May saw inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,228 in May 2025, an 18.5 per cent decrease from the 2,733 sales recorded in May 2024. This was 30.5 per cent below the 10-year seasonal average (3,206).
“While there are emerging signs that sales activity might be turning a corner, sales in May were below the ten-year seasonal average, which suggests that some buyers are still sitting on the sidelines or are being especially selective,” said Andrew Lis, GVR’s director of economics and data analytics. “On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020. It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”
There were 6,620 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2025. This represents a 3.9 per cent increase compared to the 6,374 properties listed in May 2024. This was 9.3 per cent above the 10-year seasonal average (6,055).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,094, a 25.7 per cent increase compared to May 2024 (13,600). This is 45.9 per cent above the 10-year seasonal average (11,718).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2025 is 13.4 per cent. By property type, the ratio is 10.2 per cent for detached homes, 17.4 per cent for attached, and 14.7 per cent for apartments.
“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,” Lis said. “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.”
GST relief for first-time home buyers on new homes valued up to $1.5 million
On May 27, 2025, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, tabled legislative proposals to amend the Excise Tax Act to introduce a new GST rebate for first-time home buyers (the “FTHB GST Rebate”). As a result of this rebate, first-time home buyers will be able to save up to $50,000 on a new home. This measure is expected to deliver $3.9 billion in tax savings to Canadians over five years, starting in 2025-26.
First-Time Home Buyers’ GST Rebate
If you are a first-time home buyer, you may be eligible for a FTHB GST Rebate if:
· you buy a new home from a builder;
· you build, or hire someone else to build, a home on land you own or lease; or
· you buy shares of a co-operative housing corporation.
Bank of Canada Holds Key Rates at 2.75%
The Bank of Canada held its benchmark interest rate steady at 2.75 per cent as policymakers keep waiting for more clarity on how tariffs will impact the economy.
