Connie McGinley

Highlights of Dexter’s May 2026 report

 

• City of Vancouver sales improved year-over-year

• Fourth consecutive month of sales growth

• Detached market continues its run 

• Absorption of new listings is on the rise

 

Stability, Opportunity, and the Continued Return of Market Confidence

 

May delivered another month of encouraging signs across the Greater Vancouver real estate market. While headline sales figures remain below the exceptionally active markets experienced in 2023 and earlier periods, the story unfolding beneath the surface is one of resilience, improving buyer engagement, and a marketplace that continues to build a healthier foundation for long-term stability.

 

For the fourth consecutive month, sales activity increased from the previous month, demonstrating that buyers are out there despite ongoing economic uncertainty and elevated inventory levels. The steady progression from 1,648 sales in February to 2,032 in March, 2,110 in April, and 2,150 in May reflects a market that continues to gain momentum as consumers adjust to current conditions and recognize opportunities that were largely unavailable during the highly competitive years of the recent past.

 

Across Greater Vancouver, 2,150 home sales transacted in May, representing a modest 2% increase from April and a 30% increase from February. While sales remain below levels recorded in 2025 and 2024, activity is proving remarkably stable given the significantly larger inventory base now available to buyers. It’s taken time for prices to reach this point in the market, with some sellers now understanding what it takes to sell. 

 

Greater Vancouver sales in May were 27% below the 10-year average, after April was 23% below the 10-year average, March at 32% below the 10-year average and February at 29% below the 10-year average. This real estate market bounces around, but with each month of below average sales, the amount of pent-up demand just continues to grow. Buyers want to buy, and they will. 

 

Perhaps the most notable feature of today's market continues to be choice. Active listings finished May at 16,917 properties, up 4% from April and essentially unchanged from one year ago. This elevated inventory environment is creating opportunities across virtually every housing category and price segment. Add in unsold new home inventory, especially in Burnaby, Tri-Cities and North Delta/Surry, there is abundant choice. Buyers now have time to compare properties, conduct due diligence, negotiate terms, and make informed decisions without the intense pressure that characterized the market during the pandemic-era surge.

 

But choice doesn’t always last. New listings declined 9% from April and were down 7% compared to May of last year. This moderation in seller activity suggests that inventory growth may begin to stabilize in the coming months. While active listings are still elevated, the pace of new listings entering the market is slowing, creating conditions that could gradually improve overall market balance. With new construction at record low levels going forward, once the unsold inventory is sold, there will be a shortage again later in this decade which will put pressure on prices once again.

 

The sales-to-listings ratio improved to 34% from 31% in April, signaling stronger absorption and reinforcing the notion that demand continues to strengthen. Although Greater Vancouver remains technically in buyer's market territory with approximately eight months of inventory, the overall trend points toward a marketplace that is becoming increasingly active and efficient.

 

The number of new listings in May were 1% above the 10-year average after April was 15% above the 10-year average, March at 5% above the 10-year average, and February was 7% above the 10-year average. New listings slowed down in the latter half of May, helping the absorption rate increase to finish the month and keeping fewer listings from adding to the mix. Buyers may want to pay close attention to listings coming out in the coming months.

 

That decrease in supply had a predictable effect on market balance. Months of supply remained at 8 months. This keeps the region just into buyer’s market territory, and as we said last month, not all areas are behaving this way. There are some neighbourhoods and product types where there is scarcity resulting in more competition amongst buyers. The townhome market is an example of this.

 

The Core Market of Vancouver Continues to Lead

 

The City of Vancouver continued to demonstrate relative strength throughout May.

 

On the Westside, sales climbed to 414 transactions, representing a 13% increase from April and essentially matching activity from one year ago. Active listings remain elevated to 3,005 properties, but inventory is notably lower than last year's levels, something few other areas have shown. Combined with a reduction in new listings, this has helped months of supply improve from eight months to seven months, bringing the market firmly into balanced territory.

