Over the past 10 years, Vancouver’s housing market has been anything but predictable. From rapid price growth and global demand to major policy crackdowns and pandemic-driven shifts, it’s been a whirlwind for buyers, sellers, and investors alike.

Whether you jumped in early or sat on the sidelines saving for your first home, here’s how the last decade shaped one of Canada’s most talked-about (and expensive) real estate markets.

1. Vancouver Condo-Apartments Delivered Strong Returns

Over the past decade, Vancouver apartments proved to be a smart investment. Starting at $397,300 in 2015, condo prices climbed steadily, hitting $651,000 by 2018—a 64% increase in just three years.

While there was a brief dip in 2019 to $604,800, prices quickly rebounded. By 2024, the average apartment price had reached $768,400, with strong gains during the pandemic years.

Even with a slight decrease to $748,400 in 2025, condo values remain 88% higher than in 2015. For first-time buyers and long-term investors, apartments offered both accessibility and consistent appreciation.

2. When Closing the Gap Doesn’t Mean Getting Closer

Although the condo-to-house price gap has narrowed, skyrocketing condo prices are making homeownership more challenging than ever.

In 2015, the average price of a single-family home in Vancouver was $1,296,600, while the average price of an apartment was $397,300. That created a staggering $899,300 gap, with detached homes costing 226% more than condos.

As of 2025, the average cost of a single-family home in Vancouver is $1,994,500. That’s a $346,800 increase in just ten years—a 38.6% rise in the dollar difference alone. But here’s where things changed: while the dollar gap has grown, the percentage difference between the cost of a single-family home and an apartment has actually shrunk to 166%. That’s because apartment prices have increased at a faster pace than detached homes over the past decade.

But don’t let that narrow percentage fool you; affordability hasn’t improved. In fact, for first-time buyers in Vancouver, higher prices in the condo market have made it significantly harder to purchase a home. With prices for apartments nearly doubling since 2015, a 20% down payment for the average price condo is nearly $150,000, which feels like an out-of-reach savings goal for many.

3. 2015 to Mid-2016 : A Housing Boom Fueled by Global Capital

Between 2015 and mid-2016, Vancouver’s real estate market experienced one of the most dramatic booms in Canadian history. Home prices skyrocketed: the average single-family home surged from $1,296,600 in 2015 to $1,662,100 in 2016—a jump of 28.2% in just one year. Apartment prices rose too, increasing from $397,300 to $477,500. This rapid appreciation far outpaced local incomes, leaving many Vancouverites priced out of the market.

Fueling this surge was a wave of foreign investment, particularly from buyers in China, Russia, and other countries facing economic or political uncertainty. For these investors, Canadian real estate offered a secure and profitable haven, particularly when compared to the affordability of other global cities, such as Hong Kong.

Beyond profit, lifestyle and immigration motivations also played a role. Some buyers were looking to secure future residency through immigration programs, while others were purchasing homes for children studying at Canadian universities. Vancouver’s west coast climate, cultural diversity, and high quality of life make the city especially appealing.

As affordability worsened, public pressure grew. Stories of empty homes, foreign-flipped condos, and working families being priced out of entire neighborhoods became central issues in local politics. And yet, no concrete data had been released until the summer of 2016.

4. The Summer 2016 Data Drop That Brought Vancouver to a Halt

In June 2016, the BC government finally began collecting and publishing data on foreign real estate purchases. What they revealed stunned the public and policymakers alike.

The Vancouver Sun reported that, in just five weeks, from June 10 to July 14, foreign buyers purchased $885 million worth of real estate in Metro Vancouver, encompassing 1,566 transactions. That accounted for 10% of all residential sales in the region during that time.

The average foreign-purchased home was worth $1.16 million, with the most common range being $500,000 to $1M, exactly the range local buyers struggled to afford. Richmond and Vancouver saw the highest concentrations, with 18% and 14% of transactions involving foreign buyers, respectively.

Chinese nationals accounted for the majority of these purchases, at 76% by volume and 89% by value. The release of this data prompted swift government action. On August 2, 2016, BC introduced a 15% Foreign Buyers’ Tax across Metro Vancouver.

The result was immediate: sales volumes dropped, foreign investment slowed, and market momentum cooled. This precedent set by Vancouver redefined how governments would respond to overheated housing markets nationwide.

