Vancouver Housing Starts: The February Rebound and Long-Term Trends

Housing Starts

7 Apr

The February 2026 data for the Vancouver CMA reveals a resilient construction sector that is refusing to stay down. After a weather-impacted January, February posted a 60% year-over-year surge in actual housing starts.

February 2026 Starts: 2,241 units (Up from 1,400 in Feb '25).
Year-to-Date Momentum: Vancouver has seen 4,990 total starts in the first two months of 2026 - a 44% increase over the same period last year.

Understanding the Trend: Beyond the Monthly Noise While a 60% jump sounds massive, it’s important to look at the context of the last five years. As shown in the chart below, 2023 represented a historical peak in activity, followed by a "correction year" in 2025. The early 2026 data suggests we are currently forming a "supply floor."

Even as total annual starts have dipped from their 30,000+ highs, the composition of what we are building is shifting. The "missing middle" - Townhouses and Row Houses - saw a 62% jump this month, signaling that provincial zoning reforms are finally moving from paper to the pavement.

What This Means for the Market We are witnessing a "Two-Speed Market." While resale inventory levels remain high and buyer leverage is strong, the development pipeline is re-accelerating. For buyers, the continued dominance of apartment and row-house starts ensures a steady stream of new options entering the market through 2027 and 2028. For investors, the focus remains on the "missing middle" as the primary driver of new supply growth in the Lower Mainland.

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