“Amid the Bank of Canada’s fourth consecutive rate hold at 2.25% and continued uncertainty around trade and inflation, both presale and rental markets are seeing a quieter spring for new supply. Presale activity remains subdued with limited signs of recovery, with new supply this year largely concentrated in townhomes, while rental supply is being driven more by delivery timing than broader macro conditions.” — Melissa Nestoruk, Product Development Specialist, MLA Canada.

Market Insights – May 2026
April reflected a quieter spring across both presale and rental markets, with limited new supply reaching the market and absorption still early to gauge. As Melissa Nestoruk notes, “Amid the Bank of Canada’s fourth consecutive rate hold at 2.25% and continued uncertainty around trade and inflation, both presale and rental markets are seeing a quieter spring for new supply. Presale activity remains subdued with limited signs of recovery, with new supply this year largely concentrated in townhomes, while rental supply is being driven more by delivery timing than broader macro conditions.” While seasonal momentum is expected to build into the warmer months, broader market recovery remains gradual rather than decisive.

Presale Summary
Presale activity in April was concentrated entirely within townhome product in the Fraser Valley, continuing the trend seen throughout early 2026. Launch volumes remain well below historical spring averages, and higher-density condominium supply has yet to meaningfully return. With limited new inventory entering the market and sales absorption still early on recent releases, the presale environment continues to reflect cautious timing from developers and selective engagement from buyers rather than a broad-based rebound.

Purpose-Built Rental Summary
Rental completions slowed in April, marking the lowest level of deliveries so far this year, though additional wood-frame projects are forecast to complete through May. Leasing activity remained modest, consistent with seasonal patterns, and supply continues to be shaped primarily by construction timelines rather than shifts in macroeconomic demand. As the market moves deeper into the peak rental season, leasing momentum is expected to strengthen, particularly for amenity-driven, design-focused product in suburban submarkets.

Resale Summary
Resale activity improved modestly month-over-month across both Greater Vancouver and the Fraser Valley, though overall sales remain well below long-term averages. Active inventory continues to sit above historical norms, while the pace of new listings entering the market has begun to moderate year-over-year. Pricing has softened across both regions compared to last year, reflecting sustained supply pressure and cautious buyer sentiment, resulting in a spring market that is stabilizing but not yet accelerating.

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May 2026 The Pulse Report : Supply Edges Forward, But Recovery Remains Elusive by MLA Canada