Condo slowdown leads Metro Vancouver sales decline in May

Apartment buyers took a step back in Metro Vancouver last month, helping drive a decline in overall home sales, despite stable activity with other housing types

Greater Vancouver Realtors (GVR) reported 2,150 residential sales across the region in May, down 3.5 per cent from May 2025 and nearly 27 per cent below the 10-year seasonal average.

Apartment sales fell about seven per cent year-over-year, offsetting the modest gains in other parts of the market.

Inventory remains historically high

New listings also declined in May, with 6,115 detached, attached and apartment properties added to the market, down 7.6 per cent from a year earlier.

Despite the drop in new supply, active listings remained elevated. The total number of homes listed for sale stood at 16,917 at month-end, down one per cent from May 2025 but nearly 35 per cent above the region’s 10-year seasonal average.

The sales-to-active listings ratio reached 13.1 per cent in May. Historical data indicates downward pressure on prices tends to emerge when the ratio remains below 12 per cent, while sustained readings above 20 per cent often support price growth.

Prices down 6% from spring 2025

Andrew Lis, the board’s chief economist and vice-president of data analytics, said relatively strong inventory levels continue to absorb muted buyer demand, helping keep price movements in check.

The benchmark price for all residential properties in Metro Vancouver was $1.1 million in May, down 6.2 per cent from a year earlier but up 0.2 per cent from April.

Lis said sales activity remains close to forecasts, pointing to a stable summer market with no major catalysts expected to significantly shift conditions in the near term.

Move-up buyers leverage Fraser Valley market conditions

Home sales in the Fraser Valley remained subdued in May as first-time buyers largely stayed on the sidelines, while move-up buyers continued to drive activity in the detached housing market.

The Fraser Valley Real Estate Board reported 1,124 sales in May, up 0.5 per cent from April but down five per cent from the same month last year. Single-family homes remained the region’s most active housing segment.

“We’re seeing limited activity from first-time buyers right now, with much of the market being driven by homeowners looking to move up,” said board chair Ishaq Ismail.

Buyers’ market persists

The Fraser Valley remained firmly in buyer’s market territory in May, with more than 10,000 active listings available and a sales-to-active listings ratio of 11 per cent. 

Sellers were less active during the month, with new listings declining both month-over-month and year-over-year.

The composite benchmark price for a typical Fraser Valley home slipped 0.7 per cent in May to $893,300, ending two months of gains.

Board CEO Baldev Gill said economic uncertainty, job security concerns and higher living costs continue to weigh on consumer confidence, however, buyers who are financially prepared are benefiting from favourable market conditions.

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