Metro Vancouver home sales fell a surprising 19.9% year-over-year in May, says the Real Estate Board of Greater Vancouver.

Apartment and attached home sales bore the brunt of the decline, dropping 22.7% and 14%, respectively.

Detached home sales were down 18.9%.Meanwhile, the 10-year seasonal May average May dropped 19.6%, but listings jumped as the market showed signs of becoming more balanced.

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, the board’s director of economics and data analytics, said in a news release.

The region’s residential sales totalled 2,733 in May compared to 3,411 a year earlier. Detached home sales fell to 846 from 1,043 in May 2023, while apartment sales declined to 1,338 from 1,730 and attached residential property deals decreased to 523 from 608.

“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis said.

Apartment and attached homes were also largely responsible for the listings increase. The total sales-to-active listings ratio in May was 20.8%; however, the ratios for attached homes (25.1%) and apartments (22.5%) exceeded that level, while the ratio for detached homes (16.8%) came in under it.

“Up until recently, prices were climbing modestly across all market segments,” said Lis. “But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”

Photo: City of Vancouver