Vancouver Housing Market February 2026: Sales, Prices, and What Spring Inventory Means for Buyers

February’s numbers are in, and the story they tell is consistent with what I have been seeing on the ground: a market that is softer than most sellers want to admit and better for buyers than most buyers seem to realize. Greater Vancouver Realtors (GVR) reported 1,648 residential sales across Metro Vancouver in February 2026, down 9.8% from the 1,827 sales recorded in February 2025 and sitting a full 28.7% below the 10-year seasonal average of 2,310.

That is not a typo. Nearly three in ten transactions that would normally happen in a typical February did not happen. And yet sellers keep listing, inventory keeps climbing, and prices continue to slide. Let me break down what is actually going on.

February 2026 Sales: A Modest Improvement from January’s Freeze

January was brutal. Only 1,107 homes sold across Metro Vancouver that month, 28.7% below January 2025 and nearly 31% under the 10-year average. February’s 1,648 sales were a meaningful step up from that floor, but context matters. The February number is still nearly 10% below last year and well short of normal seasonal activity.

Breaking it down by property type, the story gets more interesting:

• Detached homes: 427 sales, down 10.5% from February 2025
• Apartments: 824 sales, down 15.6% year-over-year
• Attached/Townhouses: 387 sales, up 7.8% year-over-year

Townhouses were the one bright spot. I think that makes sense. In a market where detached homes feel too expensive and condos face their own headwinds from inventory gluts and strata fee anxiety, townhouses sit in a sweet spot for families who need space but cannot stomach $1.8 million for a detached home.

Benchmark Prices: Every Segment Is Down Year-over-Year

Here is where things get real. February’s benchmark prices are lower across the board, and the year-over-year declines are accelerating compared to what we saw in January.

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%
Townhouse/Attached	$1,046,100	-5.6%	+0.3%
Apartment	$708,200	-6.8%	+0.5%

Source: Greater Vancouver Realtors, February 2026 Statistics

A couple things jump out at me. First, detached homes are getting hit the hardest, losing 8.8% year-over-year. On a $1.8 million property, that is roughly $160,000 in price erosion over twelve months. If you have been waiting to buy into a west side neighbourhood like Kitsilano or Dunbar, those are real dollars coming off the table.

Second, the month-over-month numbers for townhouses (+0.3%) and apartments (+0.5%) suggest those segments might be finding a floor. It is too early to call a bottom, and one month of flat-to-slightly-up pricing does not make a trend. But after months of steady declines, any stabilization is worth watching.

Third, the gap between January’s composite ($1,101,900) and February’s ($1,100,300) is just $1,600. Month-over-month, pricing is essentially flat. The year-over-year drops are the real story, not the month-to-month noise.

Inventory: Still Elevated, but Sellers Are Pulling Back

This was the most interesting part of February’s data, and GVR’s chief economist Andrew Lis flagged it directly. He noted that “a surprising finding this February is that home sellers appear less eager to list their homes relative to last year”, with new listings down about 7%.

Here are the inventory numbers:

• New listings: 4,734 in February, down 6.4% from the 5,057 new listings in February 2025
• Active listings: 13,545 properties on the market, up 6.3% year-over-year
• Active listings vs. 10-year average: 37% above

So new supply is slowing down, but the total pool of available homes continues to grow because homes are sitting longer. Think of it like a bathtub: the faucet is running a little slower, but the drain is barely open. Water keeps rising.

That 37% above the 10-year average is the number that matters most for buyers. It means you have significantly more choice than you would in a typical February, and it means sellers are competing against each other for your attention. I have been in this market for 20 years, and elevated inventory like this consistently translates into more negotiating room on price, subjects, and closing timelines.

