From rooftop pools to yoga studios, condo developers across Canada are doubling down on amenities to stand out in a crowded market. But are buyers really choosing homes based on the extras?

Taylor Musseau, partner at MLA Okanagan, said amenities help round out the lifestyle pitch for Stober Group’s new two-building development in Kelowna, where she is handling sales and marketing.

The development dubbed Movala, in Kelowna’s sought-after South Pandosy area, includes nearly an acre of shared spaces. Residents will have access to a pool, hot tub, al fresco dining areas, gardens, a gym, yoga room, cabanas, a bocce ball lawn, games room, guest suite and an indoor “great room” designed for entertaining. 

“It’s tailored to four-seasons living here,” Musseau said.

The two-building project totals 325 homes, with the first now welcoming residents and the second set to be completed next year. Musseau said building one is nearly sold out.

An outdoor dining area at Movala (photo: Stober Group)

Beyond the amenities, Movala’s draw is rooted in a mix of design, price and location. 

The development sits near a popular Okanagan beach. One-bedrooms start in the mid-$400,000s, while two-bed, two-bath homes are priced around $580,000, figures Musseau describes as “good value” for comparable constructions in the area.

She said the extra amenities haven’t added a lot of extra expense for residents because the costs are spread out amongst so many homeowners, noting fees come in at just under 50 cents a square foot.

After an initial marketing push targeting empty nesters and downsizers, the team has shifted its focus to younger buyers and families. 

“We’re looking more at young professionals, young couples, people who want to live here full-time,” she said.

Can buyers have it all right now?

Condo buyers in Vancouver are sitting in a strong position, said Adil Dinani of Royal LePage West Real Estate Services. 

“We’re in a buyer’s market for most segments right now, especially condominiums,” he said. “Buyers have selection and they have time. It’s a very unique time in the market. We haven’t seen the stars align like this since pre-COVID.”

With roughly 17,000 active listings in Greater Vancouver, and about 40 per cent of them condos, buyers can afford to be choosy.

Price and location still drive decisions, Dinani said, but amenities are becoming a bigger part of the conversation.

“The amenity offering is important,” he notes, pointing to demand from active baby boomers looking for fitness facilities, pools and saunas in their buildings.

But while the lifestyle features attract attention, they also come with higher costs. “You might have a 1,200-square-foot two-bedroom and your maintenance fees could be almost 80 or 90 cents per square foot,” he said, which would total about $900 a month.

He adds that while some residents love the idea of a saltwater pool or concierge, he has learned that not everyone capitalizes on the amenities in their buildings after they move in.

Sometimes, it’s simple things like air conditioning that drive demand, he said.

“A lot of older buildings, even those built as recently as 2015, don’t have A/C,” Dinani said. “Now it’s near the top of buyers’ lists.”

Community as an offering

Jeff Brown, executive vice president of NorthStar Development, is behind an up-and-coming project in his hometown of Port Coquitlam.

NorthStar took the project over from a previous developer who had completed the basement level, and has redesigned the building to match today’s market demands, said Brown.

Wellness and social living is at the heart of the concept for the 102-unit project called Livy.

“The desire for community is something that’s been growing, particularly post-2020, when we were all isolated,” said Brown. “There’s a growing expectation, we feel, for a curated lifestyle, which offers wellness and shared spaces that foster connection and could lead you to meet your neighbours.”

The vision for the golf simulator at Livy.

Livy’s design features more than 10,000 square feet of amenities, including an expansive rooftop space, a virtual golf simulator and high-tech wellness areas. Among the most alluring features is a Nordic-style spa with hot and cold plunges.

He said their target is first-time buyers. Junior one-bedroom units are priced at $389,000 and range up to $739,900 for two-bedroom plus den units, according to Livy’s website.

Brown said an expertly-drafted design helped offset the costs of the “extras” for residents. The spa, he said, adds an extra six cents a month to the average condo fee.

“We were able to put our heads together and execute without spending frivolously,” he said. “There’s a bit of an art to it.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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The Re/Max Housing Market Drivers Report released this week examines nine major Canadian urban centres over 30 years, with triple-digit price appreciation reported from 1994 to 2024. The report found population growth, along with policy levers and market events, have long been pillars of the Canadian housing market, creating periods of extended growth and contractions in the country’s largest cities. 

