“You Can’t Bet Against Vancouver”: Why West Coast Market Fundamentals Are Here to StayAs the cost of borrowing rises, and homebuyers see their budgets shrink, home prices have softened in recent months in Canada’s largest urban markets., as sales plunged 16.2% from May, leading to a 2.2% decline in the benchmark price to $1,235,900, the Real Estate Board of Greater Vancouver reports.
“The trend in Vancouver, you can’t bet against it over time. And although the market is normalizing, it’s coming off an incredible peak, it’s still above where it was,” Bob Styan, Senior Vice President of, a Vancouver-based real estate company specializing in pre-construction sales and marketing services, tells STOREYS.
Styan, a 30-year veteran of the Vancouver real estate market, says the current trend reflects “coming down into a normal market” following the powerful pandemic-induced run up in prices seen over the last two years. Buyers are now enjoying improved balance — and greater choice — in what has always been a traditionally tight market.