Housing affordability, homeownership, and rental supply are key issues in the lead-up to Canada’s federal election on April 28, 2025. This guide provides a clear, factual, and non-partisan summary of what each major political party is proposing when it comes to real estate, housing, and rental markets—topics that directly affect Canadian homeowners, renters, and industry professionals.

✅ This post is strictly non-partisan.
To ensure neutrality, parties are listed in alphabetical order by party name, not by polling data, seat count, or leadership.

🟦 Conservative Party of Canada

Overall Focus: Cut red tape, lower taxes, and boost private-sector-led housing supply.

Key Proposals:

• Homebuilding Incentives: Require cities with high housing prices to increase homebuilding by at least 15% per year to maintain federal infrastructure funding. Municipalities exceeding targets receive bonuses.

• Zoning Reforms: Make federal transit and infrastructure funding conditional on allowing higher-density housing near transit.

• Federal Land Use: Sell at least 15% of federal real estate (e.g., office buildings, unused land) to build homes.

• Streamlining: Cancel the Housing Accelerator Fund and replace it with direct permit and approval incentives.

• Red Tape Reduction: Cut 25% of federal red tape and pass a law requiring the elimination of two regulations for every new one introduced.

• Skilled Trades Support: Bring back $4,000 apprenticeship grants and create 350,000 new skilled trades training spaces.

Homeownership & Affordability:

• Remove GST on new homes up to $1.3 million, saving buyers up to $65,000.

• Restore the full $5,000 Home Buyers’ Tax Credit.

• Extend amortization to 30 years for first-time buyers.

• Allow 7–10 year fixed-rate mortgages.

• Expand TFSA limits to $12,000 annually.

• Defer capital gains tax when reinvested in Canada.

Rental Housing:

• Support private investment in purpose-built rental housing by easing regulations and removing GST.

• Offer support to charities and Indigenous communities building rental units.

Foreign Buyers & Speculation:

• Maintain or extend the foreign buyer ban.

• Enforce transparency in beneficial ownership.

• Tighten anti-speculation measures.

🔗 Visit the Conservative Party website

🟩 Green Party of Canada

Overall Focus: Public housing, long-term affordability, and ending corporate profiteering in the rental market.

Key Proposals:

• Public Housing Expansion: Launch the largest public housing program since the 1970s.

• Affordability Standard: Redefine “affordable” housing as costing no more than 30% of household income.

• Permanently Affordable Housing: Use legal covenants to ensure affordability in publicly funded projects.

• Market Regulations:

  • Ban corporate acquisition of low-density housing.

  • Eliminate tax breaks for REITs.

  • Strengthen rules to prevent real estate speculation and money laundering.

Rental Market & Tenant Support:

• Declare a national housing affordability and homelessness emergency.

• Implement a national moratorium on evictions and introduce rent arrears support.

• Increase the Canada Housing Benefit.

• Provide supportive housing with wraparound services (mental health, addiction care).

• Work to eliminate homeless encampments through housing-first policies.

🔗 Visit the Green Party website

🔴 Liberal Party of Canada

Overall Focus: Federal leadership in homebuilding, financial supports for buyers, and zoning reform.

Key Proposals:

• Build Canada Homes (BCH): A new federal agency to directly develop housing, including on public land.

• Construction Target: Nearly 500,000 new homes per year.

• Prefabricated Housing Support: $25B in financing for mass timber and innovative homebuilders.

• Affordable Housing Financing: $10B in low-cost loans, including $6B for deeply affordable supportive housing.

• Housing Accelerator Fund: Continued funding to municipalities that fast-track zoning and permitting.

• Building Code Simplification: Faster approvals through streamlined federal standards.

Homeownership:

• GST eliminated on homes under $1 million for first-time buyers.

• Extend insured mortgage amortization to 30 years for new-builds.

• Tax-Free First Home Savings Account available.

• Maintain the $10,000 First-Time Home Buyers' Tax Credit.

• Propose a Home Buyers’ Bill of Rights to ban blind bidding and ensure inspections.

Rental Housing:

• Expand the Canada Housing Benefit.

• Continue GST removal on new rental projects.

• Collaborate with provinces to protect tenants' rights (while respecting provincial jurisdiction).

Foreign Buyers & Speculation:

• Extend the foreign buyer ban to 2027.

• Maintain the 1% vacant property tax on non-resident-owned homes.

• Enforce the anti-flipping tax for properties sold within 12 months.

