Market Update: Why Now is a Great Time to Make a Move

I wanted to take a moment to share some positivity about the current real estate market.

Despite ongoing uncertainty around taxes, tariffs, policies, and politics, homes are still selling — and selling well. While we’re not seeing 10 offers on every listing, home prices remain close to their peak.

The market is responding strongly to well-priced homes.  If you’ve been considering buying a home for yourself or your family, uncertainty can create opportunity! There’s a solid selection of properties available, giving you time to make thoughtful decisions without feeling rushed.

For those looking to trade up, the price gap to the next home is smaller than it’s been in the past — making it a smart time to upgrade. If you’re downsizing or divesting, the right strategy can help you maximize your return.

If you’re content where you are, it’s still a good time to feel confident about the future of Vancouver real estate.

I'm here to help. If you or someone you know needs real estate advice or solutions, I'd love to hear from you!

Vancouver Developer Advocates for Georgia-Dunsmuir Viaducts Removal to Build 5,000 Homes

By Jami Makan | March 7, 2025

A major Vancouver-based developer is pushing for the demolition of the Georgia and Dunsmuir viaducts to pave the way for a large-scale housing project in northeast False Creek.

The aging viaducts, which require significant investment for upgrades or replacements beyond 2032, remain a key obstacle to the proposed development of Concord Landing—a new neighborhood envisioned by Concord Pacific Developments Corp. The plan includes approximately 5,000 new homes and up to 100 small commercial spaces, creating a pedestrian-friendly community.

Nearly a decade ago, Vancouver’s city council decided to remove the viaducts. However, they remain in place, awaiting the implementation of the plan. Concord Pacific recently updated its development proposal, which is expected to be the catalyst for finally dismantling the structures used by motorists, cyclists, and pedestrians.

Although the first phase of Concord Landing is not expected for at least five years, the developer is actively moving forward. An initial rezoning inquiry was submitted to the City of Vancouver a week ago, with a formal rezoning application to follow. Peter Webb, Concord Pacific’s senior vice-president of development, highlighted that this submission is a significant step, bringing together city and provincial authorities to establish a business framework before public consultations commence.

Concord Pacific originally acquired the eight-hectare site for Concord Landing in 1988 as part of the broader 83-hectare Concord Pacific Place, spanning from the Granville Bridge to Science World. The initial development plan was completed in 1990, but a revised plan was created in 2018 following extensive public input regarding the viaducts' removal. Approximately 17,000 Vancouver residents contributed feedback at that time.

The Concord Landing project will be the final stage of Concord Pacific’s development in the Expo lands, an area where the company has already established seven communities. The latest addition, Concord Central, was completed in 2019 and includes two major buildings, The Arc and One Pacific, providing over 1,000 homes in northwest False Creek.

Once completed, Concord Landing will offer a mix of residential and commercial spaces, as well as a large green space consistent with the 2018 official development plan. The neighborhood is expected to become a vibrant waterfront hub, bridging the downtown core with Science World and the Olympic Village. Georgia Street will be brought to street level, connecting Stanley Park at one end of downtown to the False Creek waterfront.

Despite the developer’s progress, challenges remain. The viaducts continue to pose a logistical issue, as they cut through the planned district. The 2026 FIFA World Cup, which may require parts of the site for staging, could also cause delays. However, Concord Pacific emphasizes that early removal of the viaducts would help reduce costs and optimize capital allocation.

The City of Vancouver has allocated $110 million from Concord Pacific’s contribution to the viaduct removal and surrounding infrastructure enhancements. Additional funding includes $100 million in community amenity contributions from the Plaza of Nations' rezoning in 2018, which could increase if the new owner, Northchild Group, seeks additional density.

Concord Pacific’s President and CEO, Terry Hui, reaffirmed the company’s commitment to the project, stating that removing the outdated viaducts is a critical step in completing the final phase of their development in the area.

