David Reimers : Greater Vancouver Real Estate News : Latest Blog Posts

Canadian Home Price Update and Market Forecast Q1 2026

Sat, 18 Apr 2026 19:59:14 GMT

Key highlights from the first quarter:

The Greater Montreal Area’s aggregate home price increased 4.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 5.7% and 4.1%, respectively, in the fourth quarter.
Quebec City recorded the highest year-over-year aggregate price increase (13.2%) among Canada’s major regions for the seventh consecutive quarter.
Royal LePage expects spring market activity to rise, but not surge, as buyers re-engage amid reduced borrowing costs and improved housing affordability.

TORONTO, April 16, 2026 –Canada’s spring housing market got off to a slow start, with momentum tempered by economic and geopolitical uncertainty, and the lingering effects of a long and snowy winter. However, activity began to pick up in recent weeks.

According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate[1] price of a home in Canada decreased 2.0% year over year to $812,900 in the first quarter of 2026. On a quarter-over-quarter basis, however, the national aggregate home price remained relatively flat, increasing just 0.7%.

“In a typical spring, Canada’s housing market would already be gaining momentum, but persistently low consumer confidence remains a drag on activity – especially in our most expensive markets,” said Phil Soper, president and CEO, Royal LePage. “That hesitation is being driven by uncertainty beyond our borders. The inflationary impact of America’s war with Iran is pushing energy prices higher, with ripple effects across the broader economy, while ongoing trade negotiations ahead of the CUSMA review are adding to concerns about economic stability and job security. For many Canadians, the headlines are hard to ignore.”

That sentiment can be seen in a Bank of Canada survey conducted in the fourth quarter of 2025, where Canadians were asked when they believe Canada–U.S. trade tensions had – or will have – the greatest impact on the economy and inflation. Half of respondents (50%) indicated that the most significant effects are still to come, while 27% believe the worst has already passed.

“Three factors figure prominently in today’s sluggish market: hesitant first-time buyers, a return to sell-before-buy behaviour, and limited inventory in several key markets,” added Soper. “First-time buyers are the engine of the housing market, and when they pause, it ripples through every segment. Move-up buyers are also taking a more measured approach, often choosing to sell before committing to their next purchase; a behaviour we haven’t seen in years. In some regions, however, the issue isn’t demand – it’s supply.

“What’s clear is that many Canadians still intend to move. Our sales professionals, working with buyers and sellers every day, are approaching the spring and summer markets with cautious optimism.”

According to the central bank, nearly one third (29%) of Canadians said they were likely to move within the next 12 months, up from 22% from a year earlier. Similarly, 20% of homeowners said they were likely to sell their home within the next year, up from 14%

Interest rate trajectory uncertain as inflation risks reappear

Rising energy costs, driven by the escalating conflict in Iran, have introduced renewed uncertainty into the interest rate outlook, which may lead to a shift in market activity. With inflation currently sitting within the Bank of Canada’s target range, and unemployment ticking up in recent months (6.7% in February and March), the overnight lending rate has remained on hold at 2.25% since last October. However, the risk of inflation reaccelerating has brought the possibility of future rate hikes back into focus.

“With inflation pressures resurfacing, the Bank of Canada has no room to lower interest rates further – and the next move could be upward,” said Soper. “For buyers planning to enter the market this year, securing a mortgage pre-approval sooner rather than later is a prudent step, particularly as rate holds have a limited shelf life. As that reality sets in, we expect more buyers to come off the sidelines through the spring and summer months.”

New construction industry receives boost from government spending

Canada’s new construction sector has faced sustained headwinds in recent years, driven by subdued investor demand in the condominium market, the rising cost of labour and materials, elevated borrowing rates and cuts to immigration. While housing starts increased 6% year over year in 2025, much of that growth was driven by an increase in purpose-built rental construction. According to the Canada Mortgage and Housing Corporation (CMHC), the number of rental units under construction in 2025 reached nearly double the 10-year average, with record levels reported in Calgary, Edmonton, Ottawa, Halifax and Montreal.

Significant government investment, however, could help re-energize both the new construction and resale markets by supporting much-needed supply and improving overall market confidence.

In March, applications opened for the First-Time Home Buyers’ GST/HST Rebate, allowing eligible buyers to recover up to 100% of the federal sales tax on qualifying new construction homes, up to a maximum of $50,000. The Ontario government has taken it a step further, agreeing to match the federal incentive by crediting the provincial portion of HST, meaning first-time buyers can save up to a total $130,000. In addition, the two governments announced the Canada–Ontario Partnership to Build, a cost-shared investment of close to $9 billion over the next decade to cut development costs and boost housing development.

“For years, Royal LePage has been clear: reducing development costs and cutting unnecessary red tape are essential to improving housing affordability,” said Soper. “Canada’s housing shortage is the result of years of underbuilding, and the only way to close the demand-supply gap is to get more shovels in the ground. This won’t happen if the cost of building remains unsustainable.

“The new federal-provincial government-led initiatives are a meaningful step toward getting projects moving again. But we must stay focused on outcomes. Building more housing – and, critically, building the right types of homes that Canadians can grow into – is essential to the long-term health of both the housing market and the broader economy.”

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 1.0% in the fourth quarter of 2026, compared to the same quarter last year.

Regional Summary - Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 4.5% to $1,174,500 year over year in the first quarter of 2026. On a quarterly basis, the aggregate price of a home in the region decreased modestly by 0.4%.

Broken out by housing type, the median price of a single-family detached home decreased 5.7% year over year to $1,660,800 in the first quarter of 2026, while the median price of a condominium decreased 4.8% to $729,000 during the same period.

“The market has been on a gradual upswing in recent months as we approach the spring season. In March, transaction volume increased, notably month over month, suggesting that consumers are beginning to re-engage. We’re also seeing the return of multiple offers and stronger foot traffic at open houses, and anecdotally, agents are reporting increased activity,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Buyers are engaged and responding to well-priced, well-presented inventory. We’re also continuing to see a higher number of ‘subject to sale’ offers, which indicates that both move-up and downsizing buyers are present in the market.”

In the city of Vancouver, the aggregate price of a home decreased 3.9% year over year to $1,366,800 in the first quarter of 2026. Meanwhile, the median price of a single-family detached home decreased 5.4% to $2,160,400, while the median price of a condominium declined 4.6% to $780,100.

Ryalls added that a significant share of active listings in Greater Vancouver have undergone price adjustments or expired, indicating that many sellers are still working to align their pricing with current market conditions.

“Signs are pointing to a stronger spring market in 2026, with rising buyer traffic, declining days on market, and renewed interest offering early momentum – though this likely won’t result in price increases for some time. The key challenge will be aligning buyer and seller expectations, which will be critical to unlocking more consistent activity in the months ahead,” said Ryalls. “At the same time, geopolitical and economic uncertainty will continue to play a role, with many consumers closely watching the headlines as they navigate their next move.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 3.5% in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage Q1 2026 National House Price Composite: Click Here

[1] Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

Market Hesitation: Buyers and Sellers Slow Their Next Move

Tue, 07 Apr 2026 22:24:25 GMT

Home sales registered on the MLS® in Metro Vancouver continue evolving at a pace similar to last year, with the sales down roughly 3% from last March.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,032 in March 2026, a 2.8% decrease from the 2,091 sales recorded in March 2025. This was 31.8% below the 10-year seasonal average (2,981).

"Year-to-date, sales are tracking our forecast for the year closely, and the weakness in demand we continue to observe at the aggregate level is unsurprising," said Andrew Lis, GVR chief economist and vice-president data analytics. "What’s interesting is that the aggregate total masks an emerging divergence among market segments. While the multifamily segment continues to see slower sales, the detached segment may be awakening with sales up, and new listings down from last year."

There were 5,792 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2026. This represents a 10.3% decrease compared to the 6,455 properties listed in March 2025. This was 4.9% above the 10-year seasonal average (5,521).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,774, a 1.6% increase compared to March 2025 (14,546). This is 38% above the 10-year seasonal average (10,704).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2026 is 14.2%. By property type:

Detached homes: 11%
Attached homes (townhomes): 17.2%
Apartments: 15.7%

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

"We continue to see fewer sellers stepping into the market than last year, which is keeping inventory levels relatively flat. Pairing this dynamic with sales remaining below long-term averages, we’re not seeing prices move significantly in either direction," Lis said. "And while the political uncertainty over tariffs may have diminished relative to what we saw in early 2025, the conflict in the middle east is now putting upward pressure on bond yields and fixed mortgage rates.

"As a result, it’s reasonable to expect there may be a dampening effect on demand as we head into the spring market, absent a swift resolution to the conflict."

Home Prices and Sales Snapshot – March 2026

Composite Benchmark Price (All Residential): $1,104,300
- ↓ 6.8% from March 2025
- ↑ 0.4% from February 2026
Detached Homes:
- Sales: 571 (↑ 8.3% Year over Year)
- Benchmark Price: $1,854,800 (↓ 8.2% Year over Year | ↑ 1% Month over Month)
Apartments:
- Sales: 999 (↓ 7.8% Year over Year)
- Benchmark Price: $706,700 (↓ 7.8% Year over Year | ↓ 0.2% Month over Month)
Attached Homes (Townhomes):
- Sales: 446 (↓ 5.5% Year over Year)
- Benchmark Price: $1,047,100 (↓ 5.7% Year over Year | ↑ 0.1% Month over Month)

Click here for the GVR March 2026 MLS Housing Market Report

Metro Vancouver Real Estate continues it's “new normal”

Tue, 03 Mar 2026 22:01:12 GMT

Metro Vancouver home sales registered on the MLS® in February continued the recent trend of slower-than-average sales, seeing a 10% decline over the same period last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,648 in February 2026, a 9.8% decrease from the 1,827 sales recorded in February 2025. This was 28.7% below the 10-year seasonal average (2,310).

“With each passing data point, the pace of sales running well-below long-term averages are no longer a surprise – it’s become the new norm,” said Andrew Lis, GVR chief economist and vice-president data analytics. “A surprising finding this February, however, is that home sellers appear less eager to list their homes relative to last year with new listings down about seven percent, mostly driven by fewer listings in the apartment segment.”

There were 4,734 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2026. This represents a 6.4% decrease compared to the 5,057 properties listed in February 2025. This was 7.1% above the 10-year seasonal average (4,421).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,545, a 6.3% increase compared to February 2025 (12,744). This is 37% above the 10-year seasonal average (9,886).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2026 is 12.6%. By property type:

Detached homes: 9%
Attached homes (townhomes): 16.6%
Apartments: 14.1%

“With fewer sellers coming to market with their properties than last year, a pick-up in demand heading into the spring could result in a stagnation of standing inventory, which may support prices around current levels,” Lis said. “With sales slightly outpacing our 2026 forecast year-to-date, the spring market will be the litmus test of whether we continue along this new normal, or if we see any significant surprises.”

Home Prices and Sales Snapshot – February 2026

Composite Benchmark Price (All Residential): $1,100,300
- ↓ 6.8% from February 2025
- ↓ 0.1% from January 2026
Detached Homes:
- Sales: 427 (↓ 10.5% Year over Year)
- Benchmark Price: $1,835,900 (↓ 8.8% Year over Year | ↓ 0.8% Month over Month)
Apartments:
- Sales: 824 (↓ 34.5% Year over Year)
- Benchmark Price: $708,200 (↓ 6.8% Year over Year | ↓ 0.5% Month over Month)
Attached Homes (Townhomes):
- Sales: 387 (↓ 23.4% Year over Year)
- Benchmark Price: $1,046,100 (↓ 5.6% Year over Year | ↓ 0.3% Month over Month)

Click here for the GVR February 2026 MLS Housing Market Report

New year, same housing market in Metro Vancouver

Wed, 11 Feb 2026 20:56:59 GMT

Last year’s market trends continued in January as home sales registered on the MLS® in Metro Vancouver* were 28.5% lower than last year, setting the year off to a quieter start.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,107 in January 2026, a 28.7% decrease from the 1,552 sales recorded in January 2025. This was 30.9% below the 10-year seasonal average (1,602).

"On their own, the January sales appear alarming, but it’s important to put these figures in the context of the past few years. Last year ended with one of the lowest sales totals in over two decades, and so it’s not surprising that the January sales figures were fourth slowest in over two decades as well. Market momentum is a slowly evolving force, and in many ways, the January figures represent a market that continues slowly evolving to what may be a new normal." - Andrew Lis, GVR director of economics and data analytics

There were 5,157 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2026. This represents a 7.3% decrease compared to the 5,566 properties listed in January 2025. This was 19.4% above the 10-year seasonal average (4,318).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,628, a 9.9% increase compared to January 2025 (11,494). This is 38% above the 10-year seasonal average (9,153).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2026 is 9.1%. By property type:

Detached homes: 6.7%
Attached homes (townhomes): 11.1%
Apartments: 10.3%

“Our recent 2026 forecast suggests this year is likely to resemble 2025 on many fronts, and we expect sales to remain tepid. When paired with sellers remaining eager to list, inventory will likely remain elevated relative to historical averages and, as a result, we expect prices to finish the year relatively unchanged,” Lis said. “As consumers adjust to the ongoing backdrop of political and economic uncertainty, we expect a degree of pent-up demand to re-enter the market at some point. Whether it will happen in 2026 remains an open question, and we’ll be watching the market closely for signs of improvement.”

Home Prices and Sales Snapshot – January 2026

Composite Benchmark Price (All Residential): $1,101,900
- ↓ 5.7% from January 2025
- ↓ 1.2% from December 2025
Detached Homes:
- Sales: 300 (↓ 21.1% Year over Year)
- Benchmark Price: $1,850,800 (↓ 7.3% Year over Year | ↓ 1.5% Month over Month)
Apartments:
- Sales: 554 (↓ 34.5% Year over Year)
- Benchmark Price: $704,600 (↓ 5.9% Year over Year | ↓ 0.8% Month over Month)
Attached Homes (Townhomes):
- Sales: 246 (↓ 23.4% Year over Year)
- Benchmark Price: $1,043,400 (↓ 5.4% Year over Year | ↓ 1.2% Month over Month)

Click here for the GVR January 2026 MLS Housing Market Report

Canadian Home Price Update and Market Forecast Q4 2025

Thu, 15 Jan 2026 18:04:56 GMT

Key highlights from the fourth quarter:

In the fourth quarter of 2025, the national aggregate home price decreased 1.5% year over year.
The Greater Montreal Area’s aggregate home price increased 4.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 5.7% and 4.1%, respectively, in the fourth quarter.
Quebec City recorded the highest year-over-year aggregate price increase (13.2%) among Canada’s major regions for the seventh consecutive quarter.
Royal LePage® expects spring market activity to rise, but not surge, as buyers re-engage amid reduced borrowing costs and improved housing affordability.

TORONTO, January 15, 2026 –While there is optimism for a rebound in the coming months, the Canadian housing market closed out the year with a slight decline. According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate[1] price of a home in Canada decreased 1.5% year over year to $807,200 in the fourth quarter of 2025. On a quarter-over-quarter basis, the national aggregate home price posted a similar decline of 1.1%, reflecting softer market conditions and persistent buyer caution that weighed on activity during the traditionally active fall season.

“Despite subdued activity levels, home prices largely held their ground in the final quarter of 2025,” said Phil Soper, president and CEO, Royal LePage. “Economic uncertainty – driven by trade disputes and broader geopolitical tensions – has weighed on consumer confidence and muted what is typically a more active fall market. Instead of a fall seasonal surge, we saw a quieter close to the year.

“That said, buyers heading into the spring market have a meaningful advantage over last year: lower borrowing costs, stable or lower property prices, and choice. In an era where home inventory is chronically constrained, inventory levels are Goldilocks healthy. Together, these conditions are creating a genuine window of opportunity, particularly for first-time buyers in Canada’s most expensive markets.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home decreased modestly by 0.8% year over year to $849,100, while the median price of a condominium decreased 2.9% to $575,300. On a quarter-over-quarter basis, the median price of a single-family detached home and a condominium declined 1.3% and 0.9%, respectively. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Among Canada’s major cities, the most pronounced price declines were concentrated in the most expensive metropolitan markets – Toronto and Vancouver – where aggregate home prices fell 5.7% and 4.1% year over year, respectively, in the fourth quarter.

“At long last, home values across Canada are beginning to compress,” said Soper. “For years, price growth in Toronto and Vancouver far outpaced the rest of the country, but our two most expensive metro markets have experienced gradual price declines for four years now, while other major cities saw steady, modest appreciation and are closing the gap.

“This convergence has meaningful implications. As affordability improves in Southern Ontario and British Columbia’s Lower Mainland, households are less likely to feel pressured to relocate purely on housing costs, potentially tempering the interprovincial migration patterns that intensified during the pandemic.”

Weak condo market conditions persist in urban centres

Price softness in Toronto and Vancouver has been most evident in the condominium segment, which remains challenged by headwinds from elevated inventory levels, a pull-back from investors, and hesitancy among first-time buyers who often enter the market via this property segment.

“Condominium markets in major urban centres remain under pressure, as weaker demand continues to collide with increased supply,” said Soper. “During the brief period of elevated interest rates following the pandemic, many small-scale investor-landlords found the cash flow math no longer worked. Higher carrying costs forced some to exit the market, adding to resale supply.

“Under normal conditions, investors would be expected to return as borrowing costs eased through 2024 and 2025. This time, however, the timing worked against them. Reductions in immigration numbers, as well as quotas for temporary foreign workers and international students, have sharply curtailed rental demand, leaving fewer tenant customers just as rates began to fall.”

Spring market set to simmer, not surge

Spring has historically been one of the most active periods in the housing market calendar, driven by improved weather conditions, pent-up demand from the winter months, and the flexibility to move during the summer. In 2026, the spring market is expected to bring a renewed sense of momentum, though not the sharp surge in activity seen in past cycles. Continued consumer caution and a lingering lack of urgency are likely to temper both sales activity and price growth, keeping market conditions more balanced.

“The conditions are in place for a more active spring market in 2026. Interest rates are no longer a barrier to home ownership, inventory levels are healthy, and economic indicators continue to point to moderate growth in both GDP and employment,” said Soper.

“What continues to be a drag on the housing market is consumer confidence. Greater clarity on trade relations with the United States would certainly help, but there’s also a more subtle shift underway. After a full year of economic and political turbulence, more and more households have given up waiting for perfect certainty and are refocusing on what is happening at home, and what matters most: securing the right housing for their families. As that adjustment takes hold, we expect it to gradually translate into increased market participation.”

Forecast

In December, Royal LePage issued its 2026 Market Survey Forecast,[4] projecting that the aggregate price of a home in Canada will increase a modest 1.0% in the fourth quarter of 2026, compared to the same quarter in 2025. The median price of a single-family detached property is expected to increase 2.0%, while the median price of a condominium is anticipated to decrease 2.5%.

Regional Summary - Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 4.1% to $1,178,800 year over year in the fourth quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 1.4%.

