Spring Market Update: New Westminster, Burnaby & Greater Vancouver Real Estate
The Greater Vancouver real estate market continues to move slower than normal, with buyers having more choice than they’ve had in recent years. Inventory is elevated, sales remain below long-term averages, and benchmark prices are down year-over-year across all major property types.
That said, homes are still selling.
The market is not frozen, but it is more selective. Well-prepared homes, strong marketing, realistic pricing, and good local strategy matter more than they did during the faster markets of the past few years.
Here’s a quick spring update from G+D, including what we’re seeing across Greater Vancouver, New Westminster, Burnaby, and a community event we’re proud to support in New West.
Greater Vancouver Real Estate Market Update
In May, Metro Vancouver sales were down 3.5% compared to last year and were 26.6% below the 10-year seasonal average. Inventory remains high, with 16,917 properties listed, which is 34.6% above the 10-year seasonal average.
The biggest slowdown is still being felt in apartments, while detached homes and townhomes have held up a little better. Overall, prices were fairly flat month-over-month, which points to a market that is moving, but not with much urgency.
Based on the May 2026 real estate board stats, Greater Vancouver benchmark prices are down year-over-year across all property types:
- All residential: down 6.2%
- Detached homes: down 6.9%
- Townhouses: down 5.1%
- Apartments: down 7.9%
For buyers, this means more selection, more time to make decisions, and in some cases more negotiating room. For sellers, it means presentation, pricing, and patience are all important.
What We’re Seeing in New Westminster
New Westminster continues to be a very price-sensitive market, especially in the condo segment.
The May 2026 benchmark price for New Westminster was $738,000, down 8.1% year-over-year. New Westminster detached homes were also down 8.1%, townhouses were down 6.6%, and apartments were down 8.2% year-over-year.
That doesn’t mean there is no activity. It means buyers are being careful. They are comparing options, watching days on market, and paying close attention to building condition, strata fees, special levies, location, views, layout, and long-term value.
In New Westminster, the properties that tend to stand out are still the ones with clear advantages: family-friendly houses, well-located townhomes, unique character homes, concrete condos with views, and homes that show better than their competition.
A Quick Note on Burnaby
Burnaby is also seeing softer pricing year-over-year, but the story depends heavily on property type and neighbourhood.
Burnaby North, Burnaby South, and Burnaby East are not moving exactly the same way. Detached homes, condos, and townhouses each have their own demand patterns. Proximity to transit, redevelopment potential, Brentwood, schools, lot size, and overall condition all play a major role in how a property performs.
For sellers in Burnaby, especially around Brentwood, Capitol Hill, South Slope, and family-oriented neighbourhoods, the strategy needs to be specific. Some buyers are still active, but they are selective and value-conscious.
What This Means for Buyers and Sellers
For buyers, this is a better market than we’ve seen in recent years if you value choice and time. There are more listings to compare, fewer rushed decisions, and more opportunities to negotiate on the right property.
For sellers, the market is less forgiving. Overpricing can lead to fewer showings, longer days on market, and more difficult conversations later. In this market, it is usually better to be positioned correctly from the start than to chase the market after several weeks.
In simple terms: good homes are still selling, but buyers are not chasing everything.
Spring Has Been Busy for G+D
Even with a slower overall market, spring has been active for our team.
We’re grateful to have helped many families buy and sell across our city.
Below is a glimpse of our single-family home sales from the season.
Single-family homes were a big part of our spring, but not the whole story. This spring season alone, we’ve also sold 8 townhouses and 14 condos.
Year over year, our business is up, and we feel lucky to stay busy because of your continued trust and referrals.
Coming Soon: 129 Rickman Place, New Westminster
We also have a special New Westminster listing coming soon.
129 Rickman Place is a one-of-a-kind 1961 mid-century home in the prime Massey Heights neighbourhood. This home offers 5 bedrooms, 3 bathrooms, and 4,167 sq. ft. over two levels, with original character, vaulted ceilings, angled floor-to-ceiling windows, brick fireplaces, a covered deck, and excellent potential to add value.
Coming to market at $1,699,000.
Community Event: Steel & Oak Turns 12
Steel & Oak Brewing Co. is celebrating its 12th anniversary on Saturday, June 20th from 3:00 PM to 9:00 PM at 1319 Third Ave in New Westminster. The event will feature live music, 12 S&O beers, food trucks, a craft market, and a family-friendly setup with kids activities hosted by Family Place New West. Cider, lemonade, non-alcoholic beers, and sodas will also be available. (Steel & Oak Brewing Co.)
Steel & Oak has been a big part of James’ life over the years. He co-founded the company with Jorden Foss, and while he has recently sold, he remains a shareholder and is proud to support this year’s anniversary party as a sponsor.
If you’re planning to attend, come say hello. James, Denny, and Natalie will be there throughout the party.
A Smaller, Simpler G+D
Over the last few years, our team has changed. We’re intentionally operating a smaller and simpler business now, with Denny and James behind the wheel, alongside Natalie.
It’s been a good shift for us. Less noise, more focus, and a business that feels more personal again.
We’re still here doing what we’ve always done: helping past clients, friends, and referrals make smart real estate decisions across New Westminster, Burnaby, North Vancouver, Port Moody, Coquitlam, and beyond.
Thinking About a Move?
Whether you’re thinking of selling, buying, renovating, investing, or just trying to make sense of the market, we’re always happy to chat.
The spring market has been slower, but not inactive. If you’re trying to understand what your home is worth, whether now is the right time to sell, or where the opportunities are as a buyer, reach out anytime.
James, Denny & Natalie
The Garbutt + Dumas Real Estate Team
Oakwyn Realty