Mild climates, gorgeous views, and a hip, outdoorsy vibe, it’s no wonder Vancouver consistently lands in the top five spots of the Global Liveability Index. On the other hand, high lending rates, combined with expensive home prices, dampened Vancouver’s housing market in August 2024, and even recent rate cuts didn’t make much difference.

As sales slow and inventory rises, the housing market could start tipping into buyers’ territory. However, people are still interested and looking. To compensate for sky-high prices and hefty lending rates, homebuyers are pivoting towards condos and townhouses in Vancouver, exchanging space for beautifully constructed lifestyle homes kitted out with practical, beautiful amenities. Some premium examples currently on the market include Soto on South Cambie and Be W 49th in Oakridge.

Top Features of Homes in Vancouver

When it comes to buying homes in Vancouver, the most desirable offer a unique blend of luxury, individualization, and utility. A recent North American-based survey noted that almost 80% of modern buyers consider a few amenities essential or desirable in the home. These included:

• Hardwood flooring
• Ceiling fan
• Garage storage
• Energy Star appliances and windows
• Outdoor space
• Laundry spaces

Smart home features are also becoming more popular. Add-ons like security cameras, programmable thermostats, multi-zone HVAC systems, and video doorbells cater to a growing market of buyers looking for a combination of comfort, safety, and convenience.

Today, how long a property stays on the market will be determined by its price tag, features, and amenities. Location plays some role, but almost all of Metro Vancouver is desirable. When conditions are competitive, it’s important to list with a seasoned realtor who understands statistics and trends and brings a plan to maximize reach while showcasing your home in the best possible light. Learn more by requesting our free Seller’s Guide.

It’s an interesting time to buy a home in Vancouver. Higher lending costs have made homeownership challenging, yet the millennial generation—at least the size of the baby boomers—is rapidly arriving at the age where rising income and growing families will make homeownership tenable and desirable. While many new homeowners seem willing to compromise on space, they’re still looking for homes combining lifestyle and value in hub locations that allow them to leverage all the beautiful recreational spaces and facilities Vancouver has to offer.

Buying or Selling a Home in Vancouver

If you’re buying, selling, or moving to Vancouver, consult with Ariane Benjamin. Get the most up-to-date market information and gain the best advice throughout the buying or selling process. Wherever you are on your journey, I’m ready to talk.

Call: 604.779.1500

Email: ariane@arianebenjamin.com