 

The Westside's performance is significant because luxury and higher-priced segments often serve as an early indicator of broader market confidence. Buyers appear increasingly willing to move forward with purchasing decisions as pricing stabilizes and financing conditions become more predictable.

 

The East Side also posted another strong month, with sales rising to 267 transactions. Activity was up 9% year-over-year and continued the positive trajectory established earlier this spring. Inventory remained virtually unchanged from last year, while new listings declined substantially from April. The result is a balanced market with six months of inventory and improving absorption rates.

 

North Shore Surged Ahead in May

 

North Vancouver emerged as one of the stronger performers across the region during May. Sales surged 25% compared to April and were 10% higher than one year ago. Inventory remains relatively contained, and months of supply improved to five months, placing North Vancouver among the most balanced markets in Greater Vancouver.

 

West Vancouver presents a very different picture. Sales declined to 45 transactions while inventory increased to 708 active listings. Months of supply expanded to 16 months, maintaining firmly established buyer's market conditions. However, it is important to recognize that West Vancouver often operates independently from broader market trends due to its luxury-oriented housing stock and international buyer influences. 

 

Richmond Continues to Normalize

 

Richmond experienced a modest pullback in sales during May, declining 7% from April to 227 transactions. Despite this, activity remains substantially higher than levels recorded earlier this year, with sales increasing nearly 60% from February.

 

Inventory expanded modestly to 2,067 active listings, while new listings declined 12% compared to May of last year. This combination suggests that while buyers remain cautious, sellers are also becoming increasingly selective about bringing properties to market.

 

Burnaby Navigates a Supply-Rich Environment

 

Burnaby continues to experience varying conditions across its submarkets.

 

Burnaby North remains the region's largest Burnaby market and recorded 121 sales during May. While activity softened compared to last year and last month, inventory remains stable and new listings have continued to arrive at a healthy pace. The result is an environment where buyers enjoy significant selection and negotiating leverage.

 

Burnaby South demonstrated stability, matching April's sales total while maintaining steady absorption levels. Elevated inventory continues to provide opportunities for buyers seeking detached homes, townhomes, and condominiums throughout the area.

 

Burnaby East experienced a quieter month, with sales declining to 19 transactions. While inventory remains relatively manageable, buyer activity has yet to recover to historical norms.

 

Overall, Burnaby's markets continue to offer some of the strongest opportunities for buyers seeking value within proximity to Vancouver's urban core. With close to 4,000 released and unsold new development units in Burnaby adding to the mix of resold homes, buyers should take a good look at Burnaby.

 

Stability in New Westminster

 

The Royal City saw sales levels at the same levels as April and slightly below May of last year while inventory remains stable as well. New listing inventory dropped in May which resulted in a higher absorption rate and creating more competition than other areas.

 

Tri-Cities Balancing Through Increased Inventory

 

The Tri-Cities region continues to transition toward more balanced conditions following several years of extraordinary demand.

 

Coquitlam recorded 165 sales in May, down from April while inventory expanded to 1,418 active listings. Although sales remain below historical highs, demand remains relatively consistent although a lower absorption rate is pushing up active listings.

 

Port Moody experienced softer activity, with sales declining to 48 transactions. However, the substantial increase in new listings provides buyers with considerably more options than were available in previous years.

 

Port Coquitlam stands out as one of the stronger performers within the Tri-Cities. Sales increased 22% compared to May of last year and months of supply improved to six months. This balanced market environment reflects healthy demand fundamentals and continued affordability advantages relative to neighboring communities.

 

Maple Ridge, Pitt Meadows, Ladner, and Tsawwassen Continue to Attract Buyers Seeking Larger Homes and Greater Value.

 

Pitt Meadows delivered one of the strongest year-over-year performances in the region, with sales increasing 61% compared to May 2025. Months of supply remain at a healthy five months, reflecting balanced conditions and strong local demand.

