As usual, the market is taking a bit of a breather heading into summer, largely pulled down by a sluggish condo segment. This year it seems summer started very early with all the good weather and that may have impacted the market. Usually, as the weather improves, the real estate market worsens. Having said that, in the detached home market we have seen a bit of an uptick, including some multiple offers. Overall, the Spring has been slower than usual and not much of a "Spring Market".
As Andrew Lis, Greater Vancouver Realtors' chief economist, notes, apartment sales were down about 7% year-over-year, which weighed down the overall sales total. But I always encourage a healthy dose of expert skepticism; do not blindly trust all the sweeping data. As Lis rightly points out, this drop wasn't uniform; some areas, like North and East Vancouver actually saw increases in condo sales relative to last year. As we know, stats are not perfect because "in the real world," different neighbourhoods behave very differently. Lis also mentions that with demand tracking forecasts, we can expect a calm and orderly summer market with no immediate catalysts to push prices drastically in either direction.
If we look at the May 2026 numbers, last month in Greater Vancouver we saw:
- Sales of all types of properties were DOWN 3.5% from May 2025.
- Sales were 26.6% BELOW the 10-year seasonal average (2,930).
- The number of homes listed for sale last month was 16,917, which is DOWN 1% when compared with May 2025. This is 34.6% higher than the 10-year average (12,567).
- The number of homes newly listed for sale was DOWN 7.6% from May 2025 and 1.3% OVER the 10-year average (6,036).
- Detached home sales were UP 0.9% from May 2025 (660 total sales).
- The benchmark price for detached homes was DOWN 6.9% when compared to May 2025; and a 0.4% INCREASE compared to April 2026.
- The sales to active listings ratio overall for all types of homes was 13.1%; for detached homes the ratio is 10.7%. Prices trend downward when the ratio is below 12% for a sustained period.
For Buyers: It continues to amaze me how many buyers are still hesitant to buy. Buyers currently have leverage, plenty of choices, and the time to breathe and negotiate. There is no frenzy, meaning buyers have time to make careful, pragmatic decisions. However, the window of opportunity will not stay open forever. And as I mentioned, we have recently seen some multiple-offer situations. Sitting on the sidelines trying to time an unpredictable market bottom, risks missing out on a very favoUrable environment. Many suspect that, at least in detached homes, the bottom may already be here.
For Sellers: Sellers, the problem continues: price your home correctly, or be prepared to wait. Buyers today are pragmatic, not speculative. If your home is overpriced, buyers usually will NOT put in a low offer; they will simply ignore your home and wait for you to lower the price. Having said that, there is always a silver lining. Even with recent price softening, you have likely made a LOT of tax free money over your years of ownership. Furthermore, if you are selling in order to move up into a more expensive home, doing so in a softer market is highly beneficial because the pricing gap between your current home and your next home shrinks.
I am here to help you navigate these shifting conditions and provide honest, actionable truths about your specific neighbourhood. Whether you are looking for a current market valuation or need assistance with your future real estate planning, I am always happy to chat.