The Greater Vancouver Real Estate Board revealed that the number of homes that changed hands in May decreased by 19.9 percent from the previous year, with more new properties continuing to enter the market.

Greater Vancouver Realtors stated that there were 2,733 home sales in the region last month, down from 3,411 sales recorded in May 2023 and 19.6 percent below the 10-year seasonal average for May.

This came at a time when the number of Metro Vancouver homes for sale rose by 46.3 percent year-over-year to 13,600, which is nearly a fifth higher than the 10-year seasonal average.

Andrew Lis, the Director of Economics and Data Analytics at the Board, confirmed that it is a “surprise” that May sales came in weaker than usual, but he attributed it to factors ranging from rising borrowing costs to concerns about the economy, along with various government policies.

The composite benchmark home price reached $1,212,000, an increase of 2.3 percent from last year and a 0.5 percent increase from April, with 6,374 detached homes, townhomes, and apartments newly available — a 12.6 percent increase compared to May 2023.