Now that the World Cup has wrapped up, the ball is back in real estate's court — and the story July tells is one worth paying attention to.

For most of the past few years, our market has been defined by volatility. Prices swinging, inventory ballooning, buyers and sellers both guessing at what comes next. July 2026 looks different. It's not a dramatic month. That's exactly the point.

The headline: fewer sales, but shrinking supply

Greater Vancouver recorded 2,061 residential sales in July, down 14% from June and 10% from July of last year. On the surface, that reads as a slow month, and seasonally it was — vacations, travel, and yes, soccer, pulled people away from open houses, especially in the City of Vancouver where the games and celebrations were centred.

But sales volume is only half the picture. The more interesting number is supply.

Active listings fell to 16,474 at month end — down 3% from June and 4% from a year ago. New listings dropped to 5,099, a 16% decline from June and 11% below last July. For the first time in a while, we're not talking about inventory piling up. We're talking about it working its way down.

The sales-to-listings ratio actually improved to 40%, up from 39% in June and 34% in May. Metro Vancouver still sits at roughly eight months of inventory — technically buyer's market territory — but the direction of travel has changed.

What this means if you're buying

You still have the upper hand, and you still have choice. Eight months of supply means you are not being rushed. You can view a property twice, order an inspection, negotiate terms, and walk away if the numbers don't work. That is a very different experience than 2021.

Summer is also quietly one of the best times to shop. While other buyers are at the lake, you're looking at a peak-inventory market with less competition. Multiple-offer situations are the exception right now, not the rule.

The caveat: that window has a shape to it. Inventory typically declines through late summer and into fall, and new listings are already running well below where they were in spring. If you've been waiting for the perfect moment, "more selection later" is probably not the bet to make.

What this means if you're selling

The sellers doing well in this market share one trait: realistic pricing. The drop in new listings reflects real discipline — homeowners are choosing not to list just to test the water. That's good news for anyone who is listing, because your competition is thinner than it was three months ago.

Well-priced homes are still selling, and in a number of neighbourhoods they're selling into genuinely balanced conditions. Overpriced homes are still sitting. That gap has not narrowed, and no amount of marketing closes it.

If you're planning a fall listing, the tightening inventory picture is working in your favour — but only if you come to market with a price the data supports.

Where the market is strongest

The regional average hides a lot of variation. A few submarkets stood out in July:

• Tsawwassen posted the strongest sales-to-listings ratio in the region at 48%, up from 36% in May.

• Ladner followed closely at 46%.

• Burnaby South hit 47%, with Burnaby North at 43% — Burnaby North has now grown sales three months running.

• Vancouver East eased to 244 sales but stayed slightly ahead of last July, with new listings down nearly 30% and a 44% ratio. Seven months of supply puts it in balanced territory.

• Port Moody was the month's clear mover: sales up 24% over June, ratio climbing from 32% to 40%, and months of supply improving from nine to seven.

• Pitt Meadows held a 44% ratio on consistently limited new supply.

On the Vancouver Westside, 362 homes sold and active listings fell to 2,923 — about 11% below last year. West Vancouver's luxury segment continues its slow climb, with the ratio improving to 33% from 30% in June and 20% in May, though at roughly 13 months of inventory it remains the region's most patient market.

Out in the Fraser Valley, 1,089 sales came in down just 5% from June — a shallower dip than Greater Vancouver's 14%. The average price of $940,355 was off 1.5% month-over-month and 5.5% year-over-year, and at nine months of supply the Valley remains a buyer's market. But new listings for townhouses were down 22% year-over-year and condos down 28%. That's tightening, and it usually shows up in prices eventually.

The bigger picture

What's returning to this market is confidence — the unglamorous kind. Buyers have adjusted to today's financing environment. Sellers have adjusted their expectations. Neither group is waiting for a signal from the other anymore.

That combination produces something we haven't had in a while: transactions built on fundamentals rather than fear of missing out.

If inventory keeps tightening while buyer demand holds steady, a number of communities could move from buyer's market conditions into balanced ones over the next few months. For buyers, that argues for acting while the choice is still there. For sellers, it argues for having your pricing conversation now rather than in October.

Either way, this is a market you can plan in. That's been rare.

Thinking about a move this fall? I'm happy to walk through what these numbers mean for your specific neighbourhood and property type — no pressure, just a clear picture.

Market data sourced from Dexter Realty's July 2026 market report, drawing on Greater Vancouver REALTORS® and Fraser Valley Real Estate Board statistics.