A more tempered growth in listings is keeping Metro Vancouver’s housing market in check, according to the latest data from the Greater Vancouver Realtors (GVR).

“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.

GVR says residential sales in the region totalled 1,827 in February, marking an 11.7 per cent decline from the 2,070 sales recorded in February 2024. This figure also sits 28.9 per cent below the 10-year seasonal average of 2,571 sales.

 

Listings up while sales lag

 

While home sales dipped, the number of newly listed properties remains high, with 5,057 new listings in February—an increase of 10.9 per cent over the same month last year, and 11.6 per cent rise above the 10-year seasonal average.

The total number of active listings in Metro Vancouver now sits at 12,744, a 32.3 per cent increase from February 2024, and a 36.4 per cent jump above the 10-year seasonal average.

 

Supply keeps prices stable

 

Across all property types, the sales-to-active listings ratio for February was 14.8 per cent—with detached homes at 10.7 per cent, attached homes at 18.5 per cent, and apartments at 16.8 per cent.

The average house price in Metro Vancouver sits at $1,169,100, reflecting a 1.1 per cent decrease year-over-year and a 0.3 per cent dip compared to January 2025.

 

Breakdown by property type 

• Detached homes:
  • Sales: 477 (↓ 14.8 per cent from February 2024)
  • Benchmark Price: $2,006,100 (↑ 1.8 per cent YoY, unchanged MoM)
• Apartments:
  • Sales: 976 (↓ 10.6 per cent from February 2024)
  • Benchmark Price: $747,500 (↓ 2.8 per cent YoY, ↓ 0.1 per cent MoM)
• Attached homes (townhouses):
  • Sales: 359 (↓ 10.9 per cent from February 2024)
  • Benchmark Price: $1,087,100 (↓ 1.2 per cent YoY, ↓ 1.7 per cent MoM)

Looking ahead to spring

“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 notes. 

“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.”