Condo prices in Vancouver fell eight per cent in June 2025 compared with the same month a year ago, while detached homes and townhouses saw price increases, according to online real estate brokerage Wahi Realty Inc.
There was a one-per-cent price increase for detached homes and a 10-per-cent increase for townhouses, but the condo segment pulled down Wahi’s price index for Vancouver to an overall four-per-cent decline, the company told BIV.
While 10 major Canadian markets saw prices climb in June, just three big cities—Vancouver, Toronto and Hamilton—saw overall declines, according to Wahi. It partners with appraisal firm RPS Real Property Solutions Inc. to publish the monthly index.
“Hamilton is a story of steel tariffs. Toronto and Vancouver are a story of how these condos are really dragging down the average, whereas it doesn’t look so bad for detached, traditional family homes,” said RPS-Wahi economist Ryan McLaughlin.
It’s a case of bad timing, he said, with many new condo projects completing just as demand weakens due to tariff uncertainty and federal immigration curbs. He said many condo projects, heavy on studios and one-bedrooms, were started circa 2021 when interest rates were low and prices were shooting up.
“Now we’re starting to see them come out the other end of the pipeline,” McLaughlin said.
“Completions are quite strong in B.C. at the moment, they are actually pretty high compared to historical norms, but unfortunately this is happening at the moment when demand is a bit softer,” he said.
There were 3,031 apartment completions in Vancouver in June 2025, compared with 1,698 in June 2024, according to Canada Mortgage and Housing Corp. data.
Another report also shows a drop in Vancouver condo prices.
Century 21 Canada LP released the results of its annual “Price Per Square Foot” survey on Monday. It revealed that downtown Vancouver condos declined from $1,264 per square foot in the first half of 2024 to $1,206 in the first half of 2025–a 4.59-per cent decrease.
Detached homes in Vancouver declined from $890 to $860 per square foot over the same period, representing a 3.37-per-cent decrease, the July 28 report said.
Todd Shyiak, an executive vice-president at Century 21 Canada, said condo prices remain significantly elevated compared with pre-pandemic levels.
“Right now condos in Vancouver, surprising me even, they’ve held up fairly well. There’s still a lot of condos to come on stream here in the next six, eight, 10 months that may change that equation, but right now they’re holding up remarkably well … compared to Toronto, certainly,” he said.
Shyiak said for many years, developers in downtown Vancouver and Toronto focused on building small units for investors. He said price and interest rate escalations since COVID-19 have made some of these investments unprofitable.
“All of a sudden you can’t buy a 500-square-foot condo and rent it out to a waiter anymore, because the cost for rent would be extraordinarily high,” he said.
“You’re underwater every month, and those investors that were buying these micro-units are pulling back from their investments,” he said, adding that some are forfeiting deposits.
“It’s going to take months and months to absorb that inventory,” he said.
Shyiak called tariff uncertainty the biggest challenge, but expressed hope that the U.S.-Canada trade dispute will soon resolve, citing recent U.S. tariff deals with the European Union, Japan and the U.K.
In the meantime, he said buyers will make low-ball offers and seek bargains, while sellers, after they’ve sold, may try to do the same thing.
“With months and months of inventory that we haven’t seen for quite some time, there's an opportunity for [sellers] to likewise win out at the other end, whether they are moving up or moving down,” he said.
