In May, the Greater Vancouver real estate market experienced a notable downturn in home sales, with only 2,733 transactions recorded. This figure marks a 19.9% decline from May 2023 and a 19.6% drop from the 10-year average for the month. Meanwhile, 6,374 properties hit the market in May. Although slightly lower than April’s 7,092 listings, this number represents a 12.6% increase compared to May 2023 and surpasses the 10-year average by 7%. With the surge in new listings, the total inventory of active listings in the Greater Vancouver region rose to over 13,000 properties, 46.3% higher than May 2023.
The sales-to-active-listings ratio, at 20.8%, signals a move towards a balanced market. However, the scenario differs across property types, with single-detached homes reflecting a balanced market, while townhouses and condominiums lean towards sellers. Despite the increased inventory, prices have remained relatively stable. The composite benchmark price in May reached $1,212,000, representing a modest 0.5% increase from April and a more substantial 2.3% rise from May 2023. The benchmark price was $2,062,600 for single-family detached, $1,145,500 for townhouses, and $776,200 for condominiums. Detached properties saw the largest price increase with a 1.3% increase compared to April and 5.9% increase from May 2023.
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