Author: Ella Tumakova PREC*

Canada's housing market saw a 0.5% rise in home resales in July, marking the fourth consecutive monthly increase, but activity remains 12% below the decade average. New listings fell 1.6%, easing concerns of distressed sales. Prices rose nationally for the second month, suggesting a possible price floor. Ontario shows momentum with rising resales and prices, while British Columbia remains weak. Alberta stabilized with slight price gains. Other regions show signs of slowing or declining sales and price growth.

About 38% of Canadians with a mortgage expect payment increases upon renewal, with 26% anticipating slight and 12% significant rises. Despite this, 71% won't change living arrangements to afford higher costs. Anxiety is higher among those who last renewed during low rates and in expensive markets like Toronto and Vancouver. Over 75% foresee financial pressure, leading many to cut discretionary spending, travel, and home renovations. Pandemic-era buyers show less anxiety due to stricter lending rules.

British Columbia home sales fell 4.7% year-over-year in August, with 5,653 residential sales and the average home price dropping to just under $925,000. Sales have been gradually recovering since January but remain below long-term averages. The Okanagan region saw a 22% decline, while the South Peace River region experienced a nearly 35% increase. Concerns remain over U.S. tariffs and rising long-term interest rates.

As we watch Canada’s housing market begin to recover—with more resales, steady inventory, and a slower pace of price declines—it’s natural to wonder what the next few years might hold. According to RBC, while we shouldn’t expect a dramatic boom, the outlook suggests that after a possible dip in sales and prices in 2026, we could see gradual improvements in 2027. This recovery is likely to be driven by pent-up demand and improving affordability. Having guided clients through shifting markets since 2007, I know firsthand that making informed decisions—especially with changing trends—can help keep your financial and emotional interests protected. My approach has always been centered on listening and analytical insight, ensuring you’re positioned for success no matter the market’s pace.

When we look at the current landscape of unsold residential inventory in BC—now at 6,687 units, with a concentration in Burnaby, Vancouver, and Surrey—it's clear that our market is navigating some unique complexities. This inventory is made up mostly of condos, but it's not just limited to smaller units. As someone who has been helping Greater Vancouver residents buy and sell homes since 2007, I know how important it is to look beyond the surface numbers. Understanding which types of homes are sitting on the market, and where, is key to making informed decisions—whether you’re considering your next move or weighing your investment options. My approach has always centered on careful analysis and putting your financial and emotional interests first, especially in a market that’s always evolving.

There's a noticeable shift happening in the Canadian real estate market—RBC is reporting gradual signs of recovery. We're seeing increased sales activity, inventories that are leveling out, and a gentle uptick in prices. Looking ahead, forecasts suggest we might experience a dip in sales in 2026, with a rebound anticipated for 2027. For those of you keeping an eye on condos, both Ontario and British Columbia are expected to see a slower pace of recovery in that segment. As always, interest rates play a role and could be on the rise again in 2027.

Having negotiated and guided clients through changing markets since 2007, I know how important it is to keep both your financial and emotional interests front and center. If you're curious about how these trends might affect your goals in Greater Vancouver, I’m committed to providing the insight and patience you need to make informed decisions.