5 Essential Tips for Buying a Home in Vancouver

Buying your first home is a big step—and doing it in a competitive market like Vancouver adds extra layers of excitement and complexity. Whether you're drawn by the ocean views, lush parks like Stanley Park, or the vibrant neighborhood life, it's important to be prepared. With BC Day just around the corner—a holiday that celebrates all things British Columbia—there’s no better time to start planning your homeownership journey.

Here are 5 essential tips for buying a home in Vancouver, especially tailored for first-time homebuyers.

1. Understand the Vancouver Real Estate Market

Vancouver is one of Canada’s most dynamic and fast-paced real estate markets. Over the last decade, prices have consistently trended upward, making early planning crucial. According to the latest data, the benchmark price for a detached home in Greater Vancouver is over $1.9 million, while condos and townhomes remain more affordable options for first-time buyers.

In neighborhoods like Mount Pleasant, Commercial Drive, and Kitsilano, you’ll find a mix of newer builds and heritage charm. If you're budget-conscious but still want proximity to downtown, look into East Vancouver communities such as Renfrew or Hastings-Sunrise. Staying informed on local housing trends, including seasonal fluctuations, can help you spot opportunities.

Pro Tip: Real estate activity tends to heat up after BC Day in early August, so planning now puts you ahead of the post-summer wave of competition.

2. Get Pre-Approved Before You Shop

Before attending open houses or scrolling through MLS listings, it’s critical to get mortgage pre-approval. This gives you a clear picture of your budget and shows sellers you’re serious.

Banks, credit unions, and mortgage brokers can help you navigate your options. Many first-time buyers in Vancouver also explore programs like:

• The First-Time Home Buyer Incentive

• The Home Buyers’ Plan (HBP)

• BC First-Time New Home Buyers’ Program

These programs can reduce your costs and make it easier to break into the Vancouver market.

3. Explore the Community, Not Just the Property

Vancouver is more than just a city—it’s a collection of unique neighborhoods, each with its own vibe and amenities. Whether you crave beachside living near Kits Beach, love urban parks like Stanley Park, or prefer the quieter family feel of Dunbar or Fraserview, there's something for everyone.

When house hunting, consider:

• Proximity to public transit (like SkyTrain lines)

• Access to grocery stores, cafes, and healthcare

• Nearby schools and daycare options

• Community events and green space

On a sunny long weekend like BC Day, take time to walk the streets of neighborhoods you're considering. Grab a coffee, visit local markets, or bike the Seawall to really get a feel for the lifestyle.

4. Work with a Local, Trusted Realtor

In a competitive and sometimes unpredictable market like Vancouver, working with an experienced, hyperlocal real estate agent is your best advantage. A knowledgeable agent can:

• Identify off-market opportunities

• Provide accurate comparative market analysis

• Help negotiate in bidding wars

• Connect you with reliable inspectors, lawyers, and mortgage pros

Look for a realtor who knows the area and understands the nuances of the Vancouver market—from laneway homes to strata bylaws. A trusted advisor can simplify the process and help you avoid common first-time buyer mistakes.

5. Plan for the Long Term

Buying a home in Vancouver isn’t just about today—it’s about your future. Whether you’re hoping to start a family, build equity, or eventually upgrade, think long term. Look at:

• Potential for property value appreciation

• Future zoning changes or new developments nearby

• Lifestyle needs (e.g., parking, pet-friendly strata, outdoor space)

Also, understand your total cost of ownership. Besides your mortgage, factor in:

• Property taxes

• Strata fees (for condos and townhomes)

• Home insurance

• Ongoing maintenance and repairs

This kind of planning ensures you’re not just buying a home—you’re building a stable foundation for years to come.

Why Now Might Be the Right Time

With interest rates stabilizing and new inventory entering the market, many experts believe fall 2025 could offer a more balanced opportunity for first-time homebuyers in Vancouver. By starting your research now—just after BC Day—you’re giving yourself time to prepare and act strategically before the year ends.

Final Thoughts

Buying your first home in Vancouver is a big leap, but with the right knowledge and guidance, it can be one of the most rewarding decisions you'll ever make. From walkable neighborhoods near Stanley Park to the growing communities in East Vancouver, there’s a perfect place out there for you.

