Greater Vancouver Market Insights Report: May 2026.

For the fourth consecutive month, sales activity increased from the previous month, demonstrating that buyers are out there despite ongoing economic uncertainty and elevated inventory levels. The steady progression from 1,648 sales in February to 2,032 in March, 2,110 in April and 2,150 in May reflects a market that continues to gain momentum as consumers adjust to current conditions and recognize opportunities that were largely unavailable during the highly competitive years of the recent past.

Across Greater Vancouver, 2,150 home sales transacted in May, representing a modest ~2% increase from April and a 30% increase from February. While sales remain below levels recorded in 2025 and 2024, activity is proving remarkably stable given the significantly larger inventory base now available to buyers. It’s taken time for prices to reach this point in the market, with some sellers now understanding what it takes to sell.

Greater Vancouver sales in May were 27% below the ten-year average, after April was 23% below the ten-year average, March at 32% below the ten-year average and February at 29% below the ten-year average. This real estate market bounces around, but with each month of below average sales, the amount of pent-up demand just continues to grow. Buyers want to buy, and they will.

Perhaps the most notable feature of today's market continues to be choice. Active listings finished May at 16,917 properties, up 4% from April and essentially unchanged from one year ago. This elevated inventory environment is creating opportunities across virtually every housing category and price segment. Add in unsold new home inventory, especially in Burnaby, Tri-Cities and North Delta/Surrey, and there is abundant choice. Buyers now have time to compare properties, conduct due diligence, negotiate terms and make informed decisions without the intense pressure that characterized the market during the pandemic-era surge.

But choice doesn’t always last. New listings declined 9% from April and were down 7% compared to May of last year. This moderation in seller activity suggests that inventory growth may begin to stabilize in the coming months. While active listings are still elevated, the pace of new listings entering the market is slowing, creating conditions that could gradually improve overall market balance. With new construction at record low levels going forward, once the unsold inventory is sold, there will be a shortage again later in this decade which will put pressure on prices once again.

The sales-to-listings ratio improved to 34% from 31% in April, signaling stronger absorption and reinforcing the notion that demand continues to strengthen. Although Greater Vancouver remains technically in buyer's market territory with approximately eight months of inventory, the overall trend points toward a marketplace that is becoming increasingly active and efficient.

The number of new listings in May were 1% above the ten-year average after April was 15% above the ten-year average, March at 5% above the ten-year average and February was 7% above the ten-year average. New listings slowed down in the latter half of May, helping the absorption rate increase to finish the month and keeping fewer listings from adding to the mix. Buyers may want to pay close attention to listings coming out in the coming months.

That decrease in supply had a predictable effect on market balance. Months of supply remained at 8 months. This keeps the region just into buyer’s market territory, and as we said last month, not all areas are behaving this way. There are some neighbourhoods and product types where there is scarcity resulting in more competition amongst buyers. The townhome market is an example of this.

The core market of Vancouver continues to lead.

The City of Vancouver continued to demonstrate relative strength throughout May.

On the Westside, sales climbed to 414 transactions, representing a 13% increase from April and essentially matching activity from one year ago. Active listings remain elevated to 3,005 properties, but inventory is notably lower than last year's levels, something few other areas have shown. Combined with a reduction in new listings, this has helped months of supply improve from eight months to seven months, bringing the market firmly into balanced territory.

The Westside's performance is significant because luxury and higher-priced segments often serve as an early indicator of broader market confidence. Buyers appear increasingly willing to move forward with purchasing decisions as pricing stabilizes and financing conditions become more predictable.

The East Side also posted another strong month, with sales rising to 267 transactions. Activity was up 9% year-over-year and continued the positive trajectory established earlier this spring. Inventory remained virtually unchanged from last year, while new listings declined substantially from April. The result is a balanced market with six months of inventory and improving absorption rates.

North Shore surged ahead in May.

North Vancouver emerged as one of the stronger performers across the region during May. Sales surged 25% compared to April and were 10% higher than one year ago. Inventory remains relatively contained, and months of supply improved to five months, placing North Vancouver among the most balanced markets in Greater Vancouver.

West Vancouver presents a very different picture. Sales declined to 45 transactions while inventory increased to 708 active listings. Months of supply expanded to 16 months, maintaining firmly established buyer's market conditions. However, it is important to recognize that West Vancouver often operates independently from broader market trends due to its luxury-oriented housing stock and international buyer influences.

Richmond continues to normalize.

