Highlights of Dexter’s February 2026 report

• February sales jump up from January

• Absorption improving across multiple areas

• Inventory continues to expand in a controlled and constructive way

• Vancouver market showed a strong February rebound

February Market Overview: Momentum Building with Room to Improve

February delivered exactly what a transitional market needs: momentum. Slow but sure. After a tepid and more cautious start to the year, activity across Greater Vancouver accelerated in February, supported by improving buyer engagement, inventory growth, and a shift toward more balanced conditions in some of the submarkets.

While sales remain below the elevated levels seen during the post-pandemic surge years, the direction of the market is what matters most and February showed measurable improvement in nearly every key indicator. We just need more of that improvement going forward.

Total residential sales in Greater Vancouver reached 1,648 units, rising sharply by 49% from January and surpassing December levels as seasonal demand returned as expected. This type of early-year acceleration typically signals that underlying demand has been building quietly and is now beginning to re-engage as buyers adapt to current pricing and today’s interest rate environment. There is still significant pent-up demand though, which will continue to impact the market when those buyers start to engage at a greater level. With sales for the month of February at the lowest since 2019, there is plenty of that pent-up demand. As interest rate renewals impact homeowners, from the extreme lows of 2021 to current rates, there will be more motivation for some to make a move.

At the same time, inventory continues to expand in a controlled and constructive way. Active listings rose to 13,545 units, up 6% year-over-year and 7% month-over-month. This increase is not a sign of weakness; it represents improving choice and continued opportunities for buyers which is healthier for the market. The rapid supply shortages that defined previous cycles are giving way to a more sustainable balance between buyers and sellers.

New listings totaled 4,826 units in February, down from January partly due to the shorter month but perhaps also signaling a sign of seller exhaustion. This confirms a pattern that has been building since late 2025: sellers are not overwhelming the market.

Perhaps the most notable shift is the improvement in absorption. The sales-to-listings ratio climbed to 34%, up from 21% in January. Months of supply tightened from 11 months to 8 months, still technically within buyer-leaning conditions, but moving decisively toward balance. And in some areas balance was achieved. The townhome segment more so.

Markets rarely turn overnight. They stabilize first. February shows that stabilization phase is well underway.

A Market Transitioning Toward Balance

One of the defining characteristics of the current cycle is structure. Unlike the volatility seen between 2020 and 2022, the market is now progressing through a far more disciplined transition. Caution best describes this market right now. Demand is not surging indiscriminately; it is returning selectively.

Buyers are active where pricing aligns with value. Sellers that are motivated are adjusting expectations accordingly. This dynamic is creating steady absorption rather than speculative spikes, which is exactly what long-term market health requires.

Across most submarkets, months of supply declined materially compared to January. This indicates that while inventory remains elevated relative to past years, in some areas, demand is beginning to catch up.Balanced conditions are expanding geographically, particularly across the Tri-Cities and some urban markets.

Greater Vancouver sales in February were 29% below the 10-year average after January was 31% below the 10-year average. While February’s numbers appeared to be low, overall, it is an improvement from January in looking longer term. Geopolitical and economic conditions continue to weigh on the market, with local politics not helping the matter either. The number of new listings in February were 7% above the 10-year average, after January was 19% above the 10-year average and December was 11%. Buyers take note that opportunities of abundance could be changing as sellers pull away from a buyer’s market.

Vancouver Market Strength Returning

The city markets showed strong February rebounds, particularly across both sides of the city.

Vancouver Westside

Sales increased 57% month-over-month to 298 transactions, while the sales-to-listings ratio improved to 34%. Months of supply tightened from 12 months to 8 months, a meaningful improvement.Inventory remains elevated, but demand is beginning to absorb it at a more sustainable pace with sales in February closer aligned to February of last year.

Vancouver East Side

The East Side delivered one of the strongest performances in the region. Sales jumped 73% from January and 8% above February last February. Months of supply fell dramatically from 10 months to 6 months, moving firmly into balanced territory. The sales-to-listings ratio rose to 42%, reflecting strong absorption in family-oriented price ranges. This market continues to benefit from better affordability compared to the Westside.

North Shore: Tale of Two Markets

North Vancouver posted a 47% month-over-month increase in sales, while months of supply tightened to 6 months giving that area balanced market conditions. Inventory has increased year-over-year, but demand is clearly improving alongside it. The combination of lifestyle demand and limited long-term supply continues to support pricing stability.

West Vancouver remains a slower-moving luxury market, though even here improvement is visible. Sales increased month-over-month, and months of supply declined slightly to 18 months.Luxury markets typically lag broader recoveries.

Beyond Vancouver

Richmond showed modest month-over-month sales growth but continues to be a strong buyer’s market. Inventory remains elevated at 12 months of supply.The Burnaby markets collectively showed steady improvement.Burnaby East saw sales more than double month-over-month, while months of supply dropped sharply from 16 months to 9 months. Burnaby North and South saw more moderate gains and sales-to-listings ratios up significantly from last month.Burnaby continues to benefit from its central location and strong condo and townhome demand tied to transit-oriented development.Sales in New Westminster surged 58% month-over-month while months of supply fell to 7 months. This market has quietly become one of the most balanced in the region, supported by strong first-time buyer demand and relative affordability.Coquitlam posted one of the largest increases in activity, with sales rising 83% from January. Months of supply fell from 12 months to 7 months—another strong indicator of market stabilization.

