Hope everyone is doing well and easing into summer.
We are now far enough through spring that the market is not really asking for interpretation anymore. It is showing us what it is.
Bottom line first: sales are historically weak, inventory is still heavy, months of supply is climbing, the sales ratio is stuck in buyer-market territory, and the benchmark price slipped again.
So no, this is not a strong spring market.
It is also not a full-blown crash. But it is a market where sellers are competing harder, buyers have more choice, and the lazy pricing games are getting exposed quickly.
A few recent reels
Before we get into the numbers, here are a few recent videos that fit the broader affordability, economy, and housing-supply story.
Now, onto the market.
Market Summary
The short version: May gave us almost no real improvement where it matters.
Sales moved from 968 in April to 983 in May. Technically, that is an increase. Realistically, it is tiny.
More importantly, May 2026 was the second-slowest May in the 22-year FVREB series. The only lower May was 2020, which was the COVID shutdown year.
That is not a normal spring market.
Inventory kept climbing too. Active listings moved from 7,045 to 7,373, putting May 2026 at the fourth-highest May inventory level in the series.
That is the part sellers need to pay attention to. Even with a little more sales activity, supply is still building.
Months of supply moved from 8.0 to 8.4 months, which is the third-highest May in the series.
The sales-to-active ratio slipped from 13.7% to 13.3%. That is the second-lowest May sales ratio in the series. Only May 2025 was lower.
And the benchmark price finally gave back the small spring bump.
The FVREB benchmark moved from $899,200 to $893,300, a drop of about $5,900, or roughly 0.7% in one month.
That does not mean every property is dropping by the same amount. It does mean the broad market is still under pressure.
The Bank of Canada also held its policy rate at 2.25% on June 10. That helps avoid another immediate payment shock, but it is not exactly a rocket booster either. Rates are still high enough that a lot of buyers are cautious, and a lot of sellers are facing a very picky market.
Buyers have options. Sellers have competition. And anything priced like it is still 2022 is getting punished.
The charts behind the story
1. Sales
Sales moved from 968 to 983, which is barely any improvement for May.
The bigger issue is historical context: this was the second-slowest May in the 22-year FVREB series. Only May 2020 was slower.
That is the headline. The spring market showed up, looked around, and basically said, "Nah, I am good."
2. Active Listings
Active listings rose from 7,045 to 7,373.
That puts May 2026 at the fourth-highest May inventory level in the data set.
This is not just "more normal choice." This is a lot of competition for sellers.
3. Months of Supply
Months of supply moved from 8.0 to 8.4 months.
That is the third-highest May in the 22-year series.
This is the problem: sales did not rise enough to absorb the supply. Inventory is still winning the tug-of-war.
4. Sales-to-Active Ratio
The sales-to-active ratio slipped from 13.7% to 13.3%.
That is the second-lowest May in the series.
In plain English: buyer conditions remain strong. Sellers do not have a lot of room for wishful thinking.
5. Benchmark Price
The benchmark price moved from $899,200 to $893,300.
That is a $5,900 drop month over month.
Last month, the market had a small spring price bump. May gave a chunk of it back.
That is why I would be careful calling this a turnaround. Right now, it still looks more like seasonal noise inside a market with a supply problem.
What this means for first-time buyers
If you are a first-time buyer, this is one of the better setups we have seen in a while.
You have more inventory, weaker sales, slower competition, and sellers who are more likely to listen if their property has been sitting.
That does not mean every listing is a deal. Some sellers are still emotionally attached to 2022 prices because apparently nostalgia is free.
But compared with the market we saw during the frenzy, this is a much better environment to be patient, negotiate, and avoid panic-buying garbage.
What this means for upsizers
Upsizers might be in the most interesting position.
Yes, the property you sell may be down from the peak. That part is not fun.
But the larger property you want to buy may be down by more dollars.
That matters.
If your current place is down $40,000 but the move-up property is down $120,000, the spread can actually work in your favour. That is the part people miss when they only look at their sale price and forget the buy side.
For condo-to-townhouse or townhouse-to-detached moves, this market may create a better upgrade window than the headline mood suggests.
The key is not guessing. The key is running the real numbers on both sides.
What this means for sellers
For sellers, the message is simple: this is not the market to test high and hope.
Good pricing still works. Strong presentation still matters. Smart positioning still makes a difference.
But overpriced listings are getting exposed quickly.
If you are selling into a market with high inventory and weak absorption, you need to know exactly who your buyer is, what they are comparing you against, and why they should pick your property instead of the other options.
Hope is not a strategy. Neither is "let’s just try it and see." That is how listings go stale.
Looking Ahead
May was supposed to be part of the spring test.
If demand was going to come roaring back, this is when we would expect to see more evidence.
Instead, sales stayed historically weak, inventory climbed, months of supply rose, the sales ratio slipped, and prices moved down again.
The Bank of Canada holding rates helps avoid making things worse overnight, but it does not fix affordability, buyer confidence, investor pressure, or the gap between supply and demand.
My read is that this market remains tilted toward buyers unless we see demand step up in a much more meaningful way.
Could some individual properties still sell well? Absolutely.
The right home, priced properly, presented well, and marketed correctly can still move.
But the overall market is not forgiving right now.
For buyers, that means opportunity.
For sellers, that means discipline.
And for anyone thinking about upsizing, this may be the kind of market where the move-up math quietly gets better while everyone else is busy reading scary headlines.
If you want me to look at your specific situation, reply to this email or text me directly at 604-825-2853.
Every property type and neighbourhood is different, and the right answer depends on what you own, what you want to buy, and how the numbers actually shake out.
Corbin Chivers Realtor (R) Personal Real Estate Corp. | Top 1% in the Fraser Valley since 2016 direct/text: 604-825-2853 corbin@callcorbin.ca www.callcorbin.ca