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Vancouver Housing Market | March 2026

Updated

This page has been updated with data released in March 2026 for the February 2026 period (source: REBGV).

Vancouver market stats

These are the market highlights for Vancouver’s real estate market for February 2026.

Property Type Active Listings Sales Benchmark Price Avg Price Y/Y Change (Benchmark)
All Types 13,545 1,648 $1,100,300 $1,206,180 -6.8%
Detached N/A 427 $1,835,900 $2,122,572 -8.8%
Townhouse N/A 387 $1,046,100 $1,184,502 -5.6%
Apartment N/A 824 $708,200 $739,258 -6.8%

The overall residential composite benchmark home price in Vancouver was $1,100,300 for the Greater Vancouver Area (GVA). This is a 6.8% year-over-year decrease from February 2025 and a 0.1% decrease compared to January 2026.

Key Takeaways:

  • Buyer’s Market Conditions: With 8 months of supply and a sales-to-active listings ratio of 12.2%, Metro Vancouver is firmly in buyer’s territory. Active listings of 13,545 are 6.3% above a year ago and well above the 10-year seasonal average.

  • Prices Continue to Soften: All benchmark prices declined year-over-year. Detached homes (-8.8%) and apartments (-6.8%) saw the steepest annual declines, while townhouses were down 5.6%. Month-over-month changes were near flat, suggesting prices may be finding a floor.

  • Sales Below Historical Norms: The 1,648 sales in February 2026 were 9.8% below February 2025 and 28.7% below the 10-year seasonal average, indicating continued buyer caution.

  • New Listings Declined: New listings of 4,734 decreased 6.4% year-over-year, which may help tighten conditions if the trend continues into spring.

  • Townhouses the Outlier: Attached homes (townhouses) were the only segment to see a year-over-year increase in sales (+7.8%), making them the strongest segment of the market.

Home price across the Greater Vancouver Area (GVA)

This table shows the benchmark home price in the Greater Vancouver Area (GVA) for Detached, Townhouse, Apartments and Composite (total across all home types) by each area in Vancouver for February 2026.

Area Composite Detached Townhouse Apartment
Greater Vancouver $1,100,300 $1,835,900 $1,046,100 $708,200

How much income would it take to afford a home in Vancouver?

What if you wanted to purchase the typical/benchmark home in Vancouver? This table shows the income needed to afford a home based on the composite benchmark home price in Vancouver for February 2026:

Home Type Home Price Income Required
Composite $1,100,300 $230,944
Detached $1,835,900 $372,724
Townhouse $1,046,100 $220,500
Apartment $708,200 $155,400

All of these figures are well above the average household income in Vancouver of $155,700, highlighting the city’s extreme affordability challenge.

For the calculation of income to afford a home in Vancouver we used the following as inputs:

  • Down payment of 20% to avoid mortgage default insurance
  • Mortgage rate of 3.99%
  • Amortization period of 25 years
  • Gross debt service (GDS) ratio of 32%
  • Property tax of $354 per month ($4250 per year)
  • Heating costs of $150 per month ($1800 per year)

Foreign buyer tax and speculation taxes

British Columbia has implemented some of Canada’s most aggressive measures to cool housing demand:

  • Foreign Buyer Tax (20%) — Known as the Additional Property Transfer Tax, this applies to foreign nationals and foreign-controlled corporations purchasing residential property in specified areas including Metro Vancouver. At 20%, it adds a substantial cost to foreign purchases.
  • Speculation and Vacancy Tax — The provincial speculation and vacancy tax targets property owners who do not pay income tax in BC. Rates range from 0.5% to 2% of the property’s assessed value depending on the owner’s tax status and residency.
  • Empty Homes Tax (Vancouver) — The City of Vancouver charges an additional annual tax on properties declared empty. The current rate is 5% of the assessed value, one of the highest vacancy taxes in North America.

These policies have been credited with reducing foreign investment in the market, though their overall impact on affordability remains debated.

Zoning reform

Recent provincial legislation has mandated zoning changes across BC municipalities, allowing up to four units on previously single-family lots in cities with populations over 5,000 and up to six units near transit stations. These reforms aim to increase housing density and supply over the coming decade.

Market outlook

Vancouver’s market is in a sustained buyer’s market, with 8 months of supply in February 2026. Benchmark prices are now 12.2% below their April 2022 peak and down 6.8% year-over-year. The cumulative effect of multiple tax policies, trade uncertainty, and high carrying costs has kept demand subdued. However, Vancouver’s structural constraints — limited buildable land between the mountains, ocean, and Agricultural Land Reserve — continue to provide a long-term floor for prices. The decline in new listings (-6.4% YoY) could begin to tighten conditions if buyer activity picks up in spring.

Notable areas in Metro Vancouver

Metro Vancouver encompasses a wide range of communities with varying price levels:

  • Vancouver West — The most expensive area in the region, with detached homes averaging over $3.3 million. Includes neighbourhoods like Kitsilano, Point Grey, Kerrisdale, and Dunbar.
  • Vancouver East — More affordable than the west side but still expensive by national standards. Detached homes average around $1.8 million. Includes Commercial Drive, East Van, and Mount Pleasant.
  • Burnaby — A popular middle ground with good transit access (SkyTrain). Three sub-areas (North, South, East) with apartment prices ranging from $718,000 to $809,000.
  • Surrey — The fastest-growing city in Metro Vancouver and among the more affordable options. Detached homes are significantly less than Vancouver proper.
  • Richmond — Known for a large Asian-Canadian community and strong amenities. Detached homes average around $2.1 million.
  • North Vancouver — Premium pricing for mountain and waterfront proximity. Detached homes average $2.2 million.
  • Langley and Maple Ridge — Outer suburban communities offering more affordable detached homes under $1.3 million, popular with families.

BC Property Transfer Tax

British Columbia’s property transfer tax is a significant closing cost for buyers. The tax is calculated on a tiered structure based on the property’s fair market value:

Fair Market Value Rate
First $200,000 1%
$200,001 to $2,000,000 2%
$2,000,001 to $3,000,000 3%
Over $3,000,000 5%

On a home purchased at Vancouver’s composite benchmark price of $1,100,300, the property transfer tax would be approximately $20,006.

First-time buyer exemptions in BC

BC offers significant property transfer tax relief for first-time buyers:

  • Full exemption on properties valued up to $500,000
  • Partial exemption on properties valued between $500,000 and $525,000
  • Newly built home exemption — Full exemption up to $750,000; partial exemption between $750,000 and $800,000

Given Metro Vancouver’s high prices, many first-time buyers will not qualify for the full exemption unless purchasing a condo or a home in a more affordable sub-market. Our land transfer tax calculator can help you estimate the property transfer tax for your specific purchase price.

If you are buying a home in Metro Vancouver, these tools can help you plan:

More housing market reports

Data Sources

The housing market data in this report is sourced from:

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