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.

Canadian existing home sales recorded over the MLS Systems climbed 3.6% between April and May, a normally strong month for housing, marking the first gain in activity since last November. 

The Greater Toronto Area (GTA), Calgary, and Ottawa led the monthly increase.

“May 2025 not only saw home sales move higher at the national level for the first time in more than six months, but prices at the national level also stopped falling,” said Shaun Cathcart, CREA’s Senior Economist. “It’s only one month of data, and one car doesn’t make a parade, but there is a sense that maybe the expected turnaround in housing activity this year was just delayed for a few months by the initial tariff chaos and uncertainty.”

New Listings 

New supply declined by 1% month-over-month in April. Combined with flat sales, the national sales-to-new listings ratio climbed to 46.8% compared to 46.4% in March. The long-term average for the national sales-to-new listings ratio is 54.9%, with readings between 45% and 65% generally consistent with balanced housing market conditions.

At the end of April 2025, 183,000 properties were listed for sale on all Canadian MLS® Systems, up 14.3% from a year earlier but still below the long-term average of around 201,000 listings.

“The number of homes for sale across Canada has almost returned to normal, but that is the result of higher inventories in B.C. and Ontario, and tight inventories everywhere else,” said Valérie Paquin, CREA Chair.

There were 5.1 months of inventory on a national basis at the end of April 2025, which is in line with the long-term average of five months. Based on one standard deviation above and below that long-term average, a seller’s market would be below 3.6 months and a buyer’s market above 6.4 months.

New supply rose by 3.1% month-over-month in May. Given a similar increase in sales activity, the national sales-to-new listings ratio was 47%, almost unchanged from 46.8% in April. The long-term average for the national sales-to-new listings ratio is 54.9%, with readings between 45% and 65% generally consistent with balanced housing market conditions.

At the end of May 2025, 201,880 properties were listed for sale on all Canadian MLS® Systems, up 13.2% from a year earlier but remaining about 5% below the long-term average of around 211,500 listings for the month.

“May saw an increased number of new listings hitting the market early in the month, followed by a higher number of transactions in the second half of the month, so overall more sellers and buyers compared to April,” said Valérie Paquin, CREA Chair. “It seems like this may carry over into June as well."

There were 4.9 months of inventory nationally at the end of May 2025, near the long-term average of five months. Based on one standard deviation above and below that long-term average, a seller’s market would be below 3.6 months, and a buyer’s market would be above 6.4 months.

Home Prices

The National Composite MLS® Home Price Index (HPI) was relatively unchanged (-0.2%) from April to May 2025. The pause follows three straight month-over-month declines of closer to 1%. The non-seasonally adjusted National Composite MLS® HPI was down 3.5% compared to May 2024.

Bottom Line

The First-Time Homebuyers GST Rebate on newly built homes took effect for purchase agreements dated on or after May 27. This may bring some additional buyers into sales offices, but it’ll be a while before those projects break ground and show up in the housing starts statistics.

In the resale market, May saw the first signs of optimism in home sales in six months, but sales remain at the low end of seasonal norms. While trade war uncertainty still looms, average and benchmark prices have fallen to about 17% below their early 2022 peaks. The opportunity may have been too good for some buyers to pass up.

New listings picked up about 3% from April, while inventory held steady at nearly five months. With this excess supply in the market, average sale prices ticked up only slightly in May but remain flat over the past year, while the benchmark price declined marginally.

Regional differences remained significant. Home sales reversed course in Quebec City, but the average selling price increased, reaching a new high. Despite stronger sales in Toronto and Vancouver, these cities remained deep in buyer’s market territory.

While one good month of home sales doesn’t make a trend, there may be signs of cautious optimism for the resale market for those buyers who remain little affected by the ongoing trade war. The combination of lower prices, more inventory and less economic uncertainty should continue to entice more homebuyers back into the market this summer. This would be more likely if the Bank of Canada cuts rates again, which could well happen in July if the inflation readings improve, especially for core inflation. 

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres
drsherrycooper@dominionlending.ca

Bank of Canada Maintains Rate at 2.75%

The Bank of Canada holds interest rates steady at 2.75%, its second consecutive decision following a series of cuts since April 2024.

While uncertainty surrounding U.S. trade policy persists, find out why Shaun Cathcart, CREA’s Senior Economist expects consumer sentiment to improve over the next few months.

Prime Minister Carney today announced that the Government of Canada will eliminate the Goods and Services Tax (GST) for first-time homebuyers on homes at or under $1 million. This tax cut will save Canadians up to $50,000 – allowing more young people and families to enter the housing market and realize the dream of homeownership. By eliminating the GST, Canadians will face lower upfront housing costs and keep more money in their pocket. Eliminating the GST will also have a dynamic effect on increasing supply – spurring the construction of new homes across the country.

The Prime Minister is laser-focused on lowering costs and will continue to present serious solutions to ensure Canadians are better off. The Government of Canada will confront the housing crisis head-on and build the strongest economy in the G7.

Quote

“Our government is laser-focused on lowering costs for Canadians and making homeownership a reality. Eliminating the GST will save first-time homebuyers up to $50,000 and spur housing construction across the country. We will announce a series of new measures to increase housing supply shortly. It’s time for focused action to solve the housing crisis, and it’s time to build a Canada you can afford.”

The Rt. Hon. Mark Carney, Prime Minister of Canada

For the first time since 2014, inventory levels in Metro Vancouver have surpassed 16,000. With prices remaining stable and borrowing costs at their lowest in years, buyers are presented with a unique opportunity in a balanced market.

“Inventory levels have just crested 16,000 for the first time since 2014, prices have stayed fairly stable for the past few months, and borrowing costs are the lowest they’ve been in years. These factors benefit buyers, and with balanced conditions across the market overall, there’s plenty of opportunity for anyone looking to make a purchase.”

— Andrew Lis, Director of Economics and Data Analytics, Greater Vancouver REALTORS®

📈 Explore the full April 2025 Market Report:

🔗 https://bit.ly/43cAuOR

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