🔗 Visit the Liberal Party website

🟠 New Democratic Party (NDP)

Overall Focus: Massive public investment in affordable housing, tenant protections, and curbing corporate control of rentals.

Key Proposals:

• 3 Million Homes by 2030, including:

  • 500,000 affordable homes.

  • 100,000 rent-controlled homes on federal land.

• Dedicate all suitable federal land to housing development.

• Double the Public Land Acquisition Fund to help build more non-market homes.

• Create a Community Housing Development Bank to finance Indigenous, co-op, and nonprofit housing.

• Replace the Housing Accelerator Fund with a permanent $16B housing strategy.

Rental Market & Tenant Rights:

• National rent control standards tied to federal funding.

• Immediate rent subsidies for people spending too much of their income on rent.

• Ban renovictions, demovictions, fixed-term leases, and rent price collusion.

• Expand the federal vacancy tax.

• Tax profits from flipped homes sold within 5 years as income (unless principal residence).

• Create a fund for nonprofits to buy at-risk rental buildings.

Homeownership:

• CMHC to offer low-interest, public-backed mortgages to eligible first-time buyers.

Foreign Buyers & Speculation:

• Permanent foreign buyer ban, including numbered companies.

🔗 Visit the NDP website

🟣 People’s Party of Canada (PPC)

Overall Focus: Reduce demand by curbing immigration, eliminate government housing programs, and allow market-led correction.

Key Proposals:

• Freeze Immigration: Temporary halt on new permanent residents; later capped at 100,000–150,000/year.

• Eliminate CMHC and federal housing subsidies.

• Repeal Buyer Grants & Retrofits: End all first-time buyer grants and energy retrofit programs.

• Respect Local Zoning: Oppose federal involvement in municipal land use planning.

• Anti-Speculation Measures:

  • Support provincial restrictions on foreign buyers.

  • Work with provinces to combat money laundering in real estate.

🔗 Visit the PPC website

🏢 Industry Perspectives

CREA & BCREA

• Advocate for supply-focused policies and tools to support homeownership.

• Endorse extending the ban on non-resident buyers.

• Recommend a national expert roundtable to review new housing policies before implementation.

📌 Final Word

Canada’s housing crisis is complex, and the federal election brings several competing visions on how to address it. Whether you’re a buyer, seller, investor, or renter, this guide is designed to keep you informed and equipped with facts that directly affect your real estate decisions.

🔍 For the full, official platforms, visit the party websites listed above.

This morning, the Bank of Canada (BoC) announced a 25-basis-point cut to its overnight rate, bringing it to 3%. This is the sixth consecutive rate cut since June 2024, signaling a continued effort to support Canada’s economy. Alongside this, the Bank also announced the end of its quantitative tightening policy and adjustments to its deposit rate. These decisions could have significant implications for the Greater Vancouver real estate market, and we’re here to break it down for you.

What You Need to Know

Lower Interest Rates Mean Lower Borrowing Costs
The reduction in the overnight rate impacts variable and adjustable-rate mortgages as well as home equity lines of credit. For buyers in Greater Vancouver—including Burnaby, New Westminster, and the Tri-Cities—this means lower monthly payments and increased affordability for properties like condos, townhouses, and detached homes.

Inflation is Steady, But Growth is Slower Than Expected
Canada’s inflation rate is holding steady at 2%, the BoC’s target. However, economic growth is projected at 1.8% for 2025 and 2026, slightly below earlier forecasts due to reduced immigration targets. A softer labor market, where unemployment remains at 6.7%, adds to the slower pace of recovery.

Spring Housing Market Set to Benefit
The rate cut arrives just before the traditionally active spring real estate season. Lower borrowing costs may encourage more buyers to enter the market, boosting demand for properties across Greater Vancouver. For sellers, this is a great opportunity to capitalize on increased interest, particularly in family-friendly areas like Burnaby East or amenity-rich neighborhoods in Vancouver and the Tri-Cities.

What Does This Mean for the Greater Vancouver Real Estate Market?

1. Increased Buyer Activity
   The lower cost of borrowing is expected to spur more activity in the housing market. Buyers who were previously sitting on the sidelines due to higher interest rates may now find themselves in a better position to make a move. For those looking at condos and townhouses in neighborhoods like New Westminster or Coquitlam, this could be an opportune time to take advantage of lower rates.

2. Potential for Price Growth
   With more buyers entering the market, competition for well-located and desirable properties could increase. This may lead to modest price growth in key areas, particularly for single-family homes and townhouses in sought-after neighborhoods like Burnaby North or Vancouver East.