Broken out by housing type, the median price of a single-family detached home decreased 4.2% year over year to $1,682,000 in the fourth quarter of 2025, while the median price of a condominium decreased 5.1% to $731,200 during the same period.

“Overall sales activity declined in the final quarter of 2025, both year over year and from month to month, with softer momentum across all housing segments. Prices also edged lower compared to last year, reflecting cautious buyer sentiment amid ongoing economic uncertainty,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Across the board, many buyers have remained on the sidelines, waiting for more compelling opportunities or greater clarity around the broader economic outlook. That said, early signs of renewed interest are beginning to emerge as the calendar turns. With interest rates likely having reached their floor, some consumers are starting to position themselves for a return to the market in the months ahead.”

In the city of Vancouver, the aggregate price of a home decreased 3.6%year over year to $1,365,200 in the fourth quarter of 2025. During the same period, the median price of a single-family detached home decreased 3.9% to $2,180,000, while the median price of a condominium declined 6.1% to $773,900.

Ryalls added that sales have declined most sharply for detached homes, reflecting softer demand for larger properties amid current market conditions. By contrast, attached and apartment-style properties have shown greater resilience, supported by desire for affordable housing options and steady demand from first-time buyers and downsizers.

“We’re seeing some early-season activity beginning to emerge, which is an encouraging sign in the first weeks of a new year. As we look toward the spring market, we’re cautiously optimistic about a modest increase in transaction volumes as buyer confidence gradually improves,”said Ryalls. “While activity is expected to pick up, prices are not, supported by improved demand but hampered slightly by inventory levels that are expected to increase as spring arrives.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 3.5% in the fourth quarter of 2026, compared to the same quarter last year.

Royal LePage Q4 2025 National House Price Composite: Click Here

[4] Canada’s housing market poised for a reset in 2026, with modest price growth and increased activity, December 9, 2025

Annual Home Sales Fall to Two-Decade Low in 2025

Wed, 14 Jan 2026 19:28:56 GMT

Home sales registered in the Multiple Listing Service® (MLS®) in Metro Vancouver* finished the year down 10%, marking the lowest annual sales total in over twenty years.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 23,800 in 2025, a 10.4% decrease from the 26,561 sales recorded in 2024, and a 9.3% decrease from the 26,249 sales in 2023.

Last year’s sales total was 24.7% below the 10-year annual sales average (31,625).

"This year was one for the history books. Although the sales total was the lowest in over two decades, Realtors were still busy listing properties. Sellers brought the highest total of listings to market on record since the mid-1990s, eclipsing the previous record high in 2008 by a little over 1,000 listings." - Andrew Lis, GVR director of economics and data analytics

Properties listed on the MLS® in Metro Vancouver totalled 65,335 in 2025. This represents an 8.2% increase compared to the 60,388 properties listed in 2024. This was 28.4% above the 50,893 properties listed in 2023.

The total number of properties listed last year was 13.1% above the region’s 10-year total annual average of (57,782).

Currently, the total number of homes listed for sale on the MLS® system in Metro Vancouver is 12,550, a 14.6% increase compared to December 2024 (10,948). This is 34.8% above the 10-year seasonal average (9,308).

“The forecast we put out last January noted a foreseeable downside risk, which while prescient, unfortunately materialized in 2025,” said Lis. “Specifically, we noted that trade tensions with the USA could negatively impact sales and prices, and this downside risk came to pass. The upshot, however, is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,800. This represents a 4.5% decrease over December 2024 and a 0.8% decrease compared to November 2025.

“With sales down and inventory remaining plentiful, prices eased across all property types since the start of 2025. Sales and prices weren’t the only metrics that came down, borrowing costs fell nearly one full percentage point,” said Lis. “With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favourable conditions. Whether these conditions translate into a market with stronger demand will be the million-dollar question – and we’ll be monitoring this story closely as it unfolds.”

DECEMBER

Residential sales in the region totalled 1,537 in December 2025, a 12.9% decrease from the 1,765 sales recorded in December 2024. This was 20.7% below the 10-year seasonal average (1,937).

There were 1,849 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2025. This represents a 10.3% increase compared to the 1,676 properties listed in December 2024. This was 10.3% above the 10-year seasonal average (1,677).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2025 is 12.7%. By property type:

Detached homes: 9.3%
Attached homes (townhomes): 14.6%
Apartments: 15.1%

Home Prices and Sales Snapshot – December 2025

Detached Homes:
- Sales: 431 (↓ 12.8% Year over Year)
- Benchmark Price: $1,879,800 (↓ 5.3% Year over Year | ↓ 1.1% Month over Month)
Apartments:
- Sales: 791 (↓ 11.2% Year over Year)
- Benchmark Price: $710,000 (↓ 5.3% Year over Year | ↓ 0.6% Month over Month)
Attached Homes (Townhomes):
- Sales: 303 (↓ 18.3% Year over Year)
- Benchmark Price: $1,056,600 (↓ 5% Year over Year | ↓ 0.8% Month over Month)

Click here for the GVR December 2025 MLS Housing Market Report

Housing Market Holds Firm with Few Late-Year Adjustments

Wed, 03 Dec 2025 15:29:16 GMT

Metro Vancouver* home-sale trends observed in October continued in November, as sales registered on the MLS® remained lower than this time last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,846 in November 2025, a 15.4% decrease from the 2,181 sales recorded in November 2024. This was 20.6% below the 10-year seasonal average (2,324).

"As the year draws to a close, the data continues telling a story of a market with many buyers patiently waiting and sellers adjusting to market conditions not seen in years. Inventory remains healthy, providing buyers ample choice, which, by contrast, is pushing sellers to accept that pricing must reflect this new reality. Buyers and sellers are striking deals when their expectations are aligned and reflective of the current market – not the market of years ago." - Andrew Lis, GVR director of economics and data analytics

There were 3,674 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2025. This represents a 1.4% decrease compared to the 3,725 properties listed in November 2024. This was 3.1% above the 10-year seasonal average (3,562).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 15,149, a 14.4% increase compared to November 2024 (13,245). This is 36.3% above the 10-year seasonal average (11,116).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2025 is 12.6%. By property type:

Detached homes: 9.7%
Attached homes (townhomes): 13.6%
Apartments: 14.8%

“As sales volumes remain subdued and inventory remains plentiful, properties are taking longer to sell, and pricing has continued to soften slightly across most market segments,” Lis said. “With borrowing costs likely to remain steady into the new year, any uptick in demand will need to arise from a significant change in buyer sentiment. As December is typically among the quietest months of the year in terms of market activity, the prevailing trends suggest we should expect a quiet close to a year marked by considerable uncertainty.”

Home Prices and Sales Snapshot – November 2025

Composite Benchmark Price (All Residential): $1,123,700
- ↓ 3.9% from November 2024
- ↓ 0.3% from October 2025
Detached Homes:
- Sales: 541 (↓ 13.6% Year over Year)
- Benchmark Price: $1,900,600 (↓ 4.3% Year over Year | ↓ 0.4% Month over Month)
Apartments:
- Sales: 945 (↓ 13.2% Year over Year)
- Benchmark Price: $714,300 (↓ 5.2% Year over Year | ↓ 0.2% Month over Month)
Attached Homes (Townhomes):
- Sales: 350 (↓ 22.4% Year over Year)
- Benchmark Price: $1,065,600 (↓ 4.4% Year over Year | ↓ 0.1% Month over Month)

Click here for the GVR November 2025 MLS Housing Market Report

Home Price Update and Market Forecast Q3 2025

Wed, 19 Nov 2025 18:44:05 GMT

Key highlights from the third quarter:

In the third quarter of 2025, the national aggregate home price remained flat year over year; declined 1.2% over Q2.
The Greater Montreal Area’s aggregate home price increased 4.9% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.5% and 3.1%, respectively, in the third quarter.
National year-end forecast adjusted downward due to price declines in greater regions of Toronto and Vancouver, with the aggregate price of a home now expected to increase a modest 1.0% in Q4 2025 over the same quarter last year.
Royal LePage applauds federal government’s commitment to build more housing; warns that greater efforts are needed to materially boost supply long-term.

TORONTO, October 15, 2025 – According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate price [1] of a home in Canada recorded virtually no change in the third quarter of 2025, increasing just 0.1% year over year to $816,500. However, on a quarter-over-quarter basis, the national aggregate home price posted a decline of 1.2%, driven by depreciation in many major markets across the country over the summer.

“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Phil Soper, president and CEO, Royal LePage. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”

Following a slower-than-usual start to the year, home sales picked up late in the spring and have consistently increased over the last five months, according to the Canadian Real Estate Association (CREA).

“Affordability is improving and the economic backdrop remains remarkably stable, yet consumer confidence is lagging,” said Soper. “Many buyers remain hesitant – some worried about broader economic uncertainty, others waiting to see if prices dip a little further before stepping in.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 1.2% year over year to $860,600, while the median price of a condominium decreased 1.6% to $580,700. On a quarter-over-quarter basis, the median price of a single-family detached home and a condominium declined 1.1% and 1.9% respectively. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Compared to the peak of pandemic pricing in the spring of 2022, national home prices have come down by approximately five per cent, driven by depreciation in the urban centres of Toronto and Vancouver, where prices are currently sitting more than 12% below the peak. Meanwhile, home prices have continued to appreciate in Quebec, the Prairies and Atlantic Canada.

“Buyer sentiment is being influenced by a complex mix of economic and psychological factors,” said Soper. “Despite materially improved affordability in major cities, many Canadians – particularly younger ones – remain cautious amid high post-pandemic living costs, perceived job uncertainty, and general unease about our economic prospects. It’s understandable that some are waiting before making such a significant purchase.”

According to a recent Royal LePage survey, conducted by Burson, more than four in five Canadians (82%) who say they are actively working towards the purchase of their first residential property say they are planning to hold off for at least another year.

Rate relief in store for borrowers

In its scheduled September 17th announcement, the Bank of Canada cut the overnight lending rate by 25 basis points to 2.5%, the first rate cut since March. With trade tensions with the United States choking economic growth, the central bank’s Governing Council opted to lower the cost of borrowing. And, some economists expect there could be more cuts to come.

“Inflation has remained within the Bank of Canada’s target range for twenty consecutive months, a positive sign for the economy,” said Soper. “Unemployment has stayed manageable, yet job insecurity, particularly among younger Canadians, will persist until Canada reaches a new trade agreement with the United States. While mortgage rates remain above their pandemic lows, the Bank’s recent rate cut is easing pressure on borrowers. Rates are once again in the threes – a level that feels supportive by the standards of the past two decades.”

Federal government launches new plan for housing creation

Last month, the federal government launched Build Canada Homes, an agency focused on tackling the nation’s housing affordability crisis. An initial investment of $13 billion has been earmarked for the creation of 4,000 factory-built homes on federally-owned lands in six municipalities across the country: Dartmouth, Longueuil, Ottawa, Toronto, Winnipeg and Edmonton.

“Any effort to improve housing affordability is positive, and this initiative is a welcome start,” said Soper. “But we must keep the scale of the challenge in perspective – 4,000 homes should be seen as a catalyst, not a solution. The key to building housing at the pace Canada requires is meaningful private-sector participation. The government can clear the path and set the tone, but real progress will come when private builders, investors, and municipalities work in concert to get shovels in the ground and cranes in the sky. A temporary market slowdown doesn’t change the reality: this country still faces a profound housing shortage.”

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 1.0% in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect price depreciation across Ontario and British Columbia, and slowing growth in other major markets.

“We expect the uptick in sales that began this summer to carry through the fall, setting the stage for a brisk 2026 spring market, provided consumer confidence continues to recover,” said Soper. “Prices are likely to tread water in the near term, as improved affordability and lower borrowing costs draw more buyers back to the table. Finally, the return-to-office trend should renew demand in urban cores, even as lower prices in suburban and rural communities continue to attract families – just not at the scale we saw during the pandemic.”

Regional Summary - Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 3.1% to $1,195,500 year over year in the third quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 1.9%.

Broken out by housing type, the median price of a single-family detached home decreased 2.4% year over year to $1,712,800 in the third quarter of 2025, while the median price of a condominium decreased 3.4% to $742,300 during the same period.

“The Greater Vancouver market has been lagging behind Toronto in its recovery this year, but that momentum started to turn around over the summer. While sales activity is slowly improving, active listings remain well above historical averages, which continues to place downward pressure on prices – a welcome reprieve for buyers in Canada’s most expensive housing market,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Today, buyers have greater selection and more negotiating power, allowing many to comfortably wait on the sidelines while prices continue to adjust downward. The increase in inventory is also forcing sellers to face reality – properties not priced for the current climate are simply not competitive.”

In the city of Vancouver, the aggregate price of a home decreased 1.9% year over year to $1,383,200 in the third quarter of 2025. During the same period, the median price of a single-family detached home decreased 1.8% to $2,203,400, while the median price of a condominium declined 4.6% to $801,100.

“Activity is expected to pick up in the final months of the year, with a return to seasonal trends. Early indicators, including increasing open house traffic and offers being submitted on properties that have been sitting for months, suggest that patient, realistic buyers are starting to engage,” noted Ryalls. “While the recent Bank of Canada rate cut did not immediately spur significant demand, a further cut or two could be the psychological trigger needed to bring more buyers off the sidelines, particularly if fixed mortgage rates begin to come down.

“The region traditionally experiences a material drop in new listings at the end of the year. If this holds true, we could enter 2026 with a far more balanced or even constrained inventory level. This, combined with the current trend of sellers pricing more appropriately, sets the stage for a potentially firmer spring market once pent-up demand finally flows in.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 2.0 per cent in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down to reflect current market conditions.

Royal LePage Q3 2025 National House Price Composite: Click Here
Royal LePage Forecast Chart: Click Here

Buyers Gain the Upper Hand as Sales Slow and Inventory Rises in October

Fri, 07 Nov 2025 05:19:33 GMT

Home sales registered on the MLS® in Metro Vancouver* were 14% lower than last October, as the trend of slower sales and building inventory creates favourable conditions for those looking to buy in the fall market. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,255 in October 2025, a 14.3% decrease from the 2,632 sales recorded in October 2024. This was 14.5% below the 10-year seasonal average (2,638). 

"October is typically the last month of the year where sales activity sees a seasonal uptick, but sales still fell short of last year’s figures and the ten-year seasonal average. Even the fourth cut this year to the Bank of Canada’s policy rate this October wasn't enough to entice more buyers back into the market." - Andrew Lis, GVR director of economics and data analytics

There were 5,438 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2025. This represents a 0.3% decrease compared to the 5,452 properties listed in October 2024. This was 16.3% above the 10-year seasonal average (4,676). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 16,393, a 13.2% increase compared to October 2024 (14,477). This total is 35.9% above the 10-year seasonal average (12,063). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2025 is 14.2%. By property type:

Detached homes: 11.3%
Attached homes (townhomes): 17.6%
Apartments: 15.5%

“After peaking in June, inventory levels have edged lower, and prices have eased across all market segments as slower-than-usual sales activity meets the highest inventory levels seen in many years,” Lis said. “With no further reductions to the Bank of Canada’s policy rate expected in 2025, market conditions appear as favorable for buyers as they’ve been all year.”

Home Prices and Sales Snapshot – October 2025

Composite Benchmark Price (All Residential): $1,132,500
- ↓ 3.4% from October 2024
- ↓ 0.8% from September 2025
Detached Homes:
- Sales: 693 (↓ 4.3% Year over Year)
- Benchmark Price: $1,916,400 (↓ 4.3% Year over Year | ↓ 0.9% Month over Month)
Apartments:
- Sales: 1,071 (↓ 23.1% Year over Year)
- Benchmark Price: $718,900 (↓ 5.1% Year over Year | ↓ 1.4% Month over Month)
Attached Homes (Townhomes):
- Sales: 477 (↓ 4.8% Year over Year)
- Benchmark Price: $1,066,700 (↓ 3.8% Year over Year | ↓ 0.3% Month over Month)

Click here for the GVR October 2025 MLS Housing Market Report

Greater Vancouver REALTOR®’s | 2025 H2 Residential Market Forecast

Wed, 15 Oct 2025 23:32:31 GMT

Home sales in the first half of the year were much slower than our H1 forecast had anticipated.

While it's difficult to pin the blame entirely on the economic uncertainty arising from the tariff-related policies of the new US administration, it's also difficult to say these developments have had no effect either.

And despite home prices having eased since the start of the year, in addition to three Bank of Canada interest rate cuts, buyers have remained hesitant to re-enter the market.

Our H2 forecast takes stock of these dynamics and presents a revised outlook for the second half of the year.

Key Highlights

Home sales have lagged well below seasonal and long-term averages for most of the first half of the year, while resale inventory has climbed to highs not seen in over a decade.
Home prices have trended down modestly since the start of the year, and the Bank of Canada has cut the policy three times since the start of the year. This has materially improved affordability in the market, but not sufficiently to encourage many buyers sitting on the sidelines back into the market.
A further cut to the policy rate is expected by the Bank of Canada by year end, but the current trajectory of sales is unlikely to be able to make up the ground lost in the first half of the year, by year-end.

Typically, the first half of the year is marked by heightened activity, with buyers and sellers participating in the busy spring market.

But the sluggish sales trend observed in the first quarter persisted throughout the first half of 2025, with sales remaining below their long term averages, and well below seasonal norms.

It was clear that something was amiss in the market, and whatever it was appeared to be keeping buyers on the sidelines.

Sellers by contrast, remained eager to list their properties throughout the first half of the year, bringing standing inventory to heights not seen in over a decade.

The table below provides a breakdown of the price forecasts by market segment:

Summary of Risks to the Forecast

Below, we provide a summary of reasonably foreseeable risks to the forecast at the time of publication:

Downside risks

Sales could slow more significantly than forecast if the economy heads into recession, increasing unemployment, thereby reducing demand among potential buyers.
Sales could experience an acute downside shock as a result of new tariffs imposed on Canadian exports to the USA, though we continue to expect any such effects to be short-lived.
Valuations could be lower than forecast if a recession is accompanied by significant job losses, eliminating pools of buyers who otherwise may have participated in the market.

Upside risks

Sales activity and valuations could be higher than forecast if borrowing costs fall more than expected. This might occur in response to a domestic recession, or to offset anticipated negative shocks to the economy from further threats of tariffs imposed on Canada by the USA.
Inventory levels could recede more quickly from their currently elevated state, which may lead to modest price appreciation by year end. It remains unlikely that price appreciation by year end would be greater than our H1 forecast estimates, however.

Click Here to Read the full Forecast Report

Rising Tariffs Drive More Canadians to Sell U.S. Properties

Thu, 09 Oct 2025 17:25:01 GMT

Amid rising political unrest in the U.S. and persistent tensions between the two countries, more Canadians are choosing to ‘stay local’ and limit trips across the border. In addition, many who own U.S. residential properties are reconsidering their long-term strategies—with some already making the decision to sell.

According to a recent Royal LePage survey, conducted by Burson, more than half (54%) of Canadians who currently own residential property in the U.S. say they are planning to sell within the next year, among whom a majority (62%) credit the current political administration as the main reason. Meanwhile, 33% of them say they are motivated by other factors, such as personal and financial reasons, and another five per cent say it is due to increasingly extreme weather conditions, like hurricanes, flooding and forest fires.

