While the homebuilding industry continues pounding the drums about the cost-of-delivery crisis and necessary policy changes to governments at all levels, we also need to sing more loudly to potential homebuyers about the current opportunities in the market.
You never truly know you’ve hit the bottom of the cycle until you’re looking at it in the rear-view mirror. While many prospective buyers sit on the sidelines waiting for further interest-rate drops, builders are working hard to move inventory now. Incentives are plentiful—everything from high-end design upgrades, to concierge-style buyer services, to a “win a condo” campaign for a development in Surrey. These aren’t gimmicks; they’re signals of just how motivated builders are to get homes into the hands of families.
The reality is stark. Some builders are selling below cost simply to avoid spiraling carrying expenses and keep their staff and tradespeople employed as the alternative is even more costly. As mentioned in previous Monday Briefings, many developments have shifted into purpose-built rentals – great news for renters but this now creates a sizable gap in the delivery of future homes in the next 3 – 5 years, especially for the first-time home buyer.
Although economic uncertainties remain, there are potential buyers who are in the financial position to reap the rewards of purchasing their choice of move-in ready homes across the region now. We need to pull – or push – these homebuyers off the sidelines, easing their concerns through messaging that supports their purchasing decisions and creates confidence in the inventory that is available. It is a great time to buy and this buyers’ market will not last indefinitely.
The Greater Vancouver Real Estate Board’s August 2025 Housing Market Report stated 1,959 residential properties sold in Metro Vancouver, a 2.9% increase over August 2024, but that number is still about 19.2% below the long-term 10-year seasonal average for August at 2,424 units. Inventory is elevated with about 16,242 active listings as of the end of August, up 17.6% from a year ago, and 37% above the 10-year average of 11,800, which is easing benchmark pricing in the region.
Across all residential types, the benchmark pricing is at $1,150,400, down 3.8% year-over-year (YoY), and down about 1.3% from July. Detached homes are at an average price of $1,950,300 that is 4.8% lower year-over-year (YoY); attached homes / townhouses at $1,079,600 (3.5% lower YoY); and apartments averaging $734,400 which is down 4.4% YoY. The sales-to-active listings ratio (a measure of how many listings sell compared to how many are available) is about 12.4% overall, giving buyers more leverage at the negotiating table.
Waiting for the “perfect moment” has a cost. Prices may fall a little further, but inventory will not remain this high indefinitely. When delayed projects finally collide with renewed demand, today’s buyers may look back on this period as a missed opportunity.
For those with stable jobs, access to financing, and the desire to put down roots, the conditions are favourable. Families can move into thoughtfully designed, completed homes in vibrant communities, often with builder incentives that will disappear once the market tightens again.
At the same time, we cannot ignore the policy environment that continues to weigh down the market. If governments truly want more Canadians to realize their homeownership dreams, they must help create the confidence and conditions that bring buyers back into the market, which means:
- Expedite the federal GST rebate on new housing. Delays in processing rebates discourage buyers and place additional strain on builders’ cash flow. Streamlining this process would provide immediate relief and tangible savings.
- Support the marketing housing industry rather than suffocating it. Every new tax, fee, and layered approval process is another cut in the “death by a thousand cuts” slowing housing delivery and driving up costs. From municipal fees to provincial levies, governments need to recognize the cumulative burden they are placing on the very industry they rely on to meet housing targets. Every level needs to be in the same room, having the same conversation at the same time to bring better solutions forward.
- Provide certainty and stability. Policy whiplash and shifting rules make it harder for builders to plan and for buyers to feel confident. Clear, consistent frameworks will encourage investment and restore trust.
Builders are doing their part: keeping people employed, creating communities, and offering buyers compelling reasons to purchase now. But we cannot shoulder the responsibility alone.
Governments must step up and align their actions with their housing rhetoric. Expedited rebates, reduced red tape, and a reassessment of the taxes and fees burdening new housing would all help restore buyer confidence and accelerate the path to ownership.
For prospective buyers, the message is equally clear: if your finances allow, the time is now. The market is offering rare leverage, pricing relief, and abundant choice—conditions unlikely to last. And in a region where housing supply has long been outstripped by demand, waiting on the sidelines could prove more costly than stepping in today.
NEXT WEEK: UBCM REVIEW
UBCM is underway this week. Next week’s Monday Briefing will outline proposed resolutions and outcomes that influence our industry.
HAVAN continues to work with CHBA BC and CHBA to advocate for all levels of government to work together to address the challenges of the housing industry including zoning restrictions, density limits, and NIMBYism.
Looking to stay up-to-date on Metro Vancouver’s residential housing industry? Sign up for Wendy’s weekly Monday Briefing and other HAVAN emails here.
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