Greater Vancouver
May 2026
Detached and townhouse sales held their ground, condo sales slipped, and prices were essentially flat from April while still sitting well below last year.
Subscribe for monthly reports-26.6% vs 10-year May average
+34.6% vs 10-year May average
+0.2% vs April 2026
A steady spring with condos lagging
May sales came in a little below last year and about a quarter below what's typical for the month. Detached sales actually edged up and townhouse sales held steady – it was a drop in condo sales that pulled the total down. New listings were lower than last May, but buyers still have about a third more homes to choose from than the 10-year norm.
Prices were essentially flat from April, with the overall benchmark up just 0.2% on the month. Over the year, though, prices are still down 6.2%, and condos have seen the largest decline. With plenty of inventory absorbing modest demand, conditions are calm rather than competitive.
“Price trends across all housing types were flat month-over-month, as a healthy level of inventory easily absorbed the relatively muted level of overall demand in the market.” Andrew Lis, Chief Economist & VP Data Analytics, Greater Vancouver Realtors
- Condos lagging: apartment sales were down about 7% from last May and weighed on the overall total – though North and East Vancouver actually saw condo sales rise.
- Rates: the Bank of Canada held its policy rate at 2.25% on April 29.
- The outlook: GVR says sales are running just shy of its forecast so far this year and expects a calm, orderly summer market.
Sales-to-active listings ratio
This ratio compares how many homes sold in the month to how many were for sale. Historically, when it stays below 12%, prices tend to soften; above 20% for several months, prices tend to rise.
What each segment is doing
Detached
- vs last year
- -6.9%
- vs last month
- +0.4%
- May sales
- 660 (+0.9%)
- Sales-to-active
- 10.7%
Still the softest segment, though sales edged up from last May. Buyers have room to negotiate on price, conditions and timing.
Townhouses & duplexes
- vs last year
- -5.1%
- vs last month
- +0.5%
- May sales
- 463 (-1.3%)
- Sales-to-active
- 15.4%
The firmest segment, with the smallest price drop over the year. Well-priced family-sized homes continue to draw steady interest.
Condos
- vs last year
- -7.9%
- vs last month
- -0.7%
- May sales
- 1,009 (-7.2%)
- Sales-to-active
- 14.2%
Sales and prices fell the most here. For first-time buyers, that means more room to compare options and negotiate.
GVR reports duplexes, townhouses and row homes together as “attached” homes, and apartments/condos together.
Demand across Greater Vancouver
How many homes sold in May for every 100 new listings that came on. It's the best area-level read on demand GVR publishes each month. As a guide: under 40% leans toward buyers, 40–60% is balanced, and over 60% leans toward sellers.
| Area | Detached | Townhouse & duplex | Condo | All types |
|---|---|---|---|---|
| Vancouver West | 39%78 of 202 | 31%64 of 207 | 37%271 of 729 | 36% |
| Vancouver East | 39%91 of 233 | 31%66 of 214 | 43%110 of 256 | 38% |
| North Vancouver | 37%73 of 196 | 42%49 of 117 | 42%101 of 242 | 40% |
| West Vancouver | 21%32 of 153 | 15%2 of 13 * | 22%11 of 49 | 21% |
| Burnaby | 26%41 of 160 | 28%40 of 141 | 36%151 of 418 | 32% |
| Richmond | 30%55 of 182 | 41%57 of 138 | 35%113 of 324 | 35% |
| Coquitlam | 24%47 of 193 | 34%40 of 116 | 32%77 of 240 | 30% |
| New Westminster | 34%23 of 68 | 61%14 of 23 | 32%49 of 151 | 36% |
| Port Moody | 27%13 of 48 | 21%8 of 39 | 30%27 of 90 | 27% |
| Port Coquitlam | 35%25 of 72 | 35%19 of 55 | 38%23 of 60 | 36% |
| Maple Ridge / Pitt Meadows | 36%69 of 192 | 42%40 of 96 | 39%30 of 76 | 38% |
| South Delta | 36%32 of 88 | 54%21 of 39 | 32%12 of 38 | 39% |
| Squamish | 30%16 of 53 | 39%19 of 49 | 36%13 of 36 | 35% |
Region-wide, 2,150 sales against 6,115 new listings works out to 35%. New Westminster and South Delta townhouses were the most competitive pockets, with East Vancouver and North Vancouver condos also moving well, while West Vancouver, Port Moody townhouses and detached homes in Coquitlam and Burnaby leaned toward buyers.
