In May 2025, 2,228 homes were sold across Metro Vancouver, which is down 18.5% compared to last year and over 30% below the 10-year average for this time of year. What does this mean?There are more homes on the market, but fewer are selling — giving buyers more options and potentially more negotiating power, while sellers may need to be more strategic with pricing and presentation."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 many 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." More homes are hitting the market in Metro Vancouver, but sales remain slower than usual.In May 2025, 6,620 homes were newly listed for sale, which is up nearly 4% from last year and 9% higher than the 10-year average for this time of year. Total inventory (all active listings) is now over 17,000 homes, a 26% increase from last May and nearly 46% above the typical levels for May. 
What does this mean for the market?There’s a lot more supply, but sales haven’t caught up — which usually leads to a more balanced or even buyer-friendly market.Looking at the sales-to-active listings ratio (a key indicator of market conditions):Overall: 13.4%Detached homes: 10.2%Townhomes: 17.4%Apartments: 14.7% Why it matters?When the ratio stays below 12%, prices tend to go down. When it’s above 20%, prices often rise.Right now, we’re hovering in the middle — suggesting some light downward pressure on prices, especially for detached homes. “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.” Home prices in Metro Vancouver continue to ease slightly across most property types.As of May 2025, the typical home (benchmark price across all property types) is now $1,177,100, which is down 2.9% from last year and 0.6% from April. Here’s how each property type is performing:Detached homes: 654 sold in May, down 22.7% from last year. The benchmark price is $1,997,400, which is 3.2% lower than last May and 1.2% lower than last month.Apartments: 1,087 sold, down 18.8% from May 2024. The typical condo price is $757,300, down 2.4% year-over-year and 0.7% from April.Townhomes (attached homes): 469 sold, down 10.3% compared to last year. The benchmark price is $1,106,800, which is down 3.4% from May 2024 but up slightly (0.4%) from April.
The Takeaway: We are still edging our way to a buyer’s market. This doesn’t mean there is a fire sale and everyone is slashing their prices. It does however mean that buyers have some stronger negotiation power and sellers are going to have to accept that this is not 2 years ago when the market was at a significantly higher price and at breakneck speeds. Homes are still selling, but sellers have to be realistic and understand that they will likely need to negotiate.If you would like to have to some real world advice about how to navigate the current market and plan for the future call or text me at 604-522-4777 or e-mail directly at: haze@hazerealtor.com or join us at our Facebook Page (www.facebook.com/HazeRealtor) and we see what the best move can be.