Vancouver’s condo market is in troubled territory

Good morning! 

Today’s newsletter is coming at you very late today. The reason? I got confused about which dates someone else was doing it! Too much time camping this weekend and not enough looking at the calendar.

I have some exciting news for paying Insider members — we’re working on our first group event here at the Lookout. I’ll have more info on this at a later date!

Lastly, there will be no newsletter on Wednesday due to tomorrow being a holiday.

Alright, let’s dive into today’s top stories.

— Geoff Sharpe, Lookout managing editor

PS - If you find this newsletter valuable, please consider forwarding it to your friends. New to the Lookout? Sign-up for free. 

WEATHER

Monday: 25 🌡️ 15 | ☀️

Tuesday: 23 🌡️ 13 | ☀️ 

Wednesday: 21 🌡️ 13 | 🌤️

HOUSING

Vancouver’s condo market is in troubled territory

There’s a real conundrum in the housing market where we both want lower prices, so people can afford homes, and ever-rising prices, because homes have become an investment. Lately, the market has taken a tougher turn for those looking for ever greater price rises for Vancouver condos.

What happened: Vancouver’s condo market, the primary homes that get built in the city, is facing headwinds, according to CBC. Rising interest rates, lower immigration and less foreign capital are making projects less likely to get financed, built and bought. The result? Residential sales in total are down 13.5 per cent compared to May of last year.

Trickle down: This also impacts the rental market. While projects aren’t getting built, lower immigration and expanded inventory mean that there’s less demand for rental units in Vancouver, driving down rents. For example, the average two-bedroom apartment rent has fallen from $3,440 in 2024 to $3,170 in 2025 according to Statistics Canada. Still expensive, but falling more than in recent memory. 

• While declining rent is good for renters, investors who purchase homes for renting them out are not making much profit due to higher interest rates on mortgages and falling rental prices. Pre-construction units are also losing money.

Good news: If you’re a buyer, that is. Last month, experts pointed out that a number of factors were creating the perfect storm to put buyers in control with a higher number of listings on the market — listings are 47.6 per cent higher in April compared to the 10-year average, according to Business in Vancouver. With more invetory on the market, prices are falling.

More data: The Canadian Mortgage Housing Corporation released a report in June showing that condo sales have dropped 37 per cent in Vancouver in the first quarter of 2025, putting downward pressure on prices. 

• The cost pressures have also meant that projects that were once viable are no longer feasible — new condo cancellations in Vancouver have skyrocketed 10 times compared to 2022.

Jobs in the real estate industry have responded in kind. There have been numerous reports of job layoffs in the industry as companies tighten up spending.  

Looking ahead: It’s a mixed bag. TD’s latest Provincial Housing Report says that there will be an average growth of 12.6 per cent in home sales in 2026, and a price increase of 5.2 per cent. In BC, home sales are expected to rise by 19.5 per cent, but prices would be under the national average at 2.5 per cent.

THE VANCOUVER NUMBER

3,714

Speaking of new housing, this is how many new condos, across 18 high-rise towers, were approved by council in the second quarter of 2025. That doesn’t mean they will get built, though. [Urbanized]

THE AGENDA

📈 Canada Day not only brings fireworks, but also higher TransLink fares. Fares are increasing tomorrow by an average of four per cent across different tickets. A 1-Zone is now $3.35, up from $3.20, and a 1-Zone adult monthly pass is now $111.60, up from $107.30. The fare increases will help pay for ongoing services throughout the system. [CTV]

👮 A teen is facing stabbing charges after an incident in Dunbar on Saturday. A 16-year-old is now recovering from stabbing wounds, though there were no life-threatening injuries. [CityNews]

📉 Good news for anyone who drives — gas prices are down to 15.3 cents in the last week throughout the region. On Sunday, the average price was $1.53 per litre. Prices this Sunday have fallen 24.8 per cent compared to one year ago. [CityNews]

✈️ It was a tough weekend at YVR, with 200 flights delayed over both days. The problem? Staffing issues at Canada’s air traffic control agency, NAV Canada, have plagued the organization over the last few months. [CBC]

🧑‍💼 Has Vancouver’s mayor taken criticism of his freewheeling ways to heart? The city boardroom that the mayor turned into a gym has been reverted back, and Coun. Fry has noted that the mayor is no longer wearing athletic clothing to council meetings, instead wearing a collared shirt and blazer more often. [CBC]

🏒 The Canucks used their 15th pick in the NHL draft to select Braeden Cootes, who was the Seattle Thunderbirds captain in the Western Hockey League. The Canucks have been making a lot of moves lately. Goalie Thatcher Demko is expected to sign a contract extension tomorrow, they traded for Evander Kane for a fourth-round pick, and acquired forward Ilya Safanov from the Blackhawks for future considerations. 

⚽️ The Whitecaps won this weekend with a 1-0 victory over the Los Angeles FC. The team sits in 2nd place in the Western Conference, one point behind San Diego. 

Outside Vancouver

🚲️ BCAA-owned Evolve e-bike share network is expanding to the North Shore, replacing Lime as the provider in the City of North Vancouver and the District of North Vancouver. You will be able to access it from your Evo app, with 250 e-bikes and 90 stations in the region. [Urbanized]

🚢 BC’s Premier says he has no plans to end the oil tanker ban on the North Coast of BC. But he did not say if he was against a future pipeline to the area, as Alberta’s premier calls for more ways to move their oil products. He said he’s open to discussions about a private proponent building it, but not the province being involved. [CBC]

EVENT GUIDE

Canada ‘Eh Show | The Improv Centre, Granville Island | July 1, 7 pm | Family-friendly sketch show celebrating all things Canadian | Tickets $28

Canada Together 2025 | Canada Place | July 1, 11 am | Music, citizenship ceremony, family fun, Indigenous market | Free

Steveston Salmon Festival | Various locations in Steveston | July 1, 10 am to 7:30 pm | Free parade, cultural performances, and family fun in Richmond | Free

Cowboy Bebop Bebop Band | 1531 Johnston St. | July 1, 8:15 pm | Live jazz inspired by Cowboy Bebop soundtrack | Free

False Creek Ferries Ballet | Various locations on False Creek, Vancouver | July 1, 7:30 to 9:30 am | Delightful synchronized maneuvers by ferries along the waterfront | Free

Greek Summer Fest on Boundary 2025 | 4541 Boundary Rd. | July 3–6 & July 10–13, 11 am | Greek food, music and dancing all day | Free

Deckchair Cinema | The Polygon Gallery, 101 Carrie Cates Crt., North Vancouver | Thursdays from July 3 to Aug. 28, screenings at sundown | Weekly outdoor films with music, drinks, and waterfront views | By donation

LindyBloom 2025 | Russian Hall, Strathcona | July 4–6 at 7 pm | Dance weekend with workshops, socials and live music | Tickