A major Vancouver condominium development in the West End has been cancelled due to rising construction costs and market uncertainties, with developers warning that more projects may follow. This cancellation, which would have delivered hundreds of new residential units, underscores the mounting financial pressures facing large-scale developments amid increasing interest rates and supply chain disruptions.
Market conditions across Metro Vancouver continue to favor buyers as Fraser Valley sales plumeted in August while home prices dropped nearly 1%. With BC home sales remaining flat and inventory levels increasing in key markets like Abbotsford and Ladner-Tsawwassen, REALTORS are experiencing longer listing times and more price negotiations as the market shifts away from the previous seller-dominated environment.
Emerging opportunities are developing in Surrey and Port Coquitlam, where Port Coquitlam recorded the biggest uptick in Tri-City property values and Surrey's population is projected to exceed Vancouver by 2038. Meanwhile, the rental market shows signs of easing with average rents declining 2.3% in August, creating potential opportunities for investor repositioning and tenant acquisition strategies.
The BC Real Estate Association's call for enhanced collaboration among Metro Vancouver municipalities signals potential policy changes that could streamline development approvals and impact future inventory levels. Combined with major infrastructure developments like the Surrey-Langley SkyTrain construction beginning, these regional initiatives may reshape market dynamics and create new opportunities for strategic real estate professionals.
BC Real Estate Association: Metro Vancouver cities require collaboration to meet housing needs
The BC Real Estate Association emphasizes the need for greater collaboration among Metro Vancouver municipalities to effectively address the region’s housing shortage. With rising demand and limited supply driving up prices, coordinated efforts in planning, zoning, and development approvals are critical to increasing housing availability and affordability. The association advocates for streamlined processes and regional cooperation to meet the diverse needs of residents and support sustainable growth in the housing market.
Vancouver-based Rennie expands into commercial real estate
Rennie Commercial, a prominent Vancouver-based real estate firm, has announced a strategic expansion to enhance its commercial brokerage services across Western Canada. The company aims to leverage its deep local market expertise and extensive network to better serve clients in industrial, office, retail, and investment sectors. This growth reflects increasing demand for commercial real estate solutions amid evolving market conditions, positioning Rennie Commercial as a key player in facilitating transactions and advising investors throughout the region.
Major Vancouver condo project cancelled, 'more may follow'
A major condominium development planned for Vancouver’s West End has been cancelled by the developer due to rising construction costs and market uncertainties. The project, which aimed to deliver hundreds of new residential units, faced financial challenges amid increasing interest rates and supply chain disruptions. This cancellation highlights ongoing difficulties in the local real estate market, impacting housing supply and signaling caution for future large-scale developments in the city.
B.C. home sales flat in August as Realtors hope for market improvement
Home sales in British Columbia remained flat in August, with the British Columbia Real Estate Association reporting steady activity despite ongoing economic uncertainties and rising interest rates. While sales held stable compared to July, they remain below long-term averages, reflecting cautious buyer behavior. REALTORS remain hopeful that easing inflation and potential interest rate stabilization will improve market conditions in the coming months, supporting a gradual recovery in housing demand across the province.
Squamish Nation reclaims North Vancouver towers in $54 million acquisition
The Squamish Nation has acquired International Plaza, a prominent commercial property at 1989 Marine Drive in North Vancouver, marking a significant expansion of their real estate portfolio. This strategic purchase reflects the Nation’s ongoing efforts to invest in and develop key urban assets, enhancing their economic presence in the region. The acquisition is expected to contribute to local economic growth and underscores the increasing role of Indigenous groups in Vancouver’s real estate market.
39-storey rental housing tower proposed near Oakridge SkyTrain station
A revised proposal for a 12-storey rental housing tower at 809 West 41st Avenue in Vancouver’s Kerrisdale neighbourhood aims to deliver 100% secured rental units, including a mix of one-, two-, and three-bedroom homes, with a focus on family-friendly living. The development, designed by Arno Matis Architecture and developed by Westrich Pacific, emphasizes sustainable building practices and community integration, featuring ground-level retail and improved public realm enhancements. This project reflects the city’s ongoing efforts to increase rental housing supply while maintaining neighbourhood character and supporting diverse household needs.