“The polarizing political climate in the United States is prompting many Canadians to reconsider how and where they spend their time and money,” said Phil Soper, president and CEO, Royal LePage. “Canadians have been the most important foreign investors in America’s residential real estate market for years, and a significant wave of property sales would leave a noticeable mark on the regional economies that snowbirds support.

“While wealthy buyers from China and other nations also spend a great deal on American residential real estate, purchasing expensive properties in major cities as investments, Canadians actually live in the neighbourhoods where they buy. They shop locally, dine out, volunteer and join pickleball leagues. Places like Florida, Arizona and California stand to lose millions in economic activity each year – and thousands of neighbours – if Canadian owners pull their capital from U.S. housing markets.”

Of those who sold their property south of the border within the last year, 44% say it was due to the current political administration, while 27% say it was for personal reasons, and 22% because of increasingly extreme weather conditions.

“Not every decision to sell is politically driven. For many, the decision to divest will be due to changing personal circumstances, from reprioritizing financial goals to the simple decision to invest closer to home,” continued Soper. “For some, the upkeep and distance of a U.S. property has become more burden than benefit, and uncertainty around shifting, murky border rules is yet another layer of stress. For years, Canadians rarely gave the American border a second thought on their way to a winter break in the south. Now, many fear that easy neighbourly travel can no longer be taken for granted.”

Investment in U.S. Real Estate by Canadians on the decline

According to the National Association of REALTORS® (NAR), Canadians have been among the top two largest contributors of foreign investment in U.S. real estate for the last two decades, although transactions have been significantly lower the last five years compared to the majority of the 2010s. Overall, real estate professionals in the U.S. have reported more than twice as many residential property sales by international clients over the last year, the largest group of whom are Canadians.

“With so many Canadians citing concerns about the U.S. administration as a key reason for divesting, it’s evident that political instability is no longer just a talking point – it’s a catalyst for change,” said Soper. “This shift in sentiment is reshaping how Canadians think about cross-border investment. As uncertainty continues to cloud the U.S. political landscape, we anticipate more Canadians will redirect their capital into domestic real estate, reinforcing long-term confidence in Canada’s housing market and creating new opportunities for growth closer to home.”

When asked if they plan to reinvest the proceeds of the sale of their U.S. home into the Canadian real estate market, almost 1/3 (32%) of respondents who have recently sold or are planning to sell within the next year answered ‘yes’.

Click here for the Data Chart for more details

August Sales Climb as Home Prices Soften

Thu, 04 Sep 2025 20:20:13 GMT

Easing prices brought more Metro Vancouver homebuyers off the sidelines in August, with home sales on the MLS® up nearly 3% from August last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,959 in August 2025, a 2.9% increase from the 1,904 sales recorded in August 2024. This was 19.2% below the 10-year seasonal average (2,424).

“The August sales figures add further confirmation that sales activity across Metro Vancouver appears to be recovering, albeit somewhat slowly, from the challenging first half of the year,” said Andrew Lis, GVR’s director of economics and data analytics. “Sales in the detached and attached segments are up over ten per cent from last August, which suggests buyers shopping in more expensive price points are re-entering the market in a meaningful way.”

In August 2025, there were 4,225 new listings for detached, attached, and apartment properties across Metro Vancouver—a 2.8% increase compared to August 2024. Still, new listings were 1.3% higher than the 10-year average for the month.

The total number of active listings reached 16,242, a 17.6% increase year-over-year, and 36.9% higher than the 10-year seasonal average. The number of active listings on the MLS System still far out weighs the number of active buyers leading properties to continue to sit on the market for extended periods of time.

The sales-to-active listings ratio across all property types in August was 12.4%, indicating balanced market conditions. By property type:

Detached homes: 9.3%
Attached homes (townhomes): 15.8%
Apartments: 14%

“Prices have eased around two per cent since the start of the year and are down about one per cent month over month in August, signalling that sellers have been willing to lower price expectations,” Lis said. “As sellers’ and buyers’ expectations have become more aligned, transaction volume has picked up. Newly listed properties remain in line with their ten-year seasonal average however, which when paired with increasing sales activity, is likely to diminish the available inventory. This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue.”

Home Prices and Sales Snapshot – August 2025

Composite Benchmark Price (All Residential): $1,150,400
- ↓ 3.8% from August 2024
- ↓ 1.3% from July 2025
Detached Homes:
- Sales: 575 (↑ 13% Year over Year)
- Benchmark Price: $1,950,300 (↓ 4.8% Year over Year | ↓ 1.2% Month over Month)
Apartments:
- Sales: 956 (↓ 5.5% Year over Year)
- Benchmark Price: $734,400 (↓ 4.4% Year over Year | ↓ 1.3% Month over Month)
Attached Homes (Townhomes):
- Sales: 409 (↑ 10.5% Year over Year)
- Benchmark Price: $1,079,600 (↓ 3.5% Year over Year | ↓ 1.8% Month over Month)

Click here for the GVR August 2025 MLS Housing Market Report

July Market Update: Sales Momentum Builds

Wed, 06 Aug 2025 17:25:21 GMT

VANCOUVER - August 5, 2025 - Home sales registered on the MLS® across Metro Vancouver in July extended the early signs of recovery that emerged in June, now down just two per cent from July of last year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,286 in July 2025, a 2% decrease from the 2,333 sales recorded in July 2024. This was 13.9% below the 10-year seasonal average (2,656).

“The June data showed early signs of sales activity in the region turning a corner, and these latest figures for July are confirming this emerging trend,” said Andrew Lis, GVR’s director of economics and data analytics. “Although the Bank of Canada held the policy rate steady in July, this decision could help bolster sales activity by providing more certainty surrounding borrowing costs at a time where economic uncertainty lingers due to ongoing trade negotiations with the USA.”

In July 2025, there were 5,642 new listings for detached, attached, and apartment properties across Metro Vancouver—a 0.8% increase compared to July 2024. Still, new listings were 12.4% higher than the 10-year average for the month.

The total number of active listings reached 17,168, a 19.8% increase year-over-year, and 40.2% higher than the 10-year seasonal average. The number of active listings on the MLS System still far out weighs the number of active buyers leading properties to continue to sit on the market for extended periods of time.

The sales-to-active listings ratio across all property types in July was 13.8%, indicating balanced market conditions. By property type:

Detached homes: 10.2%
Attached homes (townhomes): 16.7%
Apartments: 15.9%

“With the rate of homes coming to market holding steady in July, the inventory of homes available for sale on the MLS® has stabilized at around 17,000. This level of inventory provides buyers plenty of selection to choose from,” Lis said. “Although sales activity is now recovering, this healthy level of inventory is sufficient to keep home prices trending sideways over the short term as supply and demand remain relatively balanced. However, if the recovery in sales activity accelerates, these favorable conditions for home buyers may begin slowly slipping away, as inventory levels decline, and home sellers gain more bargaining power.”

Home Prices and Sales Snapshot – July 2025

Composite Benchmark Price (All Residential): $1,165,500
- ↓ 2.7% from July 2024
- ↓ 0.7% from June 2025
Detached Homes:
- Sales: 660 (↓ 4.1% Year over Year)
- Benchmark Price: $1,974,400 (↓ 3.6% Year over Year | ↓ 1% Month over Month)
Apartments:
- Sales: 1,158 (↓ 2.9% Year over Year)
- Benchmark Price: $743,700 (↓ 3.2% Year over Year | ↓ 0.6% Month over Month)
Attached Homes (Townhomes):
- Sales: 459 (↓ 5% Year over Year)
- Benchmark Price: $1,099,200 (↓ 2.3% Year over Year | ↓ 0.4% Month over Month)

Click here for the GVR July 2025 MLS Housing Market Report

8 Reasons You Need a REALTOR® Who Specializes in Multiplex and SSMUH Development

Thu, 24 Jul 2025 19:12:31 GMT

Explore 8 key reasons to work with a real estate agent who understands multiplex and small-scale multi-unit housing development. Learn how expert guidance can improve site selection, design, and profitability across Metro Vancouver.

Home Price Update and Market Forecast Q2 2025

Thu, 17 Jul 2025 19:02:37 GMT

Key highlights from the second quarter:

The national aggregate home price flatlined, rising a modest 0.3% year over year in Q2 2025, and declining 0.4% over Q1.
Greater Montreal Area’s aggregate home price increased 3.5% year over year, while the greater Toronto and Vancouver markets recorded declines of 3.0% and 2.6%, respectively in the second quarter.
38 of the 64 cities in the report saw year-over-year prices rise or remain roughly flat, while 26 markets saw home prices decline – a majority of which are in the province of Ontario.
For the fifth consecutive quarter, Quebec City leads the country in aggregate price appreciation, increasing 13.5% year over year in Q2.
Royal LePage® lowers its national year-end forecast modestly, with prices now expected to increase 3.5% in Q4 2025 over the same quarter last year.

TORONTO, July 15, 2025 – According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate[1] price of a home in Canada eased upwards modestly in the second quarter of 2025, increasing 0.3% year over year to $826,400. On a quarter-over-quarter basis, the national aggregate home price decreased by 0.4%.

This year, the spring housing market — usually one of the busiest seasons for real estate — got off to a slower start in several areas, especially in Toronto and Vancouver, two of Canada’s largest and priciest markets. Ongoing global economic and political uncertainty led many buyers to take a cautious, wait-and-see approach. The Bank of Canada also held steady, keeping its overnight lending rate at 2.75% in both April and June, citing the need for more clarity on U.S. tariffs and their potential effects. Meanwhile, sellers remained active, continuing to list their homes despite softer-than-usual market activity.

“Homebuyers approached the start of the 2025 spring market with hesitation, dampening what is typically the busiest season on the real estate calendar,” said Phil Soper, president and CEO of Royal LePage. “With trade disputes, a federal election, and international conflicts dominating headlines through the first half of the year, many prospective buyers chose to wait. Yet, market fundamentals remain sound; interest is strong while activity is subdued, reflecting the uncertainty weighing on consumer sentiment. Encouragingly, June’s robust employment report may help rebuild confidence and bring more buyers off the sidelines in the months ahead.”

According to a recent Royal LePage survey, conducted by Burson, 28% of Canadians who currently rent say that, before signing or renewing their current lease, they considered buying a property rather than renting. When asked what factors influenced their decision to rent instead, 40% of respondents said they are choosing to wait for property prices to decline; 29% are choosing to wait for interest rates to decrease further; and 28% say they are working towards buying a property, and continuing to rent allows them to save for a sufficient down payment. Respondents could select more than one answer.

The spring slowdown in activity was most evident in markets across Ontario and British Columbia, where rising inventory and stagnant demand have persisted for several months. Notably, activity began to pick up in the final weeks of the quarter – a break from the usual seasonal slowdown and an early signal that market momentum may be shifting.

“Canada has always been a ‘market of markets,’ and that reality is on full display in 2025,” said Soper. “Most regions saw modest year-over-year price growth this spring, with Quebec in particular outperforming other provinces, posting growing sales volumes and robust price appreciation. Cautious consumer sentiment in Toronto and Vancouver – the country’s most expensive housing markets – continued to weigh heavily on national average calculations in our second quarter report. Toronto posted a strong rebound in activity from mid-May through June, while sales activity in Vancouver stabilized in the final month of the quarter – early signs that confidence is returning. These conditions underscore the importance of interpreting national housing trends through a local lens.”

Q2 2025 Housing Data by Property Type:

Single-family detached homes: median price increased 1.1% year over year to $870,200
Condominiums: median price decreased 0.2% to $592,000
Quarter-over-quarter, home prices continued to flatline with median prices of a single-family detached home increasing by just 0.2% and condominiums decreasing a modest 1.0%

Data is sourced from RPS Real Property Solutions and includes both resale and new-build homes across 64 major markets.

“With borrowing costs stable and inventory levels continuing to build, the foundation is in place for a stronger market this fall – and signs of renewed confidence are beginning to emerge,” noted Soper. “After a market slowdown, there’s always the risk that a sudden surge in demand could reignite uncomfortable levels of house price inflation. But, unlike previous cycles, inventory is higher than recent norms, which should help absorb returning demand and keep price appreciation in check. This makes for a healthier, more balanced recovery as buyers come back into the market.”

Affordability is improving in Canada’s most expensive markets

The combination of salaries increasing while borrowing rates decline and home prices stagnate has resulted in improved affordability in Canada’s housing market; particularly in Ontario and British Columbia. As home prices have moderated from their all-time high in early 2022, wages have steadily increased. Between April 2022 and April 2025, national average weekly earnings have risen 11.8%. Meanwhile, Canada’s aggregate home price has declined 3.6% from its peak.

“Housing affordability has already begun to improve. Wage growth is outpacing home price gains in many markets, and borrowing costs have eased over the past year. But these gains remain fragile – sustainable affordability hinges on our ability to significantly boost Canada’s housing supply over the long term,” said Soper.

New Liberal government faces familiar housing challenges

In April, for the first time in nearly a decade, Canada swore in a new Prime Minister. Mark Carney now faces the same pressing challenge as his predecessor: restoring housing affordability. It will be a key test for his leadership and his government’s long-term economic strategy.

“Policy support that accelerates permitting, expands infrastructure investment, and incentivizes purpose-built rental development will be essential to meeting long-term housing demand,” noted Soper. “Affordability gains will only be possible if supply keeps pace with household formation. All eyes are now on the government’s fall budget for a clear roadmap to support housing development, investment and economic stability.”

In the week leading up to the federal election, Royal LePage asked Canadians to identify the most important issues they wanted to see prioritized. According to results of a survey, conducted by Burson, 86% of respondents selected the economy and cost of living as one of their top five priorities; more than a third (36%) selected it as their most important priority. Other top priorities included health care (75%), housing (62%), government spending and taxes (56%), international trade (42%) and immigration (35%). Respondents selected and ranked their top five priorities.

Forecast

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 3.5% in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect slower-than-usual sales activity in Ontario and British Columbia. Nationally, home prices are forecast to see modest appreciation throughout the remainder of the year, with sharper gains expected in the fall.

“Given the backdrop of global economic uncertainty and cautious sentiment at home, we expect steady but uneven progress across regional markets this summer, rather than a broad-based rally. If optimism continues to build and Canadians feel more secure about the economy – and our ability to successfully manage the country’s relationship with the United States – we could see a more confident and active housing market emerge later this year,” concluded Soper.

Regional Summary - Greater Vancouver

The aggregate price of a home in Greater Vancouver decreased 2.6% to $1,218,600 year over year in the second quarter of 2025. On a quarterly basis, the aggregate price of a home in the region decreased 0.9%. Broken out by housing type, the median price of a single-family detached home decreased 2.4% year over year to $1,740,400 in the second quarter of 2025, while the median price of a condominium decreased 2.3% to $759,400 during the same period.

“The spring market has failed to gain significant momentum in Vancouver. Supply continues to far outpace demand, with the number of active listings reaching the highest level since 2008. While the market presents opportunities, buyers are showing little urgency. Many are adopting a wait-and-see approach, anticipating further price declines and holding out for better deals. We’ve also seen an increase in subject-to-sale offers – deals conditional on the buyer selling their own home – which continues to weigh on overall transaction volumes,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “Condos and townhomes, however, have demonstrated some resilience. These segments are attracting entry-level millennial buyers, particularly units that are priced competitively and presented well.”

Ryalls noted that demand for new construction has slowed, leaving hundreds of new condominium units still available on the market, many of which would typically attract investor interest. Tighter regulations around foreign buyers and rental properties have contributed to a less favourable environment for investors, prompting some to redirect their capital to other provinces.

In the city of Vancouver, the aggregate price of a home decreased 1.9% year over year to $1,411,200 in the second quarter of 2025. During the same period, the median price of a single-family detached home decreased 1.6% to $2,257,600, while the median price of a condominium declined 4.7% to $812,200.

According to the Greater Vancouver Realtors’ latest report, home sales in June declined 9.8% compared to the same month last year. While sales remained 25.8% below the 10-year seasonal average, the year-over-year decline was notably less steep than in May, which saw an 18.5% drop. On a monthly basis, sales rose by approximately eight per cent, suggesting a rebound in buyer activity.

“We’ve observed an uptick in activity heading into the summer. However, overall, the market remains in a correction phase, and we expect this trend to continue in the near term. Even if the Bank of Canada issues another rate cut, it’s unlikely to be enough to meaningfully boost buyer motivation,” said Ryalls. “That said, if a trade deal with the United States is reached and consumer confidence gradually improves, we’re hopeful the conditions will align for a stronger, more active fall market.”

Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 1.5% in the fourth quarter of 2025, compared to the same quarter last year. The previous forecast has been revised down modestly to reflect current market conditions.

Royal LePage Q2 2025 National House Price Composite: Click Here
Royal LePage Forecast Chart: Click Here

Stabilizing Home Sales Mark a Shift in Greater Vancouver’s June 2025 Market

Wed, 09 Jul 2025 01:01:09 GMT

VANCOUVER, BC – July 3, 2025 – Following a turbulent first half of the year, MLS®-registered home sales across Metro Vancouver are beginning to show signs of recovery—down 10% year-over-year, a notable improvement from last month’s 20% decline.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8% decrease from the 2,418 sales recorded in June 2024. This was 25.8% below the 10-year seasonal average (2,940).

"On a trended basis, signs are emerging that sales activity is rounding the corner after a challenging first half to the year, with the year-over-year decline in sales in June halving the decline we saw in May. If this momentum continues, it may not be long before sales are up year-over-year, which would mark a shift toward a market with more demand than the unusually low demand we’ve seen so far this year." Andrew Lis, GVR director of economics and data analytics

In June 2025, there were 6,315 new listings for detached, attached, and apartment properties across Metro Vancouver—a 10.3% increase compared to June 2024. Still, new listings were 12.7% higher than the 10-year average for the month.

The total number of active listings reached 17,561, a 23.8% increase year-over-year, and 43.7% higher than the 10-year seasonal average. This surge in inventory is the highest level of inventory ever recorded in the region..

The sales-to-active listings ratio across all property types in April was 12.8%, indicating balanced market conditions. By property type:

Detached homes: 9.9%
Attached homes (townhomes): 16.9%
Apartments: 13.9%

According to historical trends, sustained periods with a sales-to-active listings ratio below 12% often lead to downward pressure on home prices, whereas ratios above 20% over several months usually result in price increases.

“Most market segments remain in balanced market conditions, which has generally kept prices trending sideways since the start of the year. With over 17,000 listings on the market right now, and with mortgage rates down around two per cent since last summer, buyers are enjoying some of the most favorable conditions seen in years.” Lisa said.

