Welcome to your February 2026 market update! As we shake off the final frost of winter, the real estate landscape across British Columbia is showing early signs of its seasonal "spring thaw." While the headlines often focus on the big numbers, we’re here to give you the "boots on the ground" perspective on what’s actually happening in your neighborhood.
A reminder to all homeowners - it is time to fill out your Speculation Tax Declarations. You should have received your declaration letter in the mail. The deadline is March 31st!
If you have not received a letter yet, call toll-free 1-833-554-2323 (M-F 8AM to 8PM).
GREATER VANCOUVER
New normal for Metro Vancouver's housing market continues
The Greater Vancouver market continues to operate in what experts are calling a "new normal." Activity in February was quieter than the historical average, as both buyers and sellers seem to be taking a breath. We aren’t seeing the frantic bidding wars of years past; instead, the market has settled into a steadier, more deliberate pace.
Interestingly, home sellers appear less eager to list their homes relative to last year, with new listings down roughly 6.4%. This dip is primarily driven by the apartment segment. For buyers, while "fresh" options are entering the market at a slower rate, total inventory is still 37% above the 10-year seasonal average, keeping the region firmly in buyer-friendly territory.
The Forecast: GVR suggests that the upcoming spring season will be a "litmus test" for the year. Meanwhile, CMHC predicts that 2026 will be a year of "bottoming out" and stabilization. They anticipate that as we move further into the year, newly completed developments may start to nudge average prices upward again.
The Strategy: In this balanced-to-buyer leaning environment, the strategy for Sellers is absolute precision: homes priced at or slightly below current values are the ones seeing movement. For Buyers, with inventory 37% above seasonal averages, the strategy is to leverage your choice. You have the time to conduct thorough due diligence and negotiate on terms.
Click HERE for the full statistics report.
FRASER VALLEY
Fraser Valley market shows early bloom with February sales lift
If Vancouver is "steady," the Fraser Valley is "waking up." February saw a significant jump in activity compared to the sleepy month of January. There is a palpable sense of movement as people begin to prep their gardens and their homes for sale. However, even with this "spring bloom," the total volume of sales is still trailing behind long-term averages.
The Fraser Valley currently offers some of the most "buyer-friendly" conditions in the province. With inventory levels sitting well above seasonal norms, buyers have a significant amount of leverage. Tore Jacobsen, Chair of the FVREB, recently noted that this "window of opportunity" is rare, as prices have softened, creating a potentially perfect entry point for those who have been waiting on the sidelines.
The Forecast: BCREA characterizes 2026 as a "slow return to normal." In the Valley, the focus is on economic stability. Local experts believe that as the economy finds its footing, we will see a "thaw" in the holding pattern many families have been in, leading to more movement by mid-year.
The Strategy: The strategy here is focused on "The Window." For Buyers, the combination of high inventory and settled prices in the detached market (particularly in areas like North Delta) creates a premier entry point before the traditional spring peak.For Sellers, the strategy is to highlight value. With buyers in a "holding pattern" regarding the economy, emphasizing a home's efficiency and long-term stability is key.
Click HERE for the full statistics report.
VANCOUVER ISLAND
February Sales rebound as Spring approaches
The Island is showing its typical resilience. While condo and townhouse activity led the way in January, February saw a strong rebound in single-family home interest. There is a sense of optimism in the air; VIREB CEO Jason Yochim recently shared that REALTORS® are feeling positive about the trajectory of 2026 as more movement is expected across all property types.
Unlike the Mainland, where inventory is significantly higher than average, the Island is maintaining a more balanced feel. Sentiment is improving, and while buyers still have the upper hand in many negotiations, sellers who price their homes correctly are seeing healthy interest. The "Island lifestyle" remains a major draw, keeping demand consistent even during slower periods.
The Forecast: Looking forward, organizations like RBC and CMHC point toward a "measured recovery" for the province. On the Island specifically, the focus for the coming months will be on how the market reacts to the 2026 Provincial Budget and new tax considerations. Despite these shifts, the general outlook remains one of "cautious optimism" for a busy spring.
The Strategy: With the Island market returning to a more balanced state, the strategy is "Market Readiness." For Sellers, this means having your home "showroom ready" to stand out in a healthy inventory pool. For Buyers, the strategy is to act with "decisive patience". While you have more room to negotiate than in 2024, the rebound in single-family home sales suggests that well-located properties are moving faster as we head into March.
Click HERE for the full statistics report.