3. Investment Opportunities
   Investors may see this as a chance to secure properties with lower financing costs. With the Bank of Canada signaling the potential for further rate cuts in the months ahead, this could create favorable conditions for those looking to invest in Greater Vancouver real estate.

4. Challenges to Watch
   While today’s announcement is positive for buyers, economic uncertainty remains, particularly around potential U.S. tariffs on Canadian goods. A significant trade conflict could dampen Canada’s economic growth and indirectly affect the housing market.

Practical Insights for Buyers and Sellers

For Buyers:

• Lock in Financing: If you’re considering a purchase, now is an excellent time to review your mortgage options. Variable-rate mortgages could see lower payments, but consult with your lender or broker to explore what’s best for your financial situation.

• Plan Ahead for the Spring Market: With increased demand expected, act early to secure the property that best fits your needs.

For Sellers:

• Prepare Your Home for Market: With demand set to rise, make sure your property is ready to stand out. Focus on curb appeal, staging, and pricing your home competitively.

• Capitalize on Timing: Listing during the spring market could maximize exposure to motivated buyers.

Our Take

The Bank of Canada’s latest rate cut will likely inject energy into the Greater Vancouver real estate market. Lower borrowing costs combined with the seasonal momentum of spring create a favorable environment for both buyers and sellers. Whether you’re looking to purchase a condo in Burnaby, sell a townhouse in New Westminster, or explore investment opportunities in the Tri-Cities, staying informed and proactive is key.

As always, we’re here to help you navigate the evolving market with personalized advice and expert guidance.

The Greater Vancouver real estate market in October 2024 saw a significant resurgence in buyer activity following months of subdued performance. Home sales rose dramatically with a 31.9% increase year-over-year, signaling renewed interest driven by favorable borrowing conditions. This rebound demonstrates the resilience of our market, even as broader economic challenges persist.

Sales and Listings Surge

• Total sales for October reached 2,632 units, a notable recovery, though still 5.5% below the 10-year seasonal average.

• Detached, attached, and apartment sales all saw substantial increases, highlighting broad-based buyer interest.

• New listings climbed by 16.9% compared to October 2023, providing more opportunities for buyers to find their ideal homes.

Interest Rates and Market Dynamics

• Recent mortgage rate reductions, with expectations of further cuts, have spurred many buyers who had been waiting on the sidelines.

• Andrew Lis, Director of Economics and Data Analytics for Greater Vancouver REALTORS®, notes that this uptick in activity could mark the beginning of a more sustained recovery.

• Sales-to-active listings ratio now sits at 18.8%, with attached and apartment segments approaching seller’s market territory.

Prices Show Resilience

• The composite benchmark price for all property types is $1,172,200, reflecting a modest 1.9% decrease year-over-year but a mere 0.6% dip month-over-month.

• While detached homes saw a slight 1% decline from September, townhomes and apartments posted stable prices, indicating balanced market conditions.

Highlights Across Our Key Areas:

• Burnaby North:

  • Detached home prices averaged $2,130,700, with a slight uptick in buyer activity.

  • Apartments remained steady, showcasing an attractive entry point for first-time buyers.

• New Westminster:

  • Apartments continue to dominate, with the benchmark price at $646,000.

  • Sales activity surged by 45.9% year-over-year, reflecting the area’s appeal for affordability and convenience.

• Coquitlam:

  • Detached properties remain a stronghold.

  • Attached homes experienced an 84.6% jump in sales, indicative of family-focused buyers seeking more space.

Looking Ahead:

• As we transition into the final months of 2024, the market is poised for stabilization. Buyers are encouraged to act quickly to take advantage of historically low rates, while sellers should consider the upward momentum in activity when preparing their properties for sale.

The fall market in Metro Vancouver started off with a cautious tone as home sales in September 2024 registered a 3.8% decline year-over-year. Buyers remain on the sidelines despite recent interest rate reductions, and sales are still 26% below the 10-year seasonal average, with 1,852 properties sold.

Rising Inventory Provides More Choice for Buyers

A key highlight in September is the increase in new listings. With 6,144 homes added to the market—12.8% more than last year—buyers now have more options. Overall inventory has grown by 31.2% year-over-year, giving those searching for a home more negotiating power.

Prices Show Modest Declines

The composite benchmark price for all residential properties in Metro Vancouver is now $1,179,700, representing a 1.8% decrease year-over-year and a 1.4% dip compared to August 2024.