Home Prices and Sales Snapshot – June 2025

Composite Benchmark Price (All Residential): $1,173,100
- ↓ 2.8% from June 2024
- ↓ 0.3% from May 2025
Detached Homes:
- Sales: 657 (↓ 5.3% Year over Year)
- Benchmark Price: $1,994,500 (↓ 3.2% Year over Year | ↓ 0.1% Month over Month)
Apartments:
- Sales: 1,040 (↓ 16.5% Year over Year)
- Benchmark Price: $748,400 (↓ 3.2% Year over Year | ↓ 1.2% Month over Month)
Attached Homes (Townhomes):
- Sales: 473 (↓ 3.7% Year over Year)
- Benchmark Price: $1,103,900 (↓ 3% Year over Year | ↓ 0.3% Month over Month)

Click here for the GVR June 2025 MLS Housing Market Report

Inventory Climbs While Buyers Remain Cautious

Thu, 05 Jun 2025 19:11:21 GMT

The Metro Vancouver housing market continued its slow pace in May 2025, as rising inventory levels failed to translate into increased sales activity. According to the latest data from the Greater Vancouver REALTORS® (GVR), home sales were notably subdued while available listings surged to a ten-year high.

Sales Slump Despite Seasonal Trends

A total of 2,228 residential properties were sold in Metro Vancouver in May, marking an 18.5% drop compared to the 2,733 sales recorded in May 2024. Even more striking, this figure sits 30.5% below the region’s 10-year seasonal average of 3,206.

“While we’re starting to see some signs that activity might be picking up, sales still lag historical norms,” said Andrew Lis, GVR’s director of economics and data analytics. “Year-to-date, 2025 sales are among the slowest we’ve seen in the past decade—comparable only to the sluggish starts of 2019 and 2020.”

Lis noted that while the second half of 2020 saw a sharp rebound in market activity, it remains to be seen whether 2025 will follow a similar trajectory.

Inventory Surges, Market Tilts Toward Buyers

May saw 6,620 new listings hit the market—up 3.9% year-over-year and 9.3% above the 10-year average. Total active listings reached 17,094, a 25.7% increase from the 13,600 available in May 2024 and nearly 46% above the decade average.

This growing inventory is starting to impact pricing dynamics. The sales-to-active listings ratio—a key metric for gauging market balance—was 13.4% overall in May. Broken down by property type, the ratio was:

10.2% for detached homes
17.4% for townhomes
14.7% for condos

Historically, sustained ratios below 12% suggest downward pressure on prices, while ratios above 20% tend to push prices up. With current levels hovering in the neutral-to-buyer’s-market range, price stability—or even softness—remains likely.

“With inventory at some of the healthiest levels we’ve seen in years, sellers are adjusting their expectations,” Lis explained. “Buyers now have more negotiating room, and price growth has remained in check.”

Price Trends: Modest Declines Across the Board

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver now sits at $1,177,100, representing a 2.9% decline from May 2024 and a 0.6% decrease compared to April 2025.

By property type:

Detached homes: 654 sales (-22.7% YoY), benchmark price $1,997,400 (-3.2% YoY, -1.2% MoM)
Apartments: 1,087 sales (-18.8% YoY), benchmark price $757,300 (-2.4% YoY, -0.7% MoM)
Townhomes: 469 sales (-10.3% YoY), benchmark price $1,106,800 (-3.4% YoY, +0.4% MoM)

Outlook: A Buyer-Friendly Summer?

As we move into the typically quieter summer season, there’s speculation that pent-up demand could fuel increased activity, particularly if buyers who delayed decisions in spring begin to enter the market.

“With such a sluggish spring, we could see an unusually active summer,” said Lis. “For now, the market continues to lean in favour of buyers—good news for those looking to make a move.”

Click here for the GVR May 2025 MLS Housing Market Report

Source: Greater Vancouver REALTORS® – June 2025 Market Report

Note: Metro Vancouver includes areas from Whistler to Maple Ridge and down to the U.S. border. Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

The Next Chapter in BC’s Housing Market: What Follows Uncertainty?

Thu, 15 May 2025 19:17:24 GMT

The BC housing market entered 2025 with a sense of optimism. After a slow couple of years, sales were finally rebounding, thanks to falling interest rates and pent-up demand. But just as momentum began to build, a new challenge emerged: uncertainty.

Specifically, the uncertainty surrounding the United States’ unpredictable tariff policy under President Donald Trump has weighed heavily on households and businesses alike, and the housing market is no exception.

How Uncertainty Is Impacting Home Sales

Uncertainty isn’t always easy to define. It’s more of a feeling than a number. Still, economists have developed ways to measure it, like the Economic Policy Uncertainty Index. In February 2025, this index soared to a record high - over twice its previous pandemic-era peak. At the same time, Canadian businesses reported plummeting confidence, and workers in export-reliant industries began worrying about job security.

This rising anxiety had a tangible impact: people began holding off on major decisions. That included buying homes.

BC home sales, which had been gaining strength late in 2024, took a sharp turn in February and continued to fall through March and April. By spring, sales were sitting 25% below their 10-year average.

The Numbers Behind the Narrative

To better understand what’s driving this downturn, we enhanced a standard housing market model with the Economic Policy Uncertainty Index. The results were telling: while lower interest rates had supported sales, the spike in uncertainty is estimated to have caused roughly 3,000 fewer home sales in the first quarter of 2025 alone.

The good news? Uncertainty doesn’t last forever. And there are signs it may already be starting to ease.

What Could Come Next?

Following Canada’s federal election, the tone of trade talks with the US has become less confrontational. That’s encouraging, but it doesn’t guarantee smooth sailing. Tariffs could still be expanded, and the economic fallout could be significant—even if BC is somewhat insulated compared to other provinces.

The Bank of Canada recently released two potential scenarios for the economy, depending on how trade tensions play out. In the worst-case scenario, a year-long recession and rising inflation are on the table.

So what happens to the housing market under each outcome?

If trade tensions ease and uncertainty drops significantly, there’s plenty of pent-up demand ready to fuel a sharp recovery in home sales.
If new tariffs are introduced, the recovery will depend heavily on the Bank of Canada’s response.

So far, the Bank has signaled that monetary policy can’t fix trade issues, but some economists argue that if tariffs drag on growth, the Bank should respond by lowering interest rates anyway. If that happens, we could see mortgage rates fall below 3.5%, giving the housing market a much-needed boost.

Looking Ahead

The BC housing market is at a crossroads. On one hand, a resolution to trade tensions could bring a quick and powerful rebound. On the other, if uncertainty gives way to a tougher economic reality, recovery could be slower and more reliant on interest rate cuts.

As we move through the rest of 2025, the hope is that clarity will return—and with it, the confidence households need to move forward with important life decisions, like buying a home.

Until then, all eyes are on the negotiations, the economy, and how policymakers respond.

Click here to read the full BCREA Economics Market Intelligence Report

source: BCREA

Spring Market Presents Prime Opportunities for Buyers

Tue, 06 May 2025 18:52:22 GMT

VANCOUVER, BC – May 2, 2025 – The cooler trend in Metro Vancouver’s housing market continued through April, as home sales remained well below typical seasonal levels. Despite improved borrowing conditions, many buyers are still taking a wait-and-see approach.

According to the Greater Vancouver REALTORS® (GVR), residential home sales totalled 2,163 in April 2025, marking a 23.6% decline from the 2,831 sales recorded in April 2024. Sales also fell 28.2% below the 10-year seasonal average of 3,014.

“From a historical standpoint, the slower pace of sales is notable, especially considering borrowing costs have eased—typically a catalyst for increased activity,” said Andrew Lis, GVR’s director of economics and data analytics. “But 2025 has started on uncertain footing, with economic headwinds from U.S. trade policy and an upcoming federal election here at home. These factors appear to be giving some buyers reason to pause.”

In April 2025, there were 6,850 new listings for detached, attached, and apartment properties across Metro Vancouver—a 3.4% decline compared to April 2024. Still, new listings were 19.5% higher than the 10-year average for the month.

The total number of active listings reached 16,207, a 29.7% increase year-over-year, and 47.6% higher than the 10-year seasonal average. This surge in inventory is shifting the market more in favour of buyers.

The sales-to-active listings ratio across all property types in April was 13.8%, indicating balanced market conditions. By property type:

Detached homes: 9.9%
Attached homes (townhomes): 17.5%
Apartments: 15.7%

Historical data suggests that downward pressure on prices tends to occur when the ratio stays below 12%, while sustained ratios above 20% often lead to price increases.

“Despite recent headlines, there are real positives for buyers,” Lis added. “Inventory is at its highest level since 2014, borrowing costs are down, and prices have remained relatively steady. All of this points to increased opportunity for those looking to purchase.”

Home Prices and Sales Snapshot – April 2025

Composite Benchmark Price (All Residential): $1,184,500
- ↓ 1.8% from April 2024
- ↓ 0.5% from March 2025
Detached Homes:
- Sales: 578 (↓ 29% Year over Year)
- Benchmark Price: $2,021,800 (↓ 0.7% Year over Year | ↓ 0.6% Month over Month)
Apartments:
- Sales: 1,130 (↓ 20.2% Year over Year)
- Benchmark Price: $762,800 (↓ 2.0% Year over Year | ↓ 0.6% Month over Month)
Attached Homes (Townhomes):
- Sales: 442 (↓ 23.8% Year over Year)
- Benchmark Price: $1,102,300 (↓ 2.9% Year over Year | ↓ 1.0% Month over Month)

Click here for the GVR April 2025 MLS Housing Market Report

Home Price Update and Market Forecast Q1 2025

Tue, 15 Apr 2025 19:18:46 GMT

Key Highlights From the Release Include:

The national aggregate home price increased by 2.1% year over year in Q1 2025, and by a modest 1.2% compared to Q4 2024.
Greater Vancouver experienced declines in aggregate home prices of 2.7% and 0.7%, respectively.
Quebec City led the country in price growth, with a 17.0% year-over-year increase in Q1—the highest among major regions for the fourth consecutive quarter.
Amid ongoing economic and political uncertainty, Canadians are divided on their confidence in the economy: 49% feel confident, while 43% do not.
Quebecers are the most optimistic, with 65% expressing confidence in the Canadian economy, while only 34% of respondents in Manitoba and Saskatchewan share that sentiment.

TORONTO, April 15, 2025 – According to the Royal LePage® House Price Survey and Market Forecast released today, the aggregate price[1] of a home in Canada rose 2.1% year over year to $829,400 in Q1 2025. On a quarterly basis, the national aggregate home price was up a modest 1.2%.

While housing market activity has been slower than expected in early 2025—particularly in Ontario and British Columbia—markets in Quebec, the Prairies, and much of Atlantic Canada are experiencing notable price growth. This is being driven by strong demand, limited inventory, and relative affordability despite persistent geopolitical tensions and economic uncertainty.

“Canada’s housing market entered 2025 with mixed momentum,” said Phil Soper, president and CEO, Royal LePage. “Softer sales in Ontario and B.C. reflect consumer caution amid economic headwinds, while other regions show surprising resilience fueled by pent-up demand, falling interest rates and chronically low supply. It’s a classic sign of a market in transition.”

A recent survey by Royal LePage, conducted by Burson[2], found Canadians are divided on their economic outlook: 49% expressed confidence in the economy (just 6% were very confident), while 43% said they were not. Confidence was highest in Quebec and lowest in the Prairies, with Fort McMurray, Alberta, registering the most pessimistic response—75% of residents saying they lack confidence in the economy.

“The typical spring market hasn’t taken off as strongly as anticipated, and heightened geopolitical uncertainty is a major factor,” said Soper. “The new U.S. administration’s aggressive rhetoric and protectionist policies have shaken public confidence. Although Canada avoided blanket tariffs, targeted duties on steel and aluminum, along with remarks questioning Canada’s sovereignty, have cast a shadow.”

However, signs of stabilization are emerging. A recently announced 90-day pause on new tariffs opens the door to renewed diplomacy. The appointment of Pete Hoekstra, a former U.S. congressman with deep ties to Canada, as U.S. ambassador is also being seen as a positive step. “His early affirmations of Canada’s sovereignty and partnership with the U.S. provide hope for a more constructive path forward,” Soper said.

Among Canadians planning to buy a home this year, 49% said the trade dispute with the U.S. has delayed their plans. Of those, 37% cited concerns about rising living costs, 30% feared making a major purchase amid instability, and 14% were waiting for a potential drop in home prices.

“Despite the uncertainty, Canada’s real estate fundamentals remain solid,” said Soper. “Real estate activity typically rebounds quickly once confidence returns. And the upcoming federal election may bring clarity, especially as housing policy ranks among voters’ top concerns.”

Q1 2025 Housing Data by Property Type:

Single-family detached homes: median price up 2.8% year over year to $868,700
Condominiums: median price up 1.0% to $598,000
Quarter-over-quarter, both segments saw slight increases of 1.5% and 0.9%, respectively

Data is sourced from RPS Real Property Solutions and includes both resale and new-build homes across 64 major markets.

Economic Outlook:

Global markets remain volatile as U.S. tariff threats continue to disrupt trade. Still, Canada’s diversified economy, sound regulatory environment, and strong financial institutions are helping it navigate the uncertainty. The Bank of Canada, which has cut interest rates by 225 basis points since June 2024, now holds its key rate at 2.75%. More cuts could follow later in the year.

“Canada has faced tough times before—be it the 2008 crisis or the COVID-19 pandemic—and has emerged stronger,” Soper noted. “The housing market continues to serve as a stabilizing force, with low default rates and sustained price stability.”

Election 2025: Housing Policy in Focus

With Canadians heading to the polls in less than two weeks, housing affordability is a top election issue. Major parties have proposed various solutions:

Liberal Party: Double homebuilding pace, offer low-cost financing for affordable housing, drop GST for first-time buyers on homes up to $1M
Conservative Party: Cut development taxes, convert federal buildings into housing, drop GST on new homes under $1.3M, defer capital gains tax for reinvestments
NDP: Double home construction, provide public-backed low-interest mortgages for first-time buyers, restrict corporate purchases of rental housing
Bloc Québécois: Repatriate federal housing funds to Quebec, offer down payment support for first-time buyers, remove GST on certain home-buying services, discourage home flipping

“Long-term solutions require collaboration across all levels of government,” Soper said. “While current initiatives may provide short-term relief, addressing Canada’s chronic housing supply shortage demands sustained and serious commitment.”

Forecast:

Royal LePage is forecasting a 5.0% year-over-year increase in the aggregate home price in Q4 2025. This is a slight revision from earlier projections, reflecting the current slowdown in Ontario and B.C., but moderate price growth is still expected nationwide in the second half of the year.

REGIONAL SUMMARY - Greater Vancouver:

In the first quarter of 2025, the aggregate price of a home in Greater Vancouver edged down 0.7% year over year to $1,230,100. On a quarter-over-quarter basis, prices remained virtually unchanged, rising just 0.1%.

By property type, the median price of a single-family detached home rose a modest 0.6% annually to $1,761,100, while the median price of a condominium declined 1.7% to $765,500.

“March got off to a strong start, and while the spring market hasn’t fully gained momentum, we anticipate activity to increase in May and June—barring further escalation of trade tensions with the U.S.,” said Randy Ryalls, managing broker, Royal LePage Sterling Realty. “There’s certainly some hesitation in the air, particularly in areas tied to resource-based economies outside the Lower Mainland, but confidence within the core market remains intact.”

A recent Royal LePage survey, conducted by Burson, shows 50% of Vancouver respondents are not confident in the national economy, while 41% say they are, including 7% who report being very confident. Among those planning to buy a home in the region this year, half say the trade dispute with the U.S. has delayed their purchase plans, while the other half say it has not.

Ryalls noted a rise in housing inventory—encouraging news for buyers who have long faced a supply-constrained market. “Even with more listings coming online, we don’t expect significant price shifts,” he said. “For the first time in a while, we’re seeing more ‘subject to sale’ offers, which shows sellers feel confident about their ability to find a new home after selling.”

Within the city of Vancouver, the aggregate price of a home rose 1.4% year over year to $1,422,600 in Q1 2025. The median price of a single-family home increased 1.3% to $2,282,700, while the median condominium price fell 3.1% to $817,900.

According to the Greater Vancouver Realtors’ March report, sales volume fell more than 13% year over year—marking the slowest March since 2019 and landing nearly 37% below the 10-year seasonal average. However, activity ticked up slightly from February.

“We still expect a busier spring market, even if it’s arriving later than usual,” said Ryalls. “Assuming trade negotiations don’t deteriorate further, we anticipate a modest increase in prices and stronger sales activity through the season.”

Royal LePage is forecasting a 2.5% year-over-year increase in Greater Vancouver’s aggregate home price in Q4 2025. The forecast has been slightly revised downward to reflect current market softness.

Click Here to View the Royal LePage House Price Survey Chart
Click Here to View the Royal LePage Forecast Chart

Click Here to View the Consumer Confidence Survey Chart

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

2 Burson used the Leger Opinion online panel to survey 2,417 Canadians, aged 18+ between April 2, 2025 and April 9, 2025. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, a probability sample of 2,417 respondents would have a margin of error of ±2%, 19 times out of 20.

A Buyer’s Market Without Buyers

Wed, 02 Apr 2025 23:02:40 GMT

Home sales in Metro Vancouver fell to their lowest March levels since 2019, while the number of active listings continued to rise.

According to the Greater Vancouver REALTORS® (GVR), 2,091 residential properties were sold in March 2025, marking a 13.4% decline from March 2024’s 2,415 sales. This figure was also 36.8% below the 10-year seasonal average of 3,308.

“If we put aside uncertainty surrounding the new U.S. administration, buyers in Metro Vancouver haven’t seen such favourable conditions in years,” said Andrew Lis, GVR’s director of economics and data analytics. “Prices have softened from previous highs, mortgage rates are among the lowest in years, and active listings on the MLS® are at their highest levels in nearly a decade. Sellers seem ready to engage, but buyers have yet to step forward in typical springtime numbers.”

In March 2025, 6,455 new listings were added to the MLS®, a 29% increase from the 5,002 new listings in March 2024 and 15.8% above the 10-year seasonal average. The total number of active listings reached 14,546—a 37.9% jump from March 2024 and 44.9% above the 10-year seasonal average.

The sales-to-active listings ratio for March 2025 was 14.9%, with ratios of 10.3% for detached homes, 21.5% for attached properties, and 16.2% for apartments. Historically, home prices tend to decline when this ratio remains below 12% for a sustained period and rise when it exceeds 20% over several months.

“The current market looks similar to early 2023, when prices remained stable, and sales were slow at the start of the year before picking up in the spring and summer,” Lis noted. “While the market remains balanced overall, the attached home segment continues to hover on the edge of a seller’s market due to ongoing supply shortages, with only about 2,200 active listings available across the region.”

• The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,190,900, reflecting a 0.6% decrease from March 2024 but a 0.5% increase from February 2025.

• Detached home sales fell 24.1% year-over-year to 527 transactions. The benchmark price for a detached home is $2,034,400, up 0.8% from March 2024 and 0.4% from February 2025.

• Apartment sales dropped 10.2% to 1,084 units. The benchmark price is $767,300, down 0.9% from a year ago but up 1% month-over-month.

