What $1 Million Buys You in Vancouver’s Evolving Housing Market

Arise Mortgage
Aug 15
2 min read

The Vancouver real estate market has been one of Canada’s most talked-about housing stories for years. In August 2025, we’re seeing a shift that could be meaningful for buyers: prices are softening, inventory is up, and some segments are opening up opportunities—especially for those with a $1M budget.

Whether you’re a first-time buyer, a downsizer, or an investor, understanding how the market is moving, why it matters, and when to act can make a big difference in your buying strategy.

How Vancouver’s Market Looks Right Now

August 2025 Housing Market Snapshot – Metro Vancouver:

High inventory and softer sales are shifting the market toward a more balanced—sometimes buyer-leaning—environment. For those who have been waiting for breathing room in Vancouver’s high-pressure housing market, this could be the opening you’ve been looking for.

What $1M Gets You by Property Type

If your budget is around $1M, what’s realistic in today’s market? Here’s the breakdown:

Property Type	Average Price	What $1M Gets You
Detached	$2.07M	❌ Not enough for the average market—options limited to older fixer-uppers or homes in outer suburbs
Townhouse	$1.21M	🟡 Some options under $1M in East Van, Burnaby, and New Westminster
Condo	$786K	✅ Multiple options in central and East Van, or luxury condos in outer areas

Why This Matters for Buyers Now

Vancouver has long been known as one of the least affordable housing markets in North America. But right now:

Prices are softening, which hasn’t been the norm for most of the past decade.
High inventory means more choice and negotiating power.
Condos and select townhomes are entering a more attainable range for buyers with a $1M cap.

This is also a rare window where sellers are more willing to negotiate, especially in properties that have been on the market longer than average.

When Is the Right Time to Act?

Late summer 2025 might be the sweet spot. Here’s why:

The market is in a transitional phase—conditions could shift toward sellers if prices stabilize in late 2025 or early 2026.
Buyers currently benefit from reduced bidding pressure compared to peak years.
Economic forecasts suggest gradual recovery in housing demand, which could push prices up again.

If you have stable financing and are prepared to move, acting now could mean locking in a property before the competition intensifies.

Key Takeaways

Detached homes are still well above $1M, but condos and some townhomes are within reach.
East Vancouver, Burnaby, and New Westminster offer the most value for $1M buyers.
High inventory = more leverage for buyers in negotiations.
The window may close if prices stabilize in the coming months.