The property market in the Lower Mainland– and beyond– has been tempered, to state the least, and there isn’t any reason to expect that to alter heading into the summer, according to the property boards of Greater Vancouver and Fraser Valley.In May, the
Greater Vancouver Location tape-recorded 2,228 home sales while the Fraser Valley tape-recorded 1,124, which represent year-over-year decreases of 3.5% and 5.0% compared to May 2025.
Greater Vancouver Realtors noted that the May 2026 total is 26.6% lower than the 10-year Might average of 2,930.
This is all despite relatively substantial drops in prices that have actually happened the previous year.In Greater Vancouver, the composite domestic benchmark price is now $1,100,700, which represents a 6.2% decline from this time last year, and the trend has happened throughout all residential or commercial property types. The benchmark rate is now $1,847,900 for single-detached homes, $1,048,200 for connected homes, and $697,800 for condominiums, which represent year-over-year decreases of 6.9%, 5.1%, and 7.9%.
In the Fraser Valley, the benchmark price is now $1,366,500 for single-detached homes, $769,500 for townhouses, and $483,800 for condominiums, which represent year-over-year decreases of 7.9%, 7.6%, and 8.8%.
In years past, purchasers may have leapt at cost drops like that, however that undoubtedly has actually not happened, as is evident in the sales numbers.
“Numerous families are not surprisingly approaching major monetary choices with caution today,” said Baldev Gill, CEO of the Fraser Valley Property Board. “In between financial uncertainty, concerns about task security, and the continued pressure of greater daily costs, self-confidence has been sluggish to recover.”
“Cost trends throughout all real estate types were flat month-over-month, as a healthy level of inventory quickly took in the fairly soft level of total demand in the market,” stated Andrew Lis, Chief Economic Expert and VP of Data Analytics for Greater Vancouver Realtors. “Year-to-date, sales have can be found in simply shy of our forecast to this point in the year. With demand tracking our forecast so closely, it’s affordable to anticipate a calm and organized summer season market, as no obvious near-term drivers tower above the horizon to move the marketplace considerably in either instructions.”
New listings were likewise down in both regions. Greater Vancouver saw 6,115 brand-new listings in Might while the Fraser Valley included 3,300. Those totals represent reductions of 7.6% and 17.6% from May 2025.
The overall amount of active listings is now 16,917 in Greater Vancouver and 10,140 in the Fraser Valley, which represents small year-over-year declines of 1.0% and 4.6%.
The Fraser Valley Property Board associated the decline in listings to homeowners waiting on market conditions to recuperate before listing their properties.Next Wednesday, the Bank of Canada will be making its interest rate statement and that, as constantly, could have an influence on the abovementioned economic uncertainty and hence the housing market. Some have actually been anticipating the Bank of Canada to raise rates of interest at some time in 2026, however when that may occur, if at all, is up in the air.