Halifax Regional Municipality reported the greatest increase in price percentage growth, rising 460 per cent for a compounded annual growth rate of 5.91 per cent. The Greater Toronto Area was a close second, with a percentage increase of 436.2 per cent and a CAGR of 5.76 per cent, while Saskatoon rounded out the top three, with a percentage increase of 377 per cent and a compounded annual rate of return of 5.35 per cent.

Re/Max Canada president Don Kottick said each generation has faced its challenges and obstacles. 

“Today’s trade barriers, high interest rates and stringent lending policies may be overwhelming, but this too shall pass,” he said. “Historically, dynamics evolve from recovery to expansion, peak to contraction, trough to recovery. Cyclically, the trough is short and gives way to renewed growth. In retrospect, buyers may look back and realize that this period represented the best opportunity in recent years to get into the market at a reduced price point.”

Market conditions are softening, but new buyers still struggle

Re/Max brokers are reporting balanced/moderating conditions in most markets, with affordability being an ongoing issue, despite more favourable conditions, including rising inventory levels. 

Average price escalation continues to outpace wage growth, making it exceedingly difficult for first-time buyers across all regions to enter the market, according to the report. Additionally, many would-be purchasers are challenged by the mortgage stress test, debt burdens, downpayment requirements and high carrying costs. 

A chronic supply shortage at lower price points is driving values higher for entry-level homes, while the cancellation of new construction projects has set the stage for tight market conditions in the future, according to Re/Max. 

The report also points to a notable trend: empty-nesters and retirees now competing with first-time buyers for smaller homes, particularly bungalows, in many areas of the country, making it even tougher to break into the market.

Unlocking opportunities to ease the path to ownership

Re/Max included a list of 10 potential solutions to put homeownership back in reach for more Canadians. They are:

• Allow potential homebuyers to withdraw more than the allotted amount in the first-time Home Buyers’ Plan from their RRSPs and from their TFSAs.
• Remove the additional two per cent requirement to qualify on the mortgage stress test.
• Extend amortization periods for first-time homebuyers.
• Remove Land Transfer Taxes on purchases under certain price points (to be determined by average price in each market).
• Remove GST and HST for all homebuyers on new housing product.
• Reduce or remove red tape, outdated zoning bylaws and restructure land-use policies, while speeding up the permit and approvals process.
• Incentivize the building of homes that meet the needs of today’s homebuyers, shifting focus to end users over investors.
• Policies and programs should prioritize first-time purchasers.
• Invest in and support innovations such as modular or prefab construction techniques that bring supply online faster and at a lower cost.
• Address supply of affordable homes as a percentage of available product or new construction.

“Affordability, population growth and supply shortages are the recurring themes shaping residential housing in Canada,” said Kottick. “While each market exhibits local nuances – Vancouver’s looming condo shortage, Edmonton’s affordability and Halifax’s steep climb in values are just a few examples – the shared pressures unite all major regions. Governments and private-sector players share a great responsibility in shaping Canada’s real estate landscape, addressing the housing crisis and ensuring sustainable urban development.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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Zumper’s National Rent Index showed the median one-bedroom rent edged up just 0.1 per cent in September to $1,821, while two-bedroom units rose 0.1 per cent to $2,258 compared to August. On an annual basis, rents fell 4.1 and 4.3 per cent, respectively, the twelfth straight month of year-over-year declines.

Major markets such as Toronto and Vancouver, where new apartment completions have surged, posted some of the steepest rent drops. In contrast, smaller Ontario cities like Kingston, Windsor and Winnipeg, where construction pipelines remain more limited, have shown greater price stability.

The data points to a broader trend affecting all sides of the housing market: record construction activity, slower population growth following federal immigration policy shifts, and a cooling labour market are easing pressure on renters after years of steep increases.

For renters, it’s the most tenant-friendly market seen in years, though the relief may not be felt equally everywhere, according to Zumper’s report.

Kingston tops rent growth as other Ontario cities see steep declines

Kingston posted the fastest rent growth in the country last month, with average prices rising five per cent compared with a year earlier. Windsor ranked second with a 3.6 per cent increase, while Regina placed third at 3.1 per cent.

At the other end of the market, Barrie saw the sharpest decline, with rents down 10.3 per cent from last year. Toronto followed closely with a 10.2 per cent drop, while Kitchener recorded a 7.9 per cent decrease.

