Housing market activity in the Lower Mainland in May edged higher, potentially signaling a bottom in sales after an uncertainty-driven downturn that began in November.

Data from the Vancouver and Fraser Valley real estate boards revealed 4,166 unit sales in May. While this represents a 20 per cent year-over-year decrease, it marks an improvement from April’s 26-per-cent drop. Seasonally adjusted sales increased by 9 per cent month-over-month. However, this figure remains 30 per cent lower than November’s pace and is near the troughs observed in late 2022 and 2019. Current levels are above pandemic-era lows, although the region now boasts a significantly larger population base. Lower home values, more favourable interest rates, and a calmer trade war rhetoric may have encouraged more buyers to enter the market.

Despite the rise in sales, the housing market remains soft, characterized by limited transactions, elevated new listings and unsold new condos, all contributing to an oversupply in the resale market. Active listings increased........

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