worth trying. It worked.

This is an important reminder for sellers: a buyer-friendly market does not mean every home needs the same strategy. The right approach depends on the property, price range and competition. In some cases, pricing at market value is best. In others, strategic underpricing can still create urgency and competition.

We saw the same market segmentation from the buyer side. One of our clients looking for an older townhome in North Burnaby under $900,000 encountered multiple offers on two different properties and was unsuccessful both times.

That may sound surprising in a market with so much inventory, but it illustrates an important point: affordable, family-oriented housing can still be very competitive.

Buyers have more choice overall, but good properties at attractive price points can still draw multiple offers. The market is not uniformly weak.

Buyers Are Picking Off the Best Opportunities

Our day-to-day experience continues to show that buyers are highly selective. They are not rushing into purchases simply because inventory is available. Instead, they are carefully evaluating properties and waiting for clear value.

We continue to see some of the greatest pressure on older and smaller condos. In this segment, even a property that is only slightly overpriced may struggle to attract traffic. With so many alternatives available, buyers can simply move on to the next listing.

At the same time, good homes can still sell very well.

Our recent listing at 4355 MacDonald Avenue in Burnaby’s Burnaby Hospital neighbourhood attracted more than 30 groups to its first open house and sold above the asking price.

The common thread is that buyers are still active, but they are focusing their attention on the best opportunities. Well-located, well-presented, move-in-ready homes that represent clear value can still perform strongly.

We often describe this as buyers picking off the best deals.

The Move-Up Opportunity Is Real

Perhaps the most interesting opportunity in the current market is for homeowners looking to move up.

We recently helped a Burnaby family sell their three-bedroom townhome and move into a detached, move-in-ready home, also in Burnaby. We are also working with another astute buyer who sees the current market as an opportunity to make the move from a townhouse to a detached home.

These buyers understand something important: the best time to move up is not necessarily when the market feels strongest.

A move-up buyer is both a seller and a buyer. In a softer market, they may receive less for the home they are selling, but the more important question is what is happening to the property they want to buy.

In many cases, the more expensive property has experienced greater dollar-value pressure. There may also be more inventory, less competition and better negotiating opportunities. That can make the gap between a townhome and a detached house—or between a condo and a townhome—more manageable.

The strongest markets are often the hardest markets in which to move up. Your current home may sell easily, but the next property can attract multiple offers and rise in price faster than the home you already own.

Today’s market can offer the opposite dynamic: more time, more choice and greater leverage on the purchase.

What We Expect This Summer

June’s improvement is encouraging, but our view remains cautious.

The spring market failed to produce a convincing turnaround or clear evidence of a durable bottom. That matters because spring is normally the strongest part of the Vancouver real estate calendar.

We expect activity to remain relatively subdued through the summer. If sales continue to improve while new listings slow, the market could begin to stabilize. If demand weakens again and inventory remains elevated, further price pressure is possible.

For now, the Pulse at 32 out of 100 tells a fairly clear story: the market is improving, but buyers still hold the overall advantage.

The more important lesson from our own June transactions is that there is no single Vancouver market. Some older and smaller condos are struggling to attract attention. Well-presented homes can still sell quickly. Affordable townhomes can receive multiple offers. And for move-up buyers who understand the opportunity, the current market may offer possibilities that are much harder to find when the headlines are more positive.

The market may not have found its bottom yet. But for the first time in several months, both the data and some of what we are seeing on the ground are moving in a more constructive direction.

This month, the Brad & Theo Market Pulse registered a score of 27 out of 100, up modestly from 24 last month. While this represents a slight improvement in market conditions, the overall reading remains firmly in Buyer Advantage territory.

The purpose of the Market Pulse is to provide a simple snapshot of Vancouver housing sentiment by combining several key indicators into a single score. Rather than focusing on one statistic in isolation, the Pulse looks at the broader relationship between supply, demand, pricing trends, and financing conditions to help buyers and sellers better understand where the market stands today.

Although there were some encouraging signs in May, particularly a modest increase in sales activity, the overall picture remains one of elevated inventory, cautious buyers, and soft pricing. More importantly, the critical spring market failed to produce the type of momentum we would typically expect if a meaningful market recovery were underway.

What's Driving the Pulse?

One of the most important components of the Pulse is the Sales-to-Active Listings Ratio, which improved from 9.7% to 13.5% in May. This indicates that demand has improved somewhat relative to available inventory. However, while this improvement is welcome, the ratio remains below levels typically associated with balanced or seller-favouring markets.

Inventory remains one of the biggest factors influencing the current market. Active listings across Greater Vancouver are sitting at levels not seen in many years. Buyers have significantly more choice than they did during the highly competitive markets of 2020, 2021, and early 2022. This increased selection reduces urgency and gives buyers more leverage when negotiating price, terms, and conditions.

