Residential gross sales within the area totalled 2,228 final month, an 18.5% drop from the identical month a yr earlier, Larger Vancouver Realtors stated. Gross sales ranges are 30.5% beneath the 10-year seasonal common.
“Whereas there are rising indicators that gross sales exercise may be turning a nook, gross sales in Could have been beneath the 10-year seasonal common, which means that some patrons are nonetheless sitting on the sidelines or are being particularly selective,” stated Andrew Lis, the board’s director of economics and information analytics.
There have been 6,620 newly listed properties in the marketplace in Could, a 3.9% enhance from Could 2024, however nonetheless 9.3% above the 10-year seasonal common for the month.
Financial uncertainty and threats to world commerce has soured client confidence in latest months, with many potential patrons holding again on main monetary choices — pushing up the typical time a property spends in the marketplace earlier than it’s offered.
The report confirmed common days a property was in the marketplace rose throughout all classes in Could. A indifferent dwelling spent a median of 32 days in the marketplace final month, in contrast with 26 days in the identical month final yr, for instance.
Complete energetic listings rose 25.7% year-over-year to 17,094.
Lis stated these have been a number of the healthiest ranges of stock the market has seen in years, making it extra beneficial for patrons.
“Many sellers are adjusting value expectations, which has offered patrons extra negotiating room and saved a agency lid on value escalation over the previous few months,” he stated in a launch.
The composite benchmark value in Could was $1,177,100, down 2.9% from a yr earlier and 0.6% decrease than April.
Lis added gross sales might decide up in the summertime months.
“From a seasonal perspective, gross sales in the summertime months are sometimes quieter than the spring, however with such an unusually sluggish spring, we could have an unusually busy summer time with so many having delayed their buying choices,” he stated.
This report by The Canadian Press was first printed June 3, 2025.
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Final modified: June 3, 2025