Port Moody continued its sluggish start to the year, with newer product on the way.

Port Coquitlam stands out as one of the strongest-performing markets this month, with a 46% sales-to-listings ratio—solidly within balanced territory. Townhouse sales surged from 6 to 22 in February with more sales than new listings. Mayor Brad West said that provincial policies on density have restricted townhouse development – these numbers seem to support that. Buyers should cross over the bridge into Pitt Meadows with its 13 months supply of townhomes albeit still only 40 active listings.

Ladner experienced one of the most dramatic shifts in the region. Months of supply dropped from 29 months to just 6 months, a rapid normalization driven by a sharp increase in sales activity. The sales-to-listings ratio jumped to 43%, demonstrating how quickly smaller markets can rebalance once demand returns. While Tsawwassen also showed improving structure, with inventory stabilizing and sales rising month-over-month.

Fraser Valley Tells a Similar Story as Greater Vancouver

The Fraser Valley market acted much like Greater Vancouver in February with stronger month-over-month sales and weaker month-over-month new listings, but still down from last year in both categories. With 843 sales in February, this was up 36% from January and down 8% from February 2025. February sales in the Fraser Valley were the lowest for the month of February since 2000. Surrey continues to struggle in that market, with outer areas showing more improvement in sales activity, particularly in the townhouse segment.

With the increase in sales last month, months of supply in the Fraser Valley decreased from 12 months in January to 10 months in February and compared to 9 months in February 2025. This is a market that continues to struggle.

The Bigger Picture: Inventory Is a Feature, Not a Problem

One of the most important narratives shaping the 2026 market is the role of inventory.For several years, the dominant market constraint was lack of supply. Today, that constraint has eased, but not in a way that weakens the market. Instead, it is creating opportunity. The drop in months of supply from 11 to 8 across the region confirms that demand is already adjusting to this new environment. February’s performance matters because it sets the tone for the spring market.Historically, when February shows strong month-over-month gains, as seen with the 49% increase in sales, March and April often build on that momentum. Time for buyers to spring into action!

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in February were 1,648, up from 1,107 (49%) in January, up from 1,537 (7%) in December, down from 1,846 (11%) in November, down from 1,827 (10%) in February 2025, down from 2,070 (20%) in February 2024, and down from 1,824 (10%) in February 2023; Active Listings were at 13,545 at month end compared to 12,744 at that time last year (up 6%) and 12,628 at the end of January (up 7%); the 4,826 New Listings in February were down 8% compared to January, up 153% compared to December, up 29% compared to November, down 7% compared to February 2025, up 4% compared to February 2024 and up 36% compared to February 2023.

Month’s supply of total residential listings is down to 8 months from 11 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 35% in February 2025, 45% in February 2024 and 51% in February 2023.

Vancouver Westside: Total Units Sold in February were 298, up from 190 (57%) in January, up from 287 (4%) in December, down from 363 (18%) in November, down from 307 (3%) in February 2025, down from 374 (20%) in February 2024, and down from 316 (6%) in February 2023; Active Listings were at 2,470 at month end compared to 2,780 at that time last year (up 11%) and 2,301 at the end of January (up 7%); the 870 New Listings in February were down 5% compared to January, up 174% compared to December, up 23% compared to November, down 19% compared to February 2025, down 7% compared to February 2024 and up 22% compared to February 2023.

Month’s supply of total residential listings is down to 8 months from 12 (buyer’s market conditions) and sales to listings ratio of 34% compared to 21% in January 2026, 29% in February 2025, 40% in February 2024 and 44% in February 2023.

Vancouver East Side: Total Units Sold in February were 220, up from 127 (73%) in January, up from 158 (39%) in December, up from 210 (5%) in November, up from 204 (8%) in February 2025, down from 249 (12%) in February 2024, and up from 198 (11%) in February 2023; Active Listings were at 1,391 at month end compared to 1,313 at that time last year (up 6%) and 1,329 at the end of January (up 5%); the 524 New Listings in February were down 20% compared to January, up 139% compared to December, up 24% compared to November, down 8% compared to February 2025, down 4% compared to February 2024 and up 37% compared to February 2023.

Month’s supply of total residential listings is down to 6 months from 10 (balanced market conditions) and sales to listings ratio of 42% compared to 19% in January 2026, 36% in February 2025, 46% in February 2024 and 52% in February 2023.

North Vancouver: Total Units Sold in February were 135, up from 92 (47%) in January, up from 125 (8%) in December, down from 158 (15%) in November, down from 153 (12%) in February 2025, down from 163 (17%) in February 2024, and down from 150 (10%) in February 2023; Active Listings were at 790 at month end compared to 684 at that time last year (up 15%) and 696 at the end of January (up 14%); the 402 New Listings in February were down 1% compared to January, up 253% compared to December, up 39% compared to November, up 14% compared to February 2025, up 17% compared to February 2024 and up 58% compared to February 2023.

Month’s supply of total residential listings is down to 6 months from 8 (balanced market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 43% in February 2025, 48% in February 2024 and 59% in February 2023.

