In a medium saucepan, bring the water, both sugars, and cornstarch to a boil over medium-high heat. Whisk to dissolve sugars and cornstarch.
Once the mixture comes to a boil, reduce the heat to medium-low and stir in the vanilla extract. Simmer for 3 minutes.
Remove from heat and allow to cool slightly before use.
Notes
Want a more traditional maple flavor? Use maple extract!
Besides vanilla, you can also sprinkle in some cinnamon to make this homemade syrup a little richer! You can also try adding in some lemon or orange extract for a citrusy zest, too.
The syrup will thicken as it cools. Store it in an airtight container in the refrigerator and use it within a few days.