Metro Vancouver Real Estate Market – May 2022

The Metro Vancouver real estate market started to cool in May 2022 after an exceptionally strong 2021 and early 2022.

Rising interest rates were beginning to change buyer behaviour, with fewer multiple-offer situations and buyers taking more time to make decisions.

According to the Greater Vancouver REALTORS® May 2022 market report, there were 2,918 residential sales in Metro Vancouver, down 31.6% from May 2021 and 9.7% from April 2022. Sales were also 12.9% below the 10-year average for May.

So, what did the May 2022 numbers actually tell us?

Metro Vancouver Market Highlights

• 2,918 homes sold
• 6,377 new listings
• 10,010 active listings
• $1,261,100 benchmark price
• 29.2% sales-to-active-listings ratio

Sales were down 31.6% compared with May 2021 and 9.7% from April 2022. At the same time, the benchmark price was still 14.7% higher than the previous year.

So while the market was cooling, prices were still considerably higher than they had been a year earlier.

More Choice for Buyers

One of the biggest changes was the increase in available inventory.

There were more than 10,000 active listings across Metro Vancouver in May, giving buyers more properties to choose from and more time to make decisions.

The days of feeling like you had to write an offer immediately were starting to change.

For buyers, this meant more opportunity to:

• Compare properties
• Complete due diligence
• Review financing
• Negotiate when appropriate

It didn’t mean every home was suddenly a bargain. Well-priced homes in desirable neighbourhoods could still attract strong interest.

Sellers Needed to Adjust

For sellers, the changing market meant pricing and presentation were becoming even more important.

A home that may have attracted multiple offers earlier in the year could now take longer to sell if it was overpriced.

Understanding what comparable homes were actually selling for—not simply looking at the latest assessment or asking prices—was becoming increasingly important.

What About New Westminster and Burnaby?

Metro Vancouver numbers give us the big picture, but real estate is always local.

The market for a condo in New Westminster can look very different from the market for a detached home in Burnaby.

That’s why we always recommend looking at neighbourhood-level sales, inventory and comparable properties when you’re trying to determine what your home is worth.

Final Thoughts

May 2022 was an important turning point for the Metro Vancouver housing market.

Sales were slowing, inventory was increasing and buyers were gaining more negotiating power. But prices remained well above the previous year.

For buyers and sellers, the lesson was simple: don’t rely on headlines alone.

The right strategy depends on your property, neighbourhood and goals.

If you’re thinking about buying or selling in New Westminster, Burnaby or the Lower Mainland, we’d be happy to give you a more local perspective on what the market means for you.