Add the water, brown sugar, granulated sugar and butter to a saucepan.
Heat over medium high heat and whisk the ingredients together once the butter has melted.
Bring the mixture to a boil and boil for 3-4 minutes (stirring occasionally) until the mixture thickens.
Let the mixture cool completely. Taste test the syrup at this time and add in more maple extract or vanilla extract based on your preference in ¼ teaspoon increments.
Video
Notes
This pancake syrup will thicken as it cools but classic maple syrup is slightly runny so it is thinner than store bought syrup. Some people enjoy more maple flavor than ours so start small and then gradually add in the maple extract until it's the consistency that you prefer. Store in a sealed container in the refrigerator or in a dark, cool place and it should keep for up to a month. This syrup might last longer. After a month, check for changes in consistency or mold and as long as those are not present, it’s still good to use.