Greater Vancouver New(er) Home Resale Report: February 2026.

The newer home resale market showed a notable uptick in February, offering a fresh perspective for those watching from the sidelines. While the broader landscape remains a buyer’s market defined by patience, sales volume rose 66% over last month with 244 transactions. Even though year-over-year sales are still down 11%, this month-over-month momentum suggests that a wave of pragmatic, end-user demand is absorbing available inventory. This data focuses specifically on the newer resale (previously owned) homes in our region's most urban and highly transacted neighborhoods, which often reveal trends before they spread elsewhere.

Total newer resale inventory now sits at 2,450 units, but a separate and massive opportunity lies in the developer “shadow inventory” market. We are currently in a unique phase of the cycle where developers are feeling the heat from the cost of carrying completed, unsold inventory. Recent data from Zonda Urban and Rennie indicate that this newly completed stock sits at roughly 4,000 units across Metro Vancouver.

This gives buyers incredible choice, as developers offer unprecedented incentives to move these homes. Some units are being effectively repriced upwards of $100,000 through credits or direct adjustments, and in some cases competing with the price of newer resale inventory. When you factor in the elimination of GST via Bill C4, which officially received Royal Assent on March 12, 2026, the value proposition of buying new for first-time homebuyers has shifted dramatically in favor of the consumer.

Much of this developer-held inventory is shadow inventory, meaning it isn't always publicly listed on the MLS. These opportunities are often shared through industry channels, making it essential to work with an agent who can provide detailed off market information on where these incentives are hidden. This level of newly completed inventory has not been seen in Metro Vancouver for a long time, and with its existence, newer resale inventory sales data on MLS will likely appear weak as opportunistic buyers also consider and transact in the new home market.

While the townhome sector in hubs like Willoughby and Coquitlam has seen a spike in activity, the market at large is not in a rush. This is a rare window of calm to conduct thorough research and negotiate from a position of strength. Fortune in real estate favours those who recognize the transition from scarcity to opportunity. This February report highlights a market that has finally caught its breath, offering an accessible entry point for those ready to secure their long term future.

One of the most important things to understand right now is replacement value – the cost to build that same home today from scratch. In many cases, you can currently buy for well below what it would cost to actually build, creating a massive safety net. For those in stable working conditions, the math is becoming very compelling as the monthly cost of owning is staying relatively the same as renting. Instead of a monthly exit of capital that builds wealth for a landlord, every dollar spent on a mortgage premium is equity you can eventually tap into for your own future.

Townhomes straddled two worlds.

The February townhome market was a tale of two extremes. Total sales doubled to 45 transactions month over month, but activity was concentrated in Willoughby, Coquitlam and East/North Vancouver. These areas have surged into seller’s markets, with Willoughby and Coquitlam hitting a sharp 33% sales to active ratio.

Conversely, Surrey, Burnaby, Richmond and Vancouver West remain in a deep freeze, with fewer than three sales each and ratios below 5%.

With inventory up 16% year over year, buyers looking for space have a unique advantage: entry level prices range from $849,900 in South Surrey to $1.68 million in Vancouver West, highlighting the massive value still available in suburban hubs.

One-bed condos are still ripe for buyers.

February condo sales surged 83% month over month with 86 transactions, driven by strong growth in Surrey City Centre, Burnaby, Richmond and North/East Vancouver. While inventory remained flat over the month, it is down nearly 18% year over year, leaving most markets firmly in buyer’s territory except for East Vancouver, Richmond and Willoughby, which have reached balanced conditions.

This data does not account for the significant new development inventory in Surrey, Coquitlam and Burnaby, which further bolsters selection and buyer negotiation power.

Median sale prices highlight a massive range from $405,000 in Surrey City Centre to $710,500 in North Vancouver. Notably, Downtown Vancouver reported a median sale price of $580,000 across three sales, trailing the median list prices found in surrounding urban hubs like Richmond and Burnaby.

Two-bed condos saw a jump in sales.

February saw 93 sales of newer two-bedroom condos, a 55% jump from January despite a 13% decline from last year. Total inventory has also tightened by 9% year over year, though heavy competition remains as aggressive developer incentives on new completions vie for the same pool of buyers as resale listings.

Willoughby stands out as a seller’s market, successfully attracting young families with its relative affordability and upcoming infrastructure like new schools and community centers. Surrey City Centre and South Surrey also rebounded from zero January sales to eight and five transactions respectively.

Pricing remains varied, with median sales ranging from $543,500 in Surrey City Centre to $886,000 in Downtown Vancouver. Notably, the Downtown median list price sits much higher at $1.44 million, signaling a significant disconnect between current buyer and seller expectations.

Single-family detached homes are still struggling.

The entry-level single-family market continued to struggle in February 2026, with only 20 homes sold across all tracked areas. Sales have plummeted 38% compared to last year, with most sub-markets reporting fewer than four transactions.

While Coquitlam, Burnaby and Vancouver West have transitioned into balanced territory as March begins, the rest of the region remains firmly in a buyer’s market. South Surrey currently holds the most inventory with 75 listings, followed by East Vancouver and Surrey with 50 and 40 respectively. These areas are also seeing increased competition from a growing supply of newly built duplexes and multiplexes, which offer a more affordable alternative to detached homes in a high-interest-rate environment.

With median list prices spanning from $1.54 million in Surrey to $3.78 million in Vancouver West, the current lack of urgency and ample supply grants buyers a rare tactical advantage for thorough negotiation.

Reasons why you should consider newer-home resale data:

1. Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
2. Great for those looking to purchase housing that is still in the early stages of its lifecycle – this means less repairs & maintenance during the first few years of ownership.
3. More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.
4. Homes include some of the latest design and technology – great for resale value.
5. Monthly sales statistics crucial for evaluating and planning new housing developments.
6. These figures are routinely used by industry stakeholders such as real estate developers to understand the value of land, and anticipated market values for newly completed homes.