Buyers remain hesitant as inventory builds

May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.  

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).  

“While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”  

There were 6,620 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2025. This represents a 3.9 per cent increase compared to the 6,374 properties listed in May 2024. This was 9.3 per cent above the 10-year seasonal average (6,055).  

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).  

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2025 is 13.4 per cent. By property type, the ratio is 10.2 per cent for detached homes, 17.4 per cent for attached, and 14.7 per cent for apartments.  

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.  

“With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months,” Lis said. “From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer.”  

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,177,100. This represents a 2.9 per cent decrease over May 2024 and a 0.6 per cent decrease compared to April 2025.  

Sales of detached homes in May 2025 reached 654, a 22.7 per cent decrease from the 846 detached sales recorded in May 2024. The benchmark price for a detached home is $1,997,400. This represents a 3.2 per cent decrease from May 2024 and a 1.2 per cent decrease compared to April 2025.  

Sales of apartment homes reached 1,087 in May 2025, an 18.8 per cent decrease compared to the 1,338 sales in May 2024. The benchmark price of an apartment home is $757,300. This represents a 2.4 per cent decrease from May 2024 and a 0.7 per cent decrease compared to April 2025.  

Attached home sales in May 2025 totalled 469, a 10.3 per cent decrease compared to the 523 sales in May 2024. The benchmark price of a townhouse is $1,106,800. This represents a 3.4 per cent decrease from May 2024 and a 0.4 per cent increase compared to April 2025.