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’s Housing Market Is Splitting in Two
Canada’s major markets moved in different directions in Early-Q3 2026, with recoveries, turnarounds, supply pressures, soft landings, and continuing weakness appearing together.
Toronto showed recovery signs with five straight mo of resale gains, a second MoM benchmark price rise, and Ontario inventory leveling off.
Even so, Toronto remained uneven: resales stayed >30% below pre-pandemic levels, the 905 region lagged yearly, and abundant condo supply kept pressure on prices.
Calgary’s issue was supply, not demand: new listings fell in 5 of 6 mo, active listings ↓>4% yearly, and price declines eased.
Vancouver remained in a deeper slump, with resales ↓>8% MoM and prices ~6% lower yearly, while an economist expected Canada’s unevenness to persist.
Vancouver Homebuyers Enjoy More Choices as Summer Demand Eases
Vancouver's home sales dropped nearly 10% in July compared to last year, reversing June's gains, with 2,061 sales recorded. Sales were 18.6% below the 10-year seasonal average. The benchmark price for residential properties fell 6.2% year-over-year to $1,088,800. New listings decreased 11.5%, while total inventory fell 4% but remained 26.8% above the long-term average.
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.