West Vancouver: Total Units Sold in February were 33, up from 29 (14%) in January, up from 28 (18%) in December, down from 53 (38%) in November, down from 39 (15%) in February 2025, down from 56 (41%) in February 2024, and down from 43 (23%) in February 2023; Active Listings were at 581 at month end compared to 580 at that time last year and 557 at the end of January (up 4%); the 159 New Listings in February were down 25% compared to January, up 148% compared to December, up 37% compared to November, down 10% compared to February 2025, down 7% compared to February 2024 and up 3% compared to February 2023.

Month’s supply of total residential listings is down to 18 months from 19 (buyer’s market conditions) and sales to listings ratio of 21% compared to 14% in January 2026, 22% in February 2025, 33% in February 2024 and 28% in February 2023.

Richmond: Total Units Sold in February were 143, up from 129 (11%) in January, down from 165 (13%) in December, down from 191 (25%) in November, down from 179 (20%) in February 2025, down from 231 (38%) in February 2024, and down from 227 (37%) in February 2023; Active Listings were at 1,786 at month end compared to 1,513 at that time last year (up 18%) and 1,684 at the end of January (up 6%); the 515 New Listings in February were down 14% compared to January, up 94% compared to December, up 18% compared to November, down 14% compared to February 2025, up 11% compared to February 2024 and up 12% compared to February 2023.

Month’s supply of total residential listings is down to 12 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 30% in February 2025, 50% in February 2024 and 49% in February 2023.

Burnaby East: Total Units Sold in February were 19, up from 9 (111%) in January, up from 15 (27%) in December, up from 18 (6%) in November, down from 21 (10%) in February 2025, down from 25 (24%) in February 2024, and down from 21 (15%) in February 2023; Active Listings were at 162 at month end compared to 153 at that time last year (up 6%) and 141 at the end of January (up 7%); the 69 New Listings in February were up 6% compared to January, up 165% compared to December, up 109% compared to November, up 6% compared to February 2025, up 15% compared to February 2024 and up 245% compared to February 2023.

Month’s supply of total residential listings is down to 9 months from 16 (buyer’s market conditions) and sales to listings ratio of 28% compared to 14% in January 2026, 32% in February 2025, 42% in February 2024 and 105% in February 2023.

Burnaby North: Total Units Sold in February were 97, up from 80 (21%) in January, down from 113 (14%) in December, down from 98 (1%) in November, down from 129 (25%) in February 2025, down from 121 (20%) in February 2024, and down from 134 (28%) in February 2023; Active Listings were at 772 at month end compared to 728 at that time last year (up 6%) and 715 at the end of January (up 8%); the 284 New Listings in February were down 17% compared to January, up 127% compared to December, up 19% compared to November, down 12% compared to February 2025, up 14% compared to February 2024 and up 39% compared to February 2023.

Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 34% compared to 23% in January 2026, 40% in February 2025, 49% in February 2024 and 66% in February 2023.

Burnaby South: Total Units Sold in February were 85, up from 67 (27%) in January, the same as December, down from 89 (4%) in November, up from 75 (13%) in February 2025, down from 109 (22%) in February 2024, and down from 118 (28%) in February 2023; Active Listings were at 643 at month end compared to 597 at that time last year (up 8%) and 604 at the end of January (up 6%); the 215 New Listings in February were down 16% compared to January, up 111% compared to December, up 31% compared to November, down 13% compared to February 2025, up 3% compared to February 2024 and up 4% compared to February 2023.

Month’s supply of total residential listings is down to 8 months from 9 (buyer’s market conditions) and sales to listings ratio of 40% compared to 26% in January 2026, 30% in February 2025, 52% in February 2024 and 57% in February 2023.

New Westminster: Total Units Sold in February were 76, up from 48 (58%) in January, up from 67 (13%) in December, up from 65 (17%) in November, down from 88 (14%) in February 2025, down from 79 (4%) in February 2024, and up from 66 (15%) in February 2023; Active Listings were at 515 at month end compared to 448 at that time last year (up 15%) and 464 at the end of January (up 11%); the 227 New Listings in February were up 4% compared to January, up 203% compared to December, up 69% compared to November, down 10% compared to February 2025, up 19% compared to February 2024 and up 112% compared to February 2023.

Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 33% compared to 22% in January 2026, 43% in February 2025, 41% in February 2024 and 62% in February 2023.

Coquitlam: Total Units Sold in February were 163, up from 89 (83%) in January, up from 149 (9%) in December, up from 146 (12%) in November, down from 165 (1%) in February 2025, down from 189 (14%) in February 2024, and up from 158 (3%) in February 2023; Active Listings were at 1,116 at month end compared to 1,049 at that time last year (up 6%) and 1,063 at the end of January (up 5%); the 418 New Listings in February were down 7% compared to January, up 143% compared to December, up 15% compared to November, down 11% compared to February 2025, up 13% compared to February 2024 and up 76% compared to February 2023.

Month’s supply of total residential listings is down to 7 months from 12 (balanced market conditions) and sales to listings ratio of 39% compared to 20% in January 2026, 35% in February 2025, 51% in February 2024 and 67% in February 2023.

