buyers gain the upper hand as listings hit decade highs

The Vancouver real estate market remained sluggish in May 2025, as home sales continued to trail below seasonal norms—despite some early signs that buyer activity may be poised to rebound. While sales volumes lagged, inventory levels surged to a new ten-year high, tipping the market further in buyers’ favor and offering more negotiating power amid softening prices.

Residential sales totaled 2,228 in May, marking an 18.5% drop year-over-year and a significant 30.5% below the 10-year seasonal average of 3,206. This represents one of the slowest starts to the year in the past decade, closely echoing early 2019 and 2020—years that both saw delayed but sharp rebounds in the second half.

New listings saw a modest 3.9% increase year-over-year, reaching 6,620 homes, which is still 9.3% above the 10-year seasonal average. The bigger story is active inventory: 17,094 homes are now listed on the MLS®, a 25.7% year-over-year increase and a staggering 45.9% above the seasonal norm—the highest May inventory seen since 2014.

The composite benchmark price across all residential properties dipped to $1,177,100, reflecting a 2.9% decrease year-over-year and a 0.6% drop from April 2025.

The overall sales-to-active listings ratio sits at 13.4%, which indicates balanced conditions. Detached homes are at 10.2%, attached at 17.4%, and apartments at 14.7%—with none of the segments entering seller’s market territory.

• Detached home sales fell to 654 in May, a 22.7% decline year-over-year, with the benchmark price down 3.2% annually to $1,997,400, and 1.2% lower than April 2025.

• Attached home sales were the most resilient, with 469 units sold, representing a 10.3% decrease from last year. The benchmark price landed at $1,106,800, down 3.4% annually, but up 0.4% from April, the only segment to post a monthly gain.

• Apartment sales dropped to 1,087 units, down 18.8% from May 2024. The benchmark price decreased to $757,300, a 2.4% year-over-year decline and a 0.7% drop month-over-month.

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““With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, this has provided buyers more negotiating room and helped keep a firm lid on price escalation.”
Andrew Lis, GVR Director of Economics and Data Analytics”

— Andrew Lis | REBGV Director, Economics and Data Analytics

Softening Prices & Surging Supply Signal Advantage for buyers

With the spring market underperforming, all eyes are now on summer. Traditionally a slower season for real estate, this summer could break the norm as a combination of delayed decision-making, improved affordability, and record-high inventory levels creates a window of opportunity for both buyers and sellers.

For buyers, this is a rare moment where favorable borrowing conditions, stabilizing prices, and the broadest selection of homes in over a decade intersect. Many sellers are adjusting their expectations and becoming more flexible—giving buyers more leverage to negotiate on both price and terms.

For sellers, the key to standing out in this more competitive landscape will be strategic pricing, market timing, and understanding buyer behavior. Homes that are accurately priced and well-presented are still moving—especially in areas with limited supply or unique features.

With many would-be buyers waiting for the “right time” to act, this summer may bring a delayed wave of activity that benefits those who are ready. Whether you’re looking to buy, sell, or simply understand where you stand in today’s market, the next few months could be your best chance to move forward confidently.

If you're considering selling, reach out for a complimentary home equity health check, and take the first step to understand how much your home is really worth today.