Renting in one Metro Vancouver city is getting cheaper than usual
A new rental development by Liv Rent in Surrey is set to open in September 2025, offering 200 purpose-built rental units aimed at addressing Metro Vancouver’s ongoing housing affordability challenges. The project features a mix of one- to three-bedroom apartments with modern amenities and is strategically located near transit and community services, providing renters with convenient access to the city. This development reflects a growing trend toward increasing rental supply in the region to meet rising demand and support more sustainable, community-focused living options.
Fraser Valley real estate sales plummet in August vs. July as home prices drop nearly 1%
In August 2025, Fraser Valley real estate sales experienced a significant decline compared to July, with the number of homes sold dropping sharply amid a nearly 1% decrease in average home prices. Market activity slowed as buyers responded to rising interest rates and affordability challenges, leading to a more balanced market with increased inventory and longer listing times. REALTORS and clients should anticipate continued cautious buyer behavior and potential price adjustments as the market adapts to economic conditions.
New Vancouver councillor wants to reverse ABC's changes to empty homes tax
A newly elected Vancouver city councillor is advocating to reverse recent changes to the Empty Homes Tax (EHT) and the Additional Property Transfer Tax (ABC), arguing that these measures have negatively impacted housing availability and affordability. The councillor suggests that the current policies discourage property owners from renting out vacant homes and complicate the real estate market, calling for a review to better support renters and homeowners while addressing the city’s housing challenges.
What Burnaby developments are up for public hearing this June?
In June, Burnaby is set to hold public hearings on several key development projects, including a mixed-use residential and commercial complex in Metrotown, a multi-family residential building near Brentwood Town Centre, and a community-focused development in the Edmonds area. These proposals aim to increase housing options and support urban growth while addressing community needs. REALTORS and clients should note these developments as they may impact local real estate dynamics and neighborhood character in the coming years.
Buyers favoured even more in Abbotsford housing market
The Abbotsford housing market continues to favor buyers as home sales have declined and inventory levels have increased, leading to more balanced conditions compared to the previous seller’s market. Rising interest rates and affordability challenges have tempered demand, resulting in longer listing times and more price reductions. While prices remain relatively stable, the shift provides buyers with greater negotiating power and more options, signaling a cooling period in the local real estate market.
Palace in heaven': Vancouver home sold for $5M above the assessed value
A newly listed Vancouver mansion at 820 Eyremount Drive, known as the Fairlyand Palace, offers an opulent blend of classic and modern design across its expansive 12,000-square-foot interior. Featuring six bedrooms, eight bathrooms, a grand foyer with a sweeping staircase, a home theatre, wine cellar, and extensive outdoor amenities including a pool and landscaped gardens, the property exemplifies luxury living in the prestigious West Vancouver neighborhood. This estate presents a rare opportunity for buyers seeking a high-end residence with exceptional craftsmanship and prime location.
Average rent in Vancouver has undergone a drastic shift since 2023
In August 2025, Vancouver's rental market showed signs of easing pressure as average rents for one-bedroom apartments decreased slightly compared to previous months, reflecting a modest increase in rental supply and a shift toward more balanced market conditions. Despite this softening, rental prices remain significantly higher than pre-pandemic levels, driven by ongoing demand and limited new housing developments. The report highlights that while renters may find some relief in pricing, affordability challenges persist, underscoring the need for continued focus on increasing rental housing availability in the region.
No relief for Langley real estate market in August
The Langley real estate market showed no signs of easing in August, with home sales remaining strong despite rising interest rates and economic uncertainty. Inventory levels stayed low, contributing to continued competition among buyers and sustained price pressures. REALTORS are advising clients to be prepared for a competitive market environment, emphasizing the importance of readiness and flexibility when buying or selling in Langley.
Ladner, Tsawwassen real estate prices easing
Real estate prices in the Ladner and Tsawwassen areas are showing signs of easing after a period of rapid growth, with market activity slowing and home prices stabilizing. Experts attribute this shift to rising interest rates and increased inventory, giving buyers more options and reducing the urgency that previously drove bidding wars. While prices remain relatively high compared to historical levels, the current market conditions suggest a more balanced environment, benefiting both buyers and sellers by allowing for more thoughtful decision-making and negotiations.
Biggest uptick in Tri-City property values is in Port Coquitlam
Port Coquitlam has experienced the largest increase in property values among the Tri-Cities, with home prices rising significantly over the past year. This surge is attributed to strong demand, limited inventory, and the area's growing appeal to buyers seeking more affordable options compared to neighboring cities. REALTORS and clients should note that this trend reflects a competitive market environment in Port Coquitlam, emphasizing the importance of timely decision-making for both buyers and sellers.
West Vancouver council upholds demolition order for unpermitted structure
West Vancouver council has upheld a demolition order for an unpermitted structure built on a residential property, emphasizing the importance of adhering to building regulations and permits. The decision follows concerns about safety, neighborhood character, and the precedent that allowing such structures could set. This ruling serves as a reminder to homeowners and real estate professionals about the critical need for compliance with local bylaws to avoid costly enforcement actions and protect property values.
‘No major decline’ in Vancouver’s short-term rental market, despite $1K fee
Despite the introduction of a $1,000 annual licensing fee for short-term rental operators in Vancouver, the city’s short-term rental market has not experienced a significant decline. Data indicates that the number of active listings on platforms like Airbnb remains relatively stable, suggesting that many hosts continue to operate within the new regulatory framework. This stability reflects ongoing demand for short-term rentals in Vancouver, even as the city seeks to balance housing availability with tourism and rental market pressures.
Vancouver landlord's 'extenuating circumstances' lead to Supreme Court tenant eviction battle
The BC Supreme Court has ruled in favor of a Vancouver landlord seeking to evict a tenant who repeatedly violated the terms of their lease, marking a significant decision amid ongoing tensions in the province’s rental market. The court emphasized the importance of upholding lease agreements and landlords’ rights to maintain their properties, while also acknowledging tenants’ protections under provincial law. This ruling may influence future eviction cases by reinforcing landlords’ ability to address lease breaches legally, providing clarity for both landlords and tenants navigating disputes in British Columbia’s competitive rental environment.
Is it time to get down, get down with mortgage rates?
Rising mortgage rates have prompted many potential homebuyers and current homeowners to reconsider their timing in the market, as higher borrowing costs impact affordability and purchasing power. Experts suggest that while rates may fluctuate, locking in a mortgage sooner rather than later could be advantageous to avoid further increases. Additionally, buyers are encouraged to explore various mortgage products and consult with lenders to find the best fit for their financial situation amid ongoing economic uncertainty.
BC 2030: The Future of BC Real Estate – Things to do in Vancouver
The article highlights an upcoming real estate event in Vancouver where industry professionals and potential homebuyers can explore innovative housing solutions and market trends. The event features expert panels, interactive exhibits, and opportunities to connect with local developers and agents, aiming to educate attendees on navigating the current market and discovering new residential projects. This gathering serves as a valuable resource for REALTORS and clients seeking insights into sustainable living options and the evolving landscape of Vancouver’s housing market.
Surrey's population could exceed Vancouver in 2038, becoming B.C.'s biggest city
Surrey is projected to become the largest city in Metro Vancouver by 2038, surpassing Vancouver in population due to its rapid growth and development. The city’s population is expected to nearly double, driven by increased housing availability, infrastructure investments, and its appeal as an affordable alternative to Vancouver. This growth highlights significant opportunities for real estate professionals and homebuyers, as Surrey’s expanding market will offer diverse housing options and increased demand in the coming years.
