GVR Market Review
A New Normal?
Low sales — Leveling Prices — Fewer New Listings
Wondering what changed in Metro Vancouver's real estate market last month?
February’s Snapshot
Ever since a busy October, the number of monthly sales in the Greater Vancouver area has generally been decreasing. January was exceptionally slow, and in that respect, February represented a step in the right direction. But now a larger question looms: is this the new normal? High inventory, hesitant buyers, and sales well below the 10-year average. Based on many analytics—and the majority of 2025—it increasingly appears that it may be.
Inventory remained elevated at 13,545 active listings, sitting 37% above historical norms. However, there were 2,848 fewer active listings in February compared to October 2025. From this perspective, historically high inventory relative to the 10-year average becomes somewhat less relevant, as listings have still declined significantly over the past four months and the immediacy of that figure is much more important.
Statistics tell a story, but it often depends on how you interpret them.
Traditionally, shrinking supply has shifted power toward sellers and led to rising prices. Currently, that isn’t happening. Prices continue to ebb and flow—minor decreases followed by minor increases. Supply remains too high to meaningfully influence pricing in a sustained way…in the historically expected way.
In many respects, the rules have been broken. The metrics that once acted as a guiding light for the market are no longer as reliable as they once were.
Below is a snapshot of the current reality for the Greater Vancouver market as a whole.
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Let’s break down the numbers and what they mean for you.
Market at a Glance
Sales Activity:
- 1,648 residential sales in February 2026
- 9.8% decrease over February 2025
- 541 more sales compared to January 2026
- However, 607 less sales compared to October 2025.
- That is a 36.8% reduction in monthly sales in 4 months
- February sales were 28.7% below the 10-year average
New Listings:
- 4,734 properties listed in February 2026
- There were 423 less new listings in February when compared to January
- But 2,885 more new listings in February when compared to December 2025
- Down 6.4% from February 2025
- 7.1% more new listings than the 10-year seasonal average
Total Active Listings:
- 13,545 homes on the market
- Up 6.3% from February 2026
- There are 37% more listings than the 10-year average
MLS® HPI Composite Benchmark Price:
- $1,100,300
- Down 6.8% year-over-year
- Down 0.1% from January 2025
So far in 2026 new listings have decreased month-over-month, but supply remains historically high & listings have increased exponentially compared to the end of 2025.
2026 started with a whimper and sales are up generously month over month, but well below the 10-year average and February 2025.
Month-over-month prices, for the market as a whole continue to trend downwards between a fraction of a %, but both condos and townhomes saw a very minor month-over-month increase in February. Only detached homes bring the average down.
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Sales-To Active Listing Ratio February 2026
Data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
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Breaking Down the Property Types
Detached Homes
- 427 sales in February 2026
- Down 10.5% from February 2025
- 127 more sales than January
- Benchmark Price: $1,835,900
- Down 8.8% from February 2025
- Down 0.8% from January 2026
Apartment Homes
- 824 sales in February 2026
- Down 15.6% from February 2025
- 270 more than January
- Benchmark Price: $708,200
- Down 6.8% from February 2025
- Up 0.5% from January 2026
Attached Homes (Townhouses)
- 387 sales in February 2026
- Up 7.8% from February 2025
- 141 more than January
- Benchmark Price: $1,046,100
- Down 5.6% from February 2025
- Up 0.3% from January 2026
Metro Vancouver Market Highlights February 2026:
What's Driving Trends?
The market is waking up very slowly in 2026. Buyers remain relatively few, and wary. Supply is still substantially above the 10-year average.
At this point the story isn’t new.
On the whole prices are slowly edging down, but the decline is variable…and peppered with random increases based on supply style/type. The number of sellers outstrips the number of buyers. The economy and world events remain uncertain.
Speaking generally buyers remain in control.
That being said, people are moving. Homes are selling. The reality of the process has just shifted. For roughly the last year and a half the market has been ‘different’ when compared to what the last decade has taught everyone to expect.
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Expert Insight
Andrew Lis, Director of Economics and Data Analytics at Greater Vancouver REALTORS®, reflects on the latest housing data:
"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."
Lis looked towards spring to see how long the current market will last:
“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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What This Means for Buyers & Sellers
For Buyers
- Negotiating Power Remains – With 13,545 active listings (37% above the 10-year average) and sales 28.7% below the long-term norm, buyers continue to hold the advantage in most segments of the market.
- Prices Have Softened Year-Over-Year – The MLS® HPI benchmark is $1,100,300, down 6.8% year-over-year, with detached homes experiencing the largest declines (-8.8%). This environment continues to present opportunity for buyers thinking long term.
- Inventory Is High, But Slowly Tightening – While supply remains elevated, there are 2,848 fewer active listings than October 2025 and new listings have declined month-over-month in 2026. Buyers still have choice today, but conditions could gradually tighten if this trend continues.
For Sellers
- Competition Is Still Significant – Even with listings slowly declining since October, inventory remains 37% above the 10-year average, meaning strong pricing strategy and standout presentation are essential to attract cautious buyers.
- Detached Homes Facing the Most Pressure – Detached benchmark pricing sits at $1,835,900, down 8.8% year-over-year and 0.8% month-over-month, indicating this segment continues to feel the most downward pressure. Condos and townhomes have shown minor month-over-month price increases, but remain below last year’s levels.
- Patience and Exposure Matter More Than Ever – With sales still nearly 29% below the 10-year average and buyers moving carefully, listings that succeed are the ones that combine strategic pricing, broad marketing exposure, and strong visual presentation to stand out in a slower market.
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Greater Vancouver Home Sales 2026 VS 2025
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Looking Ahead
As we move towards spring Metro Vancouver’s market remains buyer-focused, with elevated inventory continuing to shape conditions. But the number of new listings has slowed. If reduced new inventory becomes paired with a traditional spring boost in the number of buyers stagnant inventory could finally sell…and a shift 1.5+ years in the making could finally be here.
That is put a lot of stock in a uncertain variable. If anything, the last 1-2 years has shown us that ‘traditional norms’ can no longer be counted on.
Right now the market remains in the same state it has been for over a year with the slight variation of fewer new listings and the looming question mark of spring.
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CLICK HERE FOR THE FULL GVR February 2026 STATISTICS PACKAGE
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