Summary: Deep dive into Greater Vancouver Realtors' February 2026 statistics showing 1,648 sales (down 9.8% YoY, 28.7% below 10-year average), 13,545 active listings (37% above 10-year average), and benchmark prices declining across all property types with the composite down 6.8% year-over-year.
Metro Vancouver recorded 1,648 home sales in February 2026 — down 9.8% from last year and 28.7% below the 10-year average. With 13,545 active listings and prices down across all property types, here is what the numbers actually tell us about where this market is headed.
Greater Vancouver Realtors released the February 2026 statistics this month, and the headline numbers continue a pattern that’s been building for over a year now: fewer sales, more inventory, and prices that keep grinding lower. None of this should surprise anyone who’s been paying attention. But the details inside these numbers — where activity is happening, which property types are holding up, and what the ratios tell us about the months ahead — are worth pulling apart.
I’ve been tracking GVR monthly stats for two decades, and this is one of those periods where the aggregate numbers obscure some genuinely useful signals. Let me dig in.
Sales: 28.7% Below the 10-Year Average
Metro Vancouver recorded 1,648 residential sales in February 2026. That’s down 9.8% from February 2025’s 1,827 and sits a full 28.7% below the 10-year seasonal average of 2,310 sales for the month.
GVR’s chief economist Andrew Lis put it bluntly in the official release: “The pace of sales running well-below long-term averages are no longer a surprise — it’s become the new norm.”
That’s a remarkable thing for a board economist to say. These aren’t throwaway comments. When someone whose job involves measured language essentially says “stop waiting for a rebound to normal,” I think it’s worth taking seriously.
Here’s the sales breakdown by property type:
| Property Type | Feb 2026 Sales | Feb 2025 Sales | Year-over-Year Change |
|---|---|---|---|
| Detached | 427 | 477 | -10.5% |
| Apartment | 824 | 977 | -15.6% |
| Attached/Townhouse | 387 | 359 | +7.8% |
| Total | 1,648 | 1,827 | -9.8% |
Source: Greater Vancouver Realtors, February 2026 Statistics
The story here is the split between apartments and townhouses. Condo sales dropped 15.6% — the weakest segment by a wide margin. Townhouses, meanwhile, were the only category to post a year-over-year increase at 7.8%. I’ve written about why this is happening in my condo vs townhouse comparison, but the short version: condo oversupply and rising strata costs are pushing buyers toward townhouses, where supply is tighter and the value proposition feels stronger to families.
Detached homes fell 10.5%, which continues the trend we’ve seen for most of the past year. The $1.8 million benchmark puts detached homes out of reach for most buyers, and even those who can afford it are in no rush given the price trajectory.
New Listings: Down from Last Year but Above Average
February brought 4,734 new listings to market. That’s down 6.4% from February 2025’s 5,057 but sits 7.1% above the 10-year seasonal average.
This is an interesting number. Fewer sellers listed compared to last year, which suggests some owners are pulling back — either waiting for better conditions or choosing not to sell into a declining market. Lis noted this in his commentary, pointing out 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.”
Condo owners in particular seem to be holding back. That’s rational behaviour: if you don’t need to sell and you know your unit will fetch less than it would have a year ago, waiting is a reasonable strategy. The problem is that the listings already on the market aren’t clearing, which brings us to the inventory situation.
Active Listings: 37% Above the 10-Year Average
This is the number that defines the current market more than any other.
There are 13,545 homes actively listed for sale across Metro Vancouver. That’s up 6.3% from February 2025’s 12,744 and a remarkable 37% above the 10-year seasonal average of 9,886.
To put that in concrete terms: there are roughly 3,660 more homes for sale right now than what you’d typically see at this time of year. That’s the equivalent of a mid-sized neighbourhood’s entire housing stock sitting as surplus inventory.
Month over month, active listings increased from January to February — which is normal seasonal behaviour as the spring market begins. But the year-over-year growth shows that the inventory buildup is structural, not seasonal. We’re not just seeing the normal spring listing bump. We’re seeing an accumulation of unsold homes from the past 12+ months.
For buyers, this translates directly into leverage. More inventory means more choice, more time to evaluate options, and more room to negotiate on price and subjects. For sellers, it means competition for every buyer’s attention.
The Sales-to-Active Ratio: Market Balance by Property Type
The sales-to-active ratio is the single best indicator of whether prices are likely to rise or fall. Below 12%, prices tend to decline. Above 20%, prices tend to rise. February’s overall ratio: 12.6%.