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The month also broke with seasonal tradition. Sales declined by 1.7 per cent from August to September, a reversal that is unusual for a period when activity typically accelerates. Major markets, including Vancouver, Calgary, Edmonton, Ottawa and Montreal, all saw slower sales, with Toronto and Winnipeg as the exceptions. Rather than marking the beginning of renewed momentum, the September figures suggest a market struggling to generate even the modest lift that normally accompanies the fall season.

Supply, demand and the tilt toward buyers

What ultimately governs market direction is the relationship between supply and demand. While sales volumes were up 5.2 per cent from last year, listings increased at a faster clip. Active listings stood at nearly 200,000 properties in September, a 7.5 per cent rise year-over-year and roughly consistent with long-term averages. In contrast, sales remain well below those averages.

This divergence matters. A housing market bends toward whichever side expands more quickly. At present, listings are outpacing sales, forcing sellers to adjust downward to meet buyer bids. 

CREA’s sales-to-new listings ratio fell to 50.7 per cent, below the long-run mean of 54.9 per cent. Months of inventory sat at 4.4, slightly under the historical benchmark of five. According to traditional definitions, these readings still describe a balanced market. Yet these conventions are increasingly outdated in an era when technology accelerates transactions and shortens days on market. By older standards, the market appears stable. By contemporary dynamics, it leans distinctly toward buyers.

Prices flat, confidence fragile

On the surface, prices appear steady. The MLS Home Price Index was effectively unchanged in September, slipping just one-tenth of a percentage point from August. Year-over-year, the decline was 3.4 per cent. Such stability suggests the violent correction of 2022 and 2023 has given way to a slower grind. But stability in the numbers does not equal stability in sentiment.

The Canadian labour market has begun to fray. The closure of Stellantis operations in Brampton erased 3,000 jobs. Manufacturing layoffs ripple through Ontario. Unemployment rates are rising across most cities, with Alberta as a notable exception. GDP growth and job creation have been flattered by public sector hiring and fiscal spending, but households know that secure employment is what enables the confidence to purchase a home. Without conviction about income, families hesitate to assume long-term debt even if mortgage rates edge lower.

The fragility of confidence is why CREA’s invocation of “three years of pent-up demand” rings hollow. Demand is only meaningful if it is actionable. The desire to own does not translate into transactions when affordability remains out of reach. Wages must rise, rates must fall further, or prices must adjust downward before demand can be considered real.

The policy backdrop and political void

For years, population growth was the bedrock of housing demand. Immigration targets sustained a bullish narrative even when affordability eroded. That tailwind has now slackened. Political appetite for renewed acceleration in population growth is weak. Without it, a key pillar of long-term demand has been diminished. The looming renegotiation of CUSMA in 2026 adds further uncertainty to the outlook for demand, as the prospect of trade disruption clouds Canada’s broader economic trajectory.

Meanwhile, fiscal and monetary policy operate at cross purposes. Bond markets price the possibility of higher fixed rates toward the end of next year even as the Bank of Canada signals restraint. Government spending props up GDP in the short term, yet this masks structural vulnerabilities. Insolvencies and delinquencies are rising. The foundations of household balance sheets are deteriorating.

It is in this context that CREA’s optimism must be read. The association and its economists are correct that interest rates have normalized relative to the recent past. They are less convincing in suggesting that this will unleash latent demand. Recovery requires not only lower financing costs but also a sense that the broader economy is resilient enough to sustain households over the long term.

An extended holding pattern

Canada’s housing market now occupies an awkward middle ground. It is neither collapsing nor recovering. The correction phase has ended, but the renewal phase has yet to begin. Prices are flat, sales volumes are weak, and the balance of supply and demand tips gradually toward buyers. The system is stalled in place, waiting for either confidence or affordability to break the deadlock.

For policymakers, this limbo should be a warning. In the absence of robust wage growth, sustained employment, or structural improvements to housing supply, the market will not find a natural path back to equilibrium. For households, the message is equally stark. Stability is not the same as security. The risks of job loss, inflation and policy drift weigh heavily on decisions to buy or sell.

The September report is thus not the turning point CREA suggests. It is another entry in a long sequence of data that shows the same reality. Canada’s housing market is stuck. The question is not whether a boom or bust is imminent. It is whether we are prepared for the prolonged stasis that lies ahead.

