Metro Vancouver's housing market hit another milestone in May, with inventory climbing to a ten-year high while sales activity remained sluggish across the region.
The numbers tell a clear story: residential sales dropped to 2,228 units in May 2025, down 18.5% from last year's 2,733 sales. That puts us 30.5% below the typical May performance we've seen over the past decade. "We're seeing some early signals that buyer activity might be picking up, but May's numbers show many buyers are still taking their time or being very particular about their choices," explains Andrew Lis from the Greater Vancouver REALTORS®.
The year-to-date performance ranks among the slowest starts we've seen in a decade, similar to what we experienced in 2019 and 2020. Of course, 2020 saw a strong rebound in the second half, but whether we'll see that pattern repeat this year is anyone's guess. On the supply side, new listings increased modestly with 6,620 properties hitting the market in May – up 3.9% from last year and sitting 9.3% above the ten-year average. More telling is our total active inventory, which jumped 25.7% year-over-year to 17,094 listings, running nearly 46% above historical norms. The sales-to-active listings ratio sits at 13.4% overall, with detached homes at 10.2%, attached at 17.4%, and apartments at 14.7%. For context, sustained ratios below 12% typically signal downward price pressure, while anything above 20% for several months usually pushes prices higher. This inventory-rich environment is giving buyers real negotiating power. "We're seeing sellers adjust their expectations, which has kept price growth in check and given buyers more room to negotiate," Lis notes. "Spring was unusually quiet, so we might actually see more activity this summer as buyers who've been waiting finally make their move." Price-wise, the benchmark composite price now sits at $1,177,100 – down 2.9% from last year and 0.6% from April.
Breaking it down by property type: detached homes are at $1,997,400 (down 3.2% year-over-year), apartments at $757,300 (down 2.4%), and townhouses at $1,106,800 (down 3.4% from last year but up slightly from April). The bottom line? This is clearly a buyer's market, and if you've been waiting for better selection and negotiating power, conditions are about as favorable as they've been in years.