• Attached home sales declined 4.6% to 472 transactions. The benchmark price for a townhouse is $1,113,100, reflecting a 0.8% decrease year-over-year and a 0.2% increase from February 2025.

As listings continue to rise and sales remain subdued, all eyes are on whether buyers will re-enter the market in greater numbers as the year progresses.

Click here for the GVR March 2025 MLS Housing Market Report

How Will the US Tariffs Impact BC Housing?

Mon, 10 Mar 2025 21:34:09 GMT

Summary of Findings:

A tariff on all Canadian imports to the United States would have serious consequences for the Canadian and BC economies.
A 25% tariff would push both the Canadian and BC economies into recession. The impact could be compounded by a broader trade war and retaliatory tariffs by Canada.
Under the most likely scenario, the BC housing market would see a temporary decline in activity before posting a robust recovery as mortgage rates decline substantially, thereby unleashing pent-up demand.

Until quite recently, the Canadian economic outlook appeared clear; Canada was braced for a stronger 2025, driven by higher consumption and business investment on the back of lower interest rates. However, that outlook has become uncertain following the threats of tariffs from the newly installed American administration. Potential Canadian retaliation to the broad-based American tariffs could have serious implications for the Canadian economy and housing market.

This Market Intelligence report seeks to unpack the uncertainty surrounding potential tariffs by exploring several potential tariff scenarios and their implications for the BC housing market.

Scenario One: Tariffs With Limited or No Retaliation from Canada

A one-way tariff imposed by America on Canadian imports would lower total demand for our goods would reduce overall economic growth. This would lead to significant job losses and temper investment due to increased uncertainty for Canadian businesses.

Scenario Two: Tariffs With Retaliation

Under a two-way tariff scenario, both the Canadian and US economies would result in lower output, employment, investment, and trade.

Impact of US Tariffs on BC Housing

Depending on whether and how broadly Canada retaliates with its own tariffs, inflation could be higher or lower than the current forecast with divergent policy responses from the Bank of Canada and a diverse set of outcomes for sales activity and prices.

Tariffs will have a negative impact on economic growth in BC and at a 25% level could push the economy into recession. Previous recessions have shown that the usual pattern for the BC housing market is an immediate decline in housing activity and then a robust recovery as the central bank lowers rates to stimulate the economy (1). However, the effect on inflation caused by a potential Canadian retaliation and the Bank's ability to lower rates could disrupt the normal pattern.

Illustrated in the graph above are a diverse set of potential mortgage rates contingent on inflation and growth outcomes. Mortgage rates could be as high as 6.25% under a full-retaliation scenario or as low as 2.5% under no retaliation.

Assuming the US tariffs are imposed, the most likely scenario involves a limited and targeted set of tariffs on US imports. This would result in limited impact on inflation while also allowing the Bank of Canada to respond to any massive shifts to the economy. While a 10% tariff would have minor negative impacts for the housing market, a 25% tariff with no or limited retaliation, would generate a temporary decline in activity followed by a strong market activity as plunging mortgage rates releases pent-up demand.

Read the Full Market Intelligence Report

(1) British Columbia Real Estate Association. (2023, January 19). A guide to recessions and the BC housing market. British Columbia Real Estate Association.

Metro Vancouver’s housing market balances in February

Wed, 05 Mar 2025 17:41:39 GMT

The number of newly listed properties on the MLS® in Metro Vancouver rose more moderately in February, after a 46% year-over-year increase of new listings in January, helping keep market conditions in balanced territory.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,827 on Metro Vancouver’s Multiple Listing Service® (MLS®) in February 2025, an 11.7% decrease from the 2,070 sales recorded in February 2024. This total was 28.9% below the 10-year seasonal average of 2,571.

Andrew Lis, GVR’s director of economics and data analytics said, “After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions. … With a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions while enjoying the largest selection of homes on the market since pre-pandemic times.”

In February 2025, there were 5,057 detached, attached and apartment properties newly listed for sale on the MLS®. This represents a 10.9% increase compared to the 4,560 properties listed in February 2024. This was 11.6% above the 10-year seasonal average of 4,530.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,744, a 32.3% increase compared to February 2024 with 9,634 properties listed. This is also 36.4% above the 10-year seasonal average of 9,341.

The sales-to-active listings ratio for February 2025 is 14.8% across all detached, attached and apartment property types. By property type, the ratio is 10.7% for detached homes, 18.5% for attached, and 16.8% for apartments.

“Balanced market conditions typically bring a flatter price trajectory, and we’ve seen prices across all segments remain in a holding pattern for the past few months,” said Lis. “But with the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years, and whether sellers change their willingness to bring their properties to market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,169,100. This represents a 1.1% decrease over February 2024 and a 0.3% decrease compared to January 2025.

Sales of detached homes in February 2025 reached 477. This is a 14.8% decrease from the 560 detached sales recorded in February 2024. The benchmark price for a detached home is $2,006,100, which represents a 1.8% increase from February 2024 and is virtually unchanged compared to January 2025.

Sales of apartment homes reached 976 in February 2025. This is a 10.6% decrease compared to the 1,092 sales in February 2024. The benchmark price of an apartment home is $747,500, which represents a 2.8% decrease from February 2024 and a 0.1% decrease compared to January 2025.

Attached home sales in February 2025 totalled 359. This is a 10.9% decrease compared to the 403 sales in February 2024. The benchmark price of a townhouse is $1,087,100, which represents a 1.2% decrease from February 2024 and a 1.7% decrease compared to January 2025.

Click here for the GVR February 2025 MLS Housing Market Report

More than 50% of Canadian borrowers anticipate their monthly mortgage payment to increase upon renewal in 2025

Fri, 21 Feb 2025 03:54:42 GMT

Key Highlights:

40% of Canadians whose mortgage is renewing in 2025 expect their payment will stay the same or decrease, while 57% anticipate their monthly payment will increase.
81% of those who expect their monthly payment to increase upon renewal, say it will put financial strain on their household.
10% of Canadians with a mortgage renewing in 2025 are exploring downsizing, relocating and rental income options.
As interest rates continue to decline, more Canadians are looking to sign variable-rate mortgages upon renewal.
More aggressive rate cuts by the Bank of Canada are possible to stave off a potential recession as the trade conflict between the United States and Canada intensifies.

Approximately 1.2 million mortgages will renew in 2025, 85% of which were secured when the Bank of Canada’s key lending rate was at or below one%. Although interest rates have trended down from their two-decade high since June 2024, they remain above the historically low levels seen during the pandemic. As a result, hundreds of thousands of homeowners will likely renew their mortgage in 2025 at a higher rate.

According to a recent Royal LePage survey, conducted by Hill & Knowlton, 57% of Canadians who are renewing their primary residence mortgage in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 22% expect it to increase significantly), 25% say their monthly mortgage payment will remain about the same (within $100 of their current payment amount) and another 15% expect their monthly payment to decrease upon renewal.

Phil Soper, president and CEO, Royal LePage states, “When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates. … Nevertheless, some will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period; a tactic which has proven popular.”

Of those who expect their monthly mortgage payment to rise upon renewal, 81% say the increase will put financial strain on their household: 47% expect a slight strain, while 34% expect a significant strain. Among them, 60% of respondents say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments: 43% say they will reduce or eliminate travel, 36% say they will reduce or eliminate saving or investing, 34% say they will reduce spending on essentials such as gas and groceries, and 23% say they will obtain a second job or find another source of income. Respondents were able to select more than one answer.

“Even in challenging financial times, Canadians continue to prioritize home ownership and paying down their mortgages – cutting back on other spending, and even savings, if absolutely necessary,” states Soper. “Delinquency rates in Canada remain extremely low, arguably the lowest among advanced economies worldwide, despite the rising cost of living and household debt. For example, the rate of mortgage default in the U.S. is more than fifteen times higher.

“With so many homeowners set to renew their mortgages at higher rates in 2025, many are already preparing to tighten their budgets, redirecting funds from savings, hobbies or vacations to ensure they can meet their mortgage obligations.”

According to the Canada Mortgage and Housing Corporation (CMHC), the mortgage delinquency rate rose to 0.20% in the third quarter of 2024, but remains well below pre-pandemic levels and historical averages.

Though many Canadians will see their monthly mortgage payment rise this year, most see no reason to make preemptive major lifestyle changes to cope with increased housing expenses. 62% of respondents say they will not change their living arrangements to avoid potentially higher monthly mortgage costs. Nationally, 11% say they are considering relocating to a more affordable region, 10% say they are considering downsizing, and 10% say they are considering renting out a portion of their home to subsidize expenses. Respondents were able to select more than one answer.

BRITISH COLUMBIA

53% of homeowners in British Columbia whose mortgages are renewing in 2025 expect their monthly mortgage payment to increase upon renewal - 33% expect it to increase slightly and 20% expect it to increase significantly.

Of those who expect their monthly mortgage payment to rise upon renewal, 82% say the increase will put financial strain on their household - 60% say they will reduce or eliminate discretionary spending to help cope with the impact of increased monthly mortgage payments, 42% say they will reduce or eliminate travel, and 37% say they will reduce or eliminate saving or investing. Respondents were able to select more than one answer.

Adil Dinani, sales representative and team lead of the Dinani Group, Royal LePage West Real Estate Services in Greater Vancouver states, “With interest rates trending lower in recent months, some homeowners with upcoming renewals are breathing a sigh of relief. As the prime lending rate offered by Canada’s major financial institutions has declined, the impact of higher renewal payments has been less severe. … Though it has taken time, most consumers have accepted the reality of today’s higher borrowing costs and are preparing for any renewal increases that may come their way. Clients are exploring all their options, especially since new lending rules eliminate stress testing for uninsured borrowers switching lenders.”

Dinani noted that some homebuyers who were previously sidelined by higher borrowing costs – particularly move-up purchasers locked into favourable rates – are gradually returning to the market as rates have continued to come down.

According to the survey, 74% of British Columbians with a mortgage renewing this year currently hold a fixed-rate mortgage, while 25% have a variable rate. When asked what type of mortgage they plan to obtain upon renewal, 67% say they will opt for a fixed-rate loan, while 29% say they will choose a variable-rate mortgage. 41% of all respondents in the province say they plan to obtain a 5-year mortgage term upon renewal, followed by 18% who plan to sign on to a 3-year term.

“Consumer confidence has improved as interest rates have declined, but it remains fragile. Economic uncertainty, driven mostly by international trade conflicts, is causing concern among buyers and sellers alike. As a result, many homeowners continue to choose the stability of a fixed-rate mortgage, while others look to take advantage of monthly savings currently offered by variable rates,” states Dinani. “While it may be tempting to try and predict where rates are headed, it’s not advisable. Instead, selecting a mortgage product that aligns with your risk tolerance and financial capacity is the best approach.”

View the Full Royal LePage Press Release

View the Royal LePage 2025 Mortgage Renewal Survey

View the Royal LePage 2025 Mortgage Renewal Survey – Data Chart

Home sellers kick off 2025 with strong activity

Tue, 04 Feb 2025 19:36:43 GMT

Photo source: Unsplash. Photographer: Lucy Claire

Newly listed Metro Vancouver homes on the MLS® rose 46% year-over-year in January. Sellers appear to be eager to enter the market to start the year.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,552 in January 2025, an 8.8% increase from the 1,427 sales recorded in January 2024, which was 11.3% below the 10-year seasonal average of 1,749.

Andrew Lis, GVR’s director of economics and data analytics, states, “In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the New Year. … Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.”

There were 5,566 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2025. This represents a 46.9% increase compared to the 3,788 properties listed in January 2024, which is 31.1% above the 10-year seasonal average of 4,247.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 11,494, a 33.1% increase compared to January 2024’s total of 8,633, which is 33.2 per cent above the 10-year seasonal average of 8,632.

The sales-to-active listings ratio for January 2025 are 9.2% for detached homes, 18.5% for attached, and 16.5%t for apartments. Across all detached, attached and apartment property types, the ratio is 14.1%.

Analysis of the historical data suggests home prices often experience upward pressure when it surpasses 20% over several months while downward pressure on home prices occurs when the ratio dips below 12% for a sustained period.

“With new listings outpacing demand to start 2025, price trends saw little fluctuation in January across all segments, with the market overall standing in balanced conditions,” states Lis. “Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the US could impact these estimates. Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,000. This is a 0.5% increase over January 2024 and a 0.1% increase compared to December 2024.

Sales of detached homes in January 2025 reached 380, a 0.3% increase from the 379 detached sales recorded in January 2024. The benchmark price for a detached home is $2,005,400, which is a 3.1% increase from January 2024 and a 0.4% increase compared to December 2024.

Sales of apartment homes reached 846 in January 2025, a 13.4% increase compared to the 746 sales in January 2024. The benchmark price of an apartment home is $748,100, which is a 1.7% decrease from January 2024 and a 0.2% decrease compared to December 2024.

Attached home sales in January 2025 totalled 321, a 12.6% increase compared to the 285 sales in January 2024. The benchmark price of a townhouse is $1,105,600, which is a 2.7% increase from January 2024 and a 0.8% decrease compared to December 2024.

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With declining interest rates and new lending rules, demand for housing in markets across Canada picks up in Q4

Fri, 17 Jan 2025 00:12:12 GMT

Activity picked up pace in the final quarter of 2024, leading to moderate price increases and paving the way for a brisk spring market.

Highlights:

Royal LePage forecasts that the aggregate price of Canadian homes will increase 6.0 percent in the fourth quarter of 2025, compared to 2024’s Q4.
Housing policy and affordability are expected to be primary ballot box issues shaping voters’ decisions in the federal election.
Greater Montreal Area’s aggregate home price increased 8.2 percent year-over-year, while the greater Toronto and Vancouver markets recorded more modest gains of 2.3 percent and 0.7 percent, respectively.
Of the report’s major regions, and for the third consecutive quarter, Quebec City recorded the highest year-over-year aggregate price increase (11.3 percent) in Q4.

“There are several converging factors revitalizing Canada’s real estate market and making home ownership more attainable,” said Phil Soper, president and CEO of Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.”

“While geopolitical uncertainty and concerns over the Trump administration’s proposed trade policies may weigh on consumer confidence, residential real estate remains largely insulated from such external pressures in the short term.

“Home prices are likely to trend only modestly upward over the coming year as inventory is absorbed. This is welcome news for buyers, who can look forward to a more balanced market compared to the frenzied conditions of 2021 and 2022,” continued Soper.

Impact of pending federal election on Canada’s housing market

An early federal election appears almost inevitable following the resignation of Prime Minister Justin Trudeau and the prorogation of government on January 6th. When the House of Commons reconvenes in late March, an immediate confidence vote is not expected to pass, likely triggering an election by mid-spring. The Liberal party is projected to select a new leader by March 9th.

“With a federal election campaign at home and an aggressive stance on trade expected from the new U.S. administration, Canadians will be understandably nervous. That said, the critical need for housing in Canada transcends political cycles. The next government must prioritize addressing the supply crisis, which affects millions of Canadians seeking affordable shelter and stability for their families,” Soper commented.

As Parliament has been prorogued, all pending legislation, apart from Private Members' Bills, is nullified. This includes the increase to the capital gains tax inclusion rate introduced in the last spring budget, which affects those who sold a non-primary residence on or after June 25, 2024. Despite this legislation not being formally enacted, the Canada Revenue Agency (CRA) will continue to apply the tax changes unless directed otherwise by the government, in line with standard practice.

Revised mortgage policies and lower lending rates

New lending regulations introduced at the end of 2024 aim to improve accessibility for both first-time homebuyers and existing homeowners. Key changes include expanded eligibility for 30-year amortizations on insured mortgages, now available to all first-time buyers and purchasers of newly constructed homes—an increase from the previous 25-year limit. Additionally, the mortgage insurance cap was raised from $1 million to $1.5 million, allowing buyers with less than a 20 percent down payment to consider higher-priced properties. This adjustment is particularly impactful in Canada’s most expensive real estate markets, where average home prices exceed $1 million. For homeowners renewing their mortgages, the removal of the stress test requirement for uninsured borrowers switching lenders offers greater flexibility and likely improved rates, as banks compete to attract and retain clients.

“While extending the life of a mortgage may result in higher overall interest paid, the reduction in monthly carrying costs will help address one of the most immediate barriers to affordability. These new policies will make the dream of home ownership attainable for more Canadians,” Soper concluded.

Forecast

Nationally, home prices are forecasted to experience strong quarterly gains in the first half of 2025, fueled by early spring market activity, followed by more moderate increases in the latter half of the year.

Greater Vancouver Market Summary

In Greater Vancouver, the aggregate price of a home rose modestly by 0.7 percent year-over-year to $1,229,000 in the fourth quarter of 2024. However, on a quarterly basis, prices dipped slightly by 0.4 percent.

“The Greater Vancouver real estate market ended the fourth quarter on a high note, with sales activity exceeding last year’s levels, building on the steady upward trend established in October and November.” said Randy Ryalls, general manager of Royal LePage Sterling Realty. “Buyer confidence has notably improved following consecutive interest rate cuts in the second half of 2024, gradually bringing sidelined buyers back into the market.”

According to Ryalls, inventory remains tight across all housing types, though it has increased compared to the same period in previous years.

“We typically see a year end decline in inventory. However, as activity increases, I anticipate that many properties pulled from the market late last year will be relisted in the coming months, alongside new listings,” added Ryalls. “This boost in inventory should help balance market conditions as we head into what I expect will be a busy first quarter. Many buyers, particularly first time homebuyers, are eager to transact, recognizing that prices have likely reached their lowest point and that this is the time to enter the market before competition heats up.”

Looking ahead, Ryalls anticipates a brisk spring market accompanied by steady price growth. “Early indicators for 2025 are strong. If inventory levels continue to improve as expected, it could alleviate some of the pressure on buyers while maintaining a competitive advantage for sellers.”

Click here for the Royal LePage House Price Survey Chart

Click here for the Royal LePage Forecast Chart

Explore detailed insights into Canada’s evolving housing market, the impact of economic policies, and projections for 2025. For more detailed findings and expert analysis, read the full report.

Home sales register a strong finish to cap off 2024

Mon, 06 Jan 2025 19:56:40 GMT

Home sales registered on the Multiple Listing Service® (MLS®) in Metro Vancouver increased over 30 % in December, compared to the previous year, signaling strengthening demand-side momentum to close-out the year.

The Greater Vancouver REALTORS® (GVR) reports that regional residential sales totaled 26,561 in 2024, a 1.2 % rise from 26,249 sales in 2023, and a 9.2 % decrease from the 29,261 sales in 2022.

The total of last year’s sales was 20.9 % below the 10-year annual sales average of 33,559.

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years”, said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”

Metro Vancouver properties listed on the MLS® system totaled 60,388 in 2024, representing an 18.7 % increase from the 50,894 properties listed in 2023. This was 9.7 % above the 55,047 properties listed in 2022.

The total number of properties listed last year was 5.7 % above the region’s 10 year annual average of 57,136.

The total number of Metro Vancouver homes currently listed for sale on the MLS® system is 10,948, a 24.4 % rise above December 2024 (8,802). This total is also 25.3 % above the 10 year seasonal average of 8,737.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,171,500. This represents a 0.5 % increase over December 2023 and a 0.1 % decrease compared to November 2024.

“Disappointingly, sales came in shy of our forecasted target for the year, but the December figures signal an emerging pattern of strength in home sales, building on the momentum seen in previous months”, Lis said. “These more recent sales figures are now trending back towards long term historical averages, which suggests there may still be quite a bit of potential upside for sales as we head into 2025, should the recent strength continue.”

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few % except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”

December 2024 summary

Residential sales in the region totaled 1,765 in December 2024, a 31.2 % increase from the 1,345 sales recorded in December 2023. This was 14.9 % below the 10-year seasonal average of 2,074 for the month.

There were 1,676 Metro Vancouver detached, attached and apartment properties newly listed for sale on the MLS® system in December 2024. This represents a 26.3 % increase compared to the 1,327 properties listed in December 2023. This was 1.1 % below the 10 year seasonal average of 1,695.

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 %. By property type, the ratio is 12.1 % for detached homes, 23.6 % for attached, and 18.7 % for apartments.

Analysis of past data suggests downward pressure on home prices takes place when the ratio dips below 12 % for a sustained period, while home prices often experience upward pressure when it passes 20 % over several months.

The sale of detached homes reached 494 in December 2024, a 31.4 % increase from the 376 detached sales recorded in December 2023. The benchmark price for a detached home is $1,997,000. This represents a two % increase from December 2023 and is almost unchanged compared to November 2024.

Apartment home sales reached 891 in December 2024, a 23.9 % increase compared to the 719 sales in December 2023. The benchmark price of an apartment home is $749,900. This represents a 0.1 % decrease from December 2023 and a 0.4 % decrease compared to November 2024.

In December 2024, attached home sales totaled 371, a 55.9 % increase compared to the 238 sales in December 2023. The benchmark price of a townhouse is $1,114,600. This represents a 3.4 % increase from December 2023 and a 0.3 % decrease compared to November 2024.

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Home price growth to return to long-term norms in 2025, ending era of market unpredictability

Fri, 13 Dec 2024 22:23:57 GMT

The predicted decline of interest rates along with new lending rules will bring buyers back to the market next year.

Highlights:

Royal LePage forecasts that the aggregate price of Canadian homes will increase by 6.0 percent year-over-year in the fourth quarter of 2025.
Nationally, single-family detached and condominiums are expected to increase 7.0 percent and 3.5 percent, respectively, year over year in Q4 of 2025.
The Greater Montreal Area aggregate home price appreciation (6.5 percent) is expected to outpace greater regions of Toronto (5.0 percent) and Vancouver (4.0 percent) this next year.
Quebec City is forecasted to see the highest gains of all major regions in 2025, with the aggregate home price predicted to rise 11.0 percent, followed by Edmonton and Regina at 9.0 percent.

“After several years of unusual volatility in the real estate market key indicators point to a return to stability in 2025. The backlog of willing and able buyers continues to grow, and upcoming changes to mortgage lending rules will further enhance Canadians’ borrowing power”, said president and chief executive officer Phil Soper, at Royal LePage. “Most notably the Bank of Canada’s shift from ‘inflation fighter’ to ‘economy booster’ has taken time to influence buyer behaviour. We saw a marked increase in market activity at the start of the fourth quarter, following the Bank of Canada’s 50 basis point rate cut. Buyers now believe home prices have hit bottom and are eager to act before competition intensifies.”

Home prices are expected to increase in 2025 in all major markets across the country. Greater Vancouver is expected to see moderate gains of 4.0%.

Tightening supply to favour sellers, drive price gains

From one region to the next, housing supply levels have contrasted for months; some markets have been reeling from a chronic supply shortage, while others have watched inventory levels steadily climb. As 2025 approaches and buyers become more active, inventory will tighten across the country.

“Over the past several months, supply has been building in the Toronto and Vancouver real estate markets as sellers responded to early interest rate cuts by listing their homes. However, with home prices in these cities remaining high, many sidelined buyers continued to wait for more favourable borrowing conditions. Flat property prices also reduced the urgency often driven by fears of ‘missing out,’ creating a temporary stalemate where inventory lingered, and buyers hesitated to act. By mid-fall, this dynamic began to shift as buyers re-engaged with the market,” said Soper.

Sidelined buyers are being encouraged back to the market after four consecutive rate cuts by the central bank and optimism of more to follow. The Bank of Canada’s overnight lending rate currently sits at 3.75%, the lowest in over two years.

“We expect the boost in buyer activity that began in October will extend to a busier-than-normal winter and a pull-ahead of the spring market,” added Soper.

New lending policies to give first-time buyers a leg up

A series of new lending regulations are set to take effect this month, creating greater accessibility for both first-time buyers and current homeowners. As of Dec. 15th, eligibility for 30 year amortizations on insured mortgages will be expanded to all first-time homebuyers and to all purchasers of new construction properties, up from the current 25 year threshold. In addition, the mortgage insurance cap will increase from $1 million to $1.5 million, allowing buyers with a down payment of less than 20% the opportunity to explore housing options at a higher price point. This will be especially impactful for homebuyer hopefuls in the country’s priciest real estate markets, where average property values often exceed $1 million.

“Improved lending conditions, combined with declining interest rates, will unlock new housing opportunities for many Canadians in the new year. First-time buyers will be the primary beneficiaries of these initiatives, as their ability to borrow more for less with a smaller down payment will help bring them closer to their first home purchase,” said Soper. “We believe the return of buyers to the market will encourage builders and trigger a wave of new supply, which is very much needed.”

In October, the Office of the Superintendent of Financial Institutions (OSFI) announced that it would eliminate the mortgage stress test requirement for uninsured borrowers who switch lenders upon renewal, provided there is no change to the loan amount or amortization period. This change came into effect on November 21st.

“Mortgage holders with upcoming renewals will also feel some relief, knowing that they can explore their options with other lenders without having to requalify under the stress test. And, banks will be encouraged to offer more competitive rates in order to attract new clients and retain current clients,” said Soper. “Despite the anxiety some may be feeling about their loans renewing over the coming year, it is worth noting that most would have qualified – thanks to the strict mortgage stress test rules – at a higher rate four or five years ago than the current market rates available today. In other words, the stress test has done its job in keeping the vast majority of Canadians safe from mortgage default.”

In an effort to achieve well managed, sustainable growth in the long-term, the federal government has recently announced a reduction in its immigration targets for 2025 and 2026, down from 500,000 each year to 395,000 and 380,000, respectively. This includes a reduction in the number of temporary foreign workers. These reduced targets remain above pre-pandemic levels.

The changing Canadian landscape

2025 will bring a change in government south of the border, and potentially in Canada’s House of Commons. New leadership, in addition to evolving trade relations, immigration policies and global conflict, could meaningfully alter the state of the Canadian housing market.

“With an election approaching in Ottawa and a new administration preparing to take office in Washington, the housing market faces potential disruptions. Here at home, a federal election will see new housing policies that may temporarily impact market activity in the second half of 2025,” said Soper. “Meanwhile, south of the border, the incoming Trump administration’s trade policies and broader economic agenda have the potential to create ripple effects for Canada’s economy and housing market. While these impacts may take time to unfold, they could eventually affect consumer confidence and market dynamics on both sides of the border.”

Quarterly forecast

Nationally, home prices are forecast to see the strongest quarterly gains in the first quarter of 2025, with more moderate increases expected in the latter half of the year. The aggregate price of a home in Canada is forecast to be 2.0% higher in Q1 of 2025 compared to the final quarter of 2024, due to strong activity in the spring market. This is followed by expected price gains of 1.5% each in the second and third quarters, heading into the winter months. And, a modest 1.0% increase in the final quarter of 2025.

Greater Vancouver Market Summary

In Greater Vancouver, the aggregate price of a home in the Q4 of 2025 is predicted to increase 4.0% year-over-year to $1,271,712. During the same period, the median price of a single family detached property is forecasted to rise 2.0% to $1,766,334, while the median price of a condominium is forecast to increase 4.5% to $795,141.

“After months of stalled activity, sales in Greater Vancouver’s housing market began to pick up in October, signaling the turning point of renewed momentum. As borrowing conditions improve, sidelined buyers are re-entering the market”, said Randy Ryalls, managing broker of Royal LePage Sterling Realty. “There’s been a shift in consumer sentiment, with many buyer hopefuls feeling the market has bottomed out. This has brought buyers back to the table and set the stage for an active and early spring market.”

Ryalls also noted that competition has been increasing for most property types. Even those that have been on the market for some time are selling in multiple offer scenarios.

“Looking ahead to 2025, price-gains in the condo and townhome segments are expected to outpace those of single family detached homes, given the relative affordability of these property types”, added Ryalls. “Inventory is already thinning out. I anticipate that demand will outstrip available supply next year as improved lending conditions draw more and more sidelined buyers back to the market.”

Royal LePage 2025 Market Survey Forecast Table: rlp.ca/table-2025-forecast

Home buyer demand continues to strengthen in November

Wed, 04 Dec 2024 01:02:09 GMT

Home sales registered in the MLS® in Metro Vancouver increased 28% year-over-year in November, building on the momentum of the 30 % year-over-year rise seen in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,181 in November 2024, a 28.1% increase from the 1,702 sales recorded in the same month last year. This was 12.8% below the 10-year seasonal average (2,500).

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” mentioned Andrew Lis, GVR’s director of economics and data analytics. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”

There were 3,725 detached, attached and apartment properties newly listed on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents an increase of 10.6% compared to the 3,369 properties listed in November 2023, and a 5.4% increase above the 10-year seasonal average (3,535).

The current number of properties listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2% increase compared to November 2023 (10,931). This is 26.1% above the 10-year seasonal average (10,502).

Across all detached, attached and apartment properties, the sales-to-active listings ratio for November 2024 is 17.1%. By property type, the ratio is 12.7% for detached homes, 23.1% for attached, and 18.7% for apartments.

Historical data suggests downward pressure on pricing occurs when the ratio drops below 12% for a sustained period, while home prices often experience upward pressure when the ratio surpasses 20% over several months.

“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” said Lis. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,172,100. This represents a decrease of 0.9% over November 2023 and nearly unchanged compared to October 2024.

Sales of detached homes reached 626 in November 2024, a 19.7% increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a 1% increase from November 2023 and a 0.3% decrease compared to October 2024.

Apartment home sales reached 1,089 in November, 2024, a 28.1% increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800, representing a 1.2% decrease from November 2023 and a 0.6% decrease compared to October 2024.

The total number of attached home sales in November 2024 was 451, a 42.7% increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8% increase from November 2023 and a 0.8% increase compared to October 2024.

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Buyer demand surges in October

Mon, 04 Nov 2024 23:22:40 GMT

After months of tracking approximately 20% below the ten-year seasonal average, Metro Vancouver home sales surged more than 30% year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9% increase from the 1,996 sales recorded in October 2023. This was 5.5% below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Andrew Lis, GVR’s director of economics and data analytics. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9% increase compared to the 4,664 properties listed in October 2023. This was 20% above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8% increase compared to October 2023 (11,599). This total is also 26.2% above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8%. By property type, the ratio is 13.4% for detached homes, 22.5% for attached, and 22.2% for apartments.

“While the strength in October's numbers is encouraging, one data point does not make a trend," said Lis. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9% decrease over October 2023 and a 0.6% decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5% increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3% increase from October 2023 and a 1% decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4% increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6% decrease from October 2023 and a 0.6% decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7% increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4% increase from October 2023 and a 0.9% increase compared to September 2024.

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Home Price Update and Market Forecast Q3 2024

Tue, 15 Oct 2024 18:07:43 GMT

Discover the latest trends shaping Canada’s housing market with our Q3 2024 House Price Survey. Here’s what you need to know.

Q3 2024 Key Highlights:

National Trends: The aggregate home price rose a modest 1.6% year over year in Q3 2024, and decreased 1.1% over Q2.
Regional Insights: While the greater Toronto and Vancouver markets showed little change, rising 0.7% and 0.5%, respectively, Greater Montreal’s aggregate home price increased 5.2% year over year.
Quebec City Continue to Soar: For the second consecutive quarter, Quebec City recorded the highest year-over-year aggregate price increase (10.5%) in Q3 among the report’s major regions.
Prairie Provinces Pushes Upwards: As tight supply pushed prices upward in Q3, major markets in the prairie provinces continue to show resilience and strength.
Future Outlook: Royal LePage expects home prices to remain stable through Q4; forecasts pull-ahead of spring market on expectation of continued easing of lending rates.

Home prices in Canada posted modest year-over-year price appreciation in the third quarter, yet decreased slightly on a quarterly basis, following sluggish activity in most – though not all – markets through the summer months. While material price appreciation may not occur in the typically-slower fourth quarter, a pull-ahead of the spring market is expected on account of improved affordability thanks to new lending regulations and further anticipated rate cuts.

“Despite three cuts to the Bank of Canada’s overnight lending rate, buyer demand nationally remains weak, particularly among two key groups: first-time homebuyers and small investors,” said Phil Soper, president and chief executive officer, Royal LePage. “We believe that both groups will re-enter the market in significant numbers as property values begin to rise again. With further rate cuts from the Bank of Canada likely this year, we anticipate prices will appreciate more quickly, eliminating the advantages of waiting for first-time buyers and making calculations more favourable for investors.”

Greater Vancouver

The aggregate price of a home in Greater Vancouver increased a modest 0.5% to $1,233,900 year over year in the third quarter of 2024. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.4%.

Broken out by housing type, the median price of a single-family detached home increased 0.4% year over year to $1,754,500 in the third quarter of 2024, while the median price of a condominium increased 0.2% to $768,600 during the same period.

“The Greater Vancouver market has remained relatively steady through the third quarter, with September showing similar patterns to the summer months. We didn’t see a significant bump in activity and prices dipped just slightly compared to the second quarter,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “The slow activity across all segments can largely be attributed to buyers sitting on the fence waiting for further interest rate reductions, without any real urgency to make a move just yet.”

Ryalls noted that the detached home segment in particular continues to experience weaker demand, and remains firmly in buyer territory today.

“Interest rates are anticipated to continue their downward trend, and while the cuts so far haven’t sparked a surge in activity, a more substantial drop – a 50 basis point decrease – could have a more noticeable impact on the market. Many potential buyers are waiting for the bottom before making their move,” added Ryalls. “With inventory continuing to grow, this is an optimal environment for those who are ready to buy – prices are holding flat and there are more properties to choose from.”

In the city of Vancouver, the aggregate price of a home increased 0.6% year over year to $1,409,800 in the third quarter of 2024. During the same period, the median price of a single-family detached home decreased 1.1% to $2,244,400, while the median price of a condominium remained virtually flat, increasing 0.2% to $839,600.

“Between now and the end of the year, I expect activity to remain fairly flat. However, Vancouver’s market trends tend to shift quickly, and if buyer urgency and activity reverse course, I wouldn’t be surprised to see an uptick in prices as well.”

We are forecasting that the aggregate price of a home in Greater Vancouver will increase 3.0% in the fourth quarter of 2024, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.

Royal LePage House Price Survey Chart: rlp.ca/house-prices-Q3-2024
Royal LePage Forecast Chart: rlp.ca/market-forecast-Q3-2024

Explore detailed insights into Canada’s evolving housing market, the impact of economic policies, and projections for the remainder of 2024. For more detailed findings and expert analysis, read the full report [here].

Buyers remain cautious to begin the fall market

Thu, 03 Oct 2024 04:49:18 GMT

Home sales registered on the MLS® in Metro Vancouver declined 3.8% year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,852 in September 2024, a 3.8% decrease from the 1,926 sales recorded in September 2023. This was 26% below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” said Andrew Lis, GVR’s director of economics and data analytics. “Sales continue trending roughly 25% below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8% increase compared to the 5,446 properties listed in September 2023. This was also 16.7% above the 10-year seasonal average (5,266)

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2% increase compared to September 2023 (11,382). This is 24.2% above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8%. By property type, the ratio is 9.1% for detached homes, 16.9% for attached, and 14.6% for apartments.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” said Lis.

With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8% decrease over September 2023 and a 1.4% decrease compared to August 2024.

Sales of detached homes in September 2024 reached 516, a 9.8% decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5% increase from September 2023 and a 1.3% decrease compared to August 2024.

Sales of apartment homes reached 940 in September 2024, a 4.9% decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8% decrease from September 2023 and a 0.8% decrease compared to August 2024.

Attached home sales in September 2024 totalled 378, a 7.4% increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5% decrease from September 2023 and a 1.8% decrease compared to August 2024.

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Sellers await buyers’ return after quieter summer market

Wed, 04 Sep 2024 19:35:24 GMT

Home sales registered on the MLS® in Metro Vancouver remained below their 10 year seasonal averages in August as summer holidays come to a close.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1% decrease from the 2,296 sales recorded in August 2023. This total was also 26% below the 10-year seasonal average (2,572).

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said. “With that said, sales remain in a holding pattern, trending roughly 20% below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2024. This represents a 4.2% increase compared to the 3,943 properties listed in August 2023. This total was 1.7% below the 10-year seasonal average (4,179).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,812, a 37% increase compared to August 2023 (10,082). This total is also 20.8% above the 10-year seasonal average (11,432).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for August 2024 is 14.3%. By property type, the ratio is 9.6% for detached homes, 18% for attached, and 17.2% for apartments.

“Buyers’ hesitancy to enter the market, paired with new listing activity on the part of sellers that is in line with historical averages, has allowed inventory to accumulate for a number of months and has moved the market firmly into balanced conditions,” Lis said.

“With the Bank of Canada’s decision to reduce the policy rate today by another quarter percentage point, and with September being a month that typically sees an increase in sales from a seasonal perspective, the fall market is set up to bring more buyers off the sidelines. We will watch the upcoming September data to see whether they decide to show up.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,195,900. This represents a 0.9% decrease over August 2023 and a 0.2% decrease compared to July 2024.

Sales of detached homes in August 2024 reached 509, a 13.9% decrease from the 591 detached sales recorded in August 2023. The benchmark price for a detached home is $2,048,400. This represents a 1.8% increase from August 2023 and a 0% decrease compared to July 2024.

Sales of apartment homes reached 1,012 in August 2024, a 20.3% decrease compared to the 1,270 sales in August 2023. The benchmark price of an apartment home is $768,200. This represents a 0.1% decrease from August 2023 and a 0% decrease compared to July 2024.

Attached home sales in August 2024 totalled 370, a 12.3% decrease compared to the 422 sales in August 2023. The benchmark price of a townhouse is $1,119,300. This represents a 0.8% increase from August 2023 and a 0.5% decrease compared to July 2024.

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2024 Demographic Survey: Next Generation of Buyers

Tue, 27 Aug 2024 21:03:36 GMT

A recent survey reveals that 83% of adults in British Columbia, specifically those from Generation Z and younger Millennials aged 18 to 38 (born between 1986 and 2006), view homeownership as a valuable investment. Among those who don't currently own a home, 77% plan to purchase a primary residence during their lifetime.

"Young Canadians have a strong positive outlook on owning real estate. Despite the challenges of entering urban markets like Vancouver, this demographic sees homeownership as a significant and worthwhile long-term investment, regardless of the property type," said Adil Dinani, sales representative and team lead of the Dinani Group at Royal LePage West Real Estate Services. "With this goal in mind, many are willing to adjust their lifestyle or explore alternative pathways, such as purchasing with friends or family or relocating to more affordable areas."

Dinani pointed out that high lending rates are a significant hurdle for many young buyers, often prolonging their time in the rental market. "As rates decrease meaningfully, we expect to see more of this demographic transitioning from renting to owning their homes."

In British Columbia, 75% of respondents who don't currently own a home consider homeownership a priority. About half (51%) believe that buying a home is an achievable goal, while 25% are uncertain, and 24% feel it is out of reach.

When asked why homeownership is important, 81% of the next generation of potential homebuyers in British Columbia expressed a desire for a permanent place to call their own. Additionally, 68% believe owning a home provides stability, and 40% find renting restrictive due to tenant-landlord policies. Respondents were allowed to select multiple reasons.

"Homeownership is a highly valued milestone for many in Generation Z and young Millennials, making it a key priority for their future. While some young buyers anticipate financial help from family, others are taking a close look at their finances, making necessary adjustments to achieve this goal," Dinani added. "Young Canadians should remember that opportunities exist in every market, regardless of current conditions. Instead of feeling rushed, take the time to explore, understand, and get comfortable with the opportunities available."

Click here to download the “2024 Next Generation of Buyer’s” Brochure.

More selection not translating to more transactions

Fri, 02 Aug 2024 20:34:19 GMT

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly 20% year over year in July, helping to maintain a healthy level of inventory in the Metro Vancouver housing market.

On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5% decrease from the 2,455 sales recorded in July 2023. This was 17.6% below the 10-year seasonal average (2,831).

“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” Andrew Lis, GVR’s director of economics and data analytics said. “With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4% increase compared to the 4,649 properties listed in July 2023. This was also 12.7% above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1% increase compared to July 2023 (10,301). This is also 21.5% above the 10-year seasonal average (11,788).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for July 2024 is 16.9%. By property type, the ratio is 12.8% for detached homes, 20.1% for attached, and 19.3% for apartments.

“With the overall market experiencing balanced conditions, and with a healthy level of inventory not seen in quite a few years, price trends across all segments have leveled out with very modest declines occurring month over month,” Lis said. “While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels. In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,197,700. This represents a 0.8% decrease over July 2023 and a 0.8% decrease compared to June 2024.

Sales of detached homes in July 2024 reached 688, a 1% increase from the 681 detached sales recorded in July 2023. The benchmark price for a detached home is $2,049,000. This represents a 2.1% increase from July 2023 and a 0.6% decrease compared to June 2024.

Sales of apartment homes reached 1,192 in July 2024, a 6.9% decrease compared to the 1,281 sales in July 2023. The benchmark price of an apartment home is $768,200. This represents a 0.3% decrease from July 2023 and a 0.7% decrease compared to June 2024.

Attached home sales in July 2024 totalled 437, a 6.2% decrease compared to the 466 sales in July 2023. The benchmark price of a townhouse is $1,124,700. This represents a 1.4% increase from July 2023 and a 1.2% decrease compared to June 2024.

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2024 House Price Survey Highlights

Mon, 15 Jul 2024 15:46:41 GMT

Discover the latest trends shaping Canada’s housing market with our Q2 2024 House Price Survey. Here’s what you need to know.

Q2 2024 Key Highlights:

National Trends: The aggregate home price in Canada rose by 1.9% year-over-year, reaching $824,300. Quarterly, prices climbed by 1.5%, despite slower activity in major markets like Toronto and Vancouver.
Regional Insights: While Toronto and Vancouver experienced subdued market activity, prairie provinces and Quebec saw demand continue to outstrip supply.
Quebec City Soars: Quebec City recorded the highest year-over-year price increase at 10.4% among major regions.
Future Outlook: Royal LePage® forecasts a 9.0% increase in home prices by Q4 2024, maintaining steady growth momentum.

Market Analysis: The survey highlights a nuanced market landscape where national price increases contrast with varied regional performances. Despite interest rate cuts aimed at boosting buyer confidence, the impact has been tempered, with consumers cautiously navigating economic uncertainties.
Regional Summaries:
- Greater Vancouver: Prices increased by 3.9% year-over-year, with continued market stability despite lower activity levels compared to historical norms.
Explore detailed insights into Canada’s evolving housing market, the impact of economic policies, and projections for the remainder of 2024. For more detailed findings and expert analysis, read the full report [here].

Market shifting in buyers’ favour, though hesitation remains

Thu, 04 Jul 2024 17:47:46 GMT

Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 2,418 in June 2024, a decrease of 19.1% from the 2,988 sales recorded in June 2023. This was 23.6% below the 10-year seasonal average (3,166).

“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” said Andrew Lis, GVR’s director of economics and data analytics. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”

There were 5,723 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7% increase compared to the 5,347 properties listed in June 2023. This total is 3% above the 10-year seasonal average (5,554).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42% increase compared to June 2023 (9,990). This total is 20.3% above the 10-year seasonal average (11,790).

Across all detached, attached, and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6%. By property type, the ratio is 13.1% for detached homes, 21.1% for attached, and 20.3% for apartments.

“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favor of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5% increase over June 2023 and a 0.4% decrease compared to May 2024.

Sales of detached homes in June 2024 reached 694, an 18.2% decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7% increase from June 2023 and a 0.1% decrease compared to May 2024.

Sales of apartment homes reached 1,245 in June 2024, a 20.9% decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1% increase from June 2023 and a 0.4% decrease compared to May 2024.

Attached home sales in June 2024 totaled 456, a 16.6% decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3% increase from June 2023 and a 0.6% decrease compared to May 2024.

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Despite Affordability Challenges, A Quarter of Canadian Renters Plan to Get a Foot on the Property Ladder in the Next Two Years

Thu, 20 Jun 2024 14:10:58 GMT

As a real estate agent serving the Greater Vancouver area, I often hear from clients about the challenges and dreams of owning a home. A recent report from Royal LePage sheds light on an encouraging trend: despite affordability challenges, a quarter of Canadian renters plan to purchase a home within the next two years. This report provides valuable insights into the current mindset of renters and what it means for the real estate market.

Rising Ambitions Amidst Rising Costs

The report highlights that 25% of Canadian renters are optimistic about buying a home soon. This ambition persists even as housing prices continue to rise, making affordability a significant hurdle. The determination to own a home speaks volumes about the value Canadians place on homeownership, viewing it as a critical step towards financial stability and personal fulfillment.

Why Are Renters Looking to Buy?

Several factors contribute to this trend. Many renters are motivated by the desire to build equity and invest in their future rather than continuing to pay rent. The low-interest-rate environment we've experienced recently has also played a role, making mortgage payments more manageable for many potential buyers.

Moreover, the pandemic has shifted perspectives on the importance of having a stable and comfortable living space. With more people working from home, the need for a space that truly feels like one's own has never been more pronounced.

Challenges on the Horizon

Despite the strong desire to buy, potential homebuyers face notable challenges. Affordability remains the most significant barrier, especially in markets like Greater Vancouver, where property prices are among the highest in the country. Saving for a down payment is another hurdle, particularly for younger renters who may also be managing student debt and other financial commitments.

What Can Potential Buyers Do?

For those considering making the leap from renting to owning, here are a few tips to help navigate the process:

Start Saving Early: Begin saving for a down payment as soon as possible. Even small, consistent contributions can add up over time.
Understand Your Finances: Get a clear picture of your financial situation, including your credit score, debt levels, and savings. This will help you understand what you can afford and qualify for in terms of a mortgage.
Get Pre-Approved for a Mortgage: Before you start house hunting, get pre-approved for a mortgage. This will give you a realistic budget and show sellers that you’re a serious buyer.
Work with a Real Estate Professional: Navigating the real estate market can be complex. Working with an experienced real estate agent can provide you with valuable insights and guidance throughout the buying process.

The Future of Homeownership

The Royal LePage report provides a hopeful outlook for the Canadian real estate market. Despite the challenges, the dream of homeownership is alive and well among renters. As a real estate professional, I’m here to support and guide you through every step of the home buying journey. Whether you’re a first-time buyer or looking to invest in a new property, let’s work together to turn your homeownership dreams into reality.

Download Royal LePage Data Report

For more insights and assistance in your home buying journey, reach out anytime. Let's make your homeownership dreams come true!

David Reimers PREC REALTOR®

Metro Vancouver home sales down in May while inventory continues to increase

Thu, 13 Jun 2024 21:20:18 GMT

The number of transactions on the Multiple Listing Service® (MLS®) saw a decline in May compared to the usual for this period in Metro Vancouver, contributing to the ongoing accumulation of homes available for sale, with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reported that residential sales in the region totaled 2,733 in May 2024, marking a 19.9% decrease from the 3,411 sales recorded in May 2023. Last month’s sales were also down 19.6% from the 10-year seasonal average for May (3,398).

"The May data revealed softer sales than expected for this time of year, while the number of newly listed homes for sale continued the momentum from April," noted Andrew Lis, GVR’s director of economics and data analytics. "These trends are influenced by various factors affecting buyer and seller decisions, from higher borrowing costs to economic concerns and government policy interventions."

There were 6,374 detached, attached, and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024, marking a 12.6% increase compared to May 2023 and a 7% increase compared to the 10-year seasonal average.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver stands at 13,600, showing a 46.3% increase compared to May 2023 and a 19.9% increase above the 10-year seasonal average.

The sales-to-active listings ratio for May 2024 across all property types is 20.8%. By property type, the ratio is 16.8% for detached homes, 25.1% for attached, and 22.5% for apartment properties.

Historical data analysis indicates downward pressure on home prices when the ratio remains below 12% for an extended period and upward pressure when it exceeds 20% over several months.

"With market trends now leaning towards more balanced conditions as new listings outpace sales, slower price growth is expected in the coming months," Lis remarked. "Buyers who've been waiting for an opportunity might find more favorable conditions this summer despite elevated borrowing costs."

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver currently sits at $1,212,000, reflecting a 2.3% increase over May 2023 and a 0.5% increase compared to April 2024.

In May 2024, sales of detached homes reached 846, down 18.9% from May 2023, with a benchmark price of $2,062,600, up 5.9% from May 2023.

Sales of apartment homes in May 2024 totaled 1,338, down 22.7% from May 2023, with a benchmark price of $776,200, up 2.2% from May 2023.

Attached home sales in May 2024 totaled 523, down 14% from May 2023, with a benchmark price of $1,145,600, up 5.2% from May 2023.

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Inventory Reaches Highest Levels Since the 2020 Pandemic Summer

Thu, 02 May 2024 16:03:22 GMT

Active home listings on the MLS® in Metro Vancouver continued to rise in April, showing a 42% year-over-year increase, surpassing the 12,000 mark—a level last observed in the region during the summer of 2020.

Greater Vancouver REALTORS® (GVR) report that residential sales in the area totaled 2,831 in April 2024, marking a 3.3% increase from the 2,741 sales recorded in April 2023. However, this figure was 12.2% below the 10-year seasonal average of 3,223.

“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”

In April 2024, there were 7,092 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver. This is a 64.7% increase compared to the 4,307 properties listed in April 2023, and 25.8% above the 10-year seasonal average of 5,637.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1% increase from April 2023 (8,790), and 16.7% above the 10-year seasonal average (10,704).

The sales-to-active listings ratio for April 2024 across all property types is 23.5%. By property type, the ratios are 17.6% for detached homes, 31.0% for attached homes, and 26.0% for apartments.

Historical data analysis indicates that downward pressure on home prices occurs when the ratio falls below 12% for a sustained period, whereas prices tend to rise when the ratio exceeds 20% for several months.

“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800, up 2.8% from April 2023 and 0.8% from March 2024.

Detached home sales in April 2024 reached 814, a 0.7% increase from the 808 sales in April 2023. The benchmark price for a detached home is now $2,040,000, up 6.3% from last year and 1.6% from March 2024.

Apartment home sales totaled 1,416 in April 2024, a 0.2% increase from the 1,413 sales in April 2023. The benchmark price for an apartment home is $776,500, up 3.2% from last year but down 0.1% from March 2024.

Sales of attached homes reached 580 in April 2024, marking a 16% increase from the 500 sales in April 2023. The benchmark price for a townhouse is $1,127,200, reflecting a 4.3% increase from April 2023 and a 1.3% increase from March 2024.

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Buyers’ purchase plans gain momentum in Q1 to get ahead of rising home prices, and anticipated interest rate cuts

Sat, 13 Apr 2024 20:09:32 GMT

Typically, spring marks the peak activity season for Canada's real estate sector, as warmer weather prompts a surge in buying and selling nationwide. However, in 2024, this bustling spring market began earlier than usual and is experiencing added pressure. Aspiring homebuyers, who had been waiting on the sidelines, are now reentering the market ahead of anticipated interest rate cuts. This rush is expected to intensify competition and drive home prices even higher.

Royal LePage® projects that the overall price of homes in Canada will rise by 9.0% in the fourth quarter of 2024 compared to the same period in the previous year. This forecast has been revised upwards nationally and in most major markets, following robust first-quarter results.

Phil Soper, president and CEO of Royal LePage, remarked that the market hit a turning point in the first quarter of 2024, with home prices rebounding after bottoming out. He noted a shift in buyer behavior, with more people motivated to purchase homes sooner to avoid rising prices, rather than waiting for mortgage rates to decrease.

In the first quarter, the aggregate home price in Canada increased by 4.3% year-over-year to $812,100. Quarter-over-quarter, the national aggregate price rose by 2.9%, indicating a resurgence in homebuying activity ahead of expected interest rate cuts.

Broken down by housing type, the median price of single-family detached homes increased by 4.5% year-over-year to $845,300, while condominium prices rose by 3.5% to $591,900.

Toronto and Montreal are anticipated to lead in home price appreciation, with forecasted increases of 10.0% and 8.5% year-over-year, respectively, outpacing Calgary, which was previously expected to see the highest price gains.

Soper suggested that sustained price appreciation could narrow the gap between Toronto and Vancouver, with Toronto expected to surpass Vancouver's home prices in the latter half of 2024.

The Canadian housing market has already witnessed solid price appreciation and increased sales activity in the early months of the year. With the Bank of Canada holding rates steady since July 2023, many homebuyers are entering the market ahead of what they anticipate will be a highly competitive spring market, driving prices upward.

Looking ahead, Soper predicts a busy spring market leading into an even busier fall, signalling a shift away from a buyers' market to one favouring sellers. For more insights, refer to Royal LePage's first-quarter release.

First quarter press release highlights:

Among major regions, Calgary recorded highest year-over-year aggregate price appreciation (9.7%) for the second consecutive quarter; increased 1.9% on a quarterly basis
89% of regions in the report recorded quarterly price appreciation in the first three months of the year, ahead of the traditionally busy spring market period
Royal LePage expects home prices in the Greater Toronto Area will surpass those in Greater Vancouver in 2024

For the Greater Vancouver Press Release Click Here - Royal LePage

Buyers have more choice this spring, given increased seller activity

Mon, 08 Apr 2024 18:24:45 GMT

The amount of Metro Vancouver homes listed for sale on the MLS® rose nearly 23% year-over-year, providing more opportunity for buyers looking for a home this spring.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the area totalled 2,415 in March 2024, a 4.7% decrease from the 2,535 sales recorded in March 2023. This was 31.2% below the 10-year seasonal average (3,512).

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties.”

There were 5,002 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2024. This signifies a 15.9% increase compared to the 4,317 properties listed in March 2023. This was 9.5% below the 10-year seasonal average (5,524).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5% increase compared to March 2023 (8,617). This is 6.3% above the 10-year seasonal average (9,923).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8%. By property type, the ratio is 18.2% for detached homes, 31.3% for attached, and 25.8% for apartments.

Analysis of the historical data proposes downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two per cent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said. “With the latest inflation numbers trending in the right direction, it remains likely that we’ll see at least one or two modest cuts to the Bank of Canada’s policy rate in 2024, but even if these cuts come, they may not provide the boost to affordability many had been hoping for. As a result, we expect constrained borrowing power to remain a challenging headwind as we move into the summer months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,196,800. This signifies a 4.5% increase over March 2023 and a 1.1% increase compared to February 2024.

Sales of detached homes in March 2024 reached 694, a 5.4% decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4% increase from March 2023 and a 1.8% increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024; a 7.9% decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7% increase from March 2023 and a 0.9% increase compared to February 2024.

Attached home sales in March 2024 totalled 495, a 6.2% increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5% increase from March 2023 and a 1.7% increase compared to February 2024.

Click here for the March 2024 Stats Report - GVR

BC First-Time Home Buyer Property Transfer Tax Exemption

Thu, 14 Mar 2024 22:53:15 GMT

Purchasing your first home is a significant milestone, but it often comes with a multitude of financial considerations. In British Columbia, one consideration is the Property Transfer Tax (PTT), which can add a significant cost to your home purchase. However, there's good news for first-time homebuyers in BC: the First-Time Home Buyer Property Transfer Tax Exemption. As a future home owner, it is important to know the exemption details and how it can benefit you as a first-time homebuyer.

Understanding the Property Transfer Tax

In British Columbia, the PTT is a tax paid by purchasers when properties are purchased or transferred. The tax amount is calculated based on the property's fair market value and is payable upon registration of the transfer at the Land Title Office. This tax can often amount to a substantial sum, depending on the value of the property being purchased.

The First-Time Home Buyer PTT Exemption is a measure introduced by the BC government to assist first-time homebuyers in entering the housing market with reduced financial burden. Under this exemption, eligible first-time homebuyers may be exempt from paying the PTT, up to a certain threshold. This threshold is periodically adjusted to account for changes in the housing market and government policies.

Changes in 2024 to the PTT Threshold

Under the previous regulations, first-time homebuyers were exempt from paying PTT on the first $500,000 of a home's value, provided the property did not exceed $500,000 in total value. Effective April 1, 2024, the exemption threshold will be raised to $835,000. Consequently, more first-time buyers will enjoy the exemption on the initial $500,000, with PTT applicable on the portion of the value between $500,000 and $835,000.

In other words, for properties with a value of less than $835,000, PTT is not payable on the first $500,000, but payable on the difference between the value and $500,000. For example, if the value of the property is $700,000, PTT paid would be 2% of $200,000 ($700,000 less $500,000). Not paying PTT on the first $500,000 saves the purchaser a total of $8,000

Eligibility Criteria

Buyer must have never owned an interest in a principal residence anywhere in the world at any time;
Is a citizen of or a permanent resident of Canada;
Resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
Moves into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year.

