Vancouver Housing Market Reality Check: What $1M Actually Buys in 2025

The Vancouver housing market remains one of Canada's toughest places to buy a home. My years as a top realtor in this city have shown me how prices keep climbing. The benchmark price hit $1,165,300 in July 2025, even with a 2.7% drop from last year and a 0.7% dip from last month. A million dollars might seem like a lot, but you'd be surprised what that gets you in Vancouver these days.

The market has bounced up and down since 2021, with prices trending lower now. This doesn't mean homes are more affordable. The numbers tell an interesting story across different property types. Detached homes dropped 2.4% to $2.07 million, while condo prices fell 3.9% to $786,000. First-time buyers face a tough road ahead. A household making $75,000 (Metro Vancouver's median income) can only get approved for a $300,000 mortgage. Buyers need deep pockets in this market. A typical down payment for a benchmark-priced condo runs around $380,000. This piece will show you what a million dollars buys in different parts of our beautiful yet pricey city. Some areas like Hastings-Sunrise and Renfrew-Collingwood still give you more bang for your buck in 2025.

What $1M Means in Vancouver’s 2025 Housing Market

My experience as a Vancouver realtor spans decades. The meaning of a "million-dollar property" has changed completely. A million dollars used to represent luxury. Now it paints a different picture in our city's property landscape.

Average and measure prices across property types

The million-dollar threshold barely gets you started in today's Vancouver housing market. Most detached single-family homes cost more than this price point, with average prices around $2.07 million. Townhouses are more available, with prices around $1.11 million in Greater Vancouver. The apartment sector gives you the most options under a million dollars. The measure prices sit at about $786,000.

The price gap becomes clearer in specific neighborhoods. Vancouver West condos cost nearly a million dollars on average at $950,000. East Vancouver offers more budget-friendly options with condo prices averaging $750,000. These differences show location priorities and supply variations in our city's communities.

A million-dollar budget typically buys you a few options. You could get an older detached home in outer neighborhoods, a newer townhouse in growing areas, or a spacious condo in central locations. This reality shows how much has changed in just five years.

How far $1M goes compared to previous years

One million dollars buys less and less in Vancouver as time passes. This amount could get you a modest detached home in several East Vancouver neighborhoods in 2018. Those same properties now cost between $1.5-1.7 million, making them unaffordable for million-dollar budgets.

Square footage tells the story clearly. A million dollars bought about 1,500 square feet in a good neighborhood in 2020. The same money gets you only 1,200-1,300 square feet in similar areas in 2025. You've lost an entire room in just five years.

Interest rates play a significant role here. Higher borrowing costs mean that even with stable or slightly lower prices in some areas, homes aren't necessarily more affordable. Monthly payments cost more now than they did a few years ago with the same purchase price. This limits what buyers can reasonably afford.

Price per square foot in key areas

Square foot costs give us the clearest view of vancouver housing prices in different neighborhoods. New properties in Downtown and Yaletown cost between $1,400-1,600 per square foot. Prominent neighborhoods like Kitsilano and Mount Pleasant range from $1,100-1,300 per square foot.

Growing areas like Hastings-Sunrise and Renfrew-Collingwood offer better value at $850-1,000 per square foot. These communities give you more space for your money, especially if you don't need to live downtown.

Property types affect these numbers substantially. Detached homes give you the lowest price per square foot but cost more overall. Townhomes come next, while condos - especially luxury ones - cost the most per square foot.

These metrics help my clients understand what their budget can buy in various parts of the Vancouver real estate market. Many buyers now look at their search with an open mind about location or property type. They know compromises come with our challenging market.

Property Types You Can Afford with $1M

A million-dollar budget in Vancouver's property market tells an interesting story about what you can actually buy. My experience guiding buyers through this price range has shown me how property options can differ dramatically.

Detached homes: rare and location-limited

You'll find it tough to get a detached single-family home for $1 million in Vancouver. The average detached home costs about $2,777,942, and the standard price sits at $2,779,057. These homes stay out of reach in most neighborhoods. Your options at this price point exist only in outer areas, and you'll need to make some tough choices. The market has changed a lot. A few years back, you could buy multiple-bedroom homes in upscale areas under $1.39 million. Those days are gone. If you want a detached property at $1 million, look at older heritage homes in places like Hastings-Sunrise or check out neighboring cities.

Townhouses: more accessible in outer areas

Townhouses give you better chances, though location matters. The average selling price hit $1,538,130 in June 2025. This puts most central locations beyond the $1 million mark. These properties sell fast though - they spend just 29 days on the market. Vancouver has 432 townhomes up for grabs. The best deals pop up in developing neighborhoods and outer areas. Your million dollars will get you a decent-sized townhome in good locations, but you might need to compromise on finishes or amenities.