Whether you're dreaming of high-rise condo views or a cozy townhouse with mountain access, these tips will put you on the right path.

Thinking of buying your first home in Vancouver? Let’s talk—I’m here to guide you every step of the way.

5 Essential Tips for Buying a Home in Vancouver

Buying your first home is a big step—and doing it in a competitive market like Vancouver adds extra layers of excitement and complexity. Whether you're drawn by the ocean views, lush parks like Stanley Park, or the vibrant neighborhood life, it's important to be prepared. With BC Day just around the corner—a holiday that celebrates all things British Columbia—there’s no better time to start planning your homeownership journey.

Here are 5 essential tips for buying a home in Vancouver, especially tailored for first-time homebuyers.

1. Understand the Vancouver Real Estate Market

Vancouver is one of Canada’s most dynamic and fast-paced real estate markets. Over the last decade, prices have consistently trended upward, making early planning crucial. According to the latest data, the benchmark price for a detached home in Greater Vancouver is over $1.9 million, while condos and townhomes remain more affordable options for first-time buyers.

In neighborhoods like Mount Pleasant, Commercial Drive, and Kitsilano, you’ll find a mix of newer builds and heritage charm. If you're budget-conscious but still want proximity to downtown, look into East Vancouver communities such as Renfrew or Hastings-Sunrise. Staying informed on local housing trends, including seasonal fluctuations, can help you spot opportunities.

Pro Tip: Real estate activity tends to heat up after BC Day in early August, so planning now puts you ahead of the post-summer wave of competition.

2. Get Pre-Approved Before You Shop

Before attending open houses or scrolling through MLS listings, it’s critical to get mortgage pre-approval. This gives you a clear picture of your budget and shows sellers you’re serious.

Banks, credit unions, and mortgage brokers can help you navigate your options. Many first-time buyers in Vancouver also explore programs like:

• The First-Time Home Buyer Incentive

• The Home Buyers’ Plan (HBP)

• BC First-Time New Home Buyers’ Program

These programs can reduce your costs and make it easier to break into the Vancouver market.

3. Explore the Community, Not Just the Property

Vancouver is more than just a city—it’s a collection of unique neighborhoods, each with its own vibe and amenities. Whether you crave beachside living near Kits Beach, love urban parks like Stanley Park, or prefer the quieter family feel of Dunbar or Fraserview, there's something for everyone.

When house hunting, consider:

• Proximity to public transit (like SkyTrain lines)

• Access to grocery stores, cafes, and healthcare

• Nearby schools and daycare options

• Community events and green space

On a sunny long weekend like BC Day, take time to walk the streets of neighborhoods you're considering. Grab a coffee, visit local markets, or bike the Seawall to really get a feel for the lifestyle.

4. Work with a Local, Trusted Realtor

In a competitive and sometimes unpredictable market like Vancouver, working with an experienced, hyperlocal real estate agent is your best advantage. A knowledgeable agent can:

• Identify off-market opportunities

• Provide accurate comparative market analysis

• Help negotiate in bidding wars

• Connect you with reliable inspectors, lawyers, and mortgage pros

Look for a realtor who knows the area and understands the nuances of the Vancouver market—from laneway homes to strata bylaws. A trusted advisor can simplify the process and help you avoid common first-time buyer mistakes.

5. Plan for the Long Term

Buying a home in Vancouver isn’t just about today—it’s about your future. Whether you’re hoping to start a family, build equity, or eventually upgrade, think long term. Look at:

• Potential for property value appreciation

• Future zoning changes or new developments nearby

• Lifestyle needs (e.g., parking, pet-friendly strata, outdoor space)

Also, understand your total cost of ownership. Besides your mortgage, factor in:

• Property taxes

• Strata fees (for condos and townhomes)

• Home insurance

• Ongoing maintenance and repairs

This kind of planning ensures you’re not just buying a home—you’re building a stable foundation for years to come.

Why Now Might Be the Right Time

With interest rates stabilizing and new inventory entering the market, many experts believe fall 2025 could offer a more balanced opportunity for first-time homebuyers in Vancouver. By starting your research now—just after BC Day—you’re giving yourself time to prepare and act strategically before the year ends.

