May has seen some market division across the whole country. It’s very visible, and it was showing in April already that big markets like Vancouver and Toronto were showing lots of inventory increases but slower sales. This trend has continued into May. Please see the facts below, numbers that were shared with each real estate board across the major markets. 

VANCOUVER, BC- June 03, 2025
Buyers remain hesitant as inventory builds

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.”

Sales of detached homes in May 2025 reached 654, a 22.7 per cent decrease from May 2024. The benchmark price for a detached home is $1,997,400. This represents a 3.2 per cent decrease from May 2024.

Sales of apartment homes reached 1,087 in May 2025, an 18.8 per cent decrease in May 2024. The benchmark price of an apartment home is $757,300. This represents a 2.4 per cent decrease from May 2024.

Attached home sales in May 2025 totalled 469, a 10.3 per cent decrease in May 2024. The benchmark price of a townhouse is $1,106,800. This represents a 3.4 per cent decrease from May 2024.

FULL REPORT HERE

NANAIMO, BC
BUYER OPTIMISM AND A BALANCED MARKET TREND IN MAY

The Vancouver Island Real Estate Board (VIREB) recorded 781 unit sales (all property types) in May 2025, down three per cent from one year ago.

“In spite of the cloud of economic uncertainty, optimism among buyers is positive. The Island continues to buck the trend of declining home sales currently experienced on the mainland,” says Yochim. “Most of our markets remain in balanced territory, with year-to-date sales on par with 2024. Available inventory of homes is above the ten-year average, providing reasonable choice for buyers.”- Jason Yochim, VIREB CEO.

FULL REPORT HEre

INTERIOR (OKANAGAN)

FULL REPORT HERE

CALGARY, AB
Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month. New listings continued to rise this month compared to sales, resulting in further gains in inventory levels. However, the monthly gain in both inventory and sales prevented any significant change in the months of supply compared to April. With 2.6 months of supply, conditions are still relatively balanced.

FULL REPORT HERE

TORONTO, ON
The Greater Toronto Area (GTA) housing market experienced an improvement in affordability in May 2025 relative to the same period a year earlier. With sales down and listings up, homebuyers took advantage of increased inventory and negotiating power. “Looking at the GTA as a whole, homebuyers have certainly benefited from greater choice and improved affordability this year. However, each neighbourhood and market segment have their own nuances. Buyers considering a home purchase should connect with a REALTOR® who is knowledgeable about their preferred area and property type. In today’s market, working with a REALTOR® who brings expertise, the right tools, and a strong network is essential,” said Toronto Regional Real Estate Board President Elechia Barry-Sproule. GTA REALTORS® reported 6,244 home sales through TRREB’s MLS® System in May 2025 – down by 13.3 per cent compare

FULL REPORT HERE

https://globalnews.ca/video/11198231/new-realtor-trends-emerging-as-housing-market-cools/

Real estate experts say there is another indication that the real estate market in Greater Vancouver is changing.

Vancouver realtor and investor, Steve Saretsky, says the market is becoming so saturated that realtors are turning down listings.

“The inventory is stacking up, it’s not selling,” he said.

“Which is to say, there are a lot of realtors out there working for free.”

Home sales in Greater Vancouver are at their lowest since 2020 and Saretsky said sellers’ expectations in a buyers’ market are not always aligned with reality.

This means that listings that may have sold fast and over the asking price now might take more resources and time to close the deal — if at all.

Realtor Roman Krzaczek told Global News that people need to adjust their expectations a little bit.

“It seems like there’s a lot of listings that are being relisted because they didn’t sell last year and people are expecting the same price and that’s not very realistic in today’s market,” he said.

Krzaczek said many people do not realize that realtors have to put time and money into selling a home, including spending money on marketing materials.

“It cost me about $2,000 to list the property and it’s a lot of work; (it) takes a couple days to get the whole package put together,” he added.

He said he has to look at other properties that are available, take photos of the property to list it and complete any reports as needed.

Krzaczek said he recently lost a listing because the seller wanted to post the property for higher than what Krzaczek thought it was worth.

“Somebody else listed the property now,” he said. “So I wish them luck. Great people. I really hope that they sell because that’s, you know, they really need to move.”

He added on Monday he saw a listing on Quadra Island drop from the $1.4 million list price to $1.3 million.

“My listing, we recently dropped the price from $1.2 (million) to $995,000,” he added.

“Big drops in price and beautiful properties, water or oceanfront properties. So there’s definitely some of that happening. And as long as we have clients, sellers that are realistic and they do listen to us, pricing is not a science, it’s more of an art form and I’m fully immersed in the market… If it’s priced well, it will sell. If it is not, it probably won’t sell. Not every listing sells.”

Krzaczek said he has not seen price drops like this in the market since he started in the business 10 years ago.

“Usually a price drop is $10, $20, $30,000,” he said. “But $130,000 $200,000 drops, that’s huge. So I don’t know what’s happening but it looks like there’s some kind of a price adjustment happening right now.”

https://globalnews.ca/video/11198231/new-realtor-trends-emerging-as-housing-market-cools/

Looks like the tariff uncertainty has put a damper on the market. Homes are still selling and in some markets the amount of listings have increased, calling for a balanced or even perhaps buyer’s markets coming up soon. 


