Metro Vancouver home sales drop nearly 10% as market settles into ‘new norm’

Home sales in Metro Vancouver remained subdued in February, with buyer demand and the pace of new listings slowing down at the same time. 

Greater Vancouver Realtors says 1,648 residential properties were sold in February, a 9.8 per cent decline from the 1,827 sales recorded during the same month last year.

The total was also 28.7 per cent below the region’s 10-year seasonal average of 2,310 transactions.

“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, the board’s chief economist and vice-president of data analytics.

Fewer listings also entering the market

The number of new listings also slipped compared with last February.

There were 4,734 detached, attached and apartment properties newly listed on the MLS system in February, down 6.4 per cent from the 5,057 homes listed during the same month last year.

Lis said the drop in listings was somewhat unexpected, and added that this was mostly attributed to fewer listings in the apartment segment.

Despite fewer new listings, the total number of homes available for sale remains relatively high. 

There were 13,545 properties listed on the MLS system in Metro Vancouver in February, up 6.3 per cent compared with a year earlier and 37 per cent above the 10-year seasonal average.

Prices show moderate year-over-year declines

The benchmark price for all residential properties in Metro Vancouver was $1,100,300 in February, a 6.8 per cent decrease year-over-year and a slight 0.1 per cent dip from January.

Detached homes had a benchmark price of $1,835,900, down 8.8 per cent year over year. Apartment benchmark prices fell 6.8 per cent to $708,200, while townhouse benchmark prices declined 5.6 per cent to $1,046,100.

The region’s sales-to-active listings ratio stood at 12.6 per cent in February, a level typically associated with balanced market conditions.

Spring market expected to test demand

Lis said the spring housing market will help determine whether sales activity begins to recover.

“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,” he 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.”