As we head into the new year, British Columbia’s real estate market continues to evolve, with new trends and developments shaping the outlook for buyers, sellers, and investors. Here are today’s top stories:
Condo Market Challenges Persist Heading into 2025
The condo market in BC is expected to face ongoing challenges in 2025, according to a report by Storeys. Rising interest rates and affordability issues continue to pressure buyers, while developers are grappling with increasing construction costs. Despite these challenges, condos remain a key part of urban living and a vital segment of the market, particularly for first-time buyers and investors.
Navigating this segment of the market requires strategic planning and expert advice. Read more about the condo market outlook here.
Housing Starts Rise by 8% in November
The Canadian Mortgage and Housing Corporation (CMHC) reports an 8% increase in housing starts in November compared to the previous month. This growth is a promising sign for BC’s housing supply, which has struggled to keep up with demand in recent years.
As new housing projects break ground, there’s hope that the increased supply will help balance the market and improve affordability. Learn more about the latest housing starts here.
Vacancy Rates Tick Up, Easing Rental Price Hikes
Good news for renters: BC’s rental market is seeing higher vacancy rates, according to the latest data from CMHC. This uptick in availability is helping to stabilize rental prices, providing some much-needed relief for tenants who have faced record-high rents in recent years.
The rental market’s improvement is a positive indicator for housing affordability overall, though challenges remain in highly competitive urban areas. Read more about the vacancy rate trends here.
How Canadian Pacific Homes Can Help
The real estate market in BC is always changing, and staying ahead of the trends is crucial. Whether you’re looking to invest in a condo, purchase a new home, or navigate the rental market, Canadian Pacific Homes has the expertise and insights to guide you every step of the way.
Contact us today to discuss how these latest developments might impact your real estate goals. Let’s work together to make your next move the right one!
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.