• Detached Homes: Sales of detached homes reached 516, down 9.8% from September 2023. The benchmark price is $2,022,200, a slight 0.5% increase year-over-year but a 1.3% decrease month-over-month.

• Apartments: With 940 sales, apartment sales declined 4.9% year-over-year. The benchmark price for apartments is $762,000, down 0.8% from last year.

• Attached Homes: Townhouse sales increased by 7.4% compared to last year, with 378 sales in September. The benchmark price for attached homes is $1,099,200, a slight 0.5% decrease year-over-year.

Area-Specific Trends

• New Westminster: The benchmark price across all property types is $836,800, a 0.3% increase from last year, signaling relative stability in this market despite the broader cooling trend.

• Burnaby East: Detached homes in Burnaby East are performing well, with a benchmark price of $1,982,200, up 6.8% year-over-year.

• Vancouver East: The benchmark price in Vancouver East for all property types is $1,221,800, a 1.2% decrease from September 2023, reflecting a cooling in the market.

• Vancouver West: Prices in Vancouver West remain high, with the benchmark price of detached homes at $3,506,400, though this represents a 0.6% decrease year-over-year.

Sales-to-Active Listings Ratios

The overall sales-to-active listings ratio in September was 12.8%, signaling the market is balancing between buyers and sellers.

• Detached homes: 9.1%, indicating a buyer’s market.

• Attached homes: 16.9%, reflecting balanced conditions.

• Apartments: 14.6%, indicating stability but with room for negotiation.

What Does This Mean for Buyers, Sellers, and Investors?

• Buyers: Rising inventory means more choice and greater negotiating power. If you’ve been waiting for the right time, this could be your moment.

• Sellers: With more listings on the market, it’s critical to price competitively to attract interest. The market is becoming more buyer-friendly, so strategic pricing and presentation will be key.

• Investors: The shift in market dynamics could present long-term opportunities, particularly in detached homes where prices are showing signs of softening.

Looking Ahead

With two more interest rate decisions expected before the year ends, and with inventory on the rise, buyers could regain confidence as borrowing costs fall further. If you’re looking to buy, sell, or invest, reach out for personalized advice on how to navigate these shifting market conditions.

The Greater Vancouver real estate market in September 2024 continued to display a dynamic balance of activity, influenced by seasonal trends, borrowing rates, and shifting buyer preferences. This month, a noteworthy 12.8% increase in new listings compared to September 2023 provided greater choice for buyers, while sales figures remained relatively steady.

Key Highlights:

Sales Activity

• Residential sales totaled 1,852 in September, down 3.8% year-over-year, but still tracking to outperform 2023’s total by year-end.

• Sales were 26% below the 10-year seasonal average, reflecting caution among buyers navigating the current market conditions.

Inventory Growth

• There were 6,144 new listings across all property types, with total active listings reaching 14,932—a 31.2% increase compared to last year.

• This growth in supply, while positive for buyers, contributed to modest price declines due to slower absorption.

Price Trends

• The MLS® Home Price Index composite benchmark price dipped to $1,179,700, a 1.8% decline year-over-year.

  • Detached homes: Slight price increase of 0.5% YoY, reaching $2,022,200.

  • Apartments and attached homes experienced minor declines.

Sales-to-Active Listings Ratio

• The ratio stood at 12.8%, flirting with buyers’ market territory. A breakdown by property type showed:

  • Detached: 9.1%

  • Attached: 16.9%

  • Apartments: 14.6%

Insights from Our Focus Areas:

• Burnaby:

  • Burnaby East led with a modest decline in benchmark prices (-0.8%).

  • Burnaby North and South showed softer activity, with detached homes in Burnaby South experiencing a 4.5% year-over-year price decrease.

• New Westminster:

  • New listings increased, providing more opportunities for buyers.

  • Prices remained relatively stable, with attached homes performing well.

• Tri-Cities:

  • Coquitlam, Port Moody, and Port Coquitlam maintained solid activity.

  • Port Moody stood out with a 2.3% year-over-year price increase for detached homes.

• Vancouver:

  • Vancouver West’s detached home prices remained the highest in the region at $3,471,900.

  • Vancouver East showcased stronger affordability but saw moderate price decreases.

What This Means for Buyers and Sellers:

• For Buyers: The increased inventory presents a unique window of opportunity to find your ideal home with more selection.

• For Sellers: Sellers should adjust their strategies to align with evolving market dynamics, emphasizing competitive pricing and strong property marketing to attract buyers.

