Buyers Remain Hesitant as Inventory Builds
May 2025 saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.
Residential Sales Statistics
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5% decrease from the 2,733 sales recorded in May 2024. This was also 30.5% below the 10-year seasonal average of 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.”
New Listings and Active Inventory
There were 6,620 detached, attached, and apartment properties newly listed on the MLS® in May 2025. This is a 3.9% increase from May 2024 (6,374) and 9.3% 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% increase from May 2024 (13,600). This is 45.9% higher than the 10-year seasonal average of 11,718.
Sales-to-Active Listings Ratio
The overall sales-to-active listings ratio for May 2025 is 13.4%:
- Detached Homes: 10.2%
- Attached Homes: 17.4%
- Apartments: 14.7%
Historical data indicates that downward pressure on home prices tends to occur when the ratio dips below 12% for a sustained period, while upward pressure appears when it exceeds 20% 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.”
MLS® Home Price Index – May 2025
The composite benchmark price for all residential properties in Metro Vancouver is currently $1,177,100, reflecting a 2.9% decrease from May 2024 and a 0.6% decrease compared to April 2025.
Detached Homes
Sales: 654 (-22.7% YoY)
Benchmark Price: $1,997,400 (-3.2% YoY, -1.2% MoM)
Apartment Homes
Sales: 1,087 (-18.8% YoY)
Benchmark Price: $757,300 (-2.4% YoY, -0.7% MoM)
Attached Homes (Townhomes)
Sales: 469 (-10.3% YoY)
Benchmark Price: $1,106,800 (-3.4% YoY, +0.4% MoM)
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