Condos: most common option under $1M

Condos give you the most bang for your buck at the million-dollar mark. The average price stands at $1,042,791, and you'll find plenty of great options. The city has 2,550 condos available. One-bedroom units (999 listings) come in at $905,680 median price - well within budget. Two-bedrooms cost more, with a median price of $1.53 million. Your million dollars can buy you a roomy one-bedroom or modest two-bedroom in prime areas. You could also get larger units in up-and-coming neighborhoods.

New builds vs resale homes

The choice between pre-construction and resale properties is vital. New builds let you customize and come with modern amenities. They might even gain value during construction. But you'll wait longer to move in and face market risks. Resale homes let you move in right away or start earning rental income. They come with solid market data, but might need more upkeep and offer less flexibility for changes. Right now, resale properties often give better immediate value for million-dollar buyers, especially after recent market adjustments.

Best Neighborhoods Where $1M Still Buys Value

Million-dollar properties in the Vancouver housing market still provide meaningful value in specific neighborhoods. My experience as a Vancouver realtor has shown these areas transform from hidden gems into thriving communities where buyers can make smart investments.

Hastings-Sunrise: affordability and growth

Hastings-Sunrise stands out as one of East Vancouver's best value spots. This family-friendly neighborhood is more budget-friendly than Vancouver's west side, with the median list price at CAD 2,324,562.33 (down 1.74% month-over-month as of July 2025). My clients love this area's strong community spirit and its 15-minute proximity to downtown. The neighborhood maintains an average household income of CAD 180,141.97, with 57% homeowners and 43% renters. A million-dollar budget here gets you a cozy detached home or modern townhouse - properties that would cost much more in central areas.

Renfrew-Collingwood: transit and family appeal

Right next to Hastings-Sunrise, Renfrew-Collingwood is a great choice I often suggest to clients with million-dollar budgets. Two SkyTrain stations (Joyce and 29th Ave) make this area perfect for commuters. The median list price sits at CAD 2,193,479.18 (down 1.19% month-over-month), making it more affordable than nearby areas. The area's 52,595 residents and average household income of CAD 160,090.12 point to a stable market. Families love the green spaces like Renfrew Ravine Park and the area's safety record. Your million dollars here buys a roomy townhome or spacious condo.

Mount Pleasant: lifestyle and investment

Mount Pleasant is both a lifestyle choice and smart investment, backed by a CAD 1.39 million city investment in street improvements. Main Street's heart pulses with amazing dining, shopping, and cultural spots. My million-dollar budget clients appreciate Mount Pleasant's creative spirit, diversity, and community feel - values that go beyond property worth. The neighborhood's total CAD 6.97 million investment suggests strong future growth. First-time buyers can get a stylish condo or smaller townhome in this sought-after area.

Kensington-Cedar Cottage: community and variety

Kensington-Cedar Cottage gives buyers the most options at the million-dollar mark. The area features 45% duplexes mixed with small apartment buildings and single-family homes. This mix creates multiple ways to enter the market. The area's 55% homeowner and 45% renter split shows good investment potential. The neighborhood shines with its walkability - residents can walk to most amenities and about 10 parks. Trout Lake, Vancouver's only natural lake, adds a special touch to the area. This neighborhood consistently rewards buyers looking for both community connection and solid investment returns.

How Market Trends Are Shaping Buyer Options

My years in the Vancouver housing market have shown me how changing market forces create both hurdles and possibilities for buyers with million-dollar budgets. Right now, the market offers some unique conditions that deserve a closer look if you're planning to buy.

Inventory levels and buyer competition

The biggest game-changer affecting buyer choices today is the remarkable jump in available properties. Metro Vancouver has 17,094 properties up for sale—that's 25.7% more than May 2024 and 45.9% above the 10-year seasonal average. This big boost in inventory has changed how buyers and sellers interact. The sales-to-active listings ratio now sits at just 13.4% for all property types, while detached homes are even lower at 10.2%. Historical data tells us these numbers point to falling prices since ratios below 12% usually signal a buyer's market. I've rarely seen inventory levels this good for buyers in my career. They now have real negotiating power—something that didn't exist in earlier market cycles.

Impact of mortgage rates on affordability

Mortgage rates remain a key factor in buying decisions. Five-year fixed mortgage rates have found their sweet spot between 4.25% and 4.5% as of mid-2025. My million-dollar budget clients feel these rates directly in their monthly payments. Our projections show fixed rates should drop 15-20 basis points by year-end. Variable rates have dropped a lot in the last year after Bank of Canada's rate cuts. These rate changes determine what properties fit the million-dollar budget—often the difference between affording a detached home or settling for a townhouse.

