METRO VANCOUVER
Slight sales decline after upward trend; excellent supply; prices steady
Following a three-month upward trend, Metro Vancouver’s residential market reversed course in May with modest declines in both sales and new listings. Total sales for the month were 2,150, a drop of 3.2% from the preceding month, while a total 6,115 new listings was a dip of 8.5% for the same period. On an annul comparison, the two totals are quite close to May 2025 figures, which recorded 2,228 sales and 6,620 new listings. This relative flatness in Metro Vancouver’s market activity for the same months in the past year appears in contrast to the 10-year market comparison, 26.6% below the seasonal average in sales while 1.3% above the seasonal average in new listings. Looking at the May’s sales with a segmented view, however, illustrates there was a significant difference from the overall sales total in the condominium category, which recorded a 7.2% decline on an annual comparison. This was considerably greater than the 0.9% drop in sales of detached homes, and the 1.3% decline in townhouse sales. Despite the decline in new listings, Metro Vancouver was left with a robust inventory at the end of May of 16,917 available homes across all property types. This is 35% above the 10-year seasonal average and offers prospective buyers an excellent choice at this time. Home prices for all property types have remained steady In May and the purchasing climate is currently relaxed and comfortable with the relatively soft demand. The Bank of Canda policy rate announcement is scheduled for today June 10, If, as widely expected, the central bank holds its key rate at 2.25%, mortgage rates in Canada should remain close to 4.0%. The composite benchmark price for a residential property in Metro Vancouver at the end of May was $1,100,700, a 0.2% increase from the preceding month.
I invite you to review my monthly guide to benchmark prices in different areas of Metro Vancouver in the section below. For each property type, I have selected the overall benchmark price and a cluster around it of the three closest average prices on each side of the benchmark average. The month-over-month price changes typically reflect the current market activity in a neighborhood. The range of the average is also provided since average prices do not tell the whole story. If you are interested in the actual listed prices of homes in a particular neighbourhood, please don’t hesitate to call me. I can provide you with the most up-to-date listed prices and other information to guide you home purchase decision. And if you are interested in selling your home, I can prepare a Customized Market Analysis for you property and advise you on the optimal asking price in the current market conditions. During the past month of May, the sales-to active listings ratio for detached homes continued below 12% as it has for several consecutive month, constituting a buyer’s market for this property type. A buyer’s market is created when downward pressure on prices drops below 12% for a sustained period. Prospective buyers may find it advantageous to negotiate prices in this category now. The sales-to-active listings ratio for townhouses in May was by contrast 15.4% and for condominiums 14.2%.
Detached homes
The benchmark price for a single-family detached home in Metro Vancouver at the end of May was $1,847,900, an increase of 0.4% from the preceding month. The range of this average extended from $3,025,000 in Vancouver West to $841,500 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Burnaby North $1,885,100, a decrease of 0.2% from the preceding month; Richmond at $1,939,400, an increase of 0.2% from the preceding month; and Richmond at $1,961,200, a decrease of 0.2% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Squamish at $1,754,900, an increase of 3.7% from the preceding month; Vancouver East at $1,693,700, a decrease 1.5% from the preceding month; and Coquitlam at $1,654,000, an increase of 1.1% from the preceding month.
Townhouses
The benchmark price for a townhouse in Metro Vancouver at the end of May was $1,048,200, an increase of 0.5% from the preceding month. The range of this average extended from $1,697,300 in Whistler to $727,300 on Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Vancouver East at $1,067,400, an increase of 0.7% from the preceding month; North Vancouver at 1,283,600, an increase of 0.8% from the preceding month; and Vancouver West at $1,331,700, a decrease of 0.7% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Richmond at $1,024,600, a decrease of 1.1% from the preceding month; Vancouver East at $1,026,200, a decrease of 1.7% from the preceding month; and Coquitlam at $1,023,500, an increase of 1.5% from the preceding month.
Condominiums
The benchmark price for a condominium in Metro Vancouver at the end of May was $697,800, a decrease of 0.7% from the preceding month. The range of this average extended from $1,015,100 in West Vancouver to $391,600 on the Sunshine Coast. The three municipalities closest to the benchmark on the higher side of the average were: Port Moody at $703,000, a decrease of 0.1% from the preceding month; Burnaby East at $723,400, a decrease of 0.4% from the preceding month; and Burnaby South at $743,900, a decrease of 1.8% from the preceding month. The three municipalities closest to the benchmark on the lower side of the average were: Burnaby North at $689,200, a decrease of 0.9% from the preceding month; Richmond at $664,800, a decrease 0.3% from preceding month; and Coquitlam at $657,400, a decrease of 1.0% from the preceding month.
Let me help
There are many ways I can help you with your real estate transactions. Please let me know how I can help in these challenging times. You may need help in managing your home ownership plans, or in adjusting your financial strategy for a home purchase. Perhaps you are thinking of listing your home for sale and want to understand the market to set your asking price. Let me help. I have a post-graduate education in business along with years of experience in both banking and real estate. I am happy to help in any way I can. I want my clients to achieve their goals. Please don’t hesitate to call me.