(Breaking news: Bank of Canada rate announcement today left rates unchanged although a future rate decrease is still expected.)
The numbers for May are out and we are told this is still one of the most buyer-friendly markets we’ve seen in years. I wasn't expecting the market to still show as buyer friendly to the extent that it has because in May we sold more homes than I have ever sold in a month in over 20 years AND our sellers did very well price wise. While that was the case for us, overall the market did not improve in May. So my hope for a change in the trend was not realized. Sales were down 18.5% from May 2024 and inventory swelling to 17,094 listings, buyers now enjoy more choice than at any point in recent years. Mortgage rates are still very low when viewed in an historical context and prices have softened (detached homes down 3.2%, condos down 2.4%, townhomes down 3.4% year-over-year). Sellers are now more open to negotiation than they’ve been in a long time. In other words, the door is wide open for savvy buyers ready to make their move-whether to get into the market, buy an investment property or rec property or move up to a more expensive home.
Andrew Lis at GVR put it perfectly: "Buyers have more options and more leverage right now." This is something lower mainland buyers rarely see: the chance to take their time, find the right fit, and feel confident in buying decisions. Whether you’re a first-time buyer stepping into the market, a growing family looking for more space, or an investor searching for a smart opportunity, this could be your moment.
For sellers, there’s good news too. As I mentioned above, we have seen a much better May than any of the months earlier this year-by a LONG shot. Even if your property sells for less than it would have at the peak, if you’ve owned your home for a while, you’re still in a great position—those tax-free gains from pre-2020 prices are amazing. And if you’re thinking about downsizing or making a change, today’s market means you can transition smoothly, with less competition for your next home.
If we look at the May 2025 numbers, last month in Greater Vancouver we saw:
• sales of all types of properties were DOWN 18.5% from May 2024
• sales were 30.5% BELOW the 10-year seasonal average (3,206)
• the number of homes listed for sale last month was 17,094 which is UP 25.7% when compared with May 2024. This is 45.9% higher than the 10-year average (11,718)
• the number of homes newly listed for sale was UP 3.9% from May 2024 and 9.3% OVER the 10-year average (6,055)
• detached home sales were DOWN 22.7% from May 2024
• the benchmark price for detached homes was DOWN 3.2% when compared to May 2024; and a 1.2% decrease compared to April 2025
• the sales to listing ratio overall for all types of homes was 13.4%; for detached homes the ratio is 10.2%. Prices trend downward when the ratio is around 12%
Click HERE for Stats Package provided by the Real Estate Board
So what do we expect over the next few months? Summer is typically one of the slowest times of the year but maybe we will see a shift as more buyers realize the potential of this unique moment. If they do, they won't have to rush or stress. With so much inventory and such favorable conditions, buyers can move more slowly but well priced sellers will still be able to move on in the market. Even with a small percentage of homes selling-just 10% of detached homes as noted above-there are steps we can take to ensure your home is one of those in that elusive 10% category.
And if you’re renting and dreaming of homeownership? With prices where they are and rates this low, you might be closer to your goal than you think. I am always more than happy to assist people in planning, whatever stage they are in in their real estate path.
The current market is somewhat of a unicorn in our area-please let me know if you would like to discuss how to make it work for you.
The numbers for May are out and we are told this is still one of the most buyer-friendly markets we’ve seen in years. I wasn't expecting the market to still show as buyer friendly to the extent that it has because in May we sold more homes than I have ever sold in a month in over 20 years AND our sellers did very well price wise. While that was the case for us, overall the market did not improve in May. So my hope for a change in the trend was not realized. Sales were down 18.5% from May 2024 and inventory swelling to 17,094 listings, buyers now enjoy more choice than at any point in recent years. Mortgage rates are still very low when viewed in an historical context and prices have softened (detached homes down 3.2%, condos down 2.4%, townhomes down 3.4% year-over-year). Sellers are now more open to negotiation than they’ve been in a long time. In other words, the door is wide open for savvy buyers ready to make their move-whether to get into the market, buy an investment property or rec property or move up to a more expensive home.
Andrew Lis at GVR put it perfectly: "Buyers have more options and more leverage right now." This is something lower mainland buyers rarely see: the chance to take their time, find the right fit, and feel confident in buying decisions. Whether you’re a first-time buyer stepping into the market, a growing family looking for more space, or an investor searching for a smart opportunity, this could be your moment.
For sellers, there’s good news too. As I mentioned above, we have seen a much better May than any of the months earlier this year-by a LONG shot. Even if your property sells for less than it would have at the peak, if you’ve owned your home for a while, you’re still in a great position—those tax-free gains from pre-2020 prices are amazing. And if you’re thinking about downsizing or making a change, today’s market means you can transition smoothly, with less competition for your next home.
If we look at the May 2025 numbers, last month in Greater Vancouver we saw:
• sales of all types of properties were DOWN 18.5% from May 2024
• sales were 30.5% BELOW the 10-year seasonal average (3,206)
• the number of homes listed for sale last month was 17,094 which is UP 25.7% when compared with May 2024. This is 45.9% higher than the 10-year average (11,718)
• the number of homes newly listed for sale was UP 3.9% from May 2024 and 9.3% OVER the 10-year average (6,055)
• detached home sales were DOWN 22.7% from May 2024
• the benchmark price for detached homes was DOWN 3.2% when compared to May 2024; and a 1.2% decrease compared to April 2025
• the sales to listing ratio overall for all types of homes was 13.4%; for detached homes the ratio is 10.2%. Prices trend downward when the ratio is around 12%
Click HERE for Stats Package provided by the Real Estate Board
So what do we expect over the next few months? Summer is typically one of the slowest times of the year but maybe we will see a shift as more buyers realize the potential of this unique moment. If they do, they won't have to rush or stress. With so much inventory and such favorable conditions, buyers can move more slowly but well priced sellers will still be able to move on in the market. Even with a small percentage of homes selling-just 10% of detached homes as noted above-there are steps we can take to ensure your home is one of those in that elusive 10% category.
And if you’re renting and dreaming of homeownership? With prices where they are and rates this low, you might be closer to your goal than you think. I am always more than happy to assist people in planning, whatever stage they are in in their real estate path.
The current market is somewhat of a unicorn in our area-please let me know if you would like to discuss how to make it work for you.