Greater Vancouver apartment and townhouse sales declined sharply in February, contributing to an overall slowdown in the region’s residential real estate market.

The Greater Vancouver Realtors (GVR) reported 976 apartment sales for the month, a 10.6% drop from February 2024, while townhouse sales fell 10.9% to 359. The benchmark prices for apartments and townhouses declined 2.8% and 1.2% year-over-year, respectively, to $747,500 and $1,087,100.

Total residential sales on Metro Vancouver’s Multiple Listing Service (MLS) reached 1,827 in February, down 11.7% from a year earlier and nearly 29% below the 10-year seasonal average of 2,571. Meanwhile, detached home sales dropped 14.8% year-over-year to 477 transactions, though the benchmark price for detached properties rose 1.8% to $2,006,100.

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” said Andrew Lis, GVR’s director of economics and data analytics. “With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

New listings in February totalled 5,057, up 10.9% from the same month in 2024 and 11.6% above the 10-year seasonal average. Active listings in the region surged 32.3% year-over-year to 12,744.

The sales-to-active listings ratio across all property types stood at 14.8% in February, with attached homes at 18.5%, apartments at 16.8% and detached homes at 10.7%. Analysts consider home prices to be under downward pressure when this ratio remains below 12% for a sustained period, while upward pressure typically occurs when the ratio exceeds 20% over several months.

“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” Lis said. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favourable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,169,100 in February, reflecting a 1.1% decline from February 2024 and a 0.3% drop from January 2025.

Photo: Greater Vancouver Realtors