The British Columbia Real Estate Association (BCREA) released its latest Housing Market Update on March 12, 2026, covering February 2026 statistics. The data paints a picture of a market that's still finding its footing — but with signs of opportunity for prepared buyers.
According to BCREA, 4,516 residential unit sales were recorded across BC in February 2026, down 9.7 percent from February 2025. The average MLS® residential price came in at $932,243, a decrease of 2.9 percent compared to $960,572 in February 2025. Total residential sales dollar volume was $4.21 billion, down 12.3 percent year-over-year.
To put this in perspective, February 2026 unit sales were 32.87 percent lower than the ten-year average for the month — indicating that the market is still operating well below historical norms. Year-to-date, residential unit sales are down 15.8 percent at 7,832 units, while the average price sits at $929,323, down 2.4 percent from the same period last year.
BCREA Chief Economist Brendon Ogmundson noted that housing market activity continues to struggle, with sales declining from every region in the province compared to the same time last year. However, he added that improved affordability conditions in most regions and stable interest rates could motivate prospective buyers to enter the market and drive stronger sales activity over the rest of the year.
What does this mean for buyers and sellers in the Greater Vancouver and Fraser Valley areas? For buyers, this is a window of opportunity. With sales activity below average and prices softening slightly, there's less competition and more room to negotiate. Inventory remains healthy, giving you more choices. For sellers, pricing competitively from the start is more important than ever in this market.
Whether you're looking to buy, sell, or simply understand what's happening in your neighborhood, I'm here to help you make sense of the numbers. Reach out for a free consultation to discuss how current market conditions affect your specific situation.
Source: British Columbia Real Estate Association (BCREA), Housing Market Update, March 12, 2026 (February 2026 data). Visit bcrea.bc.ca for the full report. This blog post is a summary for informational purposes only and does not constitute financial or investment advice.