Sales activity remains another challenge. While transactions increased from April, overall sales volumes continue to sit well below historical norms. When we compare current sales activity against long-term averages, the market remains noticeably subdued. This suggests that many buyers are still waiting on the sidelines despite improved affordability relative to recent years.

Pricing trends also continue to weigh on the market. Benchmark prices have generally softened over the past year, reflecting the imbalance between available inventory and buyer demand. While we are not seeing the type of rapid declines experienced in some previous downturns, there is little evidence of sustained upward pressure on prices at this stage.

Mortgage rates remain elevated compared to the ultra-low-rate environment that fuelled the pandemic-era housing boom. Although buyers have adjusted to higher borrowing costs, financing continues to be a significant factor affecting affordability and overall demand.

Why the Spring Market Matters

The spring market is traditionally the most important period of the year for Vancouver real estate. It is typically when we see the highest levels of buyer activity, the strongest competition, and the clearest signals regarding the direction of the market.

This year, many market participants were hoping that lower interest rates and improving affordability would trigger a more meaningful recovery. While sales improved modestly, the spring market ultimately failed to deliver a convincing turnaround.

Instead of seeing inventory absorbed, we continue to see new listings outpace demand. Instead of seeing broad-based price stabilization, prices remain soft in many segments. Instead of seeing buyers rush back into the market, many continue to take a patient and selective approach.

As a result, we expect market activity to remain subdued through the summer months. This is a normal seasonal pattern, but it becomes more significant when the spring market has already underperformed expectations. Without a stronger spring recovery, it becomes more difficult to argue that a durable market bottom has already been established.

What We're Seeing on the Ground

While the statistics tell one story, our day-to-day experience with buyers and sellers provides another valuable perspective.

One trend we are consistently seeing is that buyers remain highly selective. They are not rushing into purchases simply because inventory is available. Instead, they are carefully evaluating properties and waiting for opportunities that offer exceptional value.

In particular, we are seeing the greatest pricing pressure on older and smaller condominium units. In today's market, even a condo that is only slightly overpriced may struggle to attract traffic. We've seen situations where sellers have held open houses with very few visitors simply because buyers have so many alternatives to choose from.

At the same time, well-presented, move-in ready homes that are priced appropriately continue to perform exceptionally well. A recent example was our listing at 4355 MacDonald Avenue in Burnaby's sought-after Burnaby Hospital neighbourhood, which attracted more than 30 groups through the first open house and ultimately sold above the asking price. Buyers are still active, but they are focusing their attention on the best opportunities rather than lifting the entire market.

We're also finding that buyers are increasingly "picking off" the best deals as they become available. Many are waiting patiently for properties that are renovated, well-maintained, and represent clear value relative to competing listings. This creates a market where preparation, presentation, and pricing are more important than they have been in years.

In many ways, the market is rewarding value and punishing mediocrity. Sellers who price strategically and present their homes well can still achieve excellent results, while buyers who are prepared to act decisively can take advantage of opportunities that simply didn't exist during the highly competitive markets of recent years.

The Opportunity for Move-Up Buyers

Perhaps the most compelling opportunity in today's market is for families looking to move up the property ladder.

Recently, we helped a Burnaby family successfully transition from a three-bedroom townhome into a detached, move-in ready home, both within Burnaby. This is exactly the type of opportunity that becomes more achievable during buyer-friendly market conditions.

When inventory is limited and competition is intense, the gap between property types can become difficult to bridge. Buyers often find themselves competing against multiple offers while struggling to secure their next home. Today's market is different.

With increased inventory and more negotiating power, move-up buyers have more options, more time to make informed decisions, and greater flexibility when structuring offers. They can often negotiate better terms and find properties that may have been out of reach during stronger seller markets.

For growing families who have been waiting for the right moment to transition from a condo to a townhome, or from a townhome to a detached home, this environment may represent one of the best opportunities we've seen in several years.

Looking Ahead

While the Market Pulse improved slightly this month, the broader trend remains cautious. A score of 27 out of 100 still places the market firmly in Buyer Advantage territory.

We will continue to monitor inventory levels, sales activity, pricing trends, and mortgage conditions in the months ahead. A sustained recovery will likely require stronger demand, tighter inventory conditions, and clearer evidence that buyers are returning to the market in larger numbers.

Until then, buyers continue to enjoy favourable conditions, particularly those looking to upgrade their lifestyle and take advantage of opportunities created by elevated inventory and reduced competition.

As always, every neighbourhood and property type behaves differently. If you're considering buying, selling, or making a move, we'd be happy to discuss how current market conditions apply to your specific situation.