 

Maple Ridge continues to experience elevated inventory levels, though new listings declined sharply during May. This reduction in incoming supply could help improve market balance if sales activity remains steady during the summer.

 

Ladner and Tsawwassen both recorded stable results, with balanced conditions in Ladner and improving sales momentum in Tsawwassen. These South Delta communities continue to benefit from lifestyle-oriented buyers seeking space, community amenities, and relative affordability compared to Vancouver's core markets.

 

Fraser Valley Shows Strength in the Valley

 

Much like Greater Vancouver, the Fraser Valley market edged slightly above April sales numbers. And on the supply side, new listings and active listing counts dropped down in May compared to last year. The result in the Fraser Valley left the region with 9 months of supply compared to Greater Vancouver at 8. The detached market showed the greatest recovery year-over-year as the opportunities in that market segment continue to show buyers who have wanted to move up in the market that now is their time. 

 

Sales were up 0.5% over April and down 5% over May of last year. There were 1,124 sales in May compared to 1,118 in April and 1,183 in May 2025. Detached sales were again up the most in May year-over-year with 2% more homes sold, compared to townhomes with the same sales as last year and apartments again down, with 23% less compared to last year in May. 

 

Looking Ahead

 

The most encouraging aspect of today's market is not any single statistic but rather the consistency of the broader trend. Sales have increased steadily since January. Inventory growth is moderating. New listing activity is beginning to slow. Balanced market conditions are appearing in more submarkets. Buyers are becoming more active while sellers remain disciplined.

 

For buyers, current conditions represent one of the most favorable opportunities seen in years. Inventory remains abundant, competition is manageable, and negotiations are often possible.

For sellers, success continues to depend on accurate pricing, strong presentation, and strategic marketing. Well-positioned properties are still attracting attention and achieving successful outcomes, particularly in balanced markets where inventory remains relatively controlled.

 

The foundation being built today may ultimately prove far healthier than the rapid and often unpredictable market conditions that defined the previous cycle. For buyers, sellers, and investors alike, that stability may become one of the most valuable assets the market offers in the months ahead.

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in May were 2,150, up from 2,110 (2%) in April, up from 2,032 (6%) in March, up from 1,648 (30%) in February, down from 2,228 (4%) in May 2025, down from 2,733 (21%) in May 2024, and down from 3,411 (37%) in May 2023; Active Listings were at 16,917 at month end compared to 17,094 at that time last year (down 1%) and 16,236 at the end of April (up 4%); the 6,240 New Listings in May were down 9% compared to April, up 5% compared to March, down 7% compared to May 2025, down 4% compared to May 2024 and up 8% compared to May 2023.


Month’s supply of total residential listings is steady at 8 months (buyer’s market conditions) and sales to listings ratio of 34% compared to 31% in April, 34% in March, 33% in May 2025, 42% in May 2024 and 59% in May 2023. 

 

Vancouver Westside: Total Units Sold in May were 414, up from 365 (13%) in April, up from 367 (13%) in March, up from 298 (39%) in February, up from 412 (0%) in May 2025, down from 501 (17%) in May 2024, and down from 624 (34%) in May 2023; Active Listings were at 3,005 at month end compared to 3,393 at that time last year (down 11%) and 2,921 at the end of April (up 3%); the 1,151 New Listings in May were down 7% compared to April, up 14% compared to March, down 9% compared to May 2025, down 13% compared to May 2024 and down 2% compared to May 2023.


Month’s supply of total residential listings is down to 7 months from 8 (balanced market conditions) and sales to listings ratio of 36% compared to 30% in April, 34% in March, 32% in May 2025, 38% in May 2024 and 53% in May 2023.