Sales-to-Active Ratio: What 12.6% Actually Tells You

The overall sales-to-active listings ratio for February came in at 12.6%. In real estate, the standard thresholds are roughly:

• Below 12%: Buyer’s market (downward price pressure)
• 12% to 20%: Balanced market
• Above 20%: Seller’s market (upward price pressure)

At 12.6%, Metro Vancouver is right at the edge between buyer’s market and balanced territory. But the averages mask big differences by property type:

Segment	Sales-to-Active Ratio	Market Signal
Detached	9.0%	Buyer’s market
Attached/Townhouse	16.6%	Balanced
Apartment	14.1%	Balanced

Source: Greater Vancouver Realtors, February 2026 Statistics

Detached homes at 9% are firmly in buyer territory. If you are shopping for a house in Mount Pleasant, Cambie, or South Granville, you have leverage. Townhouses and condos are more balanced, but even there, the ratios are closer to the bottom of the balanced range than the top.

My read: unless spring brings a dramatic surge in buyer activity, detached home prices will continue to soften. For the condo and townhouse market, the picture is more stable, but I would not call it competitive.

The Interest Rate Backdrop

The Bank of Canada held its overnight rate at 2.25% on January 28, 2026, after nine rate cuts totaling 275 basis points since June 2024. The next rate decision is scheduled for March 18, and markets are pricing in a very high probability that the Bank holds again.

What does this mean for housing? Borrowing costs are significantly lower than they were 18 months ago. A buyer qualifying today has roughly 25-30% more purchasing power than they did at the peak rate of 5.0% in mid-2024. But the rate cuts have not been enough to reignite demand. Sales remain well below average, and the economic uncertainty from U.S. trade tensions is keeping many would-be buyers on the sidelines.

I think the rate environment is a tailwind that is being offset by headwinds from tariff anxiety and job market softness. The Bank of Canada noted that unemployment remains elevated at 6.8% and relatively few businesses plan to hire more workers. For housing, that is the kind of backdrop where buyers can afford more on paper but feel less confident about making the biggest purchase of their lives.

Spring 2026 Outlook: What I Am Watching

Spring is traditionally when Vancouver’s housing market wakes up. Families want to move over summer, the weather improves, and new listings flood the market. But this year, I think the spring narrative is more nuanced.

GVR’s own 2026 H1 forecast projects sales will remain “muted” with prices finishing the year “relatively unchanged.” BCREA’s Q1 2026 forecast is titled “A Slow Return to Normal” and projects BC-wide sales rising 12% to 78,690 units, though that recovery is from a very low 2025 base. CREA’s January forecast projects BC activity rising more than 8% in 2026, while nationally, 494,512 homes are forecast to trade hands, up 5.1% from 2025.

Royal LePage is more bearish on prices specifically, projecting Greater Vancouver’s aggregate home price will decline 3.5% by Q4 2026. They expect detached homes to drop 5.0% and condos to slide 3.0% over the same period.

Here is what I am paying attention to as spring unfolds:

New listing volume. February’s drop in new listings was surprising. If sellers continue holding back, inventory growth could slow and tighten conditions. If they return in force as temperatures warm up, expect more downward pressure on pricing.

The March 18 Bank of Canada decision. Another hold would confirm the current rate environment is the new normal for 2026. A surprise cut would inject energy into the market quickly.

Trade war developments. U.S. tariff policy is the wild card nobody can model. If tensions ease, consumer confidence rebounds. If they escalate, expect more fence-sitting from buyers.

Pent-up demand. GVR’s forecast mentions a pool of buyers who have been waiting on the sidelines. The question is what finally gets them off the bench. Lower prices? More rate cuts? A resolution to trade uncertainty? My honest answer: probably all three, and we may not get all three anytime soon.

What This Means for Buyers Right Now

I will be direct about this. If you are a buyer with stable income, pre-approval in hand, and a property type and neighbourhood you like, February’s data says the conditions are in your favour. You have:

• More selection than buyers have had in years (13,545 active listings, 37% above average)
• Lower borrowing costs than any point since early 2023
• Price declines that have already shaved 7-9% off most property types over the past year
• Negotiating leverage, especially on detached homes where the sales-to-active ratio sits at just 9%

The risk of waiting is that spring activity picks up, competition increases, and the best properties get snapped up. The risk of acting now is that prices continue to drift lower for a few more months. I do not pretend to know exactly where the floor is. What I do know is that the conditions in February 2026 are meaningfully better for buyers than they were at any point in 2024 or early 2025.

