Metro Vancouver home sales fall 3.5% in May as apartment market weakens

By AI, Created 3:01 PM UTC, June 02, 2026, /AGP/ – Home sales on the MLS® in Metro Vancouver slipped in May, dragged down by softer apartment demand even as detached and attached sales held steadier. Inventory remained elevated and prices were mostly flat month over month, pointing to a calm summer market.

Why it matters: - Metro Vancouver’s housing market is still soft enough to keep prices under pressure, but inventory is high enough to prevent a sharp swing in either direction. - Apartment weakness is doing most of the work on the headline sales decline, while detached and attached homes are holding closer to steady. - The market’s sales-to-active listings ratio is still below the level that typically signals broad price pressure, but not low enough to suggest a sudden drop.

What happened: - Greater Vancouver REALTORS® reported 2,150 residential sales in Metro Vancouver in May 2026, down 3.5% from 2,228 in May 2025. - May sales were 26.6% below the 10-year seasonal average of 2,930. - New MLS® listings totalled 6,115 in May, down 7.6% from 6,620 a year earlier. - Active listings reached 16,917, down 1% from May 2025 but 34.6% above the 10-year seasonal average of 12,567.

The details: - Detached sales rose 0.9% year over year to 660. - Apartment sales fell 7.2% to 1,009. - Attached home sales slipped 1.3% to 463. - The overall sales-to-active listings ratio for May was 13.1%. - By segment, the ratio was 10.7% for detached homes, 15.4% for attached homes and 14.2% for apartments. - Historical data show downward pressure on prices when the ratio stays below 12% for a sustained period. - Historical data also show upward pressure when the ratio moves above 20% for several months. - The MLS® Home Price Index composite benchmark for all residential properties was $1,100,700. - That benchmark was down 6.2% from May 2025 and up 0.2% from April 2026. - The detached-home benchmark price was $1,847,900, down 6.9% year over year and up 0.4% month over month. - The apartment benchmark price was $697,800, down 7.9% from May 2025 and down 0.7% from April 2026. - The townhouse benchmark price was $1,048,200, down 5.1% year over year and up 0.5% month over month. - GVR chief economist and vice-president data analytics Andrew Lis said apartment sales were down about 7% year over year, with increases in some larger areas including North and East Vancouver. - Lis said prices across all housing types were flat month over month because inventory absorbed muted demand. - Lis said year-to-date sales are just shy of GVR’s forecast and that a calm, orderly summer market is the most likely outcome.

Between the lines: - The data point to a market that is not overheating and not collapsing, with supply still doing most of the balancing. - Apartment weakness matters because condos make up the largest share of sales, so small shifts there move the overall market more than changes in detached homes. - The combination of elevated inventory and stable pricing suggests buyers still have leverage, but not enough to force broad price breaks across the region.

What’s next: - GVR expects little near-term market movement without a major catalyst. - If demand continues tracking forecast, the summer market is likely to remain relatively stable. - The next round of sales and pricing data will show whether apartment softness broadens or remains concentrated in select areas.

The bottom line: - Metro Vancouver housing looks steady but subdued, with apartment sales dragging the total lower while high inventory keeps prices from moving sharply.