Final Thoughts

Buying your first home in Vancouver is a big leap, but with the right knowledge and guidance, it can be one of the most rewarding decisions you'll ever make. From walkable neighborhoods near Stanley Park to the growing communities in East Vancouver, there’s a perfect place out there for you.

Whether you're dreaming of high-rise condo views or a cozy townhouse with mountain access, these tips will put you on the right path.

Thinking of buying your first home in Vancouver? Let’s talk—I’m here to guide you every step of the way.

The Bank of Canada held its interest rate at 2.75 per cent for the third straight time on Wednesday, but left the door open for further rate relief if inflation is contained.

“We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs related to tariffs and the reconfiguration of trade,” Bank of Canada governor Tiff Macklem said in Ottawa.

“If a weakening economy puts further downward pressure on inflation and the upward price pressures from trade disruptions are contained, there may be a need for a reduction in the policy interest rate.”

Macklem said there were three reasons that led to the decision, including the ongoing uncertainty from U.S. trade policy, a more resilient Canadian economy and evidence of underlying inflation pressures.

Vancouver, BC – July 14, 2025. The British Columbia Real Estate Association (BCREA) reports that 7,162 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in June 2025, up 1.3 per cent from June 2024. The average MLS® residential price in BC in June 2025 was down 4.2 per cent at $954,065 compared to $995,614 in June 2024.

The total sales dollar volume was $6.8 billion, a 3 per cent decrease from the same time the previous year. BC MLS® unit sales were 23 per cent lower than the ten-year June average.

“Many regional housing markets across BC remained resilient through the second quarter, with only the Lower Mainland falling below sales activity from the previous year,” said BCREA Chief Economist Brendon Ogmundson. “Until broader uncertainties are resolved, we expect overall housing activity in the most expensive areas of the province to continue lagging behind other regions that have steadily recovered since the onset of tariff uncertainty.”

Year-to-date, BC residential sales dollar volume is down 11 per cent to $34.2 billion, compared with the same period in 2024. Residential unit sales are down 7.1 per cent year-over-year at 35,847 units, while the average MLS® residential price is also down 4.2 per cent to $954,241.

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July 03, 2025

Home sale trend stabilizing in June 

After a turbulent first half of the year, home sales registered on the MLS® across Metro Vancouver are showing emerging signs of a recovery, down ten per cent year-over-year – halving the decline seen last month. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in June 2025, a 9.8 per cent decrease from the 2,418 sales recorded in June 2024. This was 25.8 per cent 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,” said Andrew Lis, GVR’s director of economics and data analytics. “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.” 

There were 6,315 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2025. This represents a 10.3 per cent increase compared to the 5,723 properties listed in June 2024. This was 12.7 per cent above the 10-year seasonal average (5,604). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,561, a 23.8 per cent increase compared to June 2024 (14,182). This is 43.7 per cent above the 10-year seasonal average (12,223). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2025 is 12.8 per cent. By property type, the ratio is 9.9 per cent for detached homes, 16.9 per cent for attached, and 13.9 per cent for apartments. 

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

“As home sales regain their footing, inventory levels aren’t building as quickly as we’ve seen lately,” Lis said. “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 favourable conditions seen in years.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,173,100. This represents a 2.8 per cent decrease over June 2024 and a 0.3 per cent decrease compared to May 2025. 

Sales of detached homes in June 2025 reached 657, a 5.3 per cent decrease from the 694 detached sales recorded in June 2024. The benchmark price for a detached home is $1,994,500. This represents a 3.2 per cent decrease from June 2024 and a 0.1 per cent decrease compared to May 2025. 

Sales of apartment homes reached 1,040 in June 2025, a 16.5 per cent decrease compared to the 1,245 sales in June 2024. The benchmark price of an apartment home is $748,400. This represents a 3.2 per cent decrease from June 2024 and a 1.2 per cent decrease compared to May 2025. 

Attached home sales in June 2025 totalled 473, a 3.7 per cent increase compared to the 456 sales in June 2024. The benchmark price of a townhouse is $1,103,900. This represents a three per cent decrease from June 2024 and a 0.3 per cent decrease compared to May 2025. 

Download the June 2025 GVR Residential Market Report.