Looking Ahead:

• With two more policy rate decisions expected this year, market watchers anticipate further reductions that could spur demand.

• As borrowing costs ease, the potential for buyers to re-enter the market and stabilize activity remains promising.

As summer draws to a close, the Metro Vancouver real estate market reflects a period of recalibration. August typically sees slower activity compared to earlier summer months, and this year was no exception. Here’s an in-depth look at the trends shaping our local market:

Sales Activity Remains Below Historical Averages

• Residential sales in August totaled 1,904, marking a 17.1% decrease from the same month last year and sitting 26% below the 10-year seasonal average.

• Buyers continue to feel the weight of higher borrowing costs despite two recent reductions in the Bank of Canada's policy rate over the summer.

A Balanced Market in the Making

• The market-wide sales-to-active listings ratio for August stood at 14.3%, firmly placing us in balanced conditions.

• By property type:

  • Detached homes: 9.6%

  • Townhomes: 18%

  • Apartments: 17.2%

• Historically, ratios below 12% indicate downward pressure on prices, while sustained levels above 20% drive prices upward.

Price Adjustments Reflect Buyer Hesitation

• The MLS® Home Price Index composite benchmark price across all residential properties is $1,195,900, a 0.9% decrease from last year and a negligible 0.13% dip from July.

  • Detached homes: $2,048,400 (+1.8% YoY)

  • Townhomes and apartments remained relatively stable, with no significant fluctuations.

Inventory Growth Offers Buyers More Options

• The total number of active listings rose significantly to 13,812, a 37% increase from August 2023 and 20.8% above the 10-year seasonal average.

• This inventory growth gives buyers a broader range of choices as sellers enter the market in anticipation of fall activity.

Looking Ahead to Fall

• With September historically bringing increased activity, the question remains whether recent rate cuts will encourage buyers to re-engage with the market.

• Inventory levels suggest opportunity, but affordability challenges persist.

Local Insights for Burnaby and New Westminster

• In Burnaby:

  • Detached homes benchmarked at $2,048,400, showing a year-over-year increase of 1.8%.

  • Townhomes remained a solid investment, with a benchmark price of $945,700.

  • Apartments benchmarked at $768,200, reflecting overall stability in this segment.

• In New Westminster:

  • Detached home benchmarks rose 2.2% year-over-year to $1,613,500.

  • Townhomes maintained steady growth, while apartments offered affordability with a benchmark price of $656,800.

What This Means for You

Whether you're considering buying, selling, or investing, understanding these market dynamics is crucial. The transition into a balanced market offers opportunities, but timing and strategy are key in navigating current conditions.

If you'd like tailored advice on how to leverage this market for your real estate goals, reach out today. Together, we can make informed decisions to position you for success!

The Greater Vancouver real estate market showed notable trends this July, with increased inventory and cautious buyer activity shaping the landscape. With Burnaby, New Westminster, Vancouver East and West, and the Tri-Cities in focus, let’s dive into the key developments and what they mean for buyers and sellers.

Inventory Surge Provides More Options

• The number of new listings surged by 20.4% year-over-year, adding 5,597 properties to the market.

• Total active listings reached 13,800, reflecting a 33% increase compared to July 2023.

• Buyers in Burnaby South, Coquitlam, and New Westminster are seeing more choices, particularly in the detached home and condo segments.

Sales Activity Softens

• Residential sales totaled 2,333 units, a 5% decrease from July 2023 and 17.6% below the 10-year seasonal average.

• Despite this decline, certain segments and areas still show resilience:

  • Burnaby North and Vancouver East: Attached homes remain popular, offering a balance of affordability and space.

  • Port Moody: Strong interest in townhomes highlights this area's appeal to families and first-time buyers.

  • Vancouver West: Luxury condos continue to draw attention from high-end buyers.

Sales-to-Active Listings Ratios Signal Balance

• The overall sales-to-active listings ratio in July was 16.9%, suggesting a balanced market, with notable variations by property type:

  • Detached homes: 12.8% (near buyer’s market territory in areas like Burnaby East).

  • Attached homes: 20.1% (balanced, particularly in Tri-Cities and Vancouver East).

  • Apartments: 19.3% (stable, with strong activity in New Westminster condos).

Pricing Trends Remain Stable

• The MLS® Home Price Index composite benchmark price for all residential properties was $1,197,700, reflecting a 0.8% decrease year-over-year and month-over-month.