Slower population growth now forecast for Metro Vancouver, reaching 4.2 million in 2051
Metro Vancouver is projected to experience significant population growth, reaching approximately 3.3 million residents by 2051, according to updated forecasts. This growth is driven by factors such as immigration and natural increase, with the region expected to add over one million people in the next three decades. The forecast highlights the need for expanded housing, infrastructure, and services to accommodate the rising population, emphasizing challenges and opportunities for REALTORS and urban planners in managing sustainable development and meeting future housing demand.
Elevated guideway construction begins for Surrey-Langley SkyTrain
Construction has begun on the elevated guideway for the Surrey-Langley SkyTrain extension, marked by the launch of massive gantry crane machines designed to install precast concrete segments efficiently. This development is a key milestone in the project, which aims to improve transit connectivity and support regional growth by extending rapid transit service from Surrey to Langley. The use of these specialized cranes will accelerate construction while minimizing disruptions, signaling progress toward enhanced transportation infrastructure that will benefit residents, commuters, and local real estate markets along the corridor.
CAPREIT Completes Sale of International Plaza to Nch'ḵaý Development Corporation
CAPREIT has completed the sale of International Plaza, a multi-residential property, to NCHẺAY Development Corporation. This transaction aligns with CAPREIT’s strategy to optimize its portfolio by divesting non-core assets and redeploying capital into higher-growth opportunities. The sale supports CAPREIT’s focus on enhancing shareholder value while allowing NCHẺAY Development to expand its presence in the residential real estate market.
Toronto, Vancouver weigh on housing starts in first half of year: CMHC
In the first half of 2024, housing starts in Canada were significantly influenced by activity in Toronto and Vancouver, according to CMHC data. While overall national housing starts showed moderate growth, these two major markets accounted for a substantial portion of new construction, reflecting ongoing demand despite rising interest rates and affordability challenges. The data highlights a continued focus on multi-unit developments, particularly condos, as builders respond to urban demand and shifting buyer preferences. This trend underscores the importance for REALTORS and clients to monitor regional market dynamics, especially in key metropolitan areas, when considering new housing opportunities.
Vancouver developer Westbank taps new president
Vancouver-based developer Westbank has appointed a new president, Michael Geller, a seasoned industry veteran known for his extensive experience in urban development and architecture. Geller’s leadership is expected to guide Westbank through its ongoing and future projects, emphasizing innovative design and sustainable urban growth. This strategic move aims to strengthen Westbank’s position in the competitive real estate market by leveraging Geller’s expertise to enhance project quality and community impact.
Average rents dip 2.3 per cent in August, continuing downward trend
Average rents in Canada declined by 2.3% in August, continuing a downward trend driven by increased rental supply and shifting demand patterns. This marks the fourth consecutive month of rent decreases, with notable drops in major markets such as Toronto and Vancouver. The easing rental market reflects a combination of new purpose-built rental completions and a cooling housing market, offering potential relief for renters but signaling a more competitive environment for landlords and investors.
Nanaimo Real Estate Market Report: August 2025
In August 2025, Nanaimo's real estate market showed signs of stabilization with a moderate increase in home sales and a slight uptick in average prices compared to previous months. Inventory levels remained relatively balanced, offering more options for buyers without creating a surplus. Market activity suggests a gradual return of buyer confidence, supported by steady demand in both single-family homes and condominiums. REALTORS and clients can expect a more balanced market environment moving forward, with opportunities for both buyers and sellers as seasonal trends continue to influence local real estate dynamics.
Canadians are refusing to accept reality and write down their real estate — and sales are suffering as a result
Amid rising interest rates and economic uncertainty, Canadian homebuyers and sellers are adjusting their expectations, leading to a notable decline in real estate sales and price growth across many markets. Buyers are increasingly seeking price reductions and more affordable options, while sellers are recognizing the need to lower asking prices to attract interest. This market correction reflects a shift from the rapid price appreciation seen in previous years, signaling a more balanced but slower housing market as affordability challenges persist.
