Homes sales in May in the Greater Vancouver region were lower than what's usually seen this time of year, allowing inventory to continue accumulating.
For the sales-to-new-listings ratio, a ratio of 40% or lower is considered a buyers' market, a ratio of 55% or higher is considered a sellers' market, and anything in between is considered a balanced market. Zooming in on different property types, however, shows that there's more nuance, as the sales-to-active-listing ratio indicates market balance for single-detached homes and a sellers' market for both semi-attached homes and condominiums.One may expect prices to lower when supply is high and demand is low, but that would only occur if these trends continue for a longer period of time. For now, what we can expect is price growth at a slower pace.
By property type, the benchmark price is now $2,062,600 for single-detached homes, $1,145,500 for semi-attached homes, and $776,200 for condominiums. All three represent increases of between 2.2% and 5.9% from May 2023, but smaller increases of between 0.9% and 1.3% — with the benchmark price for condominiums"Up until recently, prices were climbing modestly across all market segments," added Lis.