Vancity Lookout - Nov 14th, 2025 - Summary

Vancouver’s 2026 Budget: What You Need to Know

The City of Vancouver is taking an unusually tight-lipped approach to its 2026 budget, and the shift has sparked strong reactions from councillors, staff, and hundreds of residents who packed this week’s public hearings.

This year’s draft budget is radically different from previous versions. Instead of the hundreds of pages of detailed line-item financials that council has reviewed for years, the 2026 draft clocks in at only 23 pages. It offers a high-level snapshot of each department’s spending but omits the specifics of how money will be allocated, what services will be maintained, and where cuts will land.

City manager Donny van Dyk says those details will not be released until after council votes on the budget later this month, with full specifics coming in early 2026. Several councillors objected to the lack of transparency, including Green Coun. Pete Fry, who warned that council is being asked to approve a budget without the information needed to meaningfully evaluate it.

At the heart of the political tension is Mayor Ken Sim’s direction to freeze the city’s portion of property taxes for 2026. Last year’s increase, which was 3.9 percent, added about $149 to the median single-family tax bill. Property taxes make up more than half of the city’s revenue, so freezing them forces reductions elsewhere.

To make the freeze possible, the city says it will find roughly $120 million in “revenue opportunities and expenditure savings.” In practice, this means higher fees combined with significant cuts across multiple departments. What those cuts will look like has not been fully disclosed, though some details have been formally shared and others have leaked.

According to the draft budget, several civic functions, including arts and culture, community services, sustainability and environment, real estate and facilities management, planning and urban design, and corporate support are all facing reductions of roughly 12 to 14 percent. Meanwhile, core public safety services are going in the opposite direction. The Vancouver Police Department is set to receive a ten percent increase, and Fire and Rescue Services will see a six percent bump, consistent with the ABC majority’s platform.

Some early examples of cuts have already raised concern. Canada’s National Observer reported that the sustainability and climate department is expected to be eliminated. Fry confirmed this is likely based on conversations he has had with staff. Other proposed savings include removing baby-change tables and hygiene product dispensers in some public washrooms, along with reduced maintenance capacity, which could mean slower repairs and decreased service standards.

Parks and recreation offers a mixed picture. Although the department shows a $1.2 million expenditure increase on paper, the park board still has to cut $11 million because of rising fixed costs and new facilities coming online. Park board chair Laura Christensen called it misleading for council to present the expenditure increase as an investment when overall service levels will still fall.

The lack of detail and the scale of potential service reductions drew an unprecedented public response. More than 600 people signed up to speak at public hearings, most opposing the budget. Fry said he had never seen this level of engagement during his seven years on council.

COPE Coun. Sean Orr, who provided nightly summaries of public input, suggested the mayor was frustrated by the long list of speakers. Orr alleged he overheard Mayor Sim call the meeting “an awesome waste of time,” though the mayor’s office did not respond to requests for comment.

The city also recently released the results of its public survey on tax scenarios, and the findings contradict the chosen freeze. Only ten percent of residents supported a zero percent tax increase with service cuts. The most popular option, supported by 42 percent of respondents, was a five percent tax increase to maintain current service levels. Sim dismissed the results, saying many struggling residents did not participate.

Labour impacts are also expected to be significant. A leaked memo reported that around 400 full-time city positions will be eliminated, roughly 270 of them unionized. The city says delaying the release of detailed budget information is partly to honour labour obligations and manage the impact on affected staff. Fry described the current atmosphere among employees as one of anxiety and fear.

The next public hearing takes place November 18, with a council vote scheduled for November 25. For now, residents, city staff, and industry observers are waiting to see what the full picture looks like once the details finally come out.

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October delivered a welcome surge of energy across Greater Vancouver, carrying momentum from early fall into a much more active market environment. Sales were up noticeably, buyers stepped back in with renewed confidence, and tightening inventory signaled a shift away from the slower conditions we saw through summer. With interest rates finally dipping below 4 percent, affordability improved and created a meaningful spark in buyer motivation. Many people who have been sitting on the sidelines for the past three years, whether for lifestyle, financial, or personal reasons, are beginning to re-enter the market, and October’s data clearly reflects that shift.

Across Greater Vancouver, sales rose 20 percent month over month to 2,255 transactions, marking the strongest performance since July and outpacing both August and September by a healthy margin. Although sales were still 15 percent below October 2024, they were up 17 percent from the same month in 2023, reinforcing that pent up demand remains substantial. The sales to listings ratio jumped to 41 percent from 28 percent in September, moving several areas firmly toward balanced conditions. Months of inventory fell to 7 from 9, showing buyers are absorbing listings at a faster pace.