Nanaimo, BC

UNCERTAINTY SURROUNDING TARIFFS HOLDING BACK BUYERS

Campbell River, BC
In Campbell River, the benchmark price of a single-family home was $682,400 last month, up three per cent from the previous year.

full report here

Vancouver, BC
February brings balance to Metro Vancouver’s housing market

“After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions,” Andrew Lis, GVR’s director of economics and data analytics said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,744, a 32.3 per cent increase compared to February 2024 (9,634). This is also 36.4 per cent above the 10-year seasonal average (9,341)

The benchmark price for a detached home is $2,006,100. The benchmark price of an apartment home is $747,500. The benchmark price of a townhouse is $1,087,100. 

Full report here

Kelowna, BC

Residential real estate sales in February maintained a steady momentum while new listings activity tempered slightly, reports the Association of Interior REALTORS® (the Association). A total of 914 residential unit sales were recorded across the Association region in February, coming in above January’s 806 units and up 11.3% compared to units sold in February last year.

The benchmark price for single-family homes saw increases last month in all regions in year-overyear comparisons with the highest increase of 6.7% seen in the Revelstoke/Shuswap region, coming in at $731,800. In the townhome housing category, benchmark prices saw decreases or no percentage changes in all housing categories apart from the South Okanagan that saw an increase of 6.3%, coming in at $523,000. Similarly, benchmark pricing for condominiums recorded the South Okanagan being the exception with a decrease of 6.7%, while the Revelstoke/Shuswap, Central and North Okanagan saw slight increases

full report here

Calgary, AB

Sales remain above long-term trends despite declines 

For the second month in a row, inventory levels saw substantial year-over-year growth, rising by 76 per cent to 4,145 units in February. While inventory increases were seen across all price ranges, the largest increases were in homes priced under $500,000;

“Even though more people listed their homes for sale, there were actually fewer sales than in February 2024. So, we’re seeing the seller’s market of the past two or three years ease off,” said Alan Tennant, President and CEO of CREB®. “In turn, that’s caused the pace at which prices are increasing to slow down a bit, which should come as welcome news for buyers.”

full report here

Toronto, ON

Home buyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers.

Full Report Here

Late last year the consumer confidence seemed very high with a lot of people agreeing that this year would be a busy year in real estate in Canada. With the results of presidential elections in the United States we have seen a decline of consumer confidence and there appears to be quite a bit of uncertainty. Let’s dive deeper to see what’s happening across the country.

Nanaimo, BC

Active listings of single-family homes were 888 last month, up from the 807 posted one year ago. VIREB’s inventory of condo apartments was 293 last month, up from 258 in January 2024. There were 219 row/townhouses for sale in January compared to 282 the previous year. VIREB CEO Jason Yochim reports that VIREB’s 2025 housing market had a strong start, with singlefamily detached properties and row/townhouses posting healthy sales increases over last January. Condo sales remained flat, with no change from January 2024.

“REALTORS® are reporting that their phones are ringing, with many clients expressing interest in listing their home this spring,” says Yochim. “The market is stronger than it was last January, so there is a lot of optimism in the air.”

Moving on to prices, the board-wide benchmark price (MLS® Home Price Index) of a single-family home was $774,600 in January 2025, up three per cent from one year ago. In the apartment category, the benchmark price was $393,600 last month, up one per cent from the previous January. The benchmark price of a townhouse last month was $540,000, up slightly from the prior year.

full report here

Campbell River, BC
In Campbell River, the benchmark price of a single-family home was $691,900 last month, up four per cent from the previous year.

Vancouver, BC
Home sellers off to an active start in 2025
There were 5,566 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9 per cent increase compared to the 3,788 properties listed in January 2024. This was 31.1 per cent above the 10-year seasonal average (4,247).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1 per cent increase compared to January 2024 (8,633). This is 33.2 per cent above the 10-year seasonal average (8,632).

The benchmark price for a detached home is $2,005,400. This represents a 3.1 per cent increase from January 2024 and a 0.4 per cent increase compared to December 2024.

The benchmark price of an apartment home is $748,100. This represents a 1.7 per cent decrease from January 2024 and a 0.2 per cent decrease compared to December 2024.

The benchmark price of a townhouse is $1,105,600. This represents a 2.7 per cent increase from January 2024 and a 0.8 per cent decrease compared to December 2024.

Full report here

Kelowna, BC

full report here

Calgary, AB

Supply levels improve in January
Driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, which is 29 per cent higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends.
DETACHED: In January, the unadjusted benchmark price was $750,800, slightly higher than last month and seven per cent higher than last January.
SEMI-DETACHED:
The unadjusted benchmark price in January was $673,600, slightly lower than last month but over eight per cent higher than levels reported last January.
APARTMENTS:
The unadjusted benchmark price was $444.900, slightly lower than last month and nearly five per cent higher than last year.
 

full report here

Toronto, ON

TORONTO, ONTARIO, FEBRUARY 5, 2025 – The Toronto Regional Real Estate Board’s (TRREB) Market Outlook and Year in Review report reveals that a well-supplied housing market will keep average annual home price growth at the rate inflation, with the average selling price increasing moderately in the Greater Toronto Area (GTA) over the course of the year.

Full Report Here