David’s Real Estate Blog
Drawing on nearly 30 years of experience in Greater Vancouver and the Fraser Valley, I share the market insights, strategies, and local knowledge you need to make your next move with confidence.
David’s Real Estate Blog
Drawing on nearly 30 years of experience in Greater Vancouver and the Fraser Valley, I share the market insights, strategies, and local knowledge you need to make your next move with confidence.
Canada: Buy Now or Wait on Housing?
A recent poll found 64% of Canadians said timing a home purchase perfectly is impossible, while 73% said economic uncertainty makes acting harder.
Among Canadians planning to buy within the next 2 yr, 45% said now is the right time, versus 27% of Canadians overall.
Some purchasing power returned as borrowing costs eased, but mortgage rates remained well above earlier ultra-low levels, helping explain why caution still dominated decisions.
To make ownership work, 69% expected to delay major purchases, 62% planned smaller vacations, and 60% said spending and saving habits need reworking.
Even with caution, 53% of prospective buyers saw only a small window to capture lower prices before they rise again, yet 40% felt informed.
Mom and Dad say the early ’80s were harder for homebuyers. They’re not completely right.
Canadian homebuyers today face greater financial challenges than those in the 1980s despite lower interest rates. In 1981, rates peaked near 22%, but homes cost three to four times household income, with smaller mortgages and shorter saving periods. Now, average home prices have risen 57% since 2015, far outpacing wage growth, with mortgage payments consuming over 50% of income nationally and over 70% in Toronto. First-time buyers are older, saving longer, and stretched by 30-year amortizations, reflecting a structural affordability crisis.
Canada’s Foreign Buyer Ban Ends in 2027
Canada’s foreign-buyer ban is set to expire January 1, 2027, and federal officials are exploring rules steering offshore money toward new construction and redevelopment.
Housing supply remains central: the housing agency says Canada must roughly double annual starts over the next decade, from ~259K now to 430K-480K.
The model under review would allow foreign purchases of new construction and vacant land, while keeping existing homes off-limits to direct capital toward supply.
Current rules already include some exemptions for vacant land, redevelopment and certain publicly traded entities in Canada, and they apply mainly across Canada’s urban markets.
Mortgage brokers, agents, lawyers and notaries have a stake in the policy shift, and current rules make protective contract provisions especially important.
As the 2027 expiry nears, policymakers are expected to sort access by property type and development intent, reopening targeted segments to foreign capital.
Condo Smarts: Depreciation report for stratas is mandatory
Strata corporations with five or more units in certain BC regions must have a depreciation report by July 1, 2026, or by 2028 elsewhere. Failure to comply violates the Strata Property Act, allowing owners to seek legal orders for the report. Missing reports can hinder property sales, affect mortgage approvals, insurance renewals, and increase financial risks. Promptly commissioning a qualified report is crucial to avoid serious consequences.
Vancouver Homebuyers Gain More Choices as Prices Adjust
Greater Vancouver home sales rose 9.3% in June, with inventory slightly down but still near two-decade highs. The typical home price slipped 0.2% to about $1.1 million, down 6% from last year and 12.3% from the 2022 peak. Sales-to-new-listings ratio hit 40%, indicating a balanced market, but high active listings continue to exert downward pressure on prices, suggesting the market may face challenges ahead.
Vancouver Condo Market Sees Boost With $3.2B Support
A report from a real estate market intelligence unit highlights a significant condo market collapse in Vancouver, with sales down 26% from the ten-year average and prices falling. The government plans to buy over 2,200 unsold condos amid this decline, but critics argue this bailout props up inflated prices and hinders market correction, preventing improved affordability for young buyers. A political campaign opposes the bailout, urging the market to self-correct without taxpayer intervention.
B.C. Joins Expanded Greener Homes Support
British Columbia joined the first expansion of the federal greener homes affordability program, extending support for no-cost home-energy retrofits to eligible households provincewide.
In BC, the funding expanded an existing conservation assistance program, delivered through a utility partnership to serve low-income homeowners and tenants across BC.
Eligible BC residents can receive no-cost home-energy retrofits, including heat pumps, dual-fuel systems, and other upgrades designed to improve household energy efficiency.
The program is delivered in co-ordination with the province and utility partners, linking federal funding with existing BC energy-assistance infrastructure for households.
The BC extension centered on low-income households, offering energy-saving home improvements at no cost rather than requiring upfront spending from local residents.