Greater Vancouver Real Estate Market Update Here

Metro Vancouver Real Estate Market Update     Here

Fraser Valley Real Estate Market Update              Here 

Detached Monthly Variances                                     Here

Attached Monthly Variances                                      Here

Get the Full Report                                                          Here

February 2025 GVR Residential Market Report – Key Highlights

1. Sales Decline & Market Balance

   • Residential sales in Metro Vancouver decreased 11.7% from February 2024 and 28.9% below the 10-year seasonal average.

   • Market conditions remain balanced following a surge in new listings in January.

2. Increase in Listings

   • 5,057 new listings in February 2025, a 10.9% increase from February 2024.

   • Total active listings reached 12,744, a 32.3% increase from the previous year, offering the highest home selection since pre-pandemic times.

3. Sales-to-Active Listings Ratio

   • Overall ratio: 14.8% (balanced market conditions).

   • By property type:

     • Detached: 10.7% (near downward pressure on prices).

     • Attached: 18.5%

     • Apartments: 16.8%

4. Price Trends

   • The MLS® Home Price Index benchmark for all residential properties: $1,169,100 (1.1% decrease YoY).

   • Detached homes: $2,006,100 (1.8% increase YoY).

   • Apartments: $747,500 (2.8% decrease YoY).

   • Townhouses: $1,087,100 (1.2% decrease YoY).

5. Interest Rate & Market Outlook

   • A potential Bank of Canada rate cut in mid-March could improve borrowing conditions.

   • With spring approaching, market activity may rise depending on buyer and seller confidence.

Would you like a deeper analysis on any specific aspect? Please reach out to me and I would be happy to have a discussion over a coffee. Rob Britch RE/MAX Select Realty 604-240-5813

Greater Vancouver Market Update Here

Metro Vancouver Market Update     Here

Fraser Valley Market Update              Here 

Detached Monthly Variances              Here

Attached Monthly Variances               Here 

Get the Full Report                                   Here 

In January 2025, the Greater Vancouver REALTORS® (GVR) reported a significant increase in homes newly listed on the MLS®, rising by 46 % year-over-year. This surge in listings indicates a growing eagerness among sellers to enter the market as the new year begins.  Residential sales in the region increased 8.8% from January 2024's recorded sales.  Andrew Lis, GVR’s director of economics and data analytics, noted that buyer demand had been gaining momentum over the last three months leading up to January. Yet now it seems that this momentum is shifting towards sellers as they take advantage of favourable market conditions at the start of 2025. Despite the influx of new listings, sales continue to outpace last year's figures, suggesting that there is still a notable appetite among buyers despite changing market dynamics. Price trends have remained relatively stable across all segments within the market.  

With over 32 years of experience,  let us Help You Make the Right Move in 2025!  

Greater Vancouver Market Update Here

Metro Vancouver Market Update     Here

Fraser Valley Market Update              Here

Detached Annual Variances                Here

Attached Annual Variances                 Here

Get the Full Report                                   Here

With borrowing costs now on the decline, we've seen buyers returning in numbers after a brief hiatus. The recent sales figures are trending back to long-term historical averages, which indicates there may still be significant potential upside for sales as we move into 2025—especially if this recent strength continues.

Notably, December 2024 saw remarkable increases in sales across various categories: detached homes rose over 30% compared to December 2023, apartment homes increased by 23.9%, and attached homes surged by an impressive 55.9%. This positions the market for a much more active year ahead than we've experienced in recent times.

For those considering buying, now is the time to act before the Spring Frenzy kicks in! And for our sellers, it’s a great opportunity to list your property with less competition currently in the market.

If you have any questions or would like to discuss these exciting developments further, please feel free to reach out—I’m always here to help!

HOW THE LATEST BANK OF CANADA RATE CUT MAY IMPACT YOU

• The Bank of Canada (BoC) just cut its lending rate by 50 basis points, bringing it down from 3.75% to 3.25%

• When the BoC cuts its lending rate, it can become cheaper for Canadians to borrow money.

• For Canadians with variable rate mortgages, rate cuts can mean more of their money goes toward the principal on their mortgage, and less towards interest.

• For Canadians with fixed rate mortgages, this recent BoC rate cut will not immediately make an impact. 