Daniel Foch

Daniel Foch is the Chief Real Estate Officer at Valery.ca, and Host of Canada’s #1 real estate podcast. As co-founder of The Habistat, the onboard data science platform for TRREB & Proptx, he helped the real estate industry to become more transparent, using real-time housing market data to inform decision making for key stakeholders. With over 15 years of experience in the real estate industry, Daniel has advised a broad spectrum of real estate market participants, from 3 levels of government to some of Canada’s largest developers.

Daniel is a trusted voice in the Canadian real estate market, regularly contributing to media outlets such as The Wall Street Journal, CBC, Bloomberg, and The Globe and Mail. His expertise and balanced insights have earned him a dedicated audience of over 100,000 real estate investors across multiple social media platforms, where he shares primary research and market analysis.

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According to the Royal LePage House Price Survey and Market Forecast released today, the aggregate price of a home in Canada recorded virtually no change in the third quarter of 2025, increasing just 0.1 per cent year-over-year to $816,500.

On a quarter-over-quarter basis, home prices declined 1.2 per cent, driven by depreciation in many major markets across the country in recent months. 

Reflecting price declines primarily in Toronto and Vancouver, Royal LePage lowered its national year-end forecast, and now anticipates prices to land at one per cent above Q4 2024.

“Canada’s housing market is shifting toward balance, as easing prices, rising listings and renewed rate cuts improve affordability across most regions,” said Soper. “For the first time in years, buyers – especially in previously supply-strapped markets – have real choice and negotiating power. With confidence returning and further rate reductions expected into early 2026, we anticipate noticeably stronger activity by the spring.”

Prices by property type

The Royal LePage National House Price Composite is compiled from proprietary property data, nationally and regionally, in 64 of the nation’s largest real estate markets. 

When broken out by housing type, the national median price of a single-family detached home increased 1.2 per cent year-over-year to $860,600, while the median price of a condominium decreased 1.6 per cent to $580,700.

On a quarter-over-quarter basis, the median price of a single-family detached home and a condominium declined 1.1 and 1.9 per cent, respectively. 

Compared to the peak of pandemic pricing in the spring of 2022, national home prices have come down by approximately five per cent, largely due to depreciation in Toronto and Vancouver, where prices are currently sitting more than 12 per cent below the peak. 

Meanwhile, home prices have continued to appreciate in Quebec, the Prairies and Atlantic Canada. 

“Buyer sentiment is being influenced by a complex mix of economic and psychological factors,” said Soper. “Despite materially improved affordability in major cities, many Canadians – particularly younger ones – remain cautious amid high post-pandemic living costs, perceived job uncertainty, and general unease about our economic prospects. It’s understandable that some are waiting before making such a significant purchase.”   

Price data, which includes both resale and new build, is provided by real estate valuation company RPS Real Property Solutions.

What’s next?

Soper said Royal LePage expects the uptick in sales that began this summer will continue, setting the stage for a lively 2026 market, provided that consumer confidence rebuilds.

“Prices are likely to tread water in the near term, as improved affordability and lower borrowing costs draw more buyers back to the table,” he said. “Finally, the return-to-office trend should renew demand in urban cores, even as lower prices in suburban and rural communities continue to attract families – just not at the scale we saw during the pandemic.”

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Greater Vancouver Realtors (GVR) reported 1,875 residential sales last month, a 1.2 per cent increase (23 sales) from the same month last year.

Despite the gain, sales remained 20.1 per cent below the region’s 10-year seasonal average of 2,348.

The benchmark price for all residential properties was $1.14 million in September, down 3.2 per cent from September 2024, and a 0.7 per cent dip from August.

“With another cut to Bank of Canada’s policy rate behind us, and markets pricing in at least one more cut by the end of the year, Metro Vancouver homebuyers have reason to be optimistic about the fall market,” said Andrew Lis, GVR’s director of economics and data analytics. “Easing prices, near-record high inventory levels, and increasingly favourable borrowing costs are offering those looking to purchase a home this fall with plenty of opportunity.”

Inventory levels on the rise

Sellers were also more active, with 6,527 detached, attached and apartment properties newly listed in September. That marks a 6.2 per cent increase year-over-year, and sits 20.1 per cent above the 10-year seasonal average of 5,434.

The total number of homes listed on the MLS reached 17,079, up 14.4 per cent from 14,932 in September 2024. Current listings stand 36.1 per cent above the long-term average of 12,553.

The sales-to-active listings ratio across all property types was 11.3 per cent in September. Historically, sustained ratios below 12 per cent signal downward pressure on prices, while levels above 20 per cent point to price gains, said GVR.

