Greater Vancouver
February 2026
Sales stayed well below normal for February, but fewer homeowners listed and prices held close to January's levels.
Subscribe for monthly reports-28.7% vs 10-year February average
+37.0% vs 10-year February average
-0.1% vs January 2026
Fewer sellers, steadier prices heading into spring
February was another quiet month. Sales ran almost 30% below what's typical for the month – a pace GVR now calls the new normal. The surprise was on the listing side: new listings were down about 6% from last year, mostly because fewer condo owners put their homes on the market.
Buyers still have plenty of choice, with active listings 37% above the 10-year February average, and the overall benchmark is down 6.8% from last year. But prices were nearly flat from January, and townhouses and duplexes were once again the bright spot – the only segment where sales rose year over year.
“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.” Andrew Lis, Chief Economist & VP Data Analytics, Greater Vancouver Realtors
- Sellers are holding back: new listings fell 6.4% from last February, driven mostly by fewer apartment listings.
- Rates: the Bank of Canada held its policy rate at 2.25% on January 28.
- The outlook: GVR says sales are running slightly ahead of its 2026 forecast so far, and calls spring the litmus test for this new normal.
Sales-to-active listings ratio
This ratio compares how many homes sold in the month to how many were for sale. Historically, when it stays below 12%, prices tend to soften; above 20% for several months, prices tend to rise.
What each segment is doing
Detached
- vs last year
- -8.8%
- vs last month
- -0.8%
- February sales
- 427 (-10.5%)
- Sales-to-active
- 9.0%
Still the softest segment by sales-to-active ratio, and the only one where prices slipped again from January. Buyers have real room to negotiate, especially on homes that have sat for a while.
Townhouses & duplexes
- vs last year
- -5.6%
- vs last month
- +0.3%
- February sales
- 387 (+7.8%)
- Sales-to-active
- 16.6%
The highest sales-to-active ratio of the three segments, and the only one with more sales than last February. Well-priced family-sized homes are drawing solid interest.
Condos
- vs last year
- -6.8%
- vs last month
- +0.5%
- February sales
- 824 (-15.6%)
- Sales-to-active
- 14.1%
Sales were down, but so were new listings, and prices ticked up from January. First-time buyers generally have time to compare options, although competition varies by neighbourhood and property.
Townhouse sales and sales-to-active ratios use GVR's “attached” category, which also includes row homes and duplexes. The townhouse price is GVR's MLS® HPI townhouse benchmark. Condo figures cover all apartment-style homes.
Demand across Greater Vancouver
How many homes sold in February for every 100 new listings that came on. GVR doesn't publish active listings by area, so this uses new listings instead – it leaves out homes already on the market, and some sales will be homes listed in earlier months. Treat it as a rough guide: broadly, under 40% leans toward buyers, 40–60% is balanced, and over 60% leans toward sellers.
| Area | Detached | Townhouse & duplex | Condo | All types |
|---|---|---|---|---|
| Vancouver West | 32%55 of 174 | 33%41 of 125 | 35%201 of 570 | 34% |
| Vancouver East | 30%47 of 156 | 48%70 of 147 | 47%101 of 215 | 42% |
| North Vancouver | 35%40 of 115 | 38%33 of 86 | 31%62 of 200 | 34% |
| West Vancouver / Howe Sound | 21%22 of 105 | 25%3 of 12 * | 21%8 of 39 | 21% |
| Burnaby | 35%36 of 104 | 26%27 of 104 | 39%138 of 354 | 36% |
| Richmond | 20%28 of 140 | 33%31 of 93 | 31%84 of 274 | 28% |
| Coquitlam | 42%53 of 126 | 52%39 of 75 | 33%70 of 215 | 39% |
| New Westminster | 32%11 of 34 | 28%8 of 29 | 35%57 of 162 | 34% |
| Port Moody / Belcarra | 24%7 of 29 | 46%11 of 24 | 23%18 of 77 | 28% |
| Port Coquitlam | 19%8 of 43 | 105%22 of 21 | 47%16 of 34 | 47% |
| Maple Ridge / Pitt Meadows | 32%55 of 172 | 47%38 of 81 | 28%22 of 79 | 35% |
| South Delta (Ladner & Tsawwassen) | 29%21 of 72 | 53%18 of 34 | 28%14 of 50 | 34% |
| Squamish | 12%4 of 32 | 54%27 of 50 | 27%9 of 33 | 35% |
Region-wide, 1,648 sales against 4,734 new listings works out to 35%. Port Coquitlam townhouses (22 sales on 21 new listings) had the highest sales-to-new-listings ratio, followed by attached homes in Squamish, South Delta and Coquitlam, while detached homes in Squamish, Port Coquitlam, Richmond and West Vancouver had among the lowest.