Port Moody: Total Units Sold in February were 36, up from 25 (44%) in January, down from 50 (28%) in December, down from 46 (28%) in November, down from 40 (10%) in February 2025, down from 46 (22%) in February 2024, and down from 47 (23%) in February 2023; Active Listings were at 308 at month end compared to 233 at that time last year (up 32%) and 291 at the end of January (up 6%); the 135 New Listings in February were down 7% compared to January, up 141% compared to December, up 24% compared to November, down 12% compared to February 2025, up 67% compared to February 2024 and up 48% compared to February 2023.

Month’s supply of total residential listings is down to 9 months from 12 (buyer’s market conditions) and sales to listings ratio of 27% compared to 17% in January 2026, 33% in February 2025, 57% in February 2024 and 52% in February 2023.

Port Coquitlam: Total Units Sold in February were 46, up from 28 (64%) in January, up from 43 (7%) in December, down from 61 (25%) in November, down from 58 (21%) in February 2025, down from 64 (28%) in February 2024, and up from 40 (15%) in February 2023; Active Listings were at 309 at month end compared to 262 at that time last year (up 18%) and 304 at the end of January (up 2%); the 100 New Listings in February were down 40% compared to January, up 75% compared to December, up 9% compared to November, down 22% compared to February 2025, down 33% compared to February 2024 and up 15% compared to February 2023.

Month’s supply of total residential listings is down to 7 months from 11 (balanced market conditions) and sales to listings ratio of 46% compared to 17% in January 2026, 45% in February 2025, 43% in February 2024 and 46% in February 2023.

Pitt Meadows: Total Units Sold in February were 13, up from 9 (44%) in January, down from 16 (19%) in December, down from 28 (54%) in November, down from 21 (38%) in February 2025, down from 23 (43%) in February 2024, and down from 15 (13%) in February 2023; Active Listings were at 128 at month end compared to 84 at that time last year (up 52%) and 96 at the end of January (up 33%); the 69 New Listings in February were up 30% compared to January, up 475% compared to December, up 97% compared to November, up 56% compared to February 2025, up 53% compared to February 2024 and up 156% compared to February 2023.

Month’s supply of total residential listings is down to 10 months from 11 (buyer’s market conditions) and sales to listings ratio of 18% compared to 16% in January 2026, 47% in February 2025, 51% in February 2024 and 55% in February 2023.

Maple Ridge: Total Units Sold in February were 105, up from 72 (46%) in January, up from 78 (35%) in December, up from 100 (5%) in November, down from 129 (19%) in February 2025, down from 145 (28%) in February 2024, and down from 129 (19%) in February 2023; Active Listings were at 769 at month end compared to 735 at that time last year (up 4%) and 733 at the end of January (up 5%); the 279 New Listings in February were the same as January, up 179% compared to December, up 39% compared to November, down 10% compared to February 2025, down 30% compared to February 2024 and up 34% compared to February 2023.

Month’s supply of total residential listings is down to 7 months from 10 (balanced market conditions) and sales to listings ratio of 37% compared to 25% in January 2026, 41% in February 2025, 36% in February 2024 and 62% in February 2023.

Ladner: Total Units Sold in February were 26, up from 5 (420%) in January, up from 7 (271%) in December, down from 27 (4%) in November, down from 29 (10%) in February 2025, up from 23 (13%) in February 2024, and down from 27 (4%) in February 2023; Active Listings were at 154 at month end compared to 146 at that time last year (up 5%) and 147 at the end of January (up 5%); the 60 New Listings in February were down 17% compared to January, up 400% compared to December, up 15% compared to November, down 9% compared to February 2025, up 62% compared to February 2024 and down 2% compared to February 2023.

Month’s supply of total residential listings is down to 6 months from 29 (balanced market conditions) and sales to listings ratio of 43% compared to 7% in January 2026, 44% in February 2025, 62% in February 2024 and 44% in February 2023.

Tsawwassen: Total Units Sold in February were 27, up from 19 (42%) in January, down from 29 (7%) in December, down from 30 (10%) in November, down from 28 (4%) in February 2025, down from 38 (29%) in February 2024, and up from 25 (8%) in February 2023; Active Listings were at 275 at month end compared to 245 at that time last year (up 12%) and 255 at the end of January (up 8%); the 98 New Listings in February were up 11% compared to January, up 326% compared to December, up 48% compared to November, the same as February 2025, up 31% compared to February 2024 and up 85% compared to February 2023.

Month’s supply of total residential listings is down to 10 months from 13 (buyer’s market conditions) and sales to listings ratio of 28% compared to 22% in January 2026, 29% in February 2025, 51% in February 2024 and 47% in February 2023.

Fraser Valley: Sales in February were up 36% at 843 compared to January at 619 and were down 8% from February 2025 at 920. New listings were down 9% at 2,796 from January at 3,078 and down 10% from February 2025 at 3,121. The average price of $913,110 was down 3% month-over-month and was down 8% year-over-year. Active listings at 8,344 were up 8% compared to last month at 7,711 and up 3% from February 2025 at 8,070.

Month’s supply of total residential listings is down to 10 months supply from 12 in January (buyer’s market conditions).

January Market Overview: A Reset Month That’s Building the Base for 2026

 January rarely defines a real estate year. It resets it.

