Buyers Stay Cautious as Inventory Reaches 10-Year High
The Metro Vancouver real estate market in May 2025 tells a clear story: buyers are taking their time while inventory continues to climb. According to the latest Greater Vancouver REALTORS (GVR) report, the market has firmly shifted in favor of buyers, creating opportunities for those ready to make a move.
Key Market Indicators
Sales Activity Remains Subdued
- May residential sales: 2,228 transactions (down 18.5% from May 2024)
- 30.5% below the 10-year seasonal average of 3,206 sales
- Year-to-date sales rank among the slowest in the past decade
Inventory Surges to Multi-Year Highs
- Active listings: 17,094 properties (up 25.7% from last year)
- 45.9% above the 10-year seasonal average
- New listings in May: 6,620 properties (up 3.9% year-over-year)
Price Trends Across Property Types
Detached Homes
- Benchmark price: $1,997,400
- Down 3.2% from May 2024 and 1.2% from April 2025
- 654 sales recorded (22.7% decrease year-over-year)
Apartments
- Benchmark price: $757,300
- Down 2.4% from last year and 0.7% from April
- 1,087 sales (18.8% decrease from May 2024)
Townhouses
- Benchmark price: $1,106,800
- Down 3.4% year-over-year but up 0.4% from April
- 469 sales (10.3% decrease from last year)
Market Balance Shifts
The sales-to-active listings ratio sits at 13.4% across all property types, indicating a buyer’s market. Historical data suggests:
- Below 12%: Downward pressure on prices
- Above 20%: Upward pressure on prices
Current ratios by property type:
- Detached homes: 10.2%
- Townhouses: 17.4%
- Apartments: 14.7%
What This Means for Buyers and Sellers
For Buyers: The market offers significant advantages with healthy inventory levels providing more choice and negotiating power. Many sellers are adjusting price expectations, creating opportunities for strategic buyers.
For Sellers: Price flexibility and realistic expectations are key. The increased inventory means properties need to stand out, and competitive pricing is essential.
Looking Ahead
GVR’s director of economics notes that while spring sales were unusually slow, this could translate to an active summer as delayed buyers enter the market. With some of the healthiest inventory levels seen in years, the market continues to favor buyers who have been waiting for the right opportunity.
The question remains whether sales will rebound in the latter half of 2025, similar to the pattern seen in 2020, or if the cautious buyer sentiment will persist through the traditionally quieter summer months.
Greater Vancouver Realtors – May 2025 Market Stats Package (PDF)
https://members.gvrealtors.ca/news/GVR-Stats-Package-May-2025.pdf