Total home sales in the region have dropped more than six per cent from a year ago, according to statistics released by the Real Estate Board of Greater Vancouver.
February statistics show sales declined 6.4 per cent from February 2007, and are down 9 per cent from February 2006.
The number of new listings for detached, attached and apartment properties rose more than 26 per cent compared to one year ago.
But house prices of all kinds of houses, including detached and attached homes as well as apartments, have all continued to rise at least 12 per cent in the last year.
Benchmark prices for sales of detached properties rose 14.1 per cent from the previous year to $761,342; attached properties rose 12.7 per cent to $472,147; and apartment properties rose 12.9 per cent to $387,032.
"We continue to see the market rebalance, particularly with detached properties, where listings climb and sales either hold or decline slightly," said REBGV president Brian Naphtali, in a statement. "This shift increases buyer options and allows people more time to make decisions when purchasing a home."
The Bank of Canada cut its lending rate to 3.5 per cent from 4.0 on Tuesday, making home-buying more appealing to prospective buyers.
But a Royal Bank of Canada report on Tuesday showed fewer Canadians are currently considering buying a home, and more than half the people surveyed expect house prices to continue to rise.
With a report from CTV British Columbia's Maria Weisgarber