Across Greater Vancouver, January 2026 unfolded exactly as a reset month should: slower sales, a decisive return of newish listings, and a market that continues transitioning away from volatility toward structure, choice, and long-term stability. While headline sales numbers declined month-over-month and year-over-year albeit at a better pace than January 2023 and 2019, the underlying trends point to something more constructive: One of the healthiest inventory environments the region has seen in years, paired with better buyer engagement and early signs of normalization. Ask a REALTOR® if January is feeling different so far. Sometimes the numbers do not tell the whole story, the feeling on the ground from agents is that buyers are more engaged then we saw last year. With buyers citing better purchasing power and more opportunity as 2026 begins. We’ll see if the market saw its shadow or not on Ground Hog Day and perhaps an early start to the spring market is in store.

This is not a market losing momentum. It is a market rebuilding confidence.

Greater Vancouver: More Inventory, Better Balance, Clearer Direction

Total residential sales across Greater Vancouver reached 1,107 units in January, down from the fall months and on queue with the seasonal drop from December’s numbers. Sales transactions that start in the last half of December are reflected in January sales reported, so while many celebrated the Holidays and took time away from the market, it makes for weaker results in January. Nothing to be surprised at. But activity last month still outperformed January 2023 and January 2019 and thus reflected typical winter behavior rather than structural weakness. What’s more important is that activity in the market has increased at opens and with homes getting more buyers viewing them, and even some multiple offers sprinkling into the market.

More importantly, supply continues to be a story in the market. Not just resale homes, but newly built properties – mostly apartments, are providing buyers with meaningful opportunities in the market. At the end of 2025, there were 4,350 newly built and move-in ready strata units available in Metro Vancouver according to Zonda Urban. Burnaby/New Westminster lead the way with 1,388 followed by Richmond/South Delta with 653. Those opportunities will dwindle though as developers shy away from planning and building new projects due to the high costs in development, especially ever increasing municipal and regional fees and levies. Once these new homes are gone, expect there to be a shortage in the next 2 to 5 years with many developments halted and developers having pivoted to rental buildings.

Greater Vancouver sales in January were 31% below the 10-year average after sales in December were 18% below the 10-year average, and November with 21% below the 10-year average. January lagged with the hangover from the end of 2025 as a year of uncertainty kept so many buyers on the sidelines. 

Active listings rose to 12,628, up 10% year-over-year, while new listings surged to 5,253, a dramatic post-holiday return of sellers. The question is how many of these listings were brought back from 2025, some with lower prices to reflect sellers listening to the market. This influx of inventory pushed months of supply to 11 months, firmly into buyer’s market territory and giving purchasers something they have lacked for years: a continuation of time, selection, and leverage.

The number of new listings in January were 19% above the 10-year average after December was 11% above the 10-year average and November 3% above. Again, how many of these listings are new to market or back on after a break for the holidays speaks volumes. With the total active listing count having only grown by less than 1% from December, this indicates that many of these new listings aren’t that new at all. 

Yet despite this shift, the market remains orderly. The sales-to-listings ratio opened the year at 21%, a level that signals a significant buyer advantage. Buyers are present. Sellers need to be realistic. Transactions are happening—just with more deliberation.

This is the foundation of a sustainable market.

Vancouver Westside: Inventory Contracts Quietly To Tighten the Market

On the Vancouver Westside, January sales declined to 190 units, consistent with seasonal slowdowns and reflecting the discretionary nature of higher-end purchases. However, the more telling story lies on the supply side. 

Active listings fell to 2,301, down 10% year-over-year (an anomaly in Metro Vancouver), and continued to trend lower month-over-month. This decline occurred even as 916 new listings entered the market, an indication that many listings came back on as opposed to new to market. 

Months of supply rose to 12 months, maintaining buyers’ market conditions, but these metric masks the growing selectivity of demand. Buyers are active, but focused. Sellers who align pricing with today’s realities are being rewarded with successful outcomes. The Westside is not oversupplied, it is recalibrating. Buyers are finding purchasing power they didn’t know existed.

Vancouver East Side: Modestly Moving with Selection for Buyers

January sales reached 127 units, down seasonally but up 8% compared to January 2023, reinforcing the longer-term stability of demand in this submarket. Detached sales were up 9% year over year with buyers taking advantage of move-up opportunities. Active listings rose to 1,329, and new listings surged nearly 200% from December, reflecting sellers’ growing confidence in a more balanced environment.

Months of supply increased to 10 months, yet the East Side remains one of the region’s most liquid markets. Townhomes and duplexes remain fully stocked as developers shift to smaller projects.

North Shore: Inventory Rebuild Sets the Stage for Recovery

North Vancouver recorded 92 sales in January, lower than prior years but still 21% higher than January 2023, highlighting the longer-term upward trend in demand. The story here is inventory.

Active listings climbed to 696, up 17% year-over-year, while new listings rose sharply as sellers responded to improving conditions. Months of supply increased to 8 months, a notable shift from the tighter conditions of recent years. The North Shore remains highly desirable, and this period of balance is likely temporary as pent-up demand slowly reasserts itself.

Beyond Vancouver

Richmond’s January performance mirrored the broader region: slower sales at 129 units, paired with a meaningful increase in inventory. Active listings rose to 1,684, up 28% year-over-year, while new listings increased sharply from December.

