Is a “Quiet Market” the New Normal?

In March 2026, the Greater Vancouver REALTORS® (GVR) released its housing market report for February.

In short, the current Metro Vancouver housing market continues to show low transaction activity and relatively quiet conditions. This trend has been observed over the past several months, and some experts are now describing it as the “new normal.”

In this article, we’ll break down the latest data and explain what’s happening in the market in clear, simple terms.

1. Home Sales Declined Compared to Last Year

In February 2026, a total of 1,648 homes were sold across Metro Vancouver.

This represents:

• About a 10% decrease compared to February 2025

• About 29% below the 10-year seasonal average

In other words, the market is currently experiencing lower-than-usual transaction activity.

One of the main reasons is that many buyers are still taking a cautious approach while monitoring interest rates and broader economic conditions.

2. New Listings Also Declined Slightly

Interestingly, the number of homes being listed for sale has also decreased.

In February 2026, there were 4,734 new listings added to the market.

This is about 6% lower than the same time last year.

The decline was particularly noticeable in the condominium (apartment) segment, which contributed to the overall drop in new listings.

This suggests that both buyers and sellers are currently taking a wait-and-see approach.

3. Total Inventory Remains Relatively High

The total number of homes currently available for sale in Metro Vancouver stands at:

13,545 active listings

This is:

• About 6% higher than last year

• About 37% above the 10-year seasonal average

In other words, housing inventory remains elevated compared to historical norms.

4. A Key Indicator of Market Balance

One commonly used indicator in real estate is the Sales-to-Active Listings Ratio.

This metric is calculated as:

Number of Sales ÷ Number of Active Listings

For February 2026, the ratio was:

12.6%

Generally speaking:

• Below 12% → Buyer’s market

• 12%–20% → Balanced market

• Above 20% → Seller’s market

This means the overall market is currently close to balanced conditions.

However, the situation varies by property type:

• Detached homes: 9% (Buyer’s market)

• Townhomes: 16.6%

• Condos: 14.1%

Detached homes in particular are currently offering more negotiating power for buyers.

5. Home Prices Declined Year-over-Year

The MLS® Home Price Index (HPI) benchmark price for Metro Vancouver is now:

$1,100,300

This represents:

• −6.8% compared to February 2025

• −0.1% compared to January 2026

Overall, home prices are slightly lower than last year, although month-to-month changes remain relatively small.

6. Benchmark Prices by Property Type

Detached Homes

Benchmark Price:
$1,835,900

Year-over-year change:
−8.8%

Condominiums

Benchmark Price:
$708,200

Year-over-year change:
−6.8%

Townhomes

Benchmark Price:
$1,046,100

Year-over-year change:
−5.6%

7. The Spring Market Will Be a Key Turning Point

According to Andrew Lis, Chief Economist at Greater Vancouver REALTORS®, the market is currently experiencing relatively low sales activity.

However, if buyer demand increases during the spring market, housing inventory could begin to decline and prices may stabilize.

In other words, the 2026 spring market could become an important turning point for Metro Vancouver real estate.

Summary

The current Metro Vancouver housing market can be summarized as follows:

• Sales activity remains relatively low

• Many sellers are taking a wait-and-see approach

• Housing inventory is still elevated

• Prices have declined compared to last year

That said, if buyer demand strengthens in the coming months, the market could begin to shift as we move into the spring season.

For anyone considering buying or selling a home, it will be important to keep a close eye on how the market evolves during spring 2026.

The Metro Vancouver real estate market is constantly changing. Having the right information is key to making the best decision for your situation.

If you are considering buying or selling real estate in Metro Vancouver, feel free to reach out anytime. I would be happy to share the latest market insights and help you navigate your options.