But the overall number masks significant variation by property type:
| Property Type | Sales-to-Active Ratio | Market Condition |
|---|---|---|
| Detached | 9.0% | Buyer’s market |
| Attached/Townhouse | 16.6% | Balanced |
| Apartment | 14.1% | Balanced (soft) |
| Overall | 12.6% | Buyer-leaning |
Source: Greater Vancouver Realtors, February 2026 Statistics
At 9%, detached homes are firmly in buyer’s market territory. If you’re shopping for a house in Kitsilano, Mount Pleasant, or East Vancouver, you have genuine negotiating power right now. Sellers in this segment need to price competitively — overpriced detached homes are sitting for 60-90 days or more.
Townhouses at 16.6% are the tightest segment, sitting in balanced territory. This aligns with the sales data — more buyers competing for relatively fewer listings. If you’re selling a well-located townhouse, you’re in a stronger position than sellers in other segments.
Apartments at 14.1% sit in a soft balanced zone. Not quite a buyer’s market by the textbook definition, but the trend line is pointing in that direction. With the oversupply of new condo inventory continuing to hit the market, I expect this ratio to drift lower through spring.
Benchmark Prices: Down Across the Board
February’s MLS Home Price Index benchmarks show declines in every property category compared to a year ago:
| Property Type | Feb 2026 Benchmark | Year-over-Year | Month-over-Month |
|---|---|---|---|
| Composite (all types) | $1,100,300 | -6.8% | -0.1% |
| Detached | $1,835,900 | -8.8% | -0.8% |
| Attached/Townhouse | $1,046,100 | -5.6% | +0.3% |
| Apartment | $708,200 | -6.8% | +0.5% |
Source: Greater Vancouver Realtors, February 2026 Statistics
Year-over-year declines range from 5.6% for townhouses to 8.8% for detached homes. In dollar terms, a detached home that benchmarked at $2,013,700 in February 2025 is now at $1,835,900 — a decline of $177,800. On a property you’re financing, that’s a meaningful shift in your equity position.
Month-over-month, though, there’s an interesting wrinkle. Townhouses ticked up 0.3% and condos rose 0.5% from January. Detached homes continued declining at -0.8%. This could be early evidence that the lower price segments are finding a floor, while the top of the market has more room to fall. Or it could just be monthly noise. Two months of slight increases doesn’t make a trend. But it’s worth watching.
What This Data Actually Means
Let me step back from the tables and give you my read on what these numbers are telling us in practical terms.
The market is not crashing. I want to be clear about that because headlines love the word “crash.” Year-over-year declines of 5-9% are significant, but they’re orderly. There’s no panic selling. There are no mass foreclosures. This is a market that overshot on the way up (2020-2022) and is now gradually correcting. The pace is slow enough that most owners who bought more than three years ago still have equity.
The market is not recovering either. The 28.7% gap between current sales and the 10-year average is substantial. When Andrew Lis says this has “become the new norm,” he’s telling you not to expect a snap-back to 2,300+ monthly sales anytime soon. The combination of elevated inventory, tariff uncertainty, and cautious buyer behaviour has created a new baseline that’s well below what we considered normal.
Different segments are experiencing fundamentally different markets. Treating “the Vancouver market” as a single entity is a mistake right now. Townhouse buyers face balanced conditions with moderate competition. Detached home buyers have strong leverage. Condo buyers sit somewhere in between but face the additional headwind of incoming presale supply. If you’re making a decision, the segment-specific data matters far more than the composite numbers.
What I’m Watching Going Into Spring
Three things will determine whether this market shifts meaningfully in the next 90 days:
Bank of Canada decisions. The overnight rate sits at 2.25% after the January 28 hold. The March 18 decision is the next data point. Most economists expect another hold. A surprise cut would move buyers off the fence faster than anything else. A rate increase — unlikely but possible if inflation data shifts — would push this market deeper into buyer territory.
Spring listing volume. If March and April bring a surge of new listings on top of the existing 13,545, the inventory imbalance will widen further and prices will face more downward pressure. If sellers continue to pull back — as they did in February with that 6.4% decline in new listings — the market could stabilize faster.
Trade policy clarity. The tariff uncertainty hanging over the Canadian economy is suppressing buyer confidence. I hear it in every other conversation. If there’s any resolution or clarity on Canada-U.S. trade relations, expect some of the sidelined demand to come back. If the uncertainty drags on, expect more of the same.
