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 by sales-to-active ratio, 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 highest sales-to-active ratio of the three segments, and 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. First-time buyers generally have more room to compare options and negotiate, although competition varies by neighbourhood and property.
Townhouse sales and sales-to-active ratios use GVR's “attached” category, which also includes row homes and duplexes. The townhouse price is GVR's MLS® HPI townhouse benchmark. Condo figures cover all apartment-style homes.
Demand across Greater Vancouver
How many homes sold in May for every 100 new listings that came on. GVR doesn't publish active listings by area, so this uses new listings instead – it leaves out homes already on the market, and some sales will be homes listed in earlier months. Treat it as a rough guide: broadly, 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 / Howe Sound | 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 / Belcarra | 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 (Ladner & Tsawwassen) | 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 had the highest sales-to-new-listings ratios, with East Vancouver and North Vancouver condos next, while West Vancouver, Port Moody townhouses and detached homes in Coquitlam and Burnaby had among the lowest.
Areas are GVR's sales-and-listings regions, which can cover more ground than the benchmark-price areas below – for example, Burnaby is one area here. Delta appears three ways in this report: GVR's South Delta sales region (Ladner and Tsawwassen) in the table above, separate benchmark prices for Ladner and Tsawwassen below, and BC Assessment's figures for the whole City of Delta, including North Delta.
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 have the highest sales-to-active ratio; 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 benchmark shown below is down on the year – detached homes in Squamish are the only gain, while Squamish condos saw the steepest drop.
| Area | Detached | Townhouse | 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% |
| Ladner | $1,338,000-3.4% | $967,500-7.8% | $643,700-6.4% |
| 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. A regional benchmark can't tell you how far any one home's value has moved from its assessment – that depends on the home itself and recent nearby sales.
“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 (incl. North 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 (median) assessed values for the 2026 roll, with change from the 2025 roll. Strata includes condos and townhouses. Delta covers the whole City of Delta, including North Delta. 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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