 

Vancouver East Side: Total Units Sold in May were 267, up from 258 (3%) in April, up from 231 (16%) in March, up from 220 (21%) in February, up from 245 (9%) in May 2025, down from 329 (19%) in May 2024, and down from 360 (26%) in May 2023; Active Listings were at 1,730 at month end compared to 1,729 at that time last year (down 0%) and 1,719 at the end of April (up 1%); the 708 New Listings in May were down 17% compared to April, up 5% compared to March, down 8% compared to May 2025, down 2% compared to May 2024 and up 9% compared to May 2023.


Month’s supply of total residential listings is down to 7 months from 6 (balanced market conditions) and sales to listings ratio of 38% compared to 30% in April, 34% in March, 32% in May 2025, 45% in May 2024 and 56% in May 2023.

 

North Vancouver: Total Units Sold in May were 223, up from 178 (25%) in April, up from 185 (21%) in March, up from 135 (65%) in February, up from 203 (10%) in May 2025, down from 245 (9%) in May 2024, and down from 288 (23%) in May 2023; Active Listings were at 1,116 at month end compared to 1,071 at that time last year (up 3%) and 1,089 at the end of April (up 2%); the 559 New Listings in May were down 5% compared to April, up 12% compared to March, down 1% compared to May 2025, up 5% compared to May 2024 and up 27% compared to May 2023.


Month’s supply of total residential listings is down to 5 months from 6 (balanced market conditions) and sales to listings ratio of 40% compared to 30% in April, 37% in March, 36% in May 2025, 46% in May 2024 and 66% in May 2023.

 

West Vancouver: Total Units Sold in May were 45, down from 51 (12%) in April, down from 46 (2%) in March, up from 33 (36%) in February, down from 68 (34%) in May 2025, down from 67 (33%) in May 2024, and down from 80 (44%) in May 2023; Active Listings were at 708 at month end compared to 743 at that time last year (down 5%) and 675 at the end of April (up 5%); the 221 New Listings in May were down 11% compared to April, up 3% compared to March, down 3% compared to May 2025, down 15% compared to May 2024 and down 4% compared to May 2023.


Month’s supply of total residential listings is up to 16 months from 13 (buyer’s market conditions) and sales to listings ratio of 20% compared to 21% in April, 21% in March, 30% in May 2025, 26% in May 2024 and 35% in May 2023.

 

Richmond: Total Units Sold in May were 227, down from 245 (7%) in April, up from 209 (9%) in March, up from 143 (59%) in February, down from 231 (2%) in May 2025, down from 299 (24%) in May 2024, and down from 396 (43%) in May 2023; Active Listings were at 2,067 at month end compared to 2,047 at that time last year (down 1%) and 1,975 at the end of April (up 4%); the 649 New Listings in May were down 8% compared to April, down 5% compared to March, down 12% compared to May 2025, the same compared to May 2024 and May 2023.


Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 35% compared to 35% in April, 31% in March, 31% in May 2025, 46% in May 2024 and 61% in May 2023.

 

Burnaby East: Total Units Sold in May were 19, down from 30 (37%) in April, down from 24 (21%) in March, the same as February, down from 32 (41%) in May 2025, down from 31 (39%) in May 2024, and down from 39 (51%) in May 2023; Active Listings were at 191 at month end compared to 227 at that time last year (down 16%) and 172 at the end of April (up 11%); the 74 New Listings in May were up 21% compared to April, down 6% compared to March, down 26% compared to May 2025, up 21% compared to May 2024 and up 9% compared to May 2023.


Month’s supply of total residential listings is up to 10 months from 6 (buyer’s market conditions) and sales to listings ratio of 26% compared to 49% in April, 30% in March, 32% in May 2025, 51% in May 2024 and 57% in May 2023.

 

Burnaby North: Total Units Sold in May were 121, down from 135 (10%) in April, up from 118 (3%) in March, up from 97 (25%) in February, down from 140 (14%) in May 2025, down from 166 (27%) in May 2024, and down from 195 (38%) in May 2023; Active Listings were at 949 at month end compared to 954 at that time last year (down 1%) and 869 at the end of April (up 9%); the 364 New Listings in May were up 1% compared to April, up 3% compared to March, up 1% compared to May 2025, down 7% compared to May 2024 and up 18% compared to May 2023.


