Slower deals, softer prices and wary sellers defined Metro Vancouver’s February market
Metro Vancouver’s housing market stayed in a low gear in February as sales and prices moved lower and would‑be buyers largely remained on the sidelines.
Residential transactions across Greater Vancouver totalled 1,648 for the month, down 9.8% from February 2025 and almost 29% below the 10‑year seasonal average.
The composite benchmark price for all residential properties slipped to $1,100,300, a 6.8% annual decline and 0.1% lower than January.
Across all housing types, the sales‑to‑active‑listings ratio sat at 12.6%, close to the threshold many analysts associate with downward price pressure after a sustained period.
Detached homes posted a ratio of 9%, compared with 16.6% for attached properties and 14.1% for apartments.
“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,” said Andrew Lis, chief economist and vice‑president of data analytics at Greater Vancouver Realtors.
“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.”
New listings and inventory diverge
There were 4,734 newly listed homes in February, 6.4% fewer than a year earlier but still 7.1% above the decade average.
Total inventory rose to 13,545 properties, up 6.3% year over year and 37% above the 10‑year norm, giving buyers more choice even as fresh supply slowed.
“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,” Lis said.
“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.”
Segment splits and mortgage backdrop
Detached sales fell 10.5% to 427 deals, with a benchmark price of $1,835,900, 8.8% lower than a year earlier.
Apartment sales dropped 15.6% to 824, with a benchmark of $708,200, also down 6.8% annually.
Attached properties were the outlier: sales rose 7.8% to 387 even as the townhouse benchmark eased 5.6% to $1,046,100.
For mortgage professionals, the Vancouver slowdown fits into a broader national pattern. A BMO survey in 2025 found that 67% of would‑be buyers were delaying purchases until interest rates fell, with many citing recession fears and affordability concerns.
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