Richmond experienced a modest pullback in sales during May, declining 7% from April to 227 transactions. Despite this, activity remains substantially higher than levels recorded earlier this year, with sales increasing nearly 60% from February.

Inventory expanded modestly to 2,067 active listings, while new listings declined 12% compared to May of last year. This combination suggests that while buyers remain cautious, sellers are also becoming increasingly selective about bringing properties to market.

Burnaby navigates a supply-rich environment.

Burnaby continues to experience varying conditions across its submarkets.

Burnaby North remains the region's largest Burnaby market and recorded 121 sales during May. While activity softened compared to last year and last month, inventory remains stable and new listings have continued to arrive at a healthy pace. The result is an environment where buyers enjoy significant selection and negotiating leverage.

Burnaby South demonstrated stability, matching April's sales total while maintaining steady absorption levels. Elevated inventory continues to provide opportunities for buyers seeking detached homes, townhomes and condominiums throughout the area.

Burnaby East experienced a quieter month, with sales declining to 19 transactions. While inventory remains relatively manageable, buyer activity has yet to recover to historical norms.

Overall, Burnaby's markets continue to offer some of the strongest opportunities for buyers seeking value within proximity to Vancouver's urban core. With close to 4,000 released and unsold new development units in Burnaby adding to the mix of resold homes, buyers should take a good look at Burnaby.

Stability in New Westminster.

The Royal City saw sales levels at the same levels as April and slightly below May of last year while inventory remains stable as well. New listing inventory dropped in May which resulted in a higher absorption rate and creating more competition than other areas.

Tri-Cities balancing through increased inventory.

The Tri-Cities region continues to transition toward more balanced conditions following several years of extraordinary demand.

Coquitlam recorded 165 sales in May, down from April while inventory expanded to 1,418 active listings. Although sales remain below historical highs, demand remains relatively consistent although a lower absorption rate is pushing up active listings.

Port Moody experienced softer activity, with sales declining to 48 transactions. However, the substantial increase in new listings provides buyers with considerably more options than were available in previous years.

Port Coquitlam stands out as one of the stronger performers within the Tri-Cities. Sales increased 22% compared to May of last year and months of supply improved to six months. This balanced market environment reflects healthy demand fundamentals and continued affordability advantages relative to neighboring communities.

Maple Ridge, Pitt Meadows, Ladner and Tsawwassen continue to attract buyers seeking larger homes and greater value.

Pitt Meadows delivered one of the strongest year-over-year performances in the region, with sales increasing 61% compared to May 2025. Months of supply remain at a healthy five months, reflecting balanced conditions and strong local demand.

Maple Ridge continues to experience elevated inventory levels, though new listings declined sharply during May. This reduction in incoming supply could help improve market balance if sales activity remains steady during the summer.

Ladner and Tsawwassen both recorded stable results, with balanced conditions in Ladner and improving sales momentum in Tsawwassen. These South Delta communities continue to benefit from lifestyle-oriented buyers seeking space, community amenities and relative affordability compared to Vancouver's core markets.

Fraser Valley shows strength.

Much like Greater Vancouver, the Fraser Valley market edged slightly above April sales numbers. And on the supply side, new listings and active listing counts dropped down in May compared to last year. The result in the Fraser Valley left the region with 9 months of supply compared to Greater Vancouver at 8. The detached market showed the greatest recovery year-over-year as the opportunities in that market segment continue to show buyers who have wanted to move up in the market that now is their time.

Sales were up 0.5% over April and down 5% over May of last year. There were 1,124 sales in May compared to 1,118 in April and 1,183 in May 2025. Detached sales were again up the most in May year-over-year with 2% more homes sold, compared to townhomes with the same sales as last year and apartments again down, with 23% less compared to last year in May.

Looking ahead.

The most encouraging aspect of today's market is not any single statistic but rather the consistency of the broader trend. Sales have increased steadily since January. Inventory growth is moderating. New listing activity is beginning to slow. Balanced market conditions are appearing in more submarkets. Buyers are becoming more active while sellers remain disciplined.

For buyers, current conditions represent one of the most favorable opportunities seen in years. Inventory remains abundant, competition is manageable and negotiations are often possible.

For sellers, success continues to depend on accurate pricing, strong presentation and strategic marketing. Well-positioned properties are still attracting attention and achieving successful outcomes, particularly in balanced markets where inventory remains relatively controlled.

The foundation being built today may ultimately prove far healthier than the rapid and often unpredictable market conditions that defined the previous cycle. For buyers, sellers and investors alike, that stability may become one of the most valuable assets the market offers in the months ahead.