Happy March! Before we get into this month’s market, I have received a number of notes about my move to Century 21.
Some people wondered if I was happy about the move so I realized how this works may not be clear: real estate companies head hunt realtors who they think would be a good fit. So rarely does a year go by where we don’t get asked to move. I have not been interested in moving in the past. However after much research and many meetings with the Century 21 team, I decided that this would be a great move.. and so far fit has been even better than expected. Nothing changes for our clients on daily basis but our ability to deliver exceptional results has improved. If you have any questions about this move, please contact me. I am more than happy to discuss.
Moving on to February, the numbers are in. If you were hoping for a spring surprise, the data suggests we're settling into a pattern that's becoming very familiar. Sales remain subdued, inventory remains elevated, and buyers continue to hold the advantage they've enjoyed for well over a year now. With 1,648 transactions recorded last month, sales were down 9.8% from February 2025 and a striking 28.7% below the 10-year seasonal average. As Andrew Lis, GVR's chief economist, aptly puts it: "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."
If we look at the February 2026 numbers, last month in Greater Vancouver we saw:
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals an interesting nuance this month. While total inventory remains robust at 37% above historical averages, new listings actually decreased by 6.4% compared to last year, primarily driven by fewer condos coming to market. This suggests that while buyers remain cautious, some sellers may be stepping back to wait for more favourable conditions.
Prices continue their gradual downward trajectory when viewed annually. The composite benchmark is down 6.8% compared to February of last year. By property type, detached homes have seen the most significant year-over-year adjustment at -8.8%, while condos are down 6.8% and townhomes down 5.6%. On a month-over-month basis, however, the declines are much more modest: detached homes dipped another 0.8% from January, while condos and townhomes actually posted small gains of 0.5% and 0.3% respectively - a small but noteworthy deviation from the broader trend.
For buyers, the equation remains highly favourable. Inventory is plentiful, prices are softer than last year, and there's no pressure to rush. The sales-to-active ratio of 12.6% sits right at the threshold where prices typically stabilize, suggesting we may be nearing the bottom of this cycle. As Lis notes, a pickup in demand heading into spring "could result in a stagnation of standing inventory, which may support prices around current levels."
For sellers, the message continues to be one of realistic expectations. Homes priced in line with current market realities are moving; those anchored to peak prices are not. With fewer new listings entering the market than last year, those who do list and price correctly may face slightly less competition than they did in 2025.
Looking ahead, the spring market will tell us whether this "new normal" persists or if we see any meaningful shift. Sales are currently running slightly ahead of GVR's 2026 forecast, so there's room for cautious optimism. But as always in real estate, the proof will be in the coming months.
Whether you're a buyer wondering if this is the moment, or a seller trying to navigate these conditions, I'm here to help. Understanding the trends is one thing; knowing how to act on them is another. Let's talk about what this market means for you.
Some people wondered if I was happy about the move so I realized how this works may not be clear: real estate companies head hunt realtors who they think would be a good fit. So rarely does a year go by where we don’t get asked to move. I have not been interested in moving in the past. However after much research and many meetings with the Century 21 team, I decided that this would be a great move.. and so far fit has been even better than expected. Nothing changes for our clients on daily basis but our ability to deliver exceptional results has improved. If you have any questions about this move, please contact me. I am more than happy to discuss.
Moving on to February, the numbers are in. If you were hoping for a spring surprise, the data suggests we're settling into a pattern that's becoming very familiar. Sales remain subdued, inventory remains elevated, and buyers continue to hold the advantage they've enjoyed for well over a year now. With 1,648 transactions recorded last month, sales were down 9.8% from February 2025 and a striking 28.7% below the 10-year seasonal average. As Andrew Lis, GVR's chief economist, aptly puts it: "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."
If we look at the February 2026 numbers, last month in Greater Vancouver we saw:
- Sales of all types of properties were DOWN 9.8% from February 2025.
- Sales were 28.7% BELOW the 10-year seasonal average (2,310).
- The number of homes listed for sale was 13,545, which is UP 6.3% compared with February 2025. This is 37% higher than the 10-year average (9,886).
- The number of homes newly listed for sale was DOWN 6.4% from February 2025 but still 7.1% ABOVE the 10-year average (4,421).
- Detached home sales were DOWN 10.5% from February 2025.
- The benchmark price for detached homes was DOWN 8.8% when compared to February 2025, and a 0.8% decrease compared to January 2026.
- The sales-to-active listings ratio overall was 12.6%; for detached homes, the ratio was 9.0%. Prices face sustained downward pressure when the ratio remains below 12%.
Click HERE for Stats Package provided by the Greater Vancouver Realtors
The data reveals an interesting nuance this month. While total inventory remains robust at 37% above historical averages, new listings actually decreased by 6.4% compared to last year, primarily driven by fewer condos coming to market. This suggests that while buyers remain cautious, some sellers may be stepping back to wait for more favourable conditions.
Prices continue their gradual downward trajectory when viewed annually. The composite benchmark is down 6.8% compared to February of last year. By property type, detached homes have seen the most significant year-over-year adjustment at -8.8%, while condos are down 6.8% and townhomes down 5.6%. On a month-over-month basis, however, the declines are much more modest: detached homes dipped another 0.8% from January, while condos and townhomes actually posted small gains of 0.5% and 0.3% respectively - a small but noteworthy deviation from the broader trend.
For buyers, the equation remains highly favourable. Inventory is plentiful, prices are softer than last year, and there's no pressure to rush. The sales-to-active ratio of 12.6% sits right at the threshold where prices typically stabilize, suggesting we may be nearing the bottom of this cycle. As Lis notes, a pickup in demand heading into spring "could result in a stagnation of standing inventory, which may support prices around current levels."
For sellers, the message continues to be one of realistic expectations. Homes priced in line with current market realities are moving; those anchored to peak prices are not. With fewer new listings entering the market than last year, those who do list and price correctly may face slightly less competition than they did in 2025.
Looking ahead, the spring market will tell us whether this "new normal" persists or if we see any meaningful shift. Sales are currently running slightly ahead of GVR's 2026 forecast, so there's room for cautious optimism. But as always in real estate, the proof will be in the coming months.
Whether you're a buyer wondering if this is the moment, or a seller trying to navigate these conditions, I'm here to help. Understanding the trends is one thing; knowing how to act on them is another. Let's talk about what this market means for you.