Plenty of choice, no rush
- Active listings are about a third above the 10-year norm, so you can take your time and compare.
- Condo prices have fallen the most over the year – a good window for first-time buyers.
- Get pre-approved now – with rates on hold, you'll be ready to move when the right home comes up.
Price for a flat market
- Prices were flat from April – price for today's market, not last year's.
- Buyers have lots of choice, so presentation counts: staging, photography and pre-inspections help you stand out.
- Townhouses are in the strongest position; condo sellers should expect more competition from other listings.
Benchmark prices by area
The benchmark price describes a typical home in each area, with the change from May 2025 underneath. Almost every area and property type is down on the year – detached homes in Squamish are the only gain, while Squamish condos saw the steepest drop.
| Area | Detached | Townhouse & duplex | Condo |
|---|---|---|---|
| Vancouver West | $3,025,000-8.5% | $1,331,700-5.6% | $783,300-6.8% |
| Vancouver East | $1,654,900-9.7% | $1,067,400-3.7% | $640,800-7.9% |
| North Vancouver | $2,102,000-5.8% | $1,283,600-5.0% | $783,100-4.3% |
| West Vancouver | $2,930,200-7.7% | n/a | $1,105,100-12.7% |
| Burnaby North | $1,885,100-8.2% | $915,200-1.5% | $689,200-6.5% |
| Burnaby South | $2,008,100-9.7% | $974,000-5.8% | $743,900-7.5% |
| Richmond | $1,961,200-7.0% | $1,024,600-9.3% | $660,400-8.1% |
| Coquitlam | $1,654,000-5.7% | $1,023,500-5.1% | $657,400-8.8% |
| New Westminster | $1,412,900-8.1% | $868,500-6.6% | $594,600-8.2% |
| Port Moody | $1,939,400-5.5% | $982,200-3.1% | $703,000-5.7% |
| Port Coquitlam | $1,320,700-6.2% | $885,600-7.1% | $579,100-8.3% |
| Maple Ridge | $1,205,200-6.3% | $727,300-7.8% | $504,000-9.5% |
| Tsawwassen | $1,567,800-2.1% | $916,300-8.0% | $609,800-9.5% |
| Squamish | $1,756,200+3.9% | $1,016,400-0.4% | $506,000-19.9% |
Assessed values vs. today's market
BC Assessment's 2026 values reflect the market as of July 1, 2025, and most Lower Mainland homeowners saw changes between -10% and 0%. Since then, GVR's overall benchmark price has kept sliding (-6.2% year over year to May 2026), so in many areas today's market value may sit below your 2026 assessment. If you're selling, price off current sales, not your assessment notice.
“The softening housing market is being reflected in 2026 property assessments.” Bryan Murao, Assessor, BC Assessment
| Municipality | Single-family (typical) | Strata (typical) |
|---|---|---|
| City of Vancouver | $2,092,000-5% | $772,000-3% |
| West Vancouver | $2,910,000-5% | $1,354,000-2% |
| North Vancouver (District) | $2,056,000-3% | $928,000-2% |
| North Vancouver (City) | $1,937,000-3% | $820,000-2% |
| Burnaby | $1,959,000-4% | $706,000-4% |
| Richmond | $1,745,000-8% | $735,000-6% |
| Coquitlam | $1,649,000-5% | $699,000-4% |
| Port Moody | $1,778,000-4% | $797,000-5% |
| Port Coquitlam | $1,358,000-4% | $648,000-5% |
| New Westminster | $1,560,000-2% | $617,000-4% |
| Delta | $1,353,000-4% | $722,000-5% |
| Maple Ridge | $1,183,000-3% | $635,000-2% |
| Squamish | $1,515,000+2% | $848,000+2% |
Typical assessed values for the 2026 roll, with change from the 2025 roll. Strata includes condos and townhouses. Source: BC Assessment, January 2, 2026.
What I'm watching this summer
Interest rates
The Bank of Canada held at 2.25% in April. Its next decision on June 10 is one to watch for anyone renewing or buying this summer.
Condo demand
Apartment sales were the weak spot in May. Watch whether lower condo prices start drawing first-time buyers back in.
Summer inventory
New listings were down from last May, but active listings are still well above normal. If sellers keep holding back, supply could slowly tighten.
Want to know what this means for your street?
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