Vancouver homebuyers face one of the biggest price increases in the country

Housing affordability in Vancouver is increasingly out of reach for many, with the average price of a home in the market rising dramatically this winter.

A recent report from Ratehub.ca shows that Vancouver saw an increase in average home price of $10,700 between January and February.

Only two other cities, Montreal and Halifax, saw bigger month-over-month price jumps in the report detailing how changing mortgage rates, stress test rates, and real estate prices impact the income required to buy a home.

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“It’s no secret that buying a home in Canada has become increasingly difficult over the last few years,” said RateHub in its report. “While ongoing uncertainty related to U.S. tariff threats has already led to a 10 per cent decline in home sales, the housing market outlook remains uncertain until there’s more clarity on the form and longevity of threatened tariffs.

“Further adjustments in mortgage rates and economic conditions will play a crucial role in shaping affordability trends.”

RateHub

Victoria also saw a sizable rise in average home price, jumping $8,600 from January to February.

RateHub calculated the minimum annual income required to buy an average home in some of Canada’s major cities based on real estate data from January and February 2025. While the price of Vancouver homes saw an increase, there was a dip in another key statistic.

Royal Pacific Realty

“In February 2025, housing affordability in Canada took a favourable turn as declining mortgage rates provided much-needed relief to homebuyers across the nation,” explained RateHub. “The latest Home Affordability Report from Ratehub.ca shows that conditions improved in eight of 13 key markets.

“Vancouver saw a similar pattern, with a $1,000 decrease in required income and a small $36 reduction in monthly costs, even as home prices climbed by $10,700.”

With files from Alison Stephen