Areas are GVR's sales-and-listings regions, which can cover more ground than the benchmark-price areas below – for example, Burnaby is one area here. Delta appears three ways in this report: GVR's South Delta sales region (Ladner and Tsawwassen) in the table above, separate benchmark prices for Ladner and Tsawwassen below, and BC Assessment's figures for the whole City of Delta, including North Delta.
Choice is still on your side
- Selection is still well above the 10-year norm, so you can take your time and compare.
- Detached homes leave the most room for price and subject negotiations.
- Get pre-approved before spring – if more buyers return, the best-priced homes will move first.
Stand out while supply is lighter
- Fewer sellers are listing, so a well-prepared home can stand out – but only if it's priced for today's market.
- Presentation counts: staging, photography and pre-inspections help you win over careful buyers.
- Townhouses and duplexes have the highest sales-to-active ratio; detached sellers should plan for more negotiation.
Benchmark prices by area
The benchmark price describes a typical home in each area, with the change from February 2025 underneath. Nearly every benchmark shown below is down on the year, led by Vancouver West detached homes (-13.7%) – Squamish detached homes and Burnaby North townhouses are the only gains.
| Area | Detached | Townhouse | Condo |
|---|---|---|---|
| Vancouver West | $2,931,700-13.7% | $1,424,100-4.2% | $789,000-6.1% |
| Vancouver East | $1,691,000-9.4% | $1,040,400-9.3% | $653,700-5.5% |
| North Vancouver | $2,031,700-8.5% | $1,253,800-5.3% | $768,700-5.6% |
| West Vancouver | $2,935,900-9.2% | n/a | $1,193,300-3.7% |
| Burnaby North | $1,878,100-11.3% | $928,100+0.7% | $689,600-7.7% |
| Burnaby South | $1,988,400-10.1% | $967,200-6.9% | $768,500-7.3% |
| Richmond | $1,987,200-8.6% | $1,031,600-7.4% | $672,700-7.7% |
| Coquitlam | $1,610,900-10.6% | $998,400-7.3% | $671,000-7.6% |
| New Westminster | $1,477,300-8.6% | $892,700-4.3% | $585,200-10.6% |
| Port Moody | $1,965,200-5.7% | $967,700-2.1% | $695,700-4.9% |
| Port Coquitlam | $1,347,000-5.0% | $864,500-8.7% | $588,900-6.6% |
| Maple Ridge | $1,202,100-6.4% | $734,000-7.6% | $513,400-6.9% |
| Ladner | $1,296,600-7.8% | $989,700-3.7% | $666,600-1.7% |
| Tsawwassen | $1,501,400-8.3% | $943,400-4.3% | $635,300-6.0% |
| Squamish | $1,769,800+11.1% | $980,200-3.0% | $583,600-3.9% |
Assessed values vs. today's market
BC Assessment's 2026 values reflect the market as of July 1, 2025, and most Lower Mainland homeowners saw changes between -10% and 0%. Since then, GVR's overall benchmark price has kept sliding (-6.8% year over year to February 2026), so in many areas today's market value may sit below your 2026 assessment. If you're selling, price off current sales, not your assessment notice. A regional benchmark can't tell you how far any one home's value has moved from its assessment – that depends on the home itself and recent nearby sales.
“The softening housing market is being reflected in 2026 property assessments.” Bryan Murao, Assessor, BC Assessment
| Municipality | Single-family (typical) | Strata (typical) |
|---|---|---|
| City of Vancouver | $2,092,000-5% | $772,000-3% |
| West Vancouver | $2,910,000-5% | $1,354,000-2% |
| North Vancouver (District) | $2,056,000-3% | $928,000-2% |
| North Vancouver (City) | $1,937,000-3% | $820,000-2% |
| Burnaby | $1,959,000-4% | $706,000-4% |
| Richmond | $1,745,000-8% | $735,000-6% |
| Coquitlam | $1,649,000-5% | $699,000-4% |
| Port Moody | $1,778,000-4% | $797,000-5% |
| Port Coquitlam | $1,358,000-4% | $648,000-5% |
| New Westminster | $1,560,000-2% | $617,000-4% |
| Delta (incl. North Delta) | $1,353,000-4% | $722,000-5% |
| Maple Ridge | $1,183,000-3% | $635,000-2% |
| Squamish | $1,515,000+2% | $848,000+2% |
Typical (median) assessed values for the 2026 roll, with change from the 2025 roll. Strata includes condos and townhouses. Delta covers the whole City of Delta, including North Delta. Source: BC Assessment, January 2, 2026.
What I'm watching this spring
Spring demand
GVR calls spring the litmus test. If buyers return while listings stay lower, inventory could level off and help prices hold.
Interest rates
The Bank of Canada held at 2.25% in January. Its March 18 decision is one to watch for anyone buying or renewing this spring.
New listings
Sellers have been slower to list, especially condo owners. Watch whether that changes as the spring market gets going.
Want to know what this means for your street?
Every neighbourhood – and every home – is a little different. I'm happy to put together a custom report on your area or talk through your plans.
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