Housing affordability in Vancouver is a hot topic—and for good reason. As a realtor in this city, I see firsthand the challenges buyers face when looking for a home in one of Canada’s most competitive markets. Yet, despite the high prices, there are ways to navigate the landscape and make informed choices that fit both lifestyle and budget.
Why Are Prices So High?
Demand in Vancouver’s housing market continues to outpace supply, fueled by both population growth and the city’s desirability as a place to live. Additionally, limited land availability and zoning restrictions mean fewer new properties are being built, pushing prices higher.
Demand in Vancouver’s housing market continues to outpace supply, fueled by both population growth and the city’s desirability as a place to live. Additionally, limited land availability and zoning restrictions mean fewer new properties are being built, pushing prices higher.
Your Options as a Buyer
Though Vancouver’s market is undeniably expensive, there are ways to find homes that fit a variety of budgets and needs. Expanding your search to neighborhoods outside the city core can uncover more affordable pockets with unique community vibes, often close to transit lines or urban centers. Areas like Burnaby, New Westminster, or Coquitlam offer proximity to the city with slightly more approachable prices—and some neighborhoods even show signs of appreciating value, making them a smart investment long-term
Though Vancouver’s market is undeniably expensive, there are ways to find homes that fit a variety of budgets and needs. Expanding your search to neighborhoods outside the city core can uncover more affordable pockets with unique community vibes, often close to transit lines or urban centers. Areas like Burnaby, New Westminster, or Coquitlam offer proximity to the city with slightly more approachable prices—and some neighborhoods even show signs of appreciating value, making them a smart investment long-term
For those considering smaller or alternative property types, condos and townhomes provide not only affordability but also a lifestyle tailored to lower maintenance, often with amenities like gyms, pools, and shared green spaces. Duplexes can be another fantastic option for those who want a balance of space, flexibility, and more of a “home” feel—especially for families or anyone who’d like a backyard without stretching the budget to a detached home.
If you’re a first-time buyer, there are programs to help. The First-Time Home Buyer Incentive, for example, offers shared equity to reduce your monthly mortgage, helping you secure more purchasing power in a high-priced market. You may also qualify for provincial grants or exemptions from Property Transfer Tax, further cutting upfront costs.