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Why Are Vancouver Home Sales Dropping So Fast?
By Jay Coupar, Vancouver Realtor

I sat down with Brendon Ogmundson, Chief Economist at the BC Real Estate Association, to break down what’s really going on in the market—and what we can expect in the months ahead.

Here’s what you need to know:

Sales are down, but prices are holding — We’re seeing some of the lowest sales in over a decade, but prices in Vancouver have barely moved. Why? Sellers aren’t desperate, and well-priced homes—especially entry-level units—are still getting multiple offers.

Tariff fear is freezing buyers — The threat of U.S. tariffs and all the noise around trade uncertainty has crushed confidence, especially in high-priced markets. A lot of people are sitting on the sidelines—not because they can’t buy, but because they’re spooked.

Developers are pulling back — Between red tape, foreign buyer bans, and rising construction costs, new projects are getting delayed or scrapped. That means future supply is at serious risk—again.

Interest rates may not fall much more — The Bank of Canada is being cautious. Rates are sitting at 2.75%, and further cuts are unlikely unless inflation drops or the tariff threat clears. Meanwhile, global bond markets are pushing fixed mortgage rates back up.

The market is split — Luxury homes and investor-grade condos are sitting. But if you’ve got a clean, well-staged property in a good area and price it right, there’s still real demand.

My take for buyers — If you’re a first-time buyer and can qualify, this is probably the best window you’ll get. Time in the market beats timing the market—every time.

Brendon’s final call? If things stay calm, we could see a rebound in late 2025 and a strong spring market in 2026. Personally, I’m cautiously optimistic.

Want to talk strategy for buying or selling in this market? Shoot me a message—let’s make a plan.