Saeed Farahani’s Blog

Vancouver’s housing market sales ↓ 5.7% yearly, totalling 2,783 units in September. Despite improved affordability, buyers remain cautious, awaiting further interest rate reductions and increased inventory.

Vancouver will cut multiplex permitting times by 50% through a streamlined process starting early 2025. This initiative aligns with the city's Permitting Improvement Program, speeding up approval of essential housing.

Vancouver has high rental costs, making it difficult for renters to save for homeownership. The average monthly rent for a one-bedroom apartment in Vancouver is $1,697.

Average rent in Vancouver could reach $7,750 by 2032 if construction rates remain unchanged. Current construction must increase sixfold to meet rising demand for housing in Vancouver.

With increased inventory and cooling prices, the market is expected to favour buyers into 2025. Residential sales are projected to remain low due to high borrowing costs and cautious buyer sentiment.

The Social Housing Initiative proposes eliminating individual rezonings, and expediting social and cooperative housing construction by non-profits.The initiative allows buildings up to 18 stories, addressing housing needs for seniors and low-income families.

Vancouver has seen a notable increase in smaller condo units over recent years. Investors significantly shape Vancouver's condo market by preferring smaller units for higher rental yields.