Vancouver Real Estate News - Condos, Rentals, Commercial and Industrial

urbanYVR coverage of real estate across Vancouver, including condos, rental apartments, social housing, retail, office development and parks and public spaces.

Vancouver real estate is one of the most competitive and expensive markets in Canada and in North America.

In July 2021, the average price for residential properties across Metro Vancouver was $1,175,500, up 13.8 per cent year-over-year.

The average price for a condo in downtown Vancouver in 2021 is $802,591, according to RE/MAX Canada. RE/MAX notes that the condo market has been negatively impacted by the COVID-19 pandemic as those who have transitioned to working from home are seeking larger spaces, sometimes out of town.

However, the Vancouver real estate market for luxury condominiums in the downtown core remains strong, with new projects marketed at approximately $2,000 per square foot. These include Fifteen Fifteen by Bosa and Kingswood Properties, and The Pacific by Grosvenor.

Foreign investors have deleveraged from Vancouver in recent years, due to the provincial speculation tax, introduced in 2018. In addition, the City of Vancouver introduced an empty homes tax, and the school tax was also increased on homes worth more than $3 million to help curb speculation.

Metro Vancouver is expected to see healthy population growth, growing from 2.5 million residents to approximately 3.6 million by 2050. Net immigration settlement in Vancouver is projected to be in the 30,000 – 40,000 range annually. According to Metro Vancouver Regional District, 40 per cent of the population growth in the Fraser Valley between 2011 and 2016 consisted of former residents of Metro Vancouver, likely seeking more affordable housing and more space.