Applying for the Exemption

To claim the First-Time Home Buyer Property Transfer Tax Exemption, you'll need to complete the necessary forms and provide supporting documentation during the property transfer process. It's essential to work closely with your legal representative to ensure all requirements are met and the exemption is applied correctly. The process can sometimes be complex, so having knowledgeable professionals guiding you through it can be invaluable.

For first-time homebuyers in British Columbia, the First-Time Home Buyer Property Transfer Tax Exemption offers a valuable opportunity to reduce the financial burden associated with purchasing a home. By providing relief from the Property Transfer Tax, the exemption aims to make homeownership more accessible and achievable for eligible individuals and families. If you're considering purchasing your first home in BC, be sure to explore the eligibility criteria and take advantage of this beneficial exemption. With careful planning and guidance, you can navigate the process smoothly and embark on the exciting journey of homeownership with confidence. For more information be sure to contact us to help you in your homeownership journey!

The New BC Home Flipping Tax: how does it work?

Tue, 12 Mar 2024 18:57:38 GMT

In the ever-shifting landscape of real estate regulations, British Columbia is implementing a transformative measure: the BC Home Flipping Tax. Set to take effect on January 1, 2025, this tax targets income derived from the sale of properties owned for less than two years. As we go through how this tax works, it is important to note this tax is on top of our already established (January 1, 2023) Federal Flipping Tax. This rule ensures that profits from flipped properties are treated as business income, impacting capital gain considerations and the availability of the Principal Residence Exemption.

The home flipping tax in British Columbia will be applicable to earnings from properties sold on or after January 1, 2025. If a property purchased before the tax's effective date is sold on or after January 1, 2025, it may be liable for the new tax if the sale occurs within 2 years, unless an exemption is applicable. The purpose of this tax is to discourage the short-term holding of property for profit. The new BC flipping tax is a 20% tax on the gain from the sale of a home, purchased within the last year and a pro-rated tax, on sales up to and within a two-year period.

If you sell your property on or after January 1, 2025, any income generated from the sale may be subject to the new tax, provided that the property was purchased within the last 2 years. The applicability of the tax depends on the purchase date of the property. For example; if you bought a property on May 1, 2023, and sold it on January 31, 2025, the income from the sale would be taxable. However, if you decide to sell a property on June 1, 2025, the income from the sale would not be subject to the tax. This is subject to residents of Canada or residents anywhere else globally.

Exemptions

Certain life circumstances may qualify you for exemptions if they motivated the property sale within 2 years. Examples include separation or divorce, death, disability or illness, relocation for work, involuntary job loss, change in household membership, personal safety, and insolvency. If you sell your primary residence within 2 years of purchase, you may also exclude up to $20,000 when calculating your taxable income. The tax aims to support housing supply, and exemptions will be granted to those contributing to housing supply or involved in construction and real estate development.

The tax will be applicable to income from the sale of properties with a housing unit, properties zoned for residential use, and the right to acquire the above properties, such as the assignment of a purchase contract. Special rules will apply to properties or portions with non-residential purposes. Income from the sale of properties on reserve lands, treaty lands, and lands of self-governing Indigenous Nations will not be subject to this tax.

The Federal Flipping Tax

Effective from January 1, 2023, the deeming rule represents a shift in the taxation of flipped properties. Its primary objective is to ensure that profits from the sale of a flipped property are subject to full income inclusion. Under this rule, profits derived from the sale of a flipped property are deemed to be business income. This designation has significant implications, as these profits cannot be treated as capital gains (with a 50-percent income inclusion), and the Principal Residence Exemption is rendered inapplicable.

The deeming rule fundamentally alters the tax treatment of profits from property sales. Traditionally, capital gains from property sales benefit from a 50-percent income inclusion, providing a favorable tax treatment. However, the deeming rule negates this advantage by classifying profits from flipped properties as business income, resulting in full income inclusion. Consequently, the tax advantages associated with capital gains are eliminated, and the Principal Residence Exemption, a significant benefit for homeowners, does not apply.

As British Columbia positions itself at the forefront of real estate regulation, individuals and stakeholders must adapt to the evolving landscape. The BC Home Flipping Tax, along with the Federal Tax reflects a comprehensive effort to discourage speculative practices and promote stability in the housing market.

Market Changes

While the introduction of these taxes are aimed at speculators in hopes to create more affordable housing, we don’t see this having a significant affect on the market and certainly wont improve affordability. It is shown that less than 2% of sales are attributed to speculators. We expect this new tax to cause many sellers to delay their plans to sell, further reducing the supply of homes for sale. Instead of increasing affordability, this shortage of supply will lead to an increase in prices, making homes less affordable for British Columbians.

Although these taxes aren’t optimal, it is important to stay updated on the legislation in BC and prepare for how they might impact your future plans. For more guidance on how this may impact you specifically, be sure to contact a professional. Reach out to us today!

Spring awakening: home sellers are bringing much needed inventory to the housing market

Mon, 04 Mar 2024 22:19:00 GMT

In January, Metro Vancouver home sellers appeared mostly hesitant, however new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR) reports that the residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4%. By property type, the ratio is 16% for detached homes, 27.9% for attached, and 25.9% for apartments.

The analysis of historical data suggests downward pressure on our home prices occurs when the ratio dips below 12% for a sustained period, while home prices often have upward pressure when it surpasses 20% over several months.

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5% increase over February 2023 and a 1.9% increase compared to January 2024.

Sales of detached homes in February 2024 reached 560, an 8.3% increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2% increase from February 2023 and a 1.5% increase compared to January 2024.

Apartment home sales reached 1,092 in February 2024, a 17.7% increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6% increase from February 2023 and a 2.5% increase compared to January 2024.

In February 2024, attached home sales totalled 403, a 10.1% increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2% increase from February 2023 and a 2.6% increase compared to January 2024.

Click here for the February 2024 Stats Package

$1 Million in 2024: What can this budget buy in Canada’s major housing markets?

Thu, 22 Feb 2024 21:27:40 GMT

When comparing the real estate markets from coast to coast across Canada, a home with a price tag of $1 million can differ greatly. As the nation’s short supply persists and buyers struggle with affording housing, there remains a vast variation of the definition of a $1-million home across major markets.

In examining what a budget of around $1 million – give or take $50,000 – can buy in Canada’s major housing markets, Royal LePage® determined in a new report that the average home in Canada valued between $950,000 and $1,050,000 in December 2023 had 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space, inclusive of all property types.

Around the nation, what $1 million can buy in Canada’s real estate market remains largely unchanged year over year, as a result of a major slowdown in activity and only slight property price growth. By comparison, in December of 2022, a home worth approximately $1 million had on average 3.2 bedrooms, 2.6 bathrooms, and 1,763 square feet of space.

“Depending on the market that you are shopping in, a $1-million home can mean something very different. In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Years ago, a $1-million budget could buy a generous amount of square footage and access to sought-after neighbourhoods in almost any market. Over time, however, we have watched the purchasing power of $1 million vary more widely between cities. These days, this budget can buy a luxurious detached home in one location, or a two-bedroom condominium in another.”

There remains a large discrepancy between how far a budget of $1 million will stretch in various regions across the country. The buyers located in some of Canada’s large urban centres often find themselves making more concessions on the type of home they can afford, even with a seven-figure budget, compared to those shopping in smaller, more affordable locations.

According to a recent Royal LePage survey conducted by Leger, two thirds of Canadians (64%) believe that $1 million in today’s real estate market is a suitable budget to afford a home that meets their household’s needs. This includes 22% who say $1 million is ‘adequate’ and another 41% who say it is ‘more than enough’ to afford a home that meets their household’s needs in their current city or region. Meanwhile, 22% say it is ‘not enough’.

“Many buyers are expected to come off the sidelines this year as interest rates begin to come down. This increased activity will undoubtedly put upward pressure on property prices, perpetuating affordability challenges even as monthly carrying costs are reduced,” added Yolevski. “Without a significant increase in supply, especially in cities like Toronto and Vancouver, the standard for a $1-million property will continue to evolve away from large homes.”

Here are some highlights from the Royal LePage 2024 Million-Dollar Properties Report:

Edmonton has the highest average square footage of all regions in the report (2,675 sq. ft.), while Vancouver records lowest (900 sq. ft.) in the $1-million category
Cities and greater regions of Toronto and Vancouver rank below national average in square footage for $1-million properties, while the Greater Montreal Area boasts an average home size of 466 square feet larger than the national average
Winnipeg and Halifax record largest average home size in $2-million category at almost 4,000 square feet

Unsurprisingly, for buyers shopping in the $2-million range, a larger budget buys significantly more space. The average home in Canada valued between $1,950,000 and $2,050,000 in December of 2023 boasted 3.7 bedrooms, 2.6 bathrooms and 2,501 square feet of living space, inclusive of all property types.

Bill 44 Housing Statutes (Residential Development) Amendment Act

Wed, 21 Feb 2024 23:10:42 GMT

Bill 44 Housing Statutes (Residential Development) Amendment Act, 2023 has the potential to make housing for affordable by increasing the amount of small-scale multi-unit housing in neighbourhoods that are mostly comprised of single-family homes. This includes townhomes, triplexes and laneway homes, and a plan to fix outdated zoning rules to help the process of building homes quicker. These new zoning requirements would permit higher density in areas previously zoned for single family or duplex use.

“Anyone looking for a place to live in a community they love knows how hard it is – and outdated zoning rules are making that even harder,” said Premier David Eby. “Constructing mostly high-rise condo towers or single-family homes means B.C. isn’t building enough small-scale multi-unit homes that fit into existing neighbourhoods and give people more housing options that are within reach. That’s why we’re taking action to fix zoning problems and deliver more homes for people, faster.”

Past zoning rules in many B.C. communities have led most new housing to be built mostly in the form of condos, or single-family homes that are not within reach for many people, leaving a shortage of options for the types of housing in between. Zoning barriers and layers of regulations have also slowed down the delivery of housing, making people go through long, complicated processes to build much-needed housing in communities.

This bill will help directly impact our current housing crisis by providing fast construction of new homes. Part of this legislation which will help this case is requiring municipalities throughout B.C. to expedite and streamline permitting. They will be required to update community plans and zoning bylaws frequently on a regular basis, to ensure that they will have enough housing to meet the needs of not only current residents but future residents.

“The housing crisis has made it harder for growing families looking for more space, seniors looking to downsize, and first-time homebuyers who can’t find a home that meets their needs and budget,” said Ravi Kahlon, Minister of Housing. “This legislation strengthens the vibrancy of our communities, while building the type of housing that will help us address the housing crisis.”

With areas over 5,000 residents, municipalities will have to allow 3 units on lots smaller than 280 sq. m. and 4 units on lots greater than 280 sq. m. on a single-family or duplex lot. Larger lots that are close to public transit with frequent service may be required to allow 6 units per single family lot. It also permits one secondary suite or one accessory dwelling units in all communities in B.C. Municipalities may designate 1 of the 6-unit lots for affordability purposes but may not apply density conditions on the 3 or 4 unit lots. There is also no minimum parking required for projects within 400 metres of transit stops and homebuilders can determine parking needs. There will be additional provincial direction on parking for lots outside of 400 m.

Bill 44 makes municipal planning in the hands of the province, which in result will significantly reduce public hearings. Although, it is important to clarify that the legislation does not eliminate public hearings completely as they are still required for Official Community Plan (OCP) amendments and re-zonings that are not consistent with an OCP that has already gone through public approval. It will also require all local governments to update HNRs using a standard provincial method to identify housing needs currently and over the next 20 years and OCPs are to be updated every 5 years with public engagement and prepared to plan for enough homes for forecasted growth over the next 20 years (rather than 5). These changes will make building new homes a way faster process by allowing developers to go straight to applying for permits.

“As we take decisive action to deliver the kinds of homes people in B.C. are looking for, we’re also making sure communities and builders have the efficient and transparent tools they need to plan for growth with certainty,” said Ravi Kahlon, Minister of Housing. “By doing this, we’re not just building homes for people, but also more sustainable, well-planned communities.”

The legislation also changes development cost charges and development cost levies (in the Vancouver Charter). Development cost charges are an existing tool that allows local governments to collect funds from home builders to help pay for specific, core infrastructure needs, such as drainage, water, sewer, and roads, before a development is built. Changes through this legislation will allow local governments the flexibility to allocate funds collected from homebuilders to support additional local services and infrastructure such as fire protection facilities, police facilities and solid-waste facilities that support new homes. Prior to this amendment, one of the only options to recover these costs was through property taxes.

“As we look to tackle B.C.’s housing crisis and build more homes for people, we need to make sure that communities have the tools they need to fund these services in a more predictable way,” said Anne Kang, Minister of Municipal Affairs. “Through up-front funding agreements with builders and developers, local governments will continue to fund and deliver the services people need with more certainty and clarity.”

The Bylaw provides for an exception to the minimum density requirements where;

(i) the subject land is subject to a hazardous condition;

(ii) the increased density as permitted under the Act would significantly increase the threat or risk from the hazardous condition;

(iii) the threat or risk from such hazardous condition cannot practically be mitigated.

For such exception to apply, the municipality must obtain a report from a qualified professional certifying each of the foregoing conditions.

The potential implications of Bill 44 are significant for housing in British Columbia. We can’t predict unforeseen circumstances which could impact the real estate market however with this legislation, we could see more than 130,000 new small-scale multi-unit homes in B.C. over the next 10 years. Municipalities will only have until June 30, 2024 to update their zoning bylaws to align with the new requirements. It is important to note that Bill 44 is not exhaustive of all possible legal rights or remedies, and laws may change over time, thus it is always advisable to consult a legal professional for specific advice in any particular situation.

“B.C. residents expect that new homes will be serviced with the infrastructure and amenities essential for healthy, sustainable communities. The legislation introduced today will assist local governments in funding the capital costs of critical facilities for protective services and solid-waste facilities that were not previously eligible,” says Trish Mandewo, councillor, City of Coquitlam; president, Union of British Columbia Municipalities. “The new legislative tool for amenity cost charges provides more certainty in collecting needed funds for some essential amenities like day cares, recreational facilities and libraries. Other common practices, like funding affordable housing through amenities, have not been addressed under the new rules and our members will be looking for the Province to address this gap.”

Click here for Bill 44 - Housing Statute (Residential Development) Amendment Act 2023

Canada Extends Ban on Foreign Ownership of Housing

Thu, 15 Feb 2024 23:56:52 GMT

The Canadian government has recently announced a two-year extension to the ban on foreign ownership of Canadian housing. This move reflects the government's commitment to ensuring that Canadians have access to affordable housing, promoting stability in the real estate market, and addressing concerns about the impact of foreign investment on housing prices.

The decision to extend the ban comes in the wake of growing concerns about the role of foreign investors in the Canadian real estate market. In recent years, major cities across the country, especially Vancouver and Toronto, have witnessed skyrocketing housing prices, making it increasingly challenging for many Canadians to enter the property market. The government's initial ban on foreign ownership, implemented in January 2023, was a response to these concerns and aimed to cool down the housing market.

“We do not foresee an extension to the foreign buyer ban resulting in a drastic improvement to housing affordability. Non-Canadian property ownership makes up a small percentage of the overall housing market, therefore a ban on such ownership is not likely to improve access to housing in a material way,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Given the imbalance between available inventory and buyer demand, the best way to solve Canada’s housing crisis is to significantly increase supply.”

The ban comes with specific exceptions, notably for individuals holding temporary work permits, refugee claimants, and international students who fulfill certain conditions. Those in violation of the ban could face penalties up to $10,000 and may be compelled to sell the implicated property.

More information is available on the government’s website.

Metro Vancouver’s housing market off to a strong start in home sales this year

Tue, 06 Feb 2024 19:02:30 GMT

While the Metro Vancouver market ended 2023 in balanced market territory, in January conditions began shifting back in favor of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that in the region residential sales totaled 1,427 in January 2024, a 38.5% increase from the 1,030 sales recorded in January 2023. This was 20.2% below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5% increase compared to the 3,308 properties listed in January 2023. This was 9.1% below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale in Metro Vancouver on the MLS® system is 8,633, a 9.8% increase compared to January 2023 (7,862). This is 0.3% below the 10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9% for detached homes, 22.9% for attached, and 19.9% for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices usually experience upward pressure when it surpasses 20% over several months.

“Our 2024 forecast is calling for a 2 to 3% increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2% increase over January 2023 and compared to December 2023, a 0.6% decrease .

Sales of detached homes in January 2024 reached 379, a 28% increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3% increase from January 2023 and a 1.1% decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6% increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4% increase from January 2023 and a 0.1% increase compared to December 2023.

Attached home sales in January 2024 totaled 285, a 82.7%increase compared to the 156 sales in January 2023. The benchmark price of a townhouse is $1,066,700. This represents a 4.3% increase from January 2023 and a 0.6% decrease compared to December 2023.

Click here for January 2024 stats - BEBGV

Despite the continued slowdown in market activity, national home prices close out 2023 above last year

Fri, 19 Jan 2024 19:15:24 GMT

Royal LePage expects sidelined buyers to re-engage this quarter ahead of expected rate cuts by the Bank of Canada.

National Summary

National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter. Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023.

Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%); only major region to post quarterly price gains in Q4 2023 (1.5%over Q3).

81% of regional markets posted a quarter over-quarter decline. Approximately 2.2 million mortgages in Canada will be renewing over the next two years, most at a much higher interest rate. National aggregate home price expected to rise 5.5% year over year in Q4 of 2024.

Regional Summary

The aggregate price of a home in Greater Vancouver increased 2.7 per cent to $1,220,100 year over year inthe fourth quarter of 2023. On a quarterly basis, the aggregate price of a home in the region remained relatively flat, decreasing by 0.7 per cent. Broken out by housing type, the median price of a single family detached home increased 5.4 per cent year over year to $1,731,900 in the fourth quarter of 2023, while the median price of a condominium increased 4.2 per cent to $762,600 during the same period.

“The last few months of 2023 concluded much as expected: a generally quiet period but not without some last-minute transactions being completed before the end of the year. Overall, sales activity and prices in the fourth quarter were consistent with the fall, and despite the typical seasonal slowdown, home prices in Greater Vancouver have remained stable,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “There remains a significant amount of pent-up demand from homebuyers waiting to return to the marketplace. It’s simply a question of when, a factor that hinges on the trajectory of lending rates.”

In the city of Vancouver, the aggregate price of a home increased 3.4 per cent year over year to $1,391,700 in the fourth quarter of 2023. During the same period, the median price of a single-family detached home increased 8.1 per cent to $2,244,200, while the median price of a condominium increased 5.5 per cent to $827,900.

“Looking ahead, we could see a brisk spring market, especially if fixed-rate loans continue to trend downward. This will spur significant activity,” noted Ryalls. “If we see the Bank of Canada begin to cut interest rates early in the year, competition among buyers could heat up quickly.”

Ryalls added that a significant boost in inventory will be needed to meet the demands of buyers coming off the sidelines. In December, Royal LePage issued a forecast projecting that the aggregate price of a home in Greater Vancouver will increase 3.0 per cent in the fourth quarter of 2024, compared to the same quarter in 2023.