Vancouver has long been one of the world's most expensive real estate markets relative to income. The Greater Vancouver area in 2025 reflects a market that has absorbed two years of rate-driven correction and is now stabilizing. The benchmark composite price across Metro Vancouver sits near $1.18–1.22 million, with single-family detached homes dramatically more expensive than the headline figure suggests.
This guide breaks down prices by property type and municipality, reviews inventory and activity levels, and gives buyers and sellers a realistic picture of where the market stands in 2025.
The Real Estate Board of Greater Vancouver (REBGV) tracks benchmark prices across all property types. In 2025, the composite benchmark price sits around $1.2 million, though this varies enormously by community and property type.
| Property Type | Benchmark Price (2025) | Year-over-Year |
|---|---|---|
| Single-Family Detached | $1,950,000 | +3.1% |
| Townhouse | $1,050,000 | +2.2% |
| Condo/Apartment | $740,000 | +0.8% |
| Composite Average | $1,200,000 | +2.1% |
Detached homes in Vancouver proper (West Side) routinely sell for $2.5–4 million. East Vancouver and Burnaby offer more accessible price points, while Fraser Valley communities like Abbotsford and Chilliwack attract buyers priced out of the city core.
Inventory levels in Metro Vancouver rose substantially through 2023 and 2024 before stabilizing in 2025. Active listings are running around 10,000–12,000 units, which is elevated compared to the sub-6,000 seen during the 2021 peak but still below historical averages for a market this size.
| Metric | 2021 Peak | 2023 | 2025 |
|---|---|---|---|
| Active Listings | 5,800 | 9,400 | 11,200 |
| Sales per Month | 5,100 | 1,700 | 2,400 |
| Avg Days on Market | 11 | 31 | 33 |
| Months of Inventory | 1.1 | 5.5 | 4.7 |
The sales-to-active-listings ratio — a key measure of market balance — sits around 20–22%, in balanced territory. Above 20% favours sellers; below 12% favours buyers.
| Municipality | Benchmark Detached | Benchmark Condo |
|---|---|---|
| Vancouver West | $3,200,000 | $870,000 |
| Vancouver East | $1,650,000 | $650,000 |
| Burnaby | $1,800,000 | $710,000 |
| Richmond | $1,700,000 | $680,000 |
| Coquitlam | $1,550,000 | $620,000 |
| Surrey | $1,350,000 | $560,000 |
| North Vancouver | $1,900,000 | $720,000 |
Vancouver is the least affordable major city in Canada by most measures. The price-to-income ratio in Metro Vancouver exceeds 13x, meaning the average home costs more than 13 times the median household income. This has pushed first-time buyers toward condos, secondary suites, and outer suburbs.
Canada's federal foreign buyer ban (in effect since January 2023) continues to apply to most residential properties. In conjunction with BC's speculation and vacancy tax, foreign investment in Vancouver real estate is substantially constrained compared to the pre-2016 era. This has contributed to the stabilization in high-end detached markets.
BC's property transfer tax applies to all purchases: 1% on the first $200,000, 2% on $200,001–$2,000,000, and 3% above $2,000,000. On a $1.2 million purchase, this is approximately $19,000. First-time buyers may qualify for a partial exemption on homes under $500,000.
Vancouver's rental vacancy rate remains very low — historically under 1%. This keeps investment properties appealing despite compressed cap rates. However, short-term rental restrictions (Airbnb bans in most municipalities) have removed some investor demand, slightly increasing supply in the resale and long-term rental market.
Analysts generally project Vancouver prices to increase 4–7% through 2025 as lower rates improve affordability and pent-up buyer demand releases. The detached segment in desirable west-side and north shore neighbourhoods is expected to outperform the broader market, while condos in pre-sales-heavy corridors like Brentwood and Joyce-Collingwood may see more modest gains.
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Open KOHO Free — Code 45ET55JSYAThe benchmark composite price across Metro Vancouver is approximately $1.2 million in 2025. Detached homes in the city proper average close to $2 million or more.
Vancouver is broadly balanced in 2025, with detached homes in prime areas still slightly favouring sellers, while condos are more favourable to buyers.
To qualify for an average-priced property (roughly $1.2M) with a 20% down payment, a household would need to earn approximately $200,000–$210,000 annually to pass the mortgage stress test.