  • Detached homes: $2,049,000 (+2.1% YoY) with steady interest in Burnaby South and Coquitlam.

  • Townhomes: $1,139,000 (+1.3% YoY) with strong performance in Port Coquitlam.

  • Condos: $772,800 (unchanged YoY) with affordable options in New Westminster attracting first-time buyers.

Insights for Buyers and Sellers

• For Buyers:
  With expanded inventory, buyers have more opportunities to explore options in Burnaby and the Tri-Cities. Detached homes in Coquitlam and townhomes in Port Moody offer excellent value.

• For Sellers:
  The increase in listings means competitive pricing is essential, particularly for luxury properties in Vancouver West and condos in Burnaby North. Strategic marketing and preparation remain key.

July 2024 underscores a market balancing between opportunity and caution. Whether you’re buying a condo in New Westminster, selling a house in Burnaby, or exploring investment opportunities in the Tri-Cities, understanding these dynamics is crucial.

Contact me today to discuss how these trends impact your real estate goals and create a plan tailored to your needs!

As we navigate through the midpoint of 2024, the Greater Vancouver real estate landscape continues to evolve, marked by a blend of trends that provide a nuanced view for potential buyers and sellers. Here’s a comprehensive look at what happened in July 2024, with a special focus on Burnaby, New Westminster, and adjacent areas.

Market Activity

• Total Sales: Residential property sales in Greater Vancouver totaled 2,333 in July 2024, reflecting a 5% decline from the 2,455 sales recorded in July 2023 and 17.6% below the 10-year seasonal average of 2,831.

• New Listings: The market welcomed 5,597 new listings in July, up 20.4% from the previous year and 12.7% above the 10-year average.

• Total Listings: Overall listings reached 14,326, a 39.1% increase compared to last year and 21.5% above the 10-year average.

Sales-to-Active Listings Ratio:

• Overall: 16.9%

• Detached Homes: 12.8%

• Attached Homes: 20.1%

• Apartments: 19.3%

Home Prices:

• Composite Benchmark Price: $1,197,700, showing a 0.8% decrease compared to both last year and the previous month.

Regional Focus: Burnaby and New Westminster

• Burnaby East: The benchmark price here is $1,156,800, with a slight monthly decrease. Despite the short-term dip, the five-year growth stands robust at 99.8%.

• Burnaby North: Current benchmark price is $1,018,800, slightly down by 0.4% over the last month, yet showing an impressive 89.3% growth over the last decade.

• Burnaby South: With a benchmark price of $1,141,500, this area noted a 1.5% decrease year-over-year but has seen a 29.3% rise over the last three years.

• New Westminster: Offers a more affordable entry point at $821,300, with a year-over-year decrease of 2.2%, yet the long-term trend is significantly positive with a 105.7% increase over five years.

Surrounding Areas Spotlight:

• Port Moody and Coquitlam are attracting attention with strong long-term growth prospects, highlighted by Port Moody’s 128.0% increase over five years.

• North Vancouver and Richmond also continue to be areas of interest with steady growth and appealing community amenities.

Market Insights

Andrew Lis, GVR’s director of economics and data analytics, noted a continued trend of buyer hesitancy, which is surprising given the recent cuts in borrowing costs and the increase in inventory. The balanced market conditions and the substantial inventory levels provide a solid ground for potential price stabilization or modest declines, offering opportunities for buyers.

Outlook

As borrowing conditions improve, we anticipate a potential uptick in buyer activity moving into the fall. The market's response to these changes will be critical to watch, particularly in areas like Burnaby and New Westminster, where long-term value appreciation shows significant potential.

As summer unfolds, the Metro Vancouver real estate market offers increased opportunities for buyers, with more inventory and competitive pricing shaping a dynamic landscape. Activity levels have softened compared to historical norms, but strategic buyers and sellers are finding ways to thrive.

Key Trends in June 2024:

Sales Activity Across the Region:

Residential home sales reached 2,418 units, a 19.1% decrease compared to June 2023 and 23.6% below the 10-year seasonal average. While activity has cooled, well-priced homes are seeing steady interest, particularly in areas like Burnaby South and New Westminster.

Inventory Growth Brings Options:

• Active listings rose to 14,182 units, up 42% year-over-year, providing buyers with the broadest range of options since spring 2019.

• Burnaby North: Detached homes saw a slight increase in listings, giving buyers more leverage.

• Tri-Cities: Port Moody’s condo market gained traction as inventory grew.

