The Vancouver Region saw the fewest home sales in the month of May in 21 years of available data (excluding 2020), which is typically one of the busiest months of the year. There was a 21% decrease in detached, 19% decline in townhouses, and 15% drop in condos.
With few sales, inventory is rising. There was a 30% increase in homes from May 2024 and this is the most inventory we have seen since September 2012.
Sellers looking to move homes are having to be competitive with pricing to stand out from the pack. Detached homes and townhouses have come down 3% since last May and condos are down 2% in the Greater Vancouver Area.
The opportunity in this market is for folks who are looking to upsize, and those looking to get into the market. If you are a buyer on the fence – there are some great deals out there, and a great time to make some moves. Investors, unless you are looking for a long term hold, I would hold off for now.
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