Outlook

“The past few years have been quite challenging for the market, beginning with 2022’s rapid increase in interest rates, major political and policy shifts in subsequent years, and recent trade tensions with the USA weighing on the market,” Lis said. “With the acute impacts of these events now fading, we expect market activity to continue stabilizing to end the year, barring any unforeseeable major disruptions.”

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A key reason Debelle was chosen to represent the property is his attention to detail. “I really studied the property,” he says. “There’s a list of special features 10 pages long (that) took (many) days to create.”

That kind of meticulous preparation is central to Debelle’s approach, especially with ultra-luxury listings where he needs to speak knowledgeably about every finish, system and feature. “It’s not enough to take someone through a home and say, ‘Great home.’ I have a responsibility to really study it.”

Standing out in a crowded market

Luxury listings in Metro Vancouver are not short on spectacle, but this particular home, dubbed West Vancouver’s “White Mansion,” has a set of features that even seasoned Realtors will rarely encounter.

Guests enter through massive brass doors into a 38-foot-high great room under a custom-designed, hand-built stained-glass dome.

The home also includes a professional-grade private casino with blackjack, roulette and slot machines accessed through a hidden door, and a dedicated Stefano Ricci-designed office and library, which, Debelle notes, is the first of its kind in Canada.

Asked whether special filings were required for the private casino, he says no and clarifies, “It’s really a games room. We’re not running a casino for the public.”

Beyond that, the home is outfitted with a spa featuring dry and steam saunas and a plunge pool, a chef’s kitchen designed for large-scale entertaining and intricate marble finishes throughout — virtually no drywall exists in the house.

Marketing with intention — and budget

Marketing a property of this calibre demands more than the standard suite of photos and MLS exposure. Debelle invests heavily in layered campaigns that include lengthy photo shoots, bespoke floor plans and glossy coffee-table style books that can run over 100 pages because, he feels, “It’s the best way to market, but it’s also important that my client knows I’ve done everything — and more than anyone else.”

Each book he produces is property-tailored, written in detail and translated into Mandarin to reach a global audience. He likens the effort required to “doing a paper at university.”

When it comes to the floor plans, Debelle personally reviews each room to ensure accuracy. 

And he doesn’t stop at a single photo shoot. “I do three to five shoots (that) cost a ton of time (and) money. And I’m there with the photographer, so that we capture the images we need to present (the property).”

The listing is also being promoted across international luxury media, including on multiple magazine covers in September alone.

Still, Debelle avoids splashy Realtor-only parties or open houses. “This is not a place for Realtors to get some free sushi and chat with each other. This is a serious home that deserves serious respect,” he says. Only pre-qualified buyers, accompanied by their agents, are allowed through the door.

The art of the showing

Debelle’s background as a lawyer informs how he conducts showings, which can run three hours or longer. Each and every move is intentional.

“When I do a showing, it’s like being in court. Everything I do, every word I say, every step I take, where I stand, where I look, is all done for a reason. Nothing is arbitrary … I’m thinking all the time,” he explains.

He also builds space into the process, offering prospective buyers time to absorb the home, sit quietly and discuss privately with their Realtor.

“There should always be a time when I’m just a real estate agent representing the seller, (meaning) it’s important for me at some point to suggest that I back away and let (them) walk through on their own, to speak freely among themselves.”

The takeaway for Realtors

While the scale of West Vancouver’s “White Mansion” sets it apart, Debelle insists that his approach doesn’t — and shouldn’t — change with price point.

“The way I do this listing is exactly how I do every other listing, just on a bigger scale. I give the same time and attention to a $1.8 million home as I do to this. Every home is deserving of the same dedication, regardless of price point.”

For Realtors, the takeaway is clear: studying the property in detail, marketing it with thoughtfulness and precision and presenting it with humility and respect can be what sets you apart.

As Debelle puts it, “My biggest objective is they have to like me as a person. I’m very understated, humble and respectful … I’m just a real estate agent (putting) out plastic open house signs on the weekends.”

Emma Caplan-Fisher

Emma Caplan-Fisher is an editor and writer for REM. She has over a decade of experience in various content types and topics, including real estate, housing, business, tech, and home & design. Emma’s work has also been featured in Cottage Life, the Vancouver Real Estate Podcast, the Chicago Tribune, Narcity Media, Healthline, and others. She holds a Certificate in Editing from Simon Fraser University.

