Homebuyers hold back in Greater Vancouver, while Fraser Valley sees modest bump
The housing markets under the jurisdictions of Greater Vancouver Realtors (GVR) and the Fraser Valley Real Estate Board (FVREB) in May 2025 showed contrasting dynamics, reflecting varying buyer sentiments and inventory levels across the Lower Mainland.
GVR experienced a notable increase in inventory, reaching 17,094 active listings — nearly a 26 per cent increase compared to May 2024 and about 46 per cent above the 10-year seasonal average.
Residential sales within GVR totalled 2,228, marking a three per cent increase from April 2025 and an 18.5 per cent decline year-over-year — positioning the month 30.5 per cent below the 10-year seasonal average.
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The sales-to-active listings ratio stood at 13.4 per cent, indicating balanced market conditions. However, single-family detached homes lagged with a ratio of 10.2 per cent, suggesting a tilt towards a buyer’s market in that segment.
Generally, a downward pressure on home prices occurs when this ratio dips below 12 per cent over a sustained period, while home prices see an upward pressure when it goes over 20 per cent for a few months.
Benchmark prices remained relatively stable: single-family detached homes at $1.997 million, townhomes at $1.107 million, and condominium homes at $757,000. There were minor month-over-month decreases in the prices for single-family detached and condominium homes.
The average days the properties remain on the market has been trending downward from the highs early in 2025; in May 2025, single-family detached homes were on the market for an average of 32 days, townhomes for an average of 27 days, and condominium homes for an average of 31 days.
So far this year, 2025 ranks among the slowest starts to the year for the volume of home sales in the past 10 years, closely mirroring the trends seen in 2019 and 2020. It remains to be seen whether the latter half of 2025 will see a rebound, similar to what was experienced in the second half of 2020.
“While there are emerging signs that sales activity might be turning a corner, sales in May were below the 10-year seasonal average, which suggests that many some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, the director of economics and data analytics for GVR, in a statement today.
The jurisdiction of GVR, previously known as the Real Estate Board of Greater Vancouver (REBGV), includes not only Vancouver, Burnaby, Coquitlam, Port Coquitlam, Port Moody, New Westminster, North Vancouver, West Vancouver, Richmond, South Delta, Maple Ridge, Pitt Meadows, and Bowen Island, but also the Sunshine Coast, Squamish, and Whistler.
Other areas of Metro Vancouver are under the jurisdiction of the FVREB, including Surrey, Langley, White Rock, and North Delta, as well as the Fraser Valley cities of Abbotsford and Mission.
Contrastingly, FVREB’s separate jurisdiction saw a modest rebound in home sales, recording 1,183 transactions in May 2025 — a 13 per cent increase from April 2025. Nevertheless, this figure remains 22 per cent below May 2024 levels and 36 per cent below the 10-year seasonal average.
Active listings in the FVREB climbed to 10,626 units, up by six per cent from April 2025 and 34 per cent from May 2024. The sales-to-active listings ratio was 11 per cent, signifying a buyer’s market. Benchmark prices experienced very slight month-over-month declines across all property types: single-family detached homes now at $1.482 million, townhomes at $833,000, and condominium homes at $533,000.
Similarly, the average number of days it takes to sell homes across all property types came down from the highs early this year, with the averages now at 34 days for single-family detached homes, 27 days for townhomes, and 33 days for condominium homes.
“High inventory in the Fraser Valley is giving buyers more choice, but it also means sellers are facing more competition. We’re seeing that homes priced appropriately for today’s market are selling, while sellers who aren’t in a rush are choosing to hold off or stand firm on pricing and wait for more favourable conditions,” said Tore Jacobsen, chair of the FVREB.
Lis added, “With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months.”
“From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer,” continued Lis.
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