Month’s supply of total residential listings is up to 8 months from 6 (buyer’s market conditions) and sales to listings ratio of 33% compared to 38% in April, 33% in March, 39% in May 2025, 42% in May 2024 and 63% in May 2023.

 

Burnaby South: Total Units Sold in May were 92, the same as April, down from 95 (3%) in March, up from 85 (8%) in February, up from 90 (2%) in May 2025, down from 127 (28%) in May 2024, and down from 233 (61%) in May 2023; Active Listings were at 887 at month end compared to 821 at that time last year (up 8%) and 821 at the end of April (up 8%); the 295 New Listings in May were down 13% compared to April, up 1% compared to March, down 7% compared to May 2025, down 15% compared to May 2024 and down 8% compared to May 2023.


Month’s supply of total residential listings is up to 10 months from 9 (buyer’s market conditions) and sales to listings ratio of 31% compared to 27% in April, 33% in March, 28% in May 2025, 37% in May 2024 and 73% in May 2023.

 

New Westminster: Total Units Sold in May were 86, the same as April, up from 76 (13%) in March, up from 76 (13%) in February, down from 92 (7%) in May 2025, down from 115 (25%) in May 2024, and down from 142 (39%) in May 2023; Active Listings were at 641 at month end compared to 599 at that time last year (up 7%) and 635 at the end of April (up 1%); the 243 New Listings in May were down 18% compared to April, up 7% compared to March, down 7% compared to May 2025, up 13% compared to May 2024 and up 18% compared to May 2023.


Month’s supply of total residential listings is steady at 7 months (balanced market conditions) and sales to listings ratio of 35% compared to 29% in April, 33% in March, 35% in May 2025, 53% in May 2024 and 69% in May 2023.

 

Coquitlam: Total Units Sold in May were 165, down from 183 (10%) in April, down from 190 (13%) in March, up from 163 (1%) in February, down from 189 (13%) in May 2025, down from 228 (28%) in May 2024, and down from 284 (42%) in May 2023; Active Listings were at 1,418 at month end compared to 1,344 at that time last year (up 6%) and 1,331 at the end of April (up 7%); the 556 New Listings in May were down 8% compared to April, up 7% compared to March, up 7% compared to May 2025, up 8% compared to May 2024 and up 20% compared to May 2023.


Month’s supply of total residential listings is up to 9 months from 7 (buyer’s market conditions) and sales to listings ratio of 30% compared to 30% in April, 36% in March, 36% in May 2025, 44% in May 2024 and 61% in May 2023.

 

Port Moody: Total Units Sold in May were 48, down from 54 (11%) in April, down from 58 (17%) in March, up from 36 (33%) in February, down from 61 (21%) in May 2025, down from 58 (17%) in May 2024, and down from 87 (45%) in May 2023; Active Listings were at 395 at month end compared to 372 at that time last year (up 6%) and 371 at the end of April (up 6%); the 184 New Listings in May were up 9% compared to April, up 7% compared to March, down 3% compared to May 2025, up 51% compared to May 2024 and up 37% compared to May 2023.


Month’s supply of total residential listings is up to 8 months from 7 (buyer’s market conditions) and sales to listings ratio of 26% compared to 32% in April, 34% in March, 32% in May 2025, 48% in May 2024 and 65% in May 2023.

 

Port Coquitlam: Total Units Sold in May were 67, up from 60 (12%) in April, up from 53 (26%) in March, up from 46 (46%) in February, up from 55 (22%) in May 2025, down from 95 (29%) in May 2024, and down from 91 (26%) in May 2023; Active Listings were at 429 at month end compared to 384 at that time last year (up 12%) and 421 at the end of April (up 2%); the 190 New Listings in May were down 8% compared to April, up 6% compared to March, up 2% compared to May 2025, up 9% compared to May 2024 and up 29% compared to May 2023.


