While the GTA market marches to its own beat, eyes are turning west as Vancouver’s May data reveals a cooling trend. Greater Vancouver saw home sales dip 3.5 per cent year-over-year, with the condo sector acting as a significant drag on overall activity. Despite a slight 0.2 per cent uptick in prices since April, the composite benchmark price remains 6.2 per cent lower than this time last year.
Andrew Lis, chief economist for Greater Vancouver Realtors, describes the current state as a ‘calm and orderly’ market, noting that inventory levels are successfully absorbing demand. With new listings down 7.6 per cent but total inventory still sitting 34.6 per cent above long-term averages, the pressure is mounting on apartment-style units. For GTA investors and buyers, this serves as a critical pulse check on how high inventory and shifted demand can impact urban property values. Read the full analysis at thestar.com.
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