5. Vancouver’s First Major Price Dip as Canada Targets Foreign Buyers

By 2018, the impact of government intervention in Vancouver’s housing market had become clear. The Foreign Buyers’ Tax, first introduced in 2016, has been increased to 20% and expanded beyond Metro Vancouver to include high-demand areas such as the Fraser Valley, Victoria, and Kelowna. Additionally, the province introduced the Speculation and Vacancy Tax, aimed at discouraging non-residents from holding empty homes. Together, these measures triggered a noticeable cooling effect across the market.

That year, the average price of a detached home in Vancouver fell from $1,687,300 in 2017 to $1,612,100, marking a 4.5% decline—the first significant price drop of the decade. Residential sales also plummeted, falling from 35,993 in 2017 to just 24,619 in 2018, a 31.6% year-over-year decline. While the policies were initially designed to curb foreign speculation, they also caused domestic buyers to pause amid rising regulatory uncertainty and stricter mortgage rules.

The slowdown wasn’t limited to luxury homes. Buyer hesitation spread across all price points, signaling a broader shift in market psychology. The province’s actions marked the beginning of a new regulatory era in Canadian real estate where policy (not just market forces) would shape demand. Ontario soon followed BC’s lead, introducing its own Non-Resident Speculation Tax (NRST) in 2017 and later raising it to 20%.

6. Vancouver’s Market From Pandemic Surge to Post-Peak Plateau

Between 2020 and 2025, Vancouver’s housing market underwent a dramatic cycle, transitioning from rapid pandemic-era price increases to a period of stabilization and modest decline. The combined impact of shifting lifestyle needs, fluctuating interest rates, and tightening policy transformed the real estate landscape, leaving both single-family and apartment buyers navigating a far more cautious market.

2020–2022: A Historic Pandemic-Era Surge

The pandemic fundamentally reshaped housing demand in Vancouver. In 2020, the average overall home price was $1,047,400, representing a 4.6% increase from the previous year. That year marked the start of a major upswing. With record-low interest rates, remote work flexibility, and excess savings from reduced travel and entertainment, buyers flocked to the market. Detached home prices rose from $1,529,800 to $2,008,400 between 2020 and 2022—a 31.3% jump. Apartment prices followed, rising from $622,300 to $749,000, a 20.3% increase.

Overall, 2021 saw the largest annual price increase of the decade, with the average home price rising to $1,230,200, a 17.45% year-over-year increase. Demand was frenzied, inventory remained tight, and many homes sold well over asking. But as prices rose, so did concerns about long-term affordability and overheating.

2022 : The Market Peaks—and Begins to Shift

By 2022, Vancouver’s average home price hit $1,114,300, but for the first time in years, annual growth turned negative, declining 9.4% from 2021. While apartment and detached prices still remained high, this drop in the overall average reflected a cooling in demand across mid-range homes. Interest rates began rising, pushing buyers to the sidelines and softening the market. This marked a shift from the pandemic boom to a price ceiling Vancouver hadn’t seen since its 2018 correction.

2023–2025 : A Post-Pandemic Plateau Emerges

From 2023 onward, the market entered a period of modest recovery and price stability. Overall home prices increased to $1,168,700 in 2023 (a 4.89% rebound) as buyers cautiously returned in the face of stabilized interest rates. Detached homes edged back to $1,943,200, and apartments rose slightly to $755,100.

In 2024 and 2025, growth was virtually flat. The average home price inched up to $1,171,500 in 2024 and $1,173,100 in 2025, showing increases of just 0.24% and 0.14%, respectively. Detached homes hovered around the $2M mark, while apartment prices dipped slightly to $748,400 by 2025.

Vancouver’s Housing Market Favors Buyers in 2025
As of June and July 2025, Vancouver has firmly entered buyer’s market territory—and the numbers back it up. The sales-to-new listings ratio (SNLR) in June was just 34.5%, well below the 40% threshold that typically signals a buyer’s market. This means inventory is outpacing demand, giving buyers more selection, stronger negotiating power, and less pressure to bid above the asking price.

Inventory levels have surged. At the end of June 2025, Vancouver had 17,561 active listings, representing a 24% year-over-year increase. While new listings are up 10%, actual sales are down roughly 10% compared to the same time last year. With more homes sitting on the market and fewer buyers competing, conditions are clearly tilting in favour of those ready to purchase.

Working with the right real estate agent will help you navigate your next move with confidence.

6 Moments That Made Vancouver’s Market The Real Estate Rollercoaster Ride of A Decade by Angela Serednicki | zoocasa