Market momentum will favor prepared professionals who adapt to the evolving landscape of collaboration and technological integration. The expansion of commercial services by established firms like Rennie, coupled with regional infrastructure developments including the Surrey-Langley SkyTrain extension, signals robust long-term growth opportunities across multiple property sectors.
Strategic positioning in emerging growth corridors will be crucial as Surrey prepares to overtake Vancouver in population by 2038 and Metro Vancouver reaches 4.2 million residents by 2051. REALTORS should develop expertise in transitioning markets like Port Coquitlam, where property values are experiencing the strongest growth, while building relationships with Indigenous development corporations who are becoming major market players through strategic acquisitions.
Monitor project cancellation trends and rental market shifts as rising construction costs threaten future supply, potentially creating scarcity-driven opportunities. The recent 2.3% decline in average rents suggests a temporary softening that may reverse as cancelled developments reduce long-term inventory, requiring careful timing strategies for investor clients.
Diversify service offerings immediately by expanding into commercial real estate, rental market advisory, and transit-oriented development consultation. Focus client prospecting efforts on the Fraser Valley and Surrey markets where infrastructure investment is driving sustained demand, while maintaining expertise in Vancouver's luxury segment where properties continue to sell significantly above assessed values.
News Sources
- (Vancouver Is Awesome) BC Real Estate Association: Metro Vancouver cities require collaboration to meet housing needs
- (Daily Hive) Vancouver-based Rennie expands into commercial real estate
- (Daily Hive) Major Vancouver condo project cancelled, 'more may follow'
- (Business in Vancouver) B.C. home sales flat in August as Realtors hope for market improvement
- (Daily Hive) Squamish Nation reclaims North Vancouver towers in $54 million acquisition
- (Daily Hive) 39-storey rental housing tower proposed near Oakridge SkyTrain station
- (Daily Hive) Renting in one Metro Vancouver city is getting cheaper than usual
- (Fraser Valley Today) Fraser Valley real estate sales plummet in August vs. July as home prices drop nearly 1%
- (Vancouver Sun) New Vancouver councillor wants to reverse ABC's changes to empty homes tax
- (Vancouver Is Awesome) What Burnaby developments are up for public hearing this June?
- (The Abbotsford News) Buyers favoured even more in Abbotsford housing market
- (Daily Hive) Palace in heaven': Vancouver home sold for $5M above the assessed value
- (Daily Hive) Average rent in Vancouver has undergone a drastic shift since 2023
- (Langley Advance Times) No relief for Langley real estate market in August
- (Delta Optimist) Ladner, Tsawwassen real estate prices easing
- (Vancouver Is Awesome) Biggest uptick in Tri-City property values is in Port Coquitlam
- (North Shore News) West Vancouver council upholds demolition order for unpermitted structure
- (Business in Vancouver) ‘No major decline’ in Vancouver’s short-term rental market, despite $1K fee
- (Daily Hive) Vancouver landlord's 'extenuating circumstances' lead to Supreme Court tenant eviction battle
- (Vancouver Sun) Is it time to get down, get down with mortgage rates?
- (The Georgia Straight) BC 2030: The Future of BC Real Estate – Things to do in Vancouver
- (Daily Hive) Surrey's population could exceed Vancouver in 2038, becoming B.C.'s biggest city
- (Daily Hive) Slower population growth now forecast for Metro Vancouver, reaching 4.2 million in 2051
- (Daily Hive) Elevated guideway construction begins for Surrey-Langley SkyTrain
- (Financial Post) CAPREIT Completes Sale of International Plaza to Nch'ḵaý Development Corporation
- (Business in Vancouver) Toronto, Vancouver weigh on housing starts in first half of year: CMHC
- (Business in Vancouver) Vancouver developer Westbank taps new president
- (Business in Vancouver) Average rents dip 2.3 per cent in August, continuing downward trend
- (NanaimoNewsNOW) Nanaimo Real Estate Market Report: August 2025
- (Financial Post) Canadians are refusing to accept reality and write down their real estate — and sales are suffering as a result
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