• Vancouver East: Attached homes continue to attract interest with their balance of affordability and space.

Market Dynamics by Property Type:

The overall sales-to-active listings ratio was 17.6%, signaling balanced conditions:

• Detached homes: 13.1% (buyer’s market in areas like Coquitlam and Burnaby East).

• Attached homes: 21.1% (balanced, particularly in Port Coquitlam and Vancouver East).

• Apartments: 20.3% (balanced, with hotspots in New Westminster and Burnaby).

Pricing Trends for June 2024:

• Composite benchmark price: $1,207,100

  • Up 0.5% year-over-year

  • Down 0.4% month-over-month

• Detached homes: $2,061,000 (+3.7% YoY)

  • Strongest growth observed in Vancouver West and Burnaby South.

• Attached homes: $1,138,100 (+3% YoY)

  • Consistent demand in Coquitlam and Port Moody.

• Apartments: $773,400 (+1% YoY)

  • Popular among first-time buyers in New Westminster and Burnaby North.

What Does This Mean for Buyers and Sellers?

• For Buyers:
  With inventory at its highest level in years, buyers have more choices in markets like Burnaby South and Vancouver East. Detached homes in Coquitlam and condos in New Westminster offer excellent opportunities for those ready to act.

• For Sellers:
  Pricing remains key in the current market. Homes in sought-after neighborhoods, such as Port Moody townhouses or Vancouver West luxury properties, continue to attract interest. Strategic pricing and marketing will maximize results.

June 2024 highlights a market in transition, offering a balance between opportunity and competition. Whether you’re selling a condo in Burnaby, buying a house in Vancouver East, or investing in the Tri-Cities, understanding market trends is crucial.

Reach out today to craft a plan tailored to your real estate goals!

May 2024 brought a noticeable shift in Metro Vancouver’s real estate market, with trends pointing toward more balanced conditions. Elevated borrowing costs, economic uncertainties, and a significant increase in inventory have created a dynamic landscape for buyers and sellers alike. Here’s a breakdown of the most impactful changes and insights for the month.

Sales Activity Overview:

Home sales across Metro Vancouver totaled 2,733 in May 2024, marking a 19.9% decline from May 2023 and a 19.6% drop below the 10-year seasonal average. This softening demand reflects the multifaceted influences of higher interest rates, policy changes, and economic apprehension.

However, with increased inventory, buyers have a window of opportunity to negotiate. Whether it’s a detached home in Burnaby or a condo in New Westminster, there’s growing potential for more favorable conditions this summer.

Inventory on the Rise:

• May saw 6,374 new properties listed for sale, a 12.6% increase compared to the same month last year.

• Total active listings surged by 46.3%, reaching 13,600 homes. This increase provides buyers with more choices, while sellers must approach pricing strategically to remain competitive.

Sales-to-Active Listings Ratio:

• Detached homes: 16.8%

• Attached homes: 25.1%

• Apartments: 22.5%

Historically, downward price pressure occurs when the ratio falls below 12% for a sustained period, while upward pressure is observed when it surpasses 20%. With the current ratios hovering near balanced thresholds, price trends could stabilize in the coming months.

Benchmark Prices:

• Composite benchmark: $1,212,000 (+2.3% YoY)

• Detached homes: $2,062,600 (+5.9% YoY)

• Apartments: $776,200 (+2.2% YoY)

• Townhomes: $1,145,500 (+5.2% YoY)

Detached homes showed the most robust price growth, underscoring their enduring appeal despite economic headwinds.

Insights for Buyers and Sellers:

• For Buyers:
  Buyers who have been waiting for more favorable conditions may find this summer’s market more approachable, as rising inventory and slowing sales can provide leverage.

• For Sellers:
  Sellers should align pricing with current market conditions and be prepared for extended listing periods.

May 2024 encapsulates a market in transition, balancing the effects of slowing sales with rising inventory. For those ready to navigate the complexities, opportunities abound.

Thinking of buying or selling in Burnaby, New Westminster, or the surrounding areas? Let’s connect to create a strategy tailored to your needs.

April 2024 brought notable developments in the Metro Vancouver real estate market, marked by increased inventory levels and stable demand. This creates opportunities for both buyers and sellers across key markets like Burnaby, New Westminster, Vancouver East and West, and the Tri-Cities.

Inventory Hits Post-Pandemic Highs:

The number of homes listed for sale reached 12,491, representing a 42.1% increase year-over-year. This significant rise provides buyers with more options than seen in previous months, particularly in popular markets such as Burnaby North and Coquitlam.

