In May, the housing market in Vancouver experienced a significant decline in sales activity, according to the Greater Vancouver Real Estate Board. This downturn reflects a continuing trend as potential buyers remain hesitant, resulting in lower engagement in the property market.

Residential sales across the Greater Vancouver area totaled 2,228 in May, marking an 18.5 percent decrease compared to the same month in the previous year. Additionally, these sales figures indicate a staggering 30.5 percent drop from the 10-year seasonal average, illustrating the reduced market activity.

In terms of new listings, the real estate board reported 6,620 properties added to the market in May. This figure represents a 3.9 percent decline from May 2024, yet remains 9.3 percent above the 10-year seasonal average, suggesting an increase in available options despite the slow pace of sales.

Andrew Lis, the director of economics and data analytics for Greater Vancouver Realtors, highlighted that the sales figures year-to-date are among the weakest starts observed in the past decade. This observation underscores the challenges facing the real estate market as it struggles to gain traction amidst changing economic conditions.

The overall inventory displayed an upward trend, with total active listings increasing by 25.7 percent year-over-year, reaching 17,094 available properties. This rise in inventory combined with low sales activity may signal an imbalance in the market, as the number of available homes exceeds buyer demand significantly.

The composite benchmark price for homes in the region stood at $1,177,100 in May, reflecting a decline of 2.9 percent from the previous year and a slight decrease of 0.6 percent from the prior month (April). These price adjustments may be indicative of market correction efforts as sellers adapt to the current demand landscape.

This report sheds light on the struggles faced by the Vancouver housing market in May, characterized by declining sales figures and increasing inventory. As buyers continue to hesitate and assess their options, the market dynamics are likely to evolve further in the coming months.