Month’s supply of total residential listings is down to 6 months from 7 (balanced market conditions) and sales to listings ratio of 35% compared to 29% in April, 29% in March, 30% in May 2025, 55% in May 2024 and 62% in May 2023.

 

Pitt Meadows: Total Units Sold in May were 29, down from 30 (3%) in April, down from 31 (6%) in March, up from 13 (123%) in February, up from 18 (61%) in May 2025, down from 30 (3%) in May 2024, and down from 39 (26%) in May 2023; Active Listings were at 155 at month end compared to 147 at that time last year (up 5%) and 153 at the end of April (up 1%); the 57 New Listings in May were down 21% compared to April, down 26% compared to March, down 25% compared to May 2025, down 21% compared to May 2024 and up 27% compared to May 2023.


Month’s supply of total residential listings is steady at 5 months (balanced market conditions) and sales to listings ratio of 50% compared to 41% in April, 40% in March, 23% in May 2025, 41% in May 2024 and 86% in May 2023.           

 

Maple Ridge: Total Units Sold in May were 110, down from 117 (6%) in April, up from 126 (13%) in March, up from 105 (5%) in February, down from 134 (18%) in May 2025, down from 172 (36%) in May 2024, and down from 218 (46%) in May 2023; Active Listings were at 968 at month end compared to 1,009 at that time last year (down 4%) and 937 at the end of April (up 3%); the 316 New Listings in May were down 19% compared to April, up 3% compared to March, down 27% compared to May 2025, down 21% compared to May 2024 and down 8% compared to May 2023.


Month’s supply of total residential listings is up to 9 months from 8 (buyer’s market conditions) and sales to listings ratio of 34% compared to 30% in April, 41% in March, 30% in May 2025, 42% in May 2024 and 63% in May 2023.

 

Ladner: Total Units Sold in May were 28, down from 33 (15%) in April, down from 35 (20%) in March, up from 26 (8%) in February, down from 33 (15%) in May 2025, down from 33 (15%) in May 2024, and down from 54 (48%) in May 2023; Active Listings were at 191 at month end compared to 192 at that time last year (down 1%) and 188 at the end of April (up 2%); the 64 New Listings in May were down 17% compared to April, down 16% compared to March, down 21% compared to May 2025, down 16% compared to May 2024 and up 28% compared to May 2023.


Month’s supply of total residential listings is up to 7 months from 6 (balanced market conditions) and sales to listings ratio of 44% compared to 43% in April, 46% in March, 41% in May 2025, 43% in May 2024 and 108% in May 2023.

 

Tsawwassen: Total Units Sold in May were 38, up from 34 (12%) in April, up from 30 (27%) in March, up from 27 (41%) in February, down from 42 (10%) in May 2025, down from 40 (5%) in May 2024, and down from 62 (39%) in May 2023; Active Listings were at 330 at month end compared to 331 at that time last year (0%) and 317 at the end of April (up 4%); the 106 New Listings in May were down 3% compared to April, up 20% compared to March, down 22% compared to May 2025, up 7% compared to May 2024 and up 16% compared to May 2023.


Month’s supply of total residential listings is steady at 9 months (buyer’s market conditions) and sales to listings ratio of 36% compared to 31% in April, 34% in March, 31% in May 2025, 42% in May 2024 and 40% in May 2023.
 

Fraser Valley: Sales in May were up 0.5% at 1,124 compared to April at 1,118 and were down 5.0% from May 2025 at 1,183. New listings were down 7% at 3,300 from April at 3,549 and down 18% from May 2025 at 4,007. The average price of $965,551 was down 1.0% month-over-month and was down 1.3% year-over-year. Active listings at 10,140 were up 3% compared to last month at 9,816 and down 5% from May 2025 at 10,626.


Month’s supply of total residential listings is steady at 9 months (buyer’s market conditions).