Burnaby North and South outperformed the eastern part of that city with the south seeing more sales than January 2025 in detached and townhome segments. Opportunities are there for buyers in Burnaby where massive developments at Brentwood and Metrotown continue to provide significant supply of new condos including the upscale Highline at Metrotown.

The Tri-Cities experienced one of the most pronounced inventory expansions in January which includes the supply of newly built homes. Coquitlam recorded 89 sales, outperforming January 2023 by 22%, while active listings rose to 1,063. Port Moody and Port Coquitlam saw sharp seasonal slowdowns in sales, but also dramatic increases in listings, creating the most buyer-friendly conditions seen in years.

Months of supply now range from 11 to 12 months, giving buyers flexibility and encouraging longer-term planning.

Further afield, markets like Maple Ridge, Pitt Meadows, Ladner, and Tsawwassen experienced slower January sales. Ladner didn’t see a townhome or condo sale in January. Maple Ridge stood out with 72 sales, up from January 2023, and stable months of supply at 10 months which could be a sign of underlying consistency.

Fraser Valley Tells a Similar Story as Greater Vancouver

Much like Greater Vancouver, The Fraser Valley experienced a tepid start to 2026 with February showing a decline in sales and new listings year-over-year. With 619 sales in January, this was down 32% from December and down 24% from January 2025. Unlike Greater Vancouver, sales were slightly down from January 2023 and down 21% from January 2019. Affordability continues to take a toll on the Fraser Valley market with prices showing higher declines over the last year compared to Greater Vancouver, with Surrey and North Delta being the hardest hit. Inventory saw a greater increase month-over-month in the Fraser Valley, up 11% compared to Greater Vancouver at only 1%.

With the increase in listing inventory, months of supply in the Fraser Valley increased from 8 months in December to 12 months in January and compared to 9 months in January 2025. 

Big Picture: This Is What Stability Looks Like

January’s data confirms a critical shift underway across Metro Vancouver. This is no longer a market defined by scarcity, panic, or forced urgency. It is defined by choice, balance, and discipline. Inventory is being restored without overwhelming demand. Buyers are returning without overextending. Sellers are adjusting expectations without capitulating.

Sales volumes may be lower, but market quality is improving with prices experiencing sharper declines in the last 6 months. Purchasing power is at its best for buyers compared to the last 5 years.

As interest rate expectations stabilize and confidence gradually rebuilds, these conditions position the region well for more activity, particularly in the second half of 2026. Markets move in cycles, and January made one thing clear: The groundwork for the next expansion phase is already being laid. There have been far too few sales in the past 4 years to expect this market to remain quiet.

Here’s a summary of the numbers:

Greater Vancouver: Total Units Sold in January were 1,107, down from 1,537 (28%) in December, down from 1,846 (40%) in November, down from 2,255 (51%) in October, down from 1,552 (29%) in January 2025, down from 1,427 (22%) in January 2024, and up from 1,030 (7%) in January 2023; Active Listings were at 12,628 at month end compared to 11,494 at that time last year (up 10%) and 12,550 at the end of December (up 1%); the 5,253 New Listings in January were up 176% compared to December, up 40% compared to November, down 5% compared to October, down 7% compared to January 2025, up 35% compared to January 2024 and up 55% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 27% in January 2025, 37% in January 2024, and 30% in January 2023. 

Vancouver Westside: Total Units Sold in January were 190, down from 287 (34%) in December, down from 363 (48%) in November, down from 403 (53%) in October, down from 255 (25%) in January 2025, down from 245 (22%) in January 2024, and down from 194 (2%) in January 2023; Active Listings were at 2,301 at month end compared to 2,548 at that time last year (down 10%) and 2,366 at the end of December (down 3%); the 916 New Listings in January were up 189% compared to December, up 30% compared to November, down 13% compared to October, down 22% compared to January 2025, up 8% compared to January 2024 and up 27% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 8 (buyer’s market conditions) and sales to listings ratio of 21% compared to 22% in January 2025, 29% in January 2024, and 27% in January 2023.

 Vancouver East Side: Total Units Sold in January were 127, down from 158 (20%) in December, down from 210 (40%) in November, down from 269 (53%) in October, down from 158 (20%) in January 2025, down from 164 (23%) in January 2024, and up from 118 (8%) in January 2023; Active Listings were at 1,329 at month end compared to 1,198 at that time last year (up 11%) and 1,242 at the end of December (up 7%); the 654 New Listings in January were up 199% compared to December, up 54% compared to November, up 8% compared to October, up 0.5% compared to January 2025, up 30% compared to January 2024 and up 82% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 8 (buyer’s market conditions) and sales to listings ratio of 19% compared to 24% in January 2025, 33% in January 2024, and 33% in January 2023.

North Vancouver: Total Units Sold in January were 92, down from 125 (26%) in December, down from 158 (42%) in November, down from 188 (51%) in October, down from 148 (38%) in January 2025, down from 117 (21%) in January 2024, and up from 82 (21%) in January 2023; Active Listings were at 696 at month end compared to 596 at that time last year (up 17%) and 625 at the end of December (up 11%); the 407 New Listings in January were up 257% compared to December, up 41% compared to November, down 4% compared to October, down 5% compared to January 2025, up 50% compared to January 2024 and up 76% compared to January 2023.