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The shadow market consists of both presale condo units that are available before the building has been constructed, and the units that are leftover from the presale period but are still not listed on the MLS.

“(Presale inventory) doesn’t get picked up in the real estate boards’ monthly analysis,” Vancouver Realtor Steve Saretsky told Real Estate Magazine. “There’s never any discussion that the preconstruction market also has all-time record high inventory, and none of that gets tracked publicly.”

He said that the large amount of shadow inventory is putting more pressure on prices and is straining developers, and predicts housing starts will continue to fall off aggressively since developers aren’t selling the inventory they already have. 

This is a fairly new phenomenon, according to Saretsky, because condos used to sell out very quickly in the presale period due to a strong bull market and the presence of investors. Now, investors have fled the market, and most buyers are end users who are less interested in the small condos on offer, meaning many developers can’t sell all their units before the building is complete and are left with shadow inventory.

“(The shadow market has) never really been a conversation,” Saretsky said. “I think it matters.”

Developers holding back inventory

Toronto Realtor Tom Storey told REM that typically a developer won’t list their inventory on the MLS because they don’t want to overwhelm the market and compete with themselves, or make previous buyers aware that they’re now offering a discounted price on their units. Instead, they’ll list just a handful of units so buyers know they exist, but often buyers will have to find out about the full extent of shadow inventory through their Realtor.

The problem is that this glut of presale inventory hasn’t been competitive with the already extensive amount of resale inventory on the market due to its higher price, according to Saretsky and Storey.

That makes the shadow inventory a hard sell for developers,, and some have had to offer big discounts to get it moving.

Storey said there was a one-day flash sale in Surrey, B.C., where the developer of one building took 25 per cent off all of their remaining inventory, and it sold out in one day. Even with the new Liberal federal government axing the GST for first-time homebuyers, resale condos are still cheaper and attracting most of the buyers, according to Storey.

Storey said much of the shadow inventory skews to more luxurious, large units that may appeal to downsizers who can wait a few years before moving in, rather than more budget-minded buyers who usually want a place that is move-in ready immediately.

He estimated based on data from Urbanation that there are roughly 2,500 shadow inventory units in the GTA that are not listed on the MLS, compared to about 7,000 listed resale units.

“It’s nowhere near the MLS numbers, but it’s not nothing,” Storey said. “It’s building.”

Market pressures forcing new sales tactics

Vancouver Realtor Hasan Juma told REM that his city will likely have 3,500 shadow inventory units by the end of 2025, compared to about 10,000 unsold resale listings. That’s according to data from real estate agency Rennie.

He said that developers may begin to change their sales habits due to growing shadow inventory. Typically, they might try to sell up to 70 per cent of their units in presale to secure funding to build, then try to sell the rest later at a higher price. Now that they’re not selling those leftover units, they may not be as willing to keep them for later as they have been before.

“A lot of developers have been burned in that process,” Juma said. “It’s probably going to change how they do that moving forward.”

Juma said that a lot of resale inventory now has barely been lived in, so shadow inventory has a hard time competing with it given its main advantage is it is new.

In all, the Realtors say that shadow inventory only exacerbates the current condo crisis, though Juma noted that most industry experts factor in shadow inventory when talking about the situation. 

“The general public … don’t know the full scope of how big and how great the amount of supply is,” Juma said. “Buyers have a good amount of options.”

Eric Stober

Eric Stober has over 10 years experience as a journalist and writer at publications big and small, including Global News, Toronto Life, Post City Magazine, Greencamp.com, the Toronto Star and The Grid.

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According to Greater Vancouver Realtors (GVR), residential sales in the region totalled 1,959 last month.

While that’s 55 sales more than August 2024, sales levels were still nearly 20 per cent below the 10-year seasonal average (2,424). 

“The August sales figures add further confirmation that sales activity across Metro Vancouver appears to be recovering, albeit somewhat slowly, from the challenging first half of the year,” said Andrew Lis, GVR’s director of economics and data analytics. “Sales in the detached and attached segments are up over 10 per cent from last August, which suggests buyers shopping in more expensive price points are re-entering the market in a meaningful way.” 

Prices are easing as inventory climbs 

The total number of properties currently listed for sale on the MLS is 16,242, a 17.6 per cent increase compared to August 2024 (13,812). 

This is 36.9 per cent above the 10-year seasonal average (11,862). 

