The Real Estate Board of Greater Vancouver says residential home sales fell almost 42% in February, compared to the record-setting same month a year ago.
New listings were down almost 37% from a year ago, and hit their lowest level in 14 years.
Board President Dan Morrison blames a reluctance among home sellers, resulting in limited supply.
He also says the snowy weather hampered sales.
The benchmark price was $906,000, down 2.8% over the past six months, but up 1.2% from January.