Cost of Delivery, Coquitlam SSMUH Policy, Granville Island Housing
After months of compounding uncertainty, Greater Vancouver's housing market has shifted dramatically from its optimistic outlook early in the year. With stalled projects from major developers who haven't bought land since 2022, to rental rates dropping from $6 to $4 per square foot, the policy pile-on effect during a market downturn is causing the entire industry to adapt and be wary of supply challenges ahead as the pipeline dries up. The question is whether the market shift is permanent or just another cycle.
The housing market showed early signs of stabilization in June, following a subdued start to the year. Residential sales totaled 2,181, down 9.8% from last year, yet the rate of year-over-year decline was half that of the previous month, indicating early signs of a possible recovery. There were 6,315 new listings, 10.3% higher than last year, with total active listings at 17,561, a 23.8% annual increase and 43.7% above the 10-year average.
The sales-to-active listings ratio remains in balanced territory at 12.8%, suggesting minimal pressure on prices, which continue to trend sideways across all major property types. The sales-to-active listings ratio is 12.8%; 9.9% for detached, 16.9% for attached, and 13.9% for apartments. Townhomes were the only property type that saw a year over year increase in sales at +3.7%. The sales ratio for detached homes in Vancouver's Eastside saw the greatest increase, which is in-line with increased demand for multiplex housing. The City of Coquitlam adopted a new Small-Scale Multi-Unit Housing policy, allowing 4 units on former single-family and duplex lots, 0.75 FSR, and 50% lot coverage.
The market remains relatively balanced with lateral price movement since early 2025. Inventory levels aren't building as quickly, and with mortgage rates down around 2% since last summer, if the trend holds we may see year-over-year sales across the board turn positive in the coming months.
Cost of delivery crisis
Wesgroup Properties, the developer behind River District announced difficult layoffs, citing slowing presales, rising construction costs, and overall project delays. This reflects broader caution among large-scale developers across Canada, as projects are either being cancelled or delayed because they are no longer viable.
One such presale project is Siena at the Heights in Burnaby, which left buyers in limbo—unable to recover deposits without court process. The project was halted after excavation, with the developer defaulting on ~$30 million in loans and was placed in receivership.
Several planned condo developments in Surrey are being converted into rental buildings as a solution to sluggish presales, tighter financing, and higher holding costs. Tangerine Developments, GEC, and Allure Ventures are some of the developers that had to pivot their approach to meet the project's proforma requirements. The trend is aligned with a broader provincial push for purpose-built rental housing.
National and BC rent report from rentals.ca
In May 2025, the national average asking rent in Canada was $2,129, down 3.3% year‑over‑year and marking the eighth consecutive month of declines. Among top markets, British Columbia cities continued to dominate the most expensive rental rankings: North Vancouver topped the chart with a one-bedroom at $2,620 (–4.9% Y/Y), followed by Vancouver ($2,544, –4.8% Y/Y), Burnaby ($2,337, –8.2% Y/Y), Coquitlam ($2,334, +0.6% Y/Y).
The housing market showed early signs of stabilization in June, following a subdued start to the year. Residential sales totaled 2,181, down 9.8% from last year, yet the rate of year-over-year decline was half that of the previous month, indicating early signs of a possible recovery. There were 6,315 new listings, 10.3% higher than last year, with total active listings at 17,561, a 23.8% annual increase and 43.7% above the 10-year average.
The sales-to-active listings ratio remains in balanced territory at 12.8%, suggesting minimal pressure on prices, which continue to trend sideways across all major property types. The sales-to-active listings ratio is 12.8%; 9.9% for detached, 16.9% for attached, and 13.9% for apartments. Townhomes were the only property type that saw a year over year increase in sales at +3.7%. The sales ratio for detached homes in Vancouver's Eastside saw the greatest increase, which is in-line with increased demand for multiplex housing. The City of Coquitlam adopted a new Small-Scale Multi-Unit Housing policy, allowing 4 units on former single-family and duplex lots, 0.75 FSR, and 50% lot coverage.
The market remains relatively balanced with lateral price movement since early 2025. Inventory levels aren't building as quickly, and with mortgage rates down around 2% since last summer, if the trend holds we may see year-over-year sales across the board turn positive in the coming months.
Cost of delivery crisis
Wesgroup Properties, the developer behind River District announced difficult layoffs, citing slowing presales, rising construction costs, and overall project delays. This reflects broader caution among large-scale developers across Canada, as projects are either being cancelled or delayed because they are no longer viable.
One such presale project is Siena at the Heights in Burnaby, which left buyers in limbo—unable to recover deposits without court process. The project was halted after excavation, with the developer defaulting on ~$30 million in loans and was placed in receivership.
