Yulia Khlebnikova went shopping for her first home this past summer and found the Metro Vancouver market to be “pretty calm” and “not very active.”

“We didn’t have many competitor buyers, so it was a rather calm experience. We could walk around, we could choose, and the Realtors were very relaxed,” she said.

She previously rented as a newcomer to Canada, but did the math and determined that a mortgage would be comparable. She wasn’t in a hurry, and eventually bought a two-bedroom in a 10-year-old building after getting a small discount from the seller.

“I don’t really believe that the situation [for buyers] will be much better in the future,” she said. “Because the best moment is now. The next best was yesterday, as usual.”

Prospective first-time buyers in Metro Vancouver who missed yesterday’s bull market may be wondering if today is a good time to buy. Some experts say the stars may be aligning for them on interest rates, prices, supply and tax policy.

The Bank of Canada cut its key rate last month to 2.5%, or half the 5% peak reached by the post-pandemic tightening cycle. Mortgage rates have declined as a result.

Prices on existing homes are also falling. The benchmark price for an apartment in Metro Vancouver was $734,400 in August 2025, a 4.4% drop from $768,200 a year earlier, according to Greater Vancouver Realtors.

And that’s not counting standing inventory held by developers, which may be discounted due to weaker demand. Factor in developer incentives, federal GST relief and provincial property tax exemptions, and first-time buyers may have wind in their sails.

“It’s just a very opportune time,” said Manraj Dosanjh, real estate advisor with Dexter Realty.

Dosanjh gave the example of The Commons project by Zenterra Developments in Langley. The developer decreased prices on one- and two-bedroom condos by as much as $100,000 compared to presale prices two years ago, he said.

“You’re seeing one-bedroom homes that would have sold in a more normalized market upwards of $520-525,000 ….. priced to sell essentially in the mid-400’s,” he said.

Dosanjh cited another developer’s project “where the value of the home that’s being sold now is nearly upwards of $80,000 less than what the initial presale purchaser would have paid.”

Developers are under financial pressure to offload their standing inventory, he said. That’s because until a newly completed unit sells, they have to pay strata fees, property taxes and interest on inventory loans. Eventually they do the math and cut their prices to get the remaining units off their books, he said.

Dosanjh said it’s a delicate subject for some developers, who understand there are other buyers who may have paid much higher prices when the building initially sold.

Zenterra successfully pre-sold over 80% of The Commons more than two years ago, said a statement from company president Rick Johal. One of the two buildings is already occupied, and the final units in the second building will be completed imminently, he said.

“The remaining inventory consists of developer-held units that have been thoughtfully priced to reflect current market conditions—offering buyers exceptional value,” he said.

Property Choices Galore

First-time buyers have unprecedented options in today’s market, said Ryan Berlin, head economist and vice-president of intelligence with Rennie & Associates Realty Ltd.

There are 25,000 re-sale homes currently available in the region, 10,000 of which are condos, he said. There are 16,000 presale homes available, with 2,500 of those being newly built, complete and ready to move in. Of those 2,500, about 500 to 600 are on the Multiple Listing Service and the rest aren’t listed, he said.

“We’re likely getting close to peak inventory, if we’re not there already,” he said.

Prices crested in mid-2022, Berlin said. Interest rates were on their way up, and the cost of servicing a mortgage was really increasing at that time, he said.

Three years later, the combination of softening prices and declining interest rates means that buying a home today is more affordable, he said.

It’s unclear how long this window will last. While interest rates could ease further, much will depend on the wider economy and labour market, said Berlin. Fewer projects launching could result in absorption of completed inventory, leading to a potential shortage down the road.

“I never advise trying to time the market. It’s really a matter of, can you find a home that ticks the boxes, and can you afford it? Right now, there are potentially a lot of those out there for every buyer,” he said.

Adil Dinani of Dinani Group, Royal LePage West Real Estate Services said declining interest rates and declining prices coincide “maybe once or twice a decade.”

“The silver lining in this uncertain market environment is that prices have finally started to recede, and we are definitely in buyer’s market territory, especially in the condominium sector, which is generally where a majority of the first-time homebuyers intend to buy,” he said.

Prices have come down almost 17% “peak to trough” in the condo market, he said.

Dinani cited federal GST relief for first-time buyers announced by Prime Minister Mark Carney in March, and the existing exemption from property transfer tax for qualifying first-time purchasers in BC.

“You’re saving almost $70,000 on a $1 million purchase, which is substantial : 7% of the purchase price, plus any other incentives that the developers are offering.”

It’s unclear whether the market cycle has reached its nadir, he said.

“We’re kind of bouncing along the bottom. There might be a little bit more downside to this market, but I think a lot of the correction in the market is in the rearview mirror,” he said.

Why Some Experts Say Starts are Aligning for First-Time Buyers in BC by Jami Makan | BIV