Author: Jinder Dhillon Prec*

Housing affordability in Canada continues to be a key concern for many, even as the latest data shows some progress. In Q2 2026, the national affordability reading improved for the 11th consecutive quarter, reaching around 41%. This positive shift has been supported by a combination of lower home prices, reduced borrowing costs, and rising incomes. That said, the reality on the ground remains challenging—housing expenses still consume roughly two-fifths of the average household’s income. It’s important to remember that these figures are based on average disposable income, which can make the situation appear better than it feels for many families whose earnings are closer to the median. As a REALTOR® working in Greater Vancouver since 2010, I see firsthand how these broader trends intersect with our local market. While earlier rate cuts and a 20% national price drop since 2022 have offered some respite, limited rate relief and slow income growth suggest we may see further adjustments in prices ahead. Understanding these market dynamics is essential for anyone considering their next move in real estate.

As someone who’s worked in the Greater Vancouver market for over a decade, I’ve seen our real estate cycles firsthand—and right now, Canada’s housing market is showing signs of a steady, measured recovery. Since early Q2, we’re seeing improvements in resales and a more balanced inventory, with prices either holding steady or easing at a slower pace. According to the latest bank projections, 2026 could bring a modest dip in home resales by about 4% (to 453,200 units) and a slight decrease in benchmark prices by around 2% (to $794,200). Looking ahead to 2027, forecasts suggest resales may climb nearly 7% to 483,600, and benchmark prices could edge up just under 1% to $800,700. This points to a recovery, but not the kind of surge many might hope for. Interestingly, pent-up demand remains a strong factor, with estimates that over 400,000 Canadian households have postponed buying since 2019. Still, much depends on affordability, stable economic growth, and the return of buyer confidence—especially amid ongoing rate and trade uncertainties. In my experience, these steadying trends offer opportunities for careful buyers and sellers who understand the nuances of today’s market.

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BC’s standing inventory has now reached 6,700 homes—a figure that includes 5,500 condos, alongside townhomes and select multiplex units across the province. If we break it down by city, Burnaby leads the way with 1,210 unsold homes, followed by Vancouver at 1,020, Surrey at 798, and Coquitlam at 620. Richmond shows 396, Kelowna 372, Langley Township 276, New Westminster 224, and Delta 211, illustrating how inventory isn’t just concentrated in the largest markets. Other notable numbers: Langford at 188, Esquimalt with 173, City of North Vancouver at 135, Abbotsford 118, and Chilliwack 100—altogether, these listed cities alone account for 5,840 units. There’s a prevailing narrative that presales are mostly tied up in studios and one-bedrooms, but when you look at the size range and average prices throughout BC, the story is more complex. Drawing on my years of experience as a REALTOR® in Greater Vancouver, I’ve seen firsthand how these numbers shape opportunities for buyers and sellers in all corners of the market.

As someone who's guided clients through hundreds of successful sales in Greater Vancouver, I often get asked: which renovations truly pay off at resale? The answer always comes back to that balance—improvements that both elevate daily living and strategically position a home for the market. Foundational updates are where I see the biggest impact: fresh paint, refinished cabinets, and upgraded or repaired flooring consistently help create a cohesive look, letting kitchens and bathrooms take center stage. In the kitchen, natural-stone countertops and modern appliances stand out as upgrades that refresh the space—and buyers notice, especially when the work enhances rather than overhauls. First impressions matter, too: a welcoming front door, smart lighting, and flexible spaces help buyers imagine relaxing, entertaining, and feeling at home. And don’t overlook the exterior—landscaping improvements started early can boost both curb appeal and sale price. Strategic renovations like these are what set exceptional listings apart in our market.

Navigating the luxury real estate market takes a distinct approach—one I’ve honed through years of representing both residential and commercial clients across Greater Vancouver. Selling a luxury home is a nuanced process: properties often linger on the market longer, and pricing can become especially complex when custom designs, imported finishes, or rare amenities come into play. When comparable sales are scarce, experience and deep local insight become invaluable.

Marketing these exceptional homes goes beyond showcasing square footage; it’s about curating and presenting an aspirational lifestyle, using sophisticated materials and targeted campaigns that truly resonate with affluent buyers. At this level, the pool of interested buyers is naturally smaller, and the process can be more involved—multiple visits, consultations with architects or contractors, and detailed negotiations are all part of the landscape.

If financing enters the equation, jumbo mortgages can add another layer of complexity, often slowing the timeline. For sellers, it’s important to approach these transactions with a business mindset, anticipating high standards and thorough requests from discerning buyers. My focus has always been on strategy, professionalism, and ensuring each unique property is positioned to attract the right audience.