Active listings declined more than expected for October, finishing the month at 16,393, down 4 percent from September and marking the first meaningful tightening of inventory in months. While listings remained higher than last year, the drop suggests sellers may be shifting away from listing aggressively and adopting more of a wait and see strategy. New listings were down 17 percent month over month, softening supply and reducing buyer choice just as demand picked up. This created more competition around well priced and well located homes, especially in townhomes and detached segments.

Townhomes performed relatively well in October, with sales down only 4 percent year over year. Inventory in this segment tightened noticeably, highlighting the ongoing shortage of missing middle housing. Detached sales slid slightly, falling 4 percent year over year after seeing gains in September. The standout opportunity remains in the condominium market where inventory has piled up, presenting buyers with the best chance in years to purchase new homes below replacement cost. With GST rebates available on homes up to 1.5 million dollars, first time buyers have a particularly favourable window.

Vancouver itself showed a split story. On the Westside, detached and townhome sales were strong while condos continued to struggle, although fewer new listings helped temper overall supply. The Westside’s sales to listings ratio reached 38 percent, up from 24 percent in September, with inventory dipping slightly to just over 3,100 homes. The Eastside showed even stronger performance with 269 sales, up 29 percent from September and posting the highest monthly total this year. Its ratio rose to 45 percent and active listings eased to 1,654, reinforcing buyer confidence and steady demand.

Outside the city, the suburbs delivered more modest gains, although there were notable bright spots. Port Moody saw a strong month despite typically higher price points, while Pitt Meadows nearly doubled its sales from September and recorded one of its best months of 2025. South Delta performed exceptionally well, with Ladner holding a balanced 50 percent ratio and Tsawwassen surging to 51 sales, up 34 percent month over month and posting one of the most active ratios in the region at 55 percent. Buyers continue to prioritize lifestyle value and South Delta is well aligned with that trend.

The Fraser Valley also strengthened in October with 1,123 sales, up 17 percent from September. Inventory fell 4 percent and new listings dropped by 14 percent, contributing to tighter conditions. Prices held steady, averaging just under 1 million dollars, while months of supply improved to 9 from 11. Detached homes in North Delta and Langley led the uptick, followed closely by townhomes, signaling a gradual return of consumer confidence across multiple segments of the Valley.

Throughout the region, price trends remained relatively stable despite shifting market conditions. The Greater Vancouver benchmark price slipped 0.8 percent month over month and was down 3.4 percent year over year. Most markets saw small monthly declines between 0.3 and 1.5 percent, with Burnaby East recording the largest dip at 2.5 percent. A few areas, including Port Moody, posted minor increases, reflecting local demand strength and limited supply. Year over year price changes ranged from modest gains in North Vancouver to softer declines in West Vancouver, Richmond, and several eastern suburban markets.

As we look ahead, October’s performance provides encouraging evidence that the market is finding its footing. Lower interest rates are playing a significant role in bringing buyers back, and although winter typically brings seasonal slowing, the underlying conditions point to steadier activity than we have seen in the past couple of years. With fewer new listings coming online, quality inventory is being absorbed and buyers who continue waiting may face tighter selection heading into 2026.

Pent up demand remains one of the largest unspoken forces in the market. Life transitions such as first time purchases, downsizing, upsizing, separations, and estate sales can only be paused for so long. The past three years created a backlog of delayed moves, and with borrowing costs improving, that demand is poised to re-enter. Historically, major downturns or restrictive policy periods, such as 2008 or the post 2016 environment, have created the best purchase opportunities. Buyers who acted during those windows rarely regretted their decision. The same dynamic is emerging again as mortgage rates under 4 percent provide both affordability relief and confidence.

The message for buyers is clear, this is a window of opportunity. Inventory is still elevated compared to past years, interest rates are more favourable, and pricing remains stable without the competitive pressure of a true seller’s market. For sellers, understanding where demand is strongest is key, with townhomes, detached homes, and well priced listings performing best. As both sides gradually re engage, the market is moving toward a healthier balance.

Overall, October showed what the market looks like when confidence returns. With strong month over month sales growth, tightening supply, moderating prices, and renewed buyer engagement, Greater Vancouver is heading into winter with momentum that sets the stage for a more active 2026. Buyers who recognize the current window may find themselves well positioned as demand continues to rebuild and inventory gradually contracts.