Key Takeaways

• February 2026 saw 1,648 sales, down 9.8% year-over-year and 28.7% below the 10-year average, though notably better than January’s 1,107
• The composite benchmark fell to $1,100,300, down 6.8% from a year ago, with detached homes taking the biggest hit at -8.8%
• Active listings sit at 13,545, a full 37% above the 10-year average, giving buyers more choice and leverage than they have had in years
• The sales-to-active ratio of 12.6% puts Metro Vancouver at the edge of buyer’s market territory, with detached homes firmly below that threshold at 9%
• Spring will be the test. GVR, BCREA, and CREA all project modest sales recovery in 2026, but pricing is expected to remain flat to slightly negative

Frequently Asked Questions

Is Vancouver in a buyer’s market in February 2026?

It depends on the property type. The overall sales-to-active ratio of 12.6% puts Metro Vancouver right at the boundary between a buyer’s market and balanced conditions. Detached homes are clearly in buyer territory at a 9% ratio, while townhouses (16.6%) and apartments (14.1%) are balanced but still favour buyers more than any point in the past three years. Inventory is 37% above the 10-year average, which gives buyers more choice and negotiating power.

How much have Vancouver home prices dropped in 2026?

As of February 2026, the composite benchmark price is $1,100,300, down 6.8% from February 2025. Detached homes have seen the steepest decline at 8.8% year-over-year, followed by apartments at 6.8% and townhouses at 5.6%. On a dollar basis, the detached benchmark has fallen roughly $177,000 over the past twelve months. Month-over-month, prices are nearly flat, suggesting the pace of decline may be moderating.

Will Vancouver home prices keep dropping in spring 2026?

Multiple forecasters project prices will remain soft through 2026. Royal LePage forecasts Greater Vancouver’s aggregate price will decline 3.5% by Q4 2026 compared to Q4 2025. GVR’s own H1 forecast projects prices finishing the year “relatively unchanged.” The spring season typically brings more buyers, but also more listings. With active inventory already 37% above average, any spring demand increase may not be enough to reverse the trend.

What is the Bank of Canada interest rate in March 2026?

The Bank of Canada’s overnight rate is 2.25%, held steady since January 28, 2026. The next rate announcement is scheduled for March 18, 2026. Bond markets are pricing in a high probability of another hold. The current rate of 2.25% is 275 basis points below the June 2024 peak of 5.0%, which has significantly improved borrowing power for qualified buyers.

Should I buy a home in Vancouver right now or wait?

There is no universal answer, but the data favours buyers who are financially ready. February 2026 conditions include prices 7-9% below year-ago levels, borrowing costs at multi-year lows, and inventory at decade-high levels relative to seasonal averages. The risk of waiting is that spring competition increases; the risk of buying now is that prices may drift slightly lower. If your income is stable and you find the right property, the current market offers conditions you are unlikely to see once demand normalizes.

Sources

• Greater Vancouver Realtors - February 2026 Monthly Statistics (via Vancouver New Condos, March 3, 2026)
• Greater Vancouver Realtors - January 2026 Monthly Market Report
• Bank of Canada - Interest Rate Decision, January 28, 2026
• Bank of Canada - March 18, 2026 Rate Announcement Schedule
• GVR Economics - 2026 H1 Residential Forecast
• BCREA - 2026 Q1 Housing Forecast: A Slow Return to Normal
• CREA - 2026 and 2027 Resale Housing Market Forecast
• Royal LePage - 2026 Market Outlook

Data sourced March 3, 2026. Market conditions change frequently. Verify current figures before making financial decisions.

Next Steps: Work with Rain City Properties

If you are considering making a move in this market, I would be happy to walk you through what February’s numbers mean for your specific situation. Whether you are a first-time buyer looking to take advantage of current conditions, a homeowner thinking about selling before spring, or an investor evaluating the math on a multiplex conversion, my team and I can help you make sense of the data and build a plan.

I have been selling real estate in Vancouver since 2006, and this is one of the more interesting markets I have worked through. The opportunity is real, but so is the complexity. Let us figure it out together.

Contact Greyden Douglas directly at (604) 218-2289 or book a call to discuss your Vancouver real estate goals.