Metro Vancouver's housing market in February continued to see sales that were lower than average. It looks like this is becoming the new normal for the area. Let's break down what happened.
February Sales and Listings
In February, there were just over 1,600 home sales recorded on the MLS®. This is a 10% drop compared to the same time last year. It's also a significant 29% below the average number of sales we usually see in February over the last decade.
When it came to new homes hitting the market, about 4,700 properties were listed on the MLS® in February. This is actually 6% less than last year. Interestingly, fewer sellers seemed keen to list their homes this February compared to last year. The biggest drop in new listings came from apartments.
By the end of February, there were over 13,500 homes listed for sale across Metro Vancouver. That's a lot more than usual – 37% higher than the average for February.
Key Takeaways
- Sales are down 10% year-over-year and 29% below the 10-year average.
- New listings are down 6% year-over-year, with fewer apartments coming to market.
- Total active listings are up 37% compared to the February average.
Understanding Supply and Demand
To get a handle on what's happening with supply and demand, we look at the sales-to-active-listings ratio. This tells us how many homes are selling compared to how many are available.
Historically, when this ratio stays below 12% for a while, home prices tend to go down. On the flip side, if the ratio stays above 20% for a few months, prices usually start to climb.
In February, this ratio for all homes ended up at 13%. Let's look at it by property type:
- Detached homes: 9%
- Attached homes (townhomes): 17%
- Apartments: 14%
Home Prices in February
The MLS® Home Price Index (HPI) benchmark price for all types of homes in Metro Vancouver was about $1,100,000 in February. This is 7% lower than it was last year.
Here's how the prices break down by property type:
- Detached homes: $1,836,000
- Townhomes: $1,046,000
- Apartments: $708,000
What to Expect Next
Sales so far this year have been a bit higher than our 2026 forecast. The upcoming spring market will really show us if we're sticking with this "new normal" of slower sales or if things might change unexpectedly.
For more detailed housing market information, check out the market watch section on our website.