Steady Sales Across the Region:

Residential sales totaled 2,831, reflecting a 3.3% year-over-year increase, though still 12.2% below the 10-year seasonal average.

Key Highlights:

• Burnaby:
  Burnaby East recorded notable price growth, with attached homes maintaining steady demand.

• New Westminster:
  Apartments in New Westminster remain a strong choice for first-time buyers, with stable prices and active competition.

• Tri-Cities (Coquitlam, Port Moody, Port Coquitlam):
  Robust activity continued in the attached and apartment segments, with consistent interest from buyers.

• Vancouver East and West:
  Vancouver West maintained its reputation as a luxury hotspot, while Vancouver East showed solid activity in townhomes and apartments.

Resilient Price Trends:

• The MLS® Home Price Index composite benchmark price reached $1,205,800, up 2.8% year-over-year and 0.8% month-over-month.

• Detached Homes:
  $2,038,400 (+6.3% YoY, +1.2% MoM)

• Townhomes:
  $1,112,300 (+4.7% YoY, +0.6% MoM)

• Apartments:
  $772,800 (+3.1% YoY, -0.1% MoM)

Sales-to-Active Listings Ratio:

The market continues to favor sellers, with a sales-to-active listings ratio of 23.5%, particularly strong in attached homes and apartments:

• Detached Homes: 17.6%

• Townhomes: 31.0%

• Apartments: 26.0%

What Does This Mean for Buyers and Sellers?

• For Buyers:
  Inventory growth means more options in markets like Burnaby South and Port Moody, but competition remains strong in the townhouse and apartment segments. Acting decisively will be key to securing your ideal property.

• For Sellers:
  The market conditions remain favorable, especially for detached homes and townhouses in high-demand areas like New Westminster and Vancouver East. Strategic pricing and targeted marketing will maximize results.

Whether you’re considering selling a house in Burnaby, buying a condo in New Westminster, or investing in the Tri-Cities, understanding the current market dynamics is crucial. Contact me today to craft a plan that aligns with your goals.

As the flowers bloom and the season shifts into spring, Metro Vancouver’s real estate market shows signs of renewed activity. The latest stats from the Greater Vancouver REALTORS® (GVR) indicate a dynamic shift, with increased seller activity providing buyers with more choices, but the market remains firmly in seller's territory.

Key Highlights for March 2024:

• Increased Listings:
  The number of homes listed for sale rose nearly 23% year-over-year, offering more options for buyers. This aligns with the seasonal trend of higher activity as spring approaches.

• Sales Dip Below Seasonal Norms:
  Residential sales totaled 2,415, a 4.7% decrease compared to March 2023. This number remains 31.2% below the 10-year seasonal average.

Market Balance:

• Despite increased inventory, the sales-to-active listings ratio reached 23.8%, keeping the market in seller's territory.

  • Detached homes: 18.2%

  • Attached homes: 31.3%

  • Apartments: 25.8%

Price Trends:

• The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,196,800, reflecting:

  • A 4.5% increase year-over-year.

  • A 1.1% month-over-month increase.

• Detached homes: $2,007,900 (+7.4% YoY)

• Apartments: $777,500 (+5.7% YoY)

Performance in Focus Areas:

• Burnaby:

  • Burnaby East saw significant growth, with a 3.6% price increase from the previous month and an 8.2% annual gain.

  • Burnaby South recorded a steady 5.0% annual price increase, with attached properties remaining popular among buyers.

• New Westminster:

  • The benchmark price for all residential properties rose by 3.4% month-over-month, emphasizing strong demand in this growing community.

• Tri-Cities (Coquitlam, Port Coquitlam, Port Moody):

  • Coquitlam continues to see stable pricing, with apartments and townhomes drawing significant interest from buyers.

  • Port Coquitlam showed mixed results, with a slight decline in the detached market but resilience in the attached sector.

  • Port Moody remains steady, showcasing its appeal for both urban and suburban buyers.

• Vancouver East and West:

  • Vancouver East homes showed 6.7% annual price growth, with townhomes gaining attention from buyers.

  • Vancouver West remains a premium market with consistent activity.

What Does This Mean for Buyers and Sellers?

• For Buyers:
  The increased inventory provides more choices, but competition remains strong for well-priced and well-located homes. Act decisively to secure your ideal property.

• For Sellers:
  Elevated demand and stable price growth offer a prime opportunity to list your home, especially if it’s well-prepared for the spring market.