• Fixed rate mortgages are based on five-year bond yields, and financial markets have already been expecting the BoC to cut rates this year. Those expected cuts are, to some degree, already factored into bond yields, and are therefore reflected in current fixed mortgage rates.

• TD Economics believe there will be more rate cuts in the new year and expect the BoC’s lending rate to be cut down to 2.25% by the end of 2025.

Is your mortgage due in 2025?  Reach out to me and I'd be happy to refer you to a preferred Mortgage Broker who can guide you in the right direction.  

Thinking of making a move in 2025?  With over 31 years of experience in Residential Real Estate, let us Help You Make the Right Move! 

Greater Vancouver Market Update Here

Metro Vancouver Market Update     HERE

Fraser Valley Market Update              HERE

Detached Monthly Variances              Here

Attached Monthly Variances               Here 

Get the Full Report                                   Here

Home buyer demand continued to strengthen in November! It seems like buyers are continuing to take advantage of the relatively balanced market conditions while they last. You know how it goes—when the market feels right, people jump in. And that’s exactly what’s happening now.

Even though we’re seeing an uptick in demand as we approach year-end, the number of newly listed properties has been holding steady. This balance is crucial because it helps keep prices from skyrocketing across all segments. But here's where things get interesting: as we move into the New Year, if this strong demand keeps up and new listings don’t rise to meet it, we could be looking at a shift in dynamics. It might not be long before upward pressure on prices makes a comeback! So for anyone thinking about buying or selling soon, keeping an eye on these trends is more important than ever.

Greater Vancouver Market Update HERE

Metro Vancouver Market Update     HERE

Fraser Valley Market Update              HERE

Detached Monthly Variances              HERE

Attached Monthly Variances               HERE

Get the Full Report                                   HERE

When it comes to investing, let's be real: no one can predict the market. Not even the great Warren Buffett himself! So, why should you try to emulate his every move? The key is to buy or sell when it feels right for you and your family.

This past October brought a wave of renewed confidence in the market. If you're looking to buy, there are some fantastic opportunities out there. Take your time; do your due diligence, and don't feel pressured into making hasty decisions. It’s all about finding what aligns with your goals.

On the flip side, if you're considering selling, you’re in a sweet spot too! Inventory remains low, and with this newfound enthusiasm in buyers—just take a look at those bustling open houses—you’re likely to see more offers coming your way. Many properties experienced favourable sales prices last month thanks to this uptick in demand. So trust yourself; navigate the market at your own pace!

With over 31 years of experience, let Rob Britch Help You Make the Right Move! 

Greater Vancouver Market Update Here

Metro Vancouver Market Update     Here

Fraser Valley Market Update              Here 

Detached Monthly Variances             Here 

Attached Monthly Variances              Here 

Get the Full Report                                  Here 

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 31 years of experience in your market, let me Help You Make the Right Move! 

Greater Vancouver Market Update here

Metro Vancouver Market Update     here

Fraser Valley Market Update              here

Detached Monthly Variances              here

Attached Monthly Variances               here

Get the full report                                     here

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move! 

Key Changes Effective July 18th, 2024

     1.  Mandatory Use of Landlord Use of New Web Portal: 

• Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use.

• Landlords using the website portal will be required to have a Basic BCeID to access the site.

• The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant.

• While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith.

• They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.

     2.  Extended Notice Period:

• The Two-Month Notice is changing to a Four-Month Notice on July 18, 2024.

• Tenants will have 30 days to dispute Notices to End Tenancy, extended from 15 days.

     3.  Occupancy Requirements:

• The individual moving into the property must occupy it for at least 12 months.

• Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent.

It's crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024.

Greater Vancouver Market Update  HERE

Metro Vancouver Market Update      HERE

Fraser Valley Market Update               HERE

Detached Monthly Variance                HERE

Attached Monthly Variance                 HERE

Get the Full Report                                   HERE

If you’d like a detailed report for your neighbourhood or, a complimentary Market Evaluation, please reach out to me at 604-240-5813 or rob@robbritch.com.  With over 30 years of experience in your market, let me Help You Make the Right Move!