Sales of apartment homes in Metro Vancouver fell 15.6% year-over-year in February as the region continued to experience slower-than-average residential activity, says a new report from Greater Vancouver Realtors.

Apartment sales totalled 824, down from 976 in February 2025, with the benchmark price now at $708,200, a 6.8% decrease from last year and a 0.5% increase from January 2026.

The region’s overall residential sales reached 1,648 in February, a 9.8% decrease from 1,827 in February 2025 and 28.7% below the 10-year seasonal average of 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 of 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 7%, mostly driven by fewer listings in the apartment segment.”

New listings across all property types totalled 4,734 in February 2026, a 6.4% decline from 5,057 in February 2025, though slightly above the 10-year seasonal average. The total number of properties currently listed for sale stands at 13,545, up 6.3% from February 2025 and 37% above the 10-year seasonal average.

The sales-to-active listings ratio in February 2026 was 12.6% overall, with detached homes at 9%, attached homes at 16.6%, and apartments at 14.1%. Historically, a ratio below 12% over a sustained period can put downward pressure on home prices, while ratios above 20% often support price growth.

“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.”

Detached home sales in February totalled 427, a 10.5% decline from 477 last year, with a benchmark price of $1,835,900, down 8.8% from February 2025. Attached home sales rose 7.8% to 387, with a benchmark townhouse price of $1,046,100, down 5.6% from last year. The MLS Home Price Index composite benchmark for all residential properties in Metro Vancouver is $1,100,300, a 6.8% decline from February 2025.

The findings point to a continuing decline in sales. Vancouver-area home sales fell to their lowest annual level in more than 20 years in 2025, as higher inventory and economic headwinds weighed on demand, GVR reported previously.

Photo: Greater Vancouver Realtors