Shift toward multi-family and secondary suites

The Vancouver real estate scene has changed with more multi-family options popping up. Builders have set records with over 20,000 rental units under construction throughout Metro Vancouver. My clients show growing interest in properties that can generate income, especially homes with secondary suites to help with mortgage payments. This trend reflects both the cost challenges and lifestyle changes, as more families choose to live together under one roof.

Comparing $1M Homes Across Metro Vancouver

Property values in Metro Vancouver show remarkable differences in what a million dollars can buy in 2025. My clients are often amazed to see how property values change as they cross municipal boundaries.

Vancouver vs Burnaby vs Richmond

The million-dollar gap becomes obvious when you compare Vancouver proper to its neighbors Burnaby and Richmond. Vancouver's $1.39 million gets you about 900 square feet with 1.8 bedrooms and 1.6 bathrooms. This is quite different in Burnaby, where housing standards range from $1.37 million to $1.57 million. Burnaby's house prices have dropped by more than 12%. Richmond offers better value - $1 million can get you several five-bedroom houses on 5,700 square foot lots.

What $1M buys in Coquitlam and Port Moody

Your buying power grows as you head east. Coquitlam's $1.39 million can get you a vibrant three-bedroom, two-bathroom home with 1,680 square feet of living space. Port Moody's options are even better, with listings that include five-bedroom, multi-bathroom homes over 3,700 square feet. First-time buyers are drawn to these areas because they can get more living space while staying connected to urban amenities.

Urban vs suburban trade-offs

The main choice comes down to location versus square footage. Metro Vancouver's average property size for $1.39 million is about 1,187 square feet. Suburban communities offer much more space - some homes are twice as big. This balance between location and space defines today's Vancouver housing market choices.

Conclusion

A million-dollar budget in Vancouver's housing market brings both challenges and possibilities for buyers today. This amount used to mean luxury living, but now it paints a different picture in a variety of neighborhoods. The market shows stark differences between property types. Detached homes cost around $2.07 million, townhouses sit at $1.11 million, and condos remain the most accessible at roughly $786,000. These numbers show how much our market has changed.

My decades as a Vancouver realtor have shown me how areas like Hastings-Sunrise and Renfrew-Collingwood have become lively, family-friendly spots. These neighborhoods offer good value in our tough market. Mount Pleasant and Kensington-Cedar Cottage also draw smart buyers who want that sweet spot between cost, community, and future value. The growth in these areas points to strong returns despite recent market adjustments.

The available homes for sale now sit 45.9% above the 10-year seasonal average. This surge has given buyers more power than they've had in years. Mortgage rates have steadied between 4.25% and 4.5%, creating a perfect moment for people ready to buy. All the same, buyers should weigh their priorities carefully, especially when choosing between city and suburban life in Metro Vancouver.

Vancouver's market will likely keep growing in value over time, even with short-term ups and downs. Areas once thought too far out will become more popular as better transportation connects the region. The meaning of "value" at the million-dollar mark has changed completely, yet Vancouver stays a prime spot where homes offer more than just a place to live - they provide a unique lifestyle.

Smart buyers need flexibility, realistic goals, and good timing in this market. Most of my clients find success when they focus on either location or home features instead of trying to get both. This practical approach, combined with deep knowledge of each neighborhood, helps navigate Vancouver's complex but rewarding real estate world. This market keeps breaking old rules while rewarding those who understand its unique patterns.

Key Takeaways

Understanding Vancouver's 2025 housing reality helps buyers make informed decisions in one of Canada's most challenging markets.

• $1M now buys condos ($786K average) or outer-area townhouses, while detached homes average $2.07M—a dramatic shift from luxury threshold to entry-level budget.

• Hastings-Sunrise, Renfrew-Collingwood, Mount Pleasant, and Kensington-Cedar Cottage offer the best value, with strong transit links and community amenities under $1M.

• Current inventory surge (45.9% above 10-year average) creates rare buyer advantages with genuine negotiating power and reduced competition for the first time in years.

• Expanding search to Burnaby, Richmond, or Coquitlam can double your square footage—trading downtown proximity for significantly more living space at the same price point.

The key to success in Vancouver's market lies in flexibility: prioritize either prime location or property size, but rarely both within a million-dollar budget. With mortgage rates stabilizing and inventory favoring buyers, 2025 presents a unique opportunity for strategic purchasers willing to adapt their expectations to market realities.