New normal for Metro Vancouver’s housing market continues

Metro Vancouver home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a ten per cent 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 per cent decrease from the 1,827 sales recorded in February 2025. This was 28.7 per cent 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 seven percent, 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 per cent decrease compared to the 5,057 properties listed in February 2025. This was 7.1 per cent 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 per cent increase compared to February 2025 (12,744). This is 37 per cent 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 per cent. By property type, the ratio is nine per cent for detached homes, 16.6 per cent for attached, and 14.1 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent 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 per cent decrease over February 2025 and a 0.1 per cent decrease compared to January 2026.

Sales of detached homes in February 2026 reached 427, a 10.5 per cent 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 per cent decrease from February 2025 and a 0.8 per cent decrease compared to January 2026.

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

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

2025 saw lowest annual sales total in over two decades

Home sales registered in the Multiple Listing Service® (MLS®) in Metro Vancouver finished the year down 10 per cent, marking the lowest annual sales total in over twenty years.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 23,800 in 2025, a 10.4 per cent decrease from the 26,561 sales recorded in 2024, and a 9.3 per cent decrease from the 26,249 sales in 2023.

Last year’s sales total was 24.7 per cent below the 10-year annual sales average (31,625).

“This year was one for the history books,” said Andrew Lis, GVR’s chief economist and vice-president, data analytics. “Although the sales total was the lowest in over two decades, Realtors were still busy listing properties. Sellers brought the highest total of listings to market on record since the mid-1990s, eclipsing the previous record high in 2008 by a little over 1,000 listings.”

Properties listed on the MLS® in Metro Vancouver totalled 65,335 in 2025. This represents an 8.2 per cent increase compared to the 60,388 properties listed in 2024. This was 28.4 per cent above the 50,893 properties listed in 2023.

The total number of properties listed last year was 13.1 per cent above the region’s 10-year total annual average of (57,782).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 12,550, a 14.6 per cent increase compared to December 2024 (10,948). This is 34.8 per cent above the 10-year seasonal average (9,308).

“The forecast we put out last January noted a foreseeable downside risk, which while prescient, unfortunately materialized in 2025,” said Lis. “Specifically, we noted that trade tensions with the USA could negatively impact sales and prices, and this downside risk came to pass. The upshot, however, is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,800. This represents a 4.5 per cent decrease over December 2024 and a 0.8 per cent decrease compared to November 2025.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025. Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point,” said Lis. “With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favorable conditions. Whether these conditions translate into a market with stronger demand will be the million-dollar question – and we’ll be monitoring this story closely as it unfolds.”

December 2025 summary

Residential sales in the region totalled 1,537 in December 2025, a 12.9 per cent decrease from the 1,765 sales recorded in December 2024. This was 20.7 per cent below the 10-year seasonal average (1,937).

There were 1,849 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2025. This represents a 10.3 per cent increase compared to the 1,676 properties listed in December 2024. This was 10.3 per cent above the 10-year seasonal average (1,677).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2025 is 12.7 per cent. By property type, the ratio is 9.3 per cent for detached homes, 14.6 per cent for attached, and 15.1 per cent for apartments.

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

Sales of detached homes in December 2025 reached 431, a 12.8 per cent decrease from the 494 detached sales recorded in December 2024. The benchmark price for a detached home is $1,879,800. This represents a 5.3 per cent decrease from December 2024 and a 1.1 per cent decrease compared to November 2025.

Sales of apartment homes reached 791 in December 2025, a 11.2 per cent decrease compared to the 891 sales in December 2024. The benchmark price of an apartment home is $710,000. This represents a 5.3 per cent decrease from December 2024 and a 0.6 per cent decrease compared to November 2025.

Attached home sales in December 2025 totalled 303, an 18.3 per cent decrease compared to the 371 sales in December 2024. The benchmark price of a townhouse is $1,056,600. This represents a five per cent decrease from December 2024 and a 0.8 per cent decrease compared to November 2025.