Metro Vancouver home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a 10% decline over the same period last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,648 in February 2026, a 9.8% decrease from the 1,827 sales recorded in February 2025. This was 28.7% below the 10-year seasonal average (2,310).

“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, GVR chief economist and vice-president data analytics. “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 7%, mostly driven by fewer listings in the apartment segment.”

There were 4,734 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2026. This represents a 6.4% decrease compared to the 5,057 properties listed in February 2025. This was 7.1% above the 10-year seasonal average (4,421).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,545, a 6.3% increase compared to February 2025 (12,744). This is 37% above the 10-year seasonal average (9,886).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2026 is 12.6%. By property type, the ratio is 9% for detached homes, 16.6% for attached, and 14.1% for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“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.”

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% decrease over February 2025 and a 0.1% decrease compared to January 2026.

Sales of detached homes in February 2026 reached 427, a 10.5% decrease from the 477 detached sales recorded in February 2025. The benchmark price for a detached home is $1,835,900. This represents an 8.8% decrease from February 2025 and a 0.8% decrease compared to January 2026.

Sales of apartment homes reached 824 in February 2026, a 15.6% decrease compared to the 976 sales in February 2025. The benchmark price of an apartment home is $708,200. This represents a 6.8% decrease from February 2025 and a 0.5% increase compared to January 2026.

Attached home sales in February 2026 totalled 387, a 7.8% increase compared to the 359 sales in February 2025. The benchmark price of a townhouse is $1,046,100. This represents a 5.6% decrease from February 2025 and a 0.3% increase compared to January 2026.

Click here to view the February 2026 MLS housing market report.

New Normal for Metro Vancouver’s Housing Market Continues by GVR