RBC Says Vancouver’s Housing Downturn Continued Through April
Share
RBC Economics’ May 6 housing update says Vancouver’s spring market has not shown a clear rebound. RBC estimates that seasonally adjusted home resales slipped slightly in April from March, while buyer confidence stayed weak because of affordability pressure, economic uncertainty, and ample inventory.
The report says new listings rose close to 10 percent from March after three straight monthly declines. Vancouver’s MLS Home Price Index fell 6.9 percent year over year, which RBC described as the fastest annual decline since spring 2023.
Question
What does more inventory mean when sales remain soft? It increases seller competition and gives buyers more reference points before making an offer.
Insight
Luxmore thinksBuyers should use the extra choice carefully, not casually. The best opportunities are still property-specific: condition, strata health, location, seller motivation, and recent comparable sales matter more than broad market averages.
RBC’s view is that the current supply and demand imbalance could push values lower in coming months. That does not mean every property type or neighbourhood will move the same way, but it does mean sellers have less room to test the market with optimistic pricing.
Question
How should sellers respond to a market where buyers have more negotiating power? The risk is launching too high and becoming stale while competing listings keep resetting expectations.
Insight
Luxmore thinksA stronger seller strategy starts with current competition, not last year’s price memory. Clean presentation, accurate pricing, and a plan for early feedback can matter more than waiting for a general spring lift that has not clearly arrived.
Sources reviewed
Editor's Comment
RBC’s read lines up with what we’re seeing on the ground: more listings without a meaningful pickup in sales shifts leverage to buyers and makes pricing discipline the difference between selling and sitting. With the HPI down 6.9% year over year and inventory building, sellers have less room to “test” an aspirational number—stale listings quickly become the market’s new comps. For buyers, the opportunity isn’t a blanket discount; it’s selectivity. The best value tends to show up where the property is well-positioned (condition, location, strata finances) and the seller is motivated, while compromised listings can linger and still not be a deal. In this environment, both sides need to anchor decisions to current competing inventory and recent comparable sales, not last spring’s expectations.