What This Means for You
If you’re a buyer: This is as much leverage as you’ve had in years. The numbers don’t lie — 13,545 active listings, prices down 6.8% composite, and a sales-to-active ratio that gives you room to negotiate. Focus on the segment-specific data: detached homes offer the most buyer leverage at 9%, while townhouses at 16.6% require more competitive offers. Don’t try to time the absolute bottom. Instead, focus on buying well — the right property, in the right location, at a price the data supports. I can help you identify where the best value sits right now, whether that’s a family-friendly neighbourhood or an investment-focused area.
If you’re a seller: Pricing strategy is everything in this market. The gap between what homes are listed at and what they’re selling for has widened — overpriced listings are being punished with extended time on market and eventual price reductions that erode your negotiating position. Price at or slightly below recent comparable sales and you’ll stand out in a crowded field. Townhouse sellers are in the strongest relative position of any segment.
If you’re an investor: The rental market remains tight even as the purchase market softens, which means rental yields are gradually improving. A condo bought at today’s $708,200 benchmark with stable rental income could be a solid long-term hold if you can weather potential further price declines in the near term. Townhouses offer lower strata fees and stronger appreciation potential but require more capital. Run the numbers on both — the multiplex option is also worth considering if you have the budget for it.
Key Takeaways
- February 2026 sales of 1,648 are down 9.8% YoY and sit 28.7% below the 10-year seasonal average — GVR’s chief economist says this has “become the new norm”
- Active inventory at 13,545 is 37% above the 10-year average, creating the most buyer-friendly supply conditions since 2019
- New listings at 4,734 were down 6.4% from last year, suggesting some sellers are pulling back from the market
- Sales-to-active ratios vary sharply: 9% for detached (buyer’s market), 16.6% for townhouses (balanced), 14.1% for apartments (soft balanced)
- Benchmark prices are down across all types YoY — composite -6.8%, detached -8.8%, townhouses -5.6%, apartments -6.8% — but month-over-month, condos and townhouses showed slight increases
Frequently Asked Questions
How does the February 2026 Vancouver market compare to normal?
It’s well below normal by historical standards. The 1,648 sales are 28.7% below the 10-year February average of 2,310. Active listings at 13,545 are 37% above the 10-year average of 9,886. New listings at 4,734 are 7.1% above average. In short: far fewer people are buying while inventory keeps building. The sales-to-active ratio of 12.6% overall is at the threshold where prices tend to decline, and for detached homes at 9%, it’s firmly in buyer’s market territory.
Are Vancouver home prices still falling in 2026?
Yes, on a year-over-year basis. The composite benchmark fell 6.8% from February 2025 to February 2026. Detached homes saw the steepest decline at -8.8%, followed by apartments at -6.8% and townhouses at -5.6%. Month-over-month, though, townhouses (+0.3%) and apartments (+0.5%) showed slight increases from January, while detached homes continued declining (-0.8%). Whether this represents a forming floor or just monthly variation will become clearer over the next few months.
What is the sales-to-active ratio and why does it matter?
The sales-to-active ratio measures monthly sales as a percentage of total active listings. It’s the most reliable short-term indicator of price direction. Below 12%, prices tend to fall (buyer’s market). Between 12-20%, conditions are balanced. Above 20%, prices tend to rise (seller’s market). In February 2026, Metro Vancouver’s overall ratio was 12.6%, right at the threshold. But the variation by property type tells a more nuanced story: detached homes at 9% are clearly in buyer’s territory, while townhouses at 16.6% are closer to balanced conditions.
Sources
- Greater Vancouver Realtors — February 2026 Monthly Market Report
- Greater Vancouver Realtors February 2026 Statistics (Vancouver New Condos)
- Bank of Canada — January 28, 2026 Rate Decision
- Bank of Canada — March 18, 2026 Rate Announcement Schedule
- CMHC — Housing Market Outlook 2026
Data sourced March 24, 2026. Market conditions change frequently. Verify current figures before making financial decisions.
Next Steps: Work with Rain City Properties
The February stats paint a clear picture: buyers have more leverage than they’ve had in years, sellers need to price carefully, and the market is behaving differently depending on what you’re buying or selling. Aggregate numbers tell one story. Your specific neighbourhood and property type tell another.
I’ve been analyzing these monthly reports for 20 years, and I’d be happy to walk you through what the data means for your particular situation. Whether you’re trying to decide if now is the right time to buy, figuring out what your home is actually worth in this market, or weighing your options between property types, a conversation costs nothing and could save you from an expensive mistake.
Contact Greyden Douglas directly at (604) 218-2289 or book a call to talk about your next move in the Vancouver market.
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