Multiplex Rule Changes, Tax Sale, Behind River District November 07, 2025

Home sales in Greater Vancouver for October were down 14% compared to last year but, more notably, increased 20% month over month from a seasonally quiet September. This comes on the heels of the Bank of Canada’s fourth and likely final rate cut of the year, reducing banks’ prime rates to 4.45%. Momentum, however, appears to be shifting, as showings have picked up significantly and quality inventory is being absorbed — with some properties even seeing multiple and back-up offers.

Active listings climbed to 16,393, up 13% from last October and 36% above the long-term average. The sales-to-active listings ratio sits at 14.2%, with detached homes seeing the softest demand at 11%. Prices continue to ease across all property types. The benchmark price for a detached home now sits at $1,916,400, down 4.3% year over year. Townhomes are at $1,066,700, down 3.8%, while condos are down 5.1% to $718,900. Buyers still have strong purchasing power and opportunity in this market, although overall months of inventory dropped from 9 to 7, suggesting a tightening dynamic.

As uncertainty around trade policy and interest rates subsides, the BC Real Estate Association forecasts residential sales in the Lower Mainland to recover by nearly 20% in 2026, with limited composite price growth of roughly 2.5%. On the interest rate outlook, economists are divided, but the expectation is that we’ve seen the last cut for 2025 — with possibly one more to come in Q1 2026.

What’s becoming clear is that October marked the first meaningful sign of balance returning to the market, as lower interest rates, easing inventory, and improving buyer sentiment began to converge. While total sales remain below the long-term average, the pace at which quality listings are being absorbed suggests the market may tighten faster than expected heading into winter. Detached and townhome segments are showing renewed stability, while the condo market—particularly in newer developments—offers some of the best value and incentives buyers have seen in years. After a long stretch of hesitation, confidence is gradually returning. It’s not a surge, but the early stage of a more balanced recovery, where motivated buyers are starting to re-emerge and sellers are adjusting their expectations to meet them.

Burnaby scales back multiplex rules

Burnaby City Council has approved changes to its R1 zoning bylaw to scale down the size and height of small-scale multi-unit housing (SSMUH) projects. The move comes in response to community concerns about preserving neighbourhood character while meeting provincial housing mandates.

Under new provincial legislation, cities must allow at least four units on most single-family lots—and up to six near frequent transit. Burnaby initially updated its zoning in 2024 to comply, but has now adopted amendments that:

• Reduce building height from 4 storeys to 3 (10 metres).
• Limit rear buildings to 2 storeys.
• Cut allowable floor area by 33–60%, depending on lot size and unit count.
• Reduce lot coverage by 5–15%.
• Increase parking minimums to 0.67–1 space per unit.

Mayor Mike Hurley said the goal is to “balance new options with the qualities residents value,” while Coun. Pietro Calendino noted the city still expects to meet its provincial housing targets despite the tighter rules.

City of Vancouver's tax sale

If a property has unpaid taxes for three years, it is auctioned at city hall in a tax sale, which typically discounts the market value of these properties significantly. Much like a foreclosure, auctioned properties are sold as is, and the city is not responsible for the condition or quality of the property being sold. In one recent instance, a leasehold condo sale was canceled after city staff discovered that the owner had been deceased since 2016. BC Assessment valued the property at $1.6 million in 2024, while the buyer’s bid was $271,944 and change.

The bidder almost got away with a steal of a deal, but there was a fatal flaw in the process, and city council was asked to cancel the sale and return the “upset price” to the prospective buyer with interest. This year’s auction will be held on November 12 at 10 a.m. in the Joe Wai Room on the main floor of Vancouver City Hall (453 W 12th Ave). It’s usually a packed house, so prepare for competition — and you can preview the properties up for auction online one week prior at vancouver.ca/taxsale.

Behind Vancouver’s River District

Vancouver's River District is a 130-acre master-planned waterfront community along the Fraser River by Wesgroup, featuring 7,000 homes, 250,000 sqft of retail, and 25 acres of parkland. It’s Vancouver’s last major waterfront development, built to be sustainable with a district energy system cutting emissions by up to 90%.

Projects like River District are getting more difficult than ever to complete. Over the past decade, development fees in Vancouver have surged, resulting in delays, layoffs, and cancellations, including Wesgroup’s Ardea project. River District began as a vision to turn an old sawmill into a vibrant, walkable neighborhood, but it now reflects a bigger story about how policy, taxes, and costs are reshaping housing supply across Canada.

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