Greater Vancouver home sales totalled 1,827 in February, down 11.7% on a year-over-year basis and 28.9% below the 10-year seasonal average for the month.

There were 5,057 newly listed properties on the market, a 10.9% increase from February 2024, which followed a more dramatic growth of over 46% the previous month.

Greater Vancouver Realtors director of economics and data analytics Andrew Lis says that after the rush of new supply in January, both home sales and new listings in February were closer to historical averages.

He says that given the potential Bank of Canada rate cut expected later this month, homebuyers “may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

The composite benchmark price in February was $1,169,100, down 1.1% from a year earlier and 0.3% below January.

This report by The Canadian Press was first published March 4,2025.

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Last modified: March 4, 2025