Welcome to our June Market Report

Metro Vancouver’s housing market continued to lean in favour of buyers this May, with high inventory levels and steady interest rates offering more breathing room for those looking to make a move. While overall sales activity remained quieter than usual for this time of year, there are early signs of a potential rebound heading into the summer months.

One of the most significant developments this month is the introduction of a new GST rebate for first-time home buyers. Announced by the federal government, this measure aims to make homeownership more accessible by eliminating the Goods and Services Tax (GST) on new homes valued up to $1 million. For homes priced between $1 million and $1.5 million, a partial rebate is available. This could mean savings of up to $50,000 for eligible first-time buyers.

With more listings on the market and sellers adjusting their price expectations, many buyers are finding greater flexibility and choice than in recent years. If you’ve been waiting for the right time to enter the market, this summer may bring new opportunities, especially for first-time buyers looking to take advantage of the new tax relief and stable financing conditions.

If you have any questions about how these market conditions may affect your specific situation, please don’t hesitate to contact me. I’m happy to discuss your property questions.

Link to GST rebate details click here

Last Month’s Listings and Sales

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News From the Real Estate Board

Buyers remain hesitant as inventory builds

Inventory levels across Metro Vancouver reach another ten-year high, while home sales registered on the MLS® remained muted.

"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 many 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."

“With some of the healthiest levels of inventory seen in years, many sellers are adjusting price expectations, which has provided buyers more negotiating room and kept a firm lid on price escalation over the past few months,” Lis said.

“From a seasonal perspective, sales in the summer months are typically quieter than the spring, but with such an unusually slow spring, we may have an unusually busy summer with so many having delayed their purchasing decisions. Either way, the market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer.” 

The Board reports that for Metro Vancouver the sales-to-active listings ratio for the month of May were by property type:

• 10.2 per cent for detached homes

• 17.4 per cent for attached

• 14.7 per cent for apartments

(The sale to active ratio indicates what type of market each sector is in. 0-12% equals a buyer’s market, 12-20% equals a balanced market and 20-100% equals a seller’s market.)

If 2025 is your year to make a move, let us help you customize a successful plan. Call us to get started.

-Dan Pigott
604-862-4124
dan@pigottproperties.com

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