At the same time, the composite benchmark price for all residential properties in Metro Vancouver is currently $1.15 million, a 3.8 per cent decline year-over-year, and down 1.3 per cent from July.

As sellers’ and buyers’ expectations have become more aligned, transaction volume has picked up, Lis said.

“Newly listed properties remain in line with their ten-year seasonal average however, which when paired with increasing sales activity, is likely to diminish the available inventory,” he said. “This also means the window of plentiful opportunity for buyers may soon begin closing if these trends continue.” 

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Toronto will host six matches at its BMO Field with an estimated 300,000 fans in attendance, while Vancouver will host seven matches at BC Place, with expected crowds totalling about 350,000. The group stage matches in the first phase of the tournament will occur in June 2026.

Vancouver faces hotel and rental pressure

Unlike the 2010 Olympics in Vancouver, which saw the Olympic Village built near False Creek and the Canada Line of the SkyTrain completed, no new infrastructure will be built in either city for the World Cup. That means no new land will be unlocked for real estate development.

Susan Thompson, the head of research at Colliers and author of a report on real estate trends in Vancouver ahead of the World Cup, told Real Estate Magazine that the matches will put pressure on Vancouver hotels that already are struggling to meet demand.

“We all know Vancouver is underserved in the hotel market,” she said. “I expect this is going to increase the pressure for hotel development as well as expand the secondary rental markets across the city.”

In April, Vancouver unveiled an updated policy for hotel developments that eases restrictions and allows more density. However, Thompson said that the policy likely won’t result in more hotels by next year, given the short amount of time until then.

Instead, she said that it is likely the city will examine its short-term rental policies, such as a short-term rental registration that began just in June this year, and could loosen that up in time for the games.

Experts skeptical of real estate boost

William McCarthy, president of real estate firm W.P.J. McCarthy and Company, has done his own research into the impacts of sporting events in Vancouver, including the 2010 Olympics. His take, though, is a skeptical one on the potential positive impacts of such events, arguing that the benefits often do not outweigh the expenses. He views the 2026 World Cup with the same skepticism, such as with municipal and provincial claims that the games could attract up to a million people to come to Vancouver over the next five years. 

“That is a real hypothetical modeling that I don’t buy into,” he said, noting it is likely fans from countries playing could visit during the tournament. “I find it hard to believe that somebody’s going to come back to Vancouver repeatedly because they had a good time watching their team play a soccer game, and they’re going to now start thinking about investing.”

Vancouver boasted that the Olympics helped boost real estate investment, which saw a boom shortly after the games, according to McCarthy. He says, though, that the boom was already happening and likely to occur even without the games. 

Today, the city is quieter about predicting any positive real estate impacts from the World Cup, he said, and that likely is because there are many more restrictions in place than back in 2010, such as a ban on foreign ownership and more obstacles concerning short-term rentals. Those restrictions mean there will likely be much less investment in the city after the World Cup compared to after the Olympics, so McCarthy doesn’t see the World Cup having much of an effect on real estate in either of the cities.

Toronto outlook tied to infrastructure

For Toronto, Shoreline Realty Corp. agent and broker Marco Pedri told REM he doesn’t think either that the World Cup will have much of an effect on the city’s real estate or level of investment. He said the games could give Toronto some good exposure, but warned that the city should try to be seen in the best light. High levels of traffic congestion could paint a negative picture of the city that could deter some interested in its prospects, he said.

“The advantage of these games is putting pressure on the municipal governments and provincial governments to improve the infrastructure and logistics of getting around to these major venues,” Pedri said. “(That) is beneficial for not only investors who are considering putting their money in real estate here, but also for the people that currently live here.”

Pedri said that the games should also put pressure to create more short-term rentals in the city, but there is a lot of red tape that could stand in the way. For example, an apartment must be your primary residence to rent it out on Airbnb. That could be tricky for some who want to add to the short-term rental stock while also enjoying the games themselves.

Pedri expects there to be a healthy amount of visitors, especially considering the current political climate in the United States with President Donald Trump:

“If we do have this glimmer of hope where we might get in more of an influx of people coming from Europe to Canada rather than the United States, are we prepared to be seen in the best light possible?”

Eric Stober

Eric Stober has over 10 years experience as a journalist and writer at publications big and small, including Global News, Toronto Life, Post City Magazine, Greencamp.com, the Toronto Star and The Grid.

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