Metro Vancouver Real Estate Market Update – February 2026
January’s slower pace carried into February, reinforcing what has increasingly become the new normal for Metro Vancouver’s housing market: below-average sales, elevated inventory, and relatively stable prices across most property types.
While demand remains softer than historical norms, a modest pullback in new listings suggests some sellers may be waiting for clearer signals heading into the spring market.
Despite subdued activity, buyers continue to benefit from strong selection and negotiating leverage.
Key Market Stats – February 2026
Overall Residential Market
Total Sales: 1,648 (↓9.8% YoY)
Benchmark Price: $1,100,300 (↓6.8% YoY, ↓0.1% MoM)
New Listings: 4,734 (↓6.4% YoY)
Total Active Listings: 13,545 (↑6.3% YoY)
Sales-to-Active Listings Ratio: 12.6%
Slightly above the 12% threshold that typically signals downward price pressure when sustained.
Detached Homes
Sales: 427 (↓10.5% YoY)
Benchmark Price: $1,835,900 (↓8.8% YoY, ↓0.8% MoM)
Active Listings: 4,770
Avg. Days on Market: 49
Sales-to-Active Ratio: 9% (Buyer’s Market)
Townhouses
Sales: 387 (↑7.8% YoY)
Benchmark Price: $1,046,100 (↓5.6% YoY, ↑0.3% MoM)
Active Listings: 2,333
Avg. Days on Market: 33
Sales-to-Active Ratio: 16.6% (Balanced Market)
Apartments
Sales: 824 (↓15.6% YoY)
Benchmark Price: $708,200 (↓6.8% YoY, ↑0.5% MoM)
Active Listings: 5,864
Avg. Days on Market: 40
Sales-to-Active Ratio: 14.1% (Balanced Market)
Market Commentary
February recorded 1,648 residential sales, down 9.8% from the same month last year and nearly 29% below the 10-year seasonal average. While the gap compared to long-term norms remains wide, the market’s slower pace is becoming increasingly familiar.
New listings totaled 4,734, a 6.4% decline compared to February 2025, with the reduction driven largely by fewer listings in the apartment segment. Despite this pullback, overall supply remains elevated, with 13,545 homes currently listed for sale, roughly 37% above the 10-year seasonal average.
According to Andrew Lis, GVR chief economist and vice-president of data analytics:
“With each passing data point, the pace of sales running well below long-term averages are no longer a surprise – it’s become the new norm. A surprising finding this February, however, is that home sellers appear less eager to list their homes relative to last year with new listings down about seven percent, mostly driven by fewer listings in the apartment segment.”
The sales-to-active listings ratio reached 12.6% in February, slightly higher than January’s level and just above the threshold that historically signals downward pressure on prices. Detached homes remain firmly in buyer’s market territory at 9%, while attached and apartment properties sit within balanced conditions.
The composite benchmark price declined just 0.1% month-over-month, suggesting that while activity remains subdued, prices are beginning to stabilize after the gradual softening seen throughout 2025.
Looking Ahead
With fewer new listings entering the market compared to last year, the upcoming spring market will be an important indicator of where conditions may head next.
If demand strengthens even modestly while listing activity remains restrained, inventory levels could stabilize and support prices around current levels. Conversely, continued weak demand could prolong the slower-moving market conditions seen over the past year.
As Lis noted:
“With fewer sellers coming to market with their properties than last year, a pick-up in demand heading into the spring could result in a stagnation of standing inventory, which may support prices around current levels. With sales slightly outpacing our 2026 forecast year-to-date, the spring market will be the litmus test of whether we continue along this new normal, or if we see any significant surprises.”
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Conclusion
February continued the trend that defined much of the past year: sales activity below historical averages paired with elevated inventory levels.
While detached homes remain firmly in buyer’s market territory, attached and apartment segments are showing more balanced conditions. The months ahead—particularly the spring market—will provide clearer signals as to whether demand begins to recover or if the market continues adjusting to this slower-paced environment.
For buyers, the market continues to offer selection and negotiating power, while sellers must remain strategic and realistic with pricing to stand out in a competitive landscape.
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