Month’s supply of total residential listings is up to 8 months from 5 (buyer’s market conditions) and sales to listings ratio of 23% compared to 34% in January 2025, 43% in January 2024, and 35% in January 2023.

West Vancouver: Total Units Sold in January were 29, up from 28 (4%) in December, down from 53 (45%) in November, down from 58 (50%) in October, down from 30 (3%) in January 2025, up from 23 (26%) in January 2024, and up from 28 (4%) in January 2023; Active Listings were at 557 at month end compared to 541 at that time last year (up 3%) and 573 at the end of December (down 3%); the 213 New Listings in January were up 233% compared to December, up 84% compared to November, down 4% compared to October, up 8% compared to January 2025, up 18% compared to January 2024 and up 68% compared to January 2023.

Month’s supply of total residential listings is down to 9 months from 20 (buyer’s market conditions) and sales to listings ratio of 14% compared to 15% in January 2025, 13% in January 2024, and 22% in January 2023.

Richmond: Total Units Sold in January were 129, down from 165 (22%) in December, down from 191 (32%) in November, down from 236 (45%) in October, down from 206 (37%) in January 2025, down from 161 (20%) in January 2024, and up from 120 (8%) in January 2023; Active Listings were at 1,684 at month end compared to 1,319 at that time last year (up 28%) and 1,781 at the end of December (down 5%); the 597 New Listings in January were up 125% compared to December, up 37% compared to November, down 1% compared to October, down 3% compared to January 2025, up 45% compared to January 2024 and up 47% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 11 (buyer’s market conditions) and sales to listings ratio of 22% compared to 34% in January 2025, 39% in January 2024, and 29% in January 2023.

Burnaby East: Total Units Sold in January were 9, down from 15 (40%) in December, down from 18 (50%) in November, down from 32 (72%) in October, down from 17 (47%) in January 2025, down from 17 (47%) in January 2024, and the same as January 2023; Active Listings were at 141 at month end compared to 135 at that time last year (up 4%) and 155 at the end of December (down 9%); the 65 New Listings in January were up 150% compared to December, up 97% compared to November, down 14% compared to October, down 24% compared to January 2025, up 30% compared to January 2024 and up 48% compared to January 2023.

Month’s supply of total residential listings is up to 16 months from 10 (buyer’s market conditions) and sales to listings ratio of 14% compared to 20% in January 2025, 34% in January 2024, and 20% in January 2023.

 Burnaby North: Total Units Sold in January were 80, down from 113 (29%) in December, down from 98 (18%) in November, down from 147 (46%) in October, down from 104 (23%) in January 2025, down from 88 (9%) in January 2024, and up from 63 (27%) in January 2023; Active Listings were at 715 at month end compared to 649 at that time last year (up 10%) and 691 at the end of December (up 3%); the 344 New Listings in January were up 175% compared to December, up 44% compared to November, up 3% compared to October, down 2% compared to January 2025, up 86% compared to January 2024 and up 70% compared to January 2023. Month’s supply of total residential listings is up to 9 months from 6 (buyer’s market conditions) and sales to listings ratio of 23% compared to 30% in January 2025, 48% in January 2024, and 31% in January 2023.

Burnaby South: Total Units Sold in January were 67, down from 85 (21%) in December, down from 89 (25%) in November, down from 104 (36%) in October, up from 59 (14%) in January 2025, down from 102 (34%) in January 2024, and up from 54 (24%) in January 2023; Active Listings were at 604 at month end compared to 500 at that time last year (up 21%) and 639 at the end of December (down 5%); the 255 New Listings in January were up 150% compared to December, up 34% compared to November, down 9% compared to October, up 3% compared to January 2025, up 19% compared to January 2024 and up 57% compared to January 2023.

Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 26% compared to 24% in January 2025, 48% in January 2024, and 33% in January 2023.

New Westminster: Total Units Sold in January were 48, down from 67 (28%) in December, down from 65 (26%) in November, down from 98 (51%) in October, down from 61 (21%) in January 2025, down from 54 (11%) in January 2024, and up from 40 (20%) in January 2023; Active Listings were at 464 at month end compared to 404 at that time last year (up 15%) and 430 at the end of December (up 8%); the 219 New Listings in January were up 192% compared to December, up 63% compared to November, down 11% compared to October, down 4% compared to January 2025, up 63% compared to January 2024 and up 107% compared to January 2023.

Month’s supply of total residential listings is up to 10 months from 6 (buyer’s market conditions) and sales to listings ratio of 22% compared to 27% in January 2025, 40% in January 2024, and 38% in January 2023.

Coquitlam: Total Units Sold in January were 89, down from 149 (40%) in December, down from 146 (39%) in November, down from 185 (52%) in October, down from 155 (43%) in January 2025, down from 112 (21%) in January 2024, and up from 73 (22%) in January 2023; Active Listings were at 1,063 at month end compared to 917 at that time last year (up 16%) and 1,062 at the end of December; the 449 New Listings in January were up 161% compared to December, up 23% compared to November, down 15% compared to October, down 9% compared to January 2025, up 56% compared to January 2024 and up 71% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 7 (buyer’s market conditions) and sales to listings ratio of 20% compared to 32% in January 2025, 39% in January 2024, and 28% in January 2023.

Port Moody: Total Units Sold in January were 25, down from 50 (50%) in December, down from 46 (46%) in November, down from 65 (62%) in October, down from 32 (22%) in January 2025, down from 31 (19%) in January 2024, and up from 23 (9%) in January 2023; Active Listings were at 291 at month end compared to 184 at that time last year (up 58%) and 261 at the end of December (up 11%); the 145 New Listings in January were up 159% compared to December, up 33% compared to November, down 20% compared to October, up 32% compared to January 2025, up 159% compared to January 2024 and up 41% compared to January 2023.

Month’s supply of total residential listings is up to 12 months from 5 (buyer’s market conditions) and sales to listings ratio of 17% compared to 29% in January 2025, 55% in January 2024, and 22% in January 2023.

Port Coquitlam: Total Units Sold in January were 28, down from 43 (35%) in December, down from 61 (54%) in November, down from 69 (59%) in October, down from 65 (57%) in January 2025, down from 43 (35%) in January 2024, and down from 34 (18%) in January 2023; Active Listings were at 304 at month end compared to 236 at that time last year (up 29%) and 258 at the end of December (up 18%); the 168 New Listings in January were up 195% compared to December, up 83% compared to November, up 12% compared to October, up 13% compared to January 2025, up 130% compared to January 2024 and up 115% compared to January 2023.

Month’s supply of total residential listings is up to 11 months from 6 (buyer’s market conditions) and sales to listings ratio of 17% compared to 44% in January 2025, 59% in January 2024, and 44% in January 2023.

Pitt Meadows: Total Units Sold in January were 9, down from 16 (44%) in December, down from 28 (68%) in November, down from 29 (69%) in October, down from 13 (31%) in January 2025, down from 20 (55%) in January 2024, and down from 15 (40%) in January 2023; Active Listings were at 96 at month end compared to 75 at that time last year (up 28%) and 83 at the end of December (up 16%); the 53 New Listings in January were up 231% compared to December, up 51% compared to November, up 13% compared to October, up 26% compared to January 2025, up 39% compared to January 2024 and up 39% compared to January 2023. Month’s supply of total residential listings is up to 11 months from 5 (buyer’s market conditions) and sales to listings ratio of 16% compared to 30% in January 2025, 52% in January 2024, and 39% in January 2023.        

Maple Ridge: Total Units Sold in January were 72, down from 78 (8%) in December, down from 100 (28%) in November, down from 110 (35%) in October, down from 95 (24%) in January 2025, down from 106 (32%) in January 2024, and up from 65 (11%) in January 2023; Active Listings were at 733 at month end compared to 663 at that time last year (up 10%) and 746 at the end of December (down 2%); the 279 New Listings in January were up 179% compared to December, up 39% compared to November, down 5% compared to October, down 22% compared to January 2025, up 7% compared to January 2024 and up 29% compared to January 2023.

Month’s supply of total residential listings is steady at 10 months (buyer’s market conditions) and sales to listings ratio of 25% compared to 26% in January 2025, 40% in January 2024, and 30% in January 2023.

Ladner: Total Units Sold in January were 5, down from 7 (29%) in December, down from 27 (81%) in November, down from 30 (83%) in October, down from 17 (71%) in January 2025, down from 21 (76%) in January 2024, and down from 16 (69%) in January 2023; Active Listings were at 147 at month end compared to 134 at that time last year (up 10%) and 132 at the end of December (up 11%); the 72 New Listings in January were up 500% compared to December, up 38% compared to November, up 20% compared to October, down 8% compared to January 2025, up 57% compared to January 2024 and up 67% compared to January 2023.

Month’s supply of total residential listings is up to 29 months from 19 (buyer’s market conditions) and sales to listings ratio of 7% compared to 22% in January 2025, 46% in January 2024, and 37% in January 2023.

Tsawwassen: Total Units Sold in January were 19, down from 29 (34%) in December, down from 30 (37%) in November, down from 51 (63%) in October, down from 26 (27%) in January 2025, down from 24 (21%) in January 2024, and down from 20 (5%) in January 2023; Active Listings were at 255 at month end compared to 216 at that time last year (up 18%) and 245 at the end of December (up 4%); the 88 New Listings in January were up 283% compared to December, up 33% compared to November, down 4% compared to October, down 18% compared to January 2025, up 73% compared to January 2024 and up 54% compared to January 2023.

Month’s supply of total residential listings is up to 13 months from 8 (buyer’s market conditions) and sales to listings ratio of 22% compared to 24% in January 2025, 47% in January 2024, and 35% in January 2023.
 

Fraser Valley: Sales in January were down 33% at 619 compared to December at 919 and were down 24% from January 2024 at 818. New listings were up 128% at 3,078 from December at 1,350 and down 10% from January 2025 at 3,432. The average price of $942,330 was down 5% month-over-month and was down 9% year-over-year. Active listings at 7,711 were up 11% compared to last month at 6,965 and up 6% from January 2025 at 7,251.

Month’s supply of total residential listings is up to 12 months supply from 8 (buyer’s market conditions).