As housing prices continue to decline across the country, the market could become very favourable for those looking to buy property in Greater Vancouver this fall.
Re/Max has released a report outlining expectations for market conditions this fall. They also provided a snapshot of the first half of the year.
Between January and July of this year, B.C. and Ontario saw declines in two-thirds of their respective housing markets. Nationally, 26.4 per cent of markets will favour sellers, but 38.2 per cent are “sitting firmly in buyer’s territory,” according ot Re/Max.
Most of B.C. will be in that buyer’s territory that Re/Max is referencing.
In the Fraser Valley, average prices were down 5.5 per cent year-over-year, and in Vancouver, they were down 6.3 per cent. B.C. markets are expected to continue declining.
One B.C. region that didn’t see a decline was the Okanagan (up 1.7 per cent).
Between Jan. 1 and July 31, 2024, the average residential sale price in Greater Vancouver was $2,651,000. Between Jan. 1 and July 31, 2025, that dropped to $2,483,000. Sales transactions fell from 2,784 to 2,201. The number of listings rose from 2,740 to 3,261.
Listings rose in most markets, with Vancouver leading the way nationally, where they increased by 19 per cent. Re/Max also said that sales activity was uneven, with B.C. seeing notable declines.
Looking ahead: Time to buy?
Construction crane for a new Vancouver residential building. (Lijuan Guo/Shutterstock)
Re/Max has some estimates on how things will shape up between September and December. For the average price estimate, Re/Max expects another notable drop for Greater Vancouver, down to $2,110,550. That marks a 15 per cent drop. When it comes to unit sales, Re/Max predicts a 4.0 per cent drop.
Ultimately, Re/Max estimates that market conditions and housing prices in Greater Vancouver will be favourable for buyers in the latter half of the year.
It’s much of the same story in the Fraser Valley. The average price for a residential home in the latter half of the year in the Fraser Valley is expected to reach around $1,215,641. That’s a drop from $1,240,450 in the first half of the year, so not quite as significant a difference as the prices in Greater Vancouver.
Greater Vancouver Realtors also referred to the Greater Vancouver housing market as favourable for buyers in its last report this July. However, it did say that if sales pick up, those favourable conditions may not last.
“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 favourable conditions for home buyers may begin slowly slipping away, as inventory levels decline and home sellers gain more bargaining power.”
Have prices dropped nearly enough for you to enter the market? Let us know in the comments.