New Normal for Metro Vancouver's Housing Market Continues

The latest data from Greater Vancouver REALTORS shows that Metro Vancouver’s housing market remained subdued in February 2026, continuing the slower pace experienced throughout 2025 and into the new year.

Market Overview

Residential sales totaled 1,648 in February 2026, representing a 9.8 per cent decrease compared to the 1,827 sales recorded in February 2025. Sales were also 28.7 per cent below the 10-year seasonal average, indicating that buyer activity remains below historical norms.

There were 4,734 newly listed detached, attached, and apartment properties added to the MLS® in February. Total active listings reached 13,545, up 6.3 per cent year over year and sitting roughly 37 per cent above the 10-year seasonal average. Elevated inventory levels continue to provide buyers with increased selection across all property types.

Sales to Active Lisitngs Ratio

The overall sales-to-active listings ratio for February 2026 is 12.6 per cent.

By property type:

• Detached homes: 9 per cent

• Attached homes: 16.6 per cent

• Apartments: 14.1 per cent

  
  

Historical trends suggest that when the ratio remains below 12 per cent for a sustained period, downward pressure on home prices can occur, while levels above 20 per cent may signal upward price pressure.

February’s figures reflect conditions that are balanced overall, though the detached segment continues to lean more toward a buyer’s market.

MLS® Home Price Index

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,100,300. This represents a 6.8 per cent decrease compared to February 2025 and a slight 0.1 per cent decrease compared to January 2026, suggesting prices remain soft but relatively stable month over month.

Across property types, benchmark prices continue to show modest year-over-year declines. Detached homes have experienced the largest percentage adjustment, followed by apartments and attached homes. These trends reflect elevated inventory levels and below-average sales activity across the region.

Sales & Listing Report Snapshot

Average Sale Price Per Square Foot:

What This Means Moving Forward

February’s data points to a market that remains steady but measured. With inventory levels elevated and the sales-to-active listings ratio hovering near balanced thresholds, buyers continue to benefit from increased choice and negotiating flexibility — particularly in the detached segment.

For sellers, pricing strategy and presentation remain critical in a competitive environment. Well-positioned properties that align with current market expectations are still attracting interest, while overpricing can lead to extended days on market.

As we move further into the spring season, shifts in buyer confidence, new listing activity, and overall economic conditions will play an important role in determining whether momentum builds or the market continues at a moderated pace.