The Vancouver detached housing market has entered truly unchartered territory. Following a sluggish opening to the 2018 year, which saw detached homes slide to near 30-year low in sales, that same trend has continued in May. There were just 231 detached home sales for the month of May, this marked a 39% decline in sales activity year-over-year. This was a record low in sales for the month of May per the Real Estate Board of Greater Vancouver MLS data, which dates back to 1991.
Following nearly two years of weak sales, inventory continues to build, topping out at 1769 homes available for sale in the city of Vancouver as of the end of May 2018. For sale inventory has not been this high since October 2012.