Several planned condo developments in Surrey are being converted into rental buildings as a solution to sluggish presales, tighter financing, and higher holding costs. Tangerine Developments, GEC, and Allure Ventures are some of the developers that had to pivot their approach to meet the project's proforma requirements. The trend is aligned with a broader provincial push for purpose-built rental housing.
National and BC rent report from rentals.ca
In May 2025, the national average asking rent in Canada was $2,129, down 3.3% year‑over‑year and marking the eighth consecutive month of declines. Among top markets, British Columbia cities continued to dominate the most expensive rental rankings: North Vancouver topped the chart with a one-bedroom at $2,620 (–4.9% Y/Y), followed by Vancouver ($2,544, –4.8% Y/Y), Burnaby ($2,337, –8.2% Y/Y), Coquitlam ($2,334, +0.6% Y/Y).
Short-term rental disruption
Airbnb canceled “thousands” of bookings across British Columbia ahead of the June 23 deadline, citing widespread technical glitches in the provincial short‑term rental registration system—even for hosts who meet the criteria. The platform says it proactively notified affected guests to give them time to rebook, urging the government to extend the deadline to Labour Day. The BC government counters that the system is working and accuses Airbnb of using cancellations as leverage against lawful regulations aimed at freeing up housing inventory. Under the 2023 reforms, only principal residences (including secondary suites or laneway homes) are eligible as vacation rentals, effectively banning investment properties in many areas.
Granville Island housing proposal
To the dismay of many, former B.C. premier Mike Harcourt, who originally helped create Granville Island, has suggested adding 10–15‑storey residential towers on underused parking lots to help address the site’s estimated $300 million in urgent upgrades—covering the Public Market roof, infrastructure, and seawall. The proposal comes due to uncertain federal and provincial funding. Granville Island’s general manager is receptive to new ideas, and a charitable foundation is being set up next year to raise funds. Canada Mortgage and Housing Corporation, which currently manages the island, has no housing plans yet.
GST rebate for first-time homebuyers
Effective May 27, 2025, the Canadian government has introduced a First-Time Home Buyers’ (FTHB) GST Rebate: a 100% rebate on the 5% GST for new homes priced up to $1 million, and a linear phase-out for homes between $1 million and $1.5 million (e.g., 20% rebate on a $1.4M home). To qualify, buyers must be at least 18, a Canadian citizen or permanent resident, and have not owned a home in the past four years. The rebate can only be claimed once per individual (or couple), and if your spouse has already claimed it, you’re ineligible. Note: contracts signed before May 27, 2025 or assignment sales from earlier agreements don’t qualify. Finally, the GST must be paid at closing, with the rebate claimed afterwards—unless the builder agrees to credit it upfront.
Airbnb canceled “thousands” of bookings across British Columbia ahead of the June 23 deadline, citing widespread technical glitches in the provincial short‑term rental registration system—even for hosts who meet the criteria. The platform says it proactively notified affected guests to give them time to rebook, urging the government to extend the deadline to Labour Day. The BC government counters that the system is working and accuses Airbnb of using cancellations as leverage against lawful regulations aimed at freeing up housing inventory. Under the 2023 reforms, only principal residences (including secondary suites or laneway homes) are eligible as vacation rentals, effectively banning investment properties in many areas.
Granville Island housing proposal
To the dismay of many, former B.C. premier Mike Harcourt, who originally helped create Granville Island, has suggested adding 10–15‑storey residential towers on underused parking lots to help address the site’s estimated $300 million in urgent upgrades—covering the Public Market roof, infrastructure, and seawall. The proposal comes due to uncertain federal and provincial funding. Granville Island’s general manager is receptive to new ideas, and a charitable foundation is being set up next year to raise funds. Canada Mortgage and Housing Corporation, which currently manages the island, has no housing plans yet.
GST rebate for first-time homebuyers
Effective May 27, 2025, the Canadian government has introduced a First-Time Home Buyers’ (FTHB) GST Rebate: a 100% rebate on the 5% GST for new homes priced up to $1 million, and a linear phase-out for homes between $1 million and $1.5 million (e.g., 20% rebate on a $1.4M home). To qualify, buyers must be at least 18, a Canadian citizen or permanent resident, and have not owned a home in the past four years. The rebate can only be claimed once per individual (or couple), and if your spouse has already claimed it, you’re ineligible. Note: contracts signed before May 27, 2025 or assignment sales from earlier agreements don’t qualify. Finally, the GST must be paid at closing, with the rebate claimed afterwards—unless the builder agrees to credit it upfront.