May Brings Record Inventory Levels, While Home Sales Remain Low in Metro Vancouver
Inventory levels across Metro Vancouver climbed to another decade-high in May, while home sales recorded on the MLS® remained sluggish.
According to the Greater Vancouver REALTORS® (GVR), residential sales totaled 2,228 in May 2025, marking an 18.5% decline from the 2,733 sales reported in May 2024. This figure was also 30.5% below the 10-year seasonal average of 3,206 sales.
“Although we’re starting to see hints that sales activity could be turning a corner, May’s numbers still fell short of the seasonal norm,” said Andrew Lis, GVR’s director of economics and data analytics. “This suggests that some buyers remain hesitant or are exercising greater caution. On a year-to-date basis, 2025 sales are among the slowest starts to the year in the past decade, closely mirroring 2019 and 2020. While sales picked up sharply in the latter half of 2020, whether 2025 will follow that path is still the million-dollar question.”
In May 2025, 6,620 new detached, attached, and apartment listings were added to the MLS®, representing a 3.9% increase over the 6,374 listings in May 2024. This figure is 9.3% above the 10-year seasonal average of 6,055.
The total number of properties listed for sale on the MLS® system in Metro Vancouver reached 17,094 in May 2025—a 25.7% increase over May 2024’s 13,600 listings and 45.9% higher than the 10-year seasonal average of 11,718.
Across all property types, the sales-to-active listings ratio for May 2025 was 13.4%. By segment, detached homes posted a ratio of 10.2%, attached homes 17.4%, and apartments 14.7%.
Historical trends suggest downward pressure on home prices when the ratio stays below 12% for a prolonged period, while prices often rise when the ratio exceeds 20% over several months.
“With inventory levels among the highest we’ve seen in years, many sellers are adjusting their price expectations,” Lis noted. “This has given buyers more leverage and has effectively kept a cap on price growth. Seasonally, sales tend to slow in the summer compared to spring, but with this year’s unusually slow spring, we might see an unusually active summer as many buyers delayed their purchasing decisions. Overall, the market continues to lean in buyers’ favor, which could create opportunities for those looking to make a move this summer.”
As of May 2025, the MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $1,177,100, reflecting a 2.9% decrease from May 2024 and a 0.6% decrease from April 2025.
Detached home sales totaled 654 in May 2025, down 22.7% from 846 in May 2024. The benchmark price for a detached home was $1,997,400—a 3.2% decrease from May 2024 and a 1.2% decrease from April 2025.
Apartment home sales came in at 1,087, an 18.8% decrease from 1,338 sales in May 2024. The benchmark price of an apartment was $757,300, down 2.4% from May 2024 and 0.7% lower than April 2025.
Sales of attached homes reached 469 in May 2025, a 10.3% decline compared to the 523 sales in May 2024. The benchmark price of a townhouse was $1,106,800, reflecting a 3.4% decrease from May 2024 but a modest 0.4% increase from April 2025.
