Vancouver residential from Remax Property prices in Greater Vancouver could rise by seven per cent in 2025, and sales volume could increase by 20 per cent, according to an outlook report by national brokerage Re/Max Canada.
The brokerage said in a Nov. 26 report it expects the Vancouver housing market to transition further from a balanced market to a seller’s market, with a surge of activity from first-time homebuyers.
“First-time and move-up buyers are expected to drive market activity in 2025, and single-detached houses are expected to see the most sales activity in the region,” the Re/Max report said of Greater Vancouver.
“The condominium and townhome segment will also be driven by first-time buyers, active around the $800,000 price point.”
The report pointed to regulatory changes such as a new 30-year amortization period (up from 25 years) on insured mortgages taken out by first-time homebuyers.
This “will make it easier for first-time homebuyers to purchase a home in [Greater Vancouver], and declining interest rates will continue to encourage buyers to enter the market as they continue to impact mortgage rates,” said the Re/Max report.
Re/Max Canada president Christopher Alexander said move-up buyers are also in a favourable spot.
“B.C.’s got the strongest level of equity-to-loan ratios,” he told BIV on Dec. 19. “More people in B.C. own more of their homes. … The move-up market and beyond should be in a pretty good position if they want to transact.”
Alexander said the BC NDP, which was narrowly returned to power in last fall’s provincial election, “has been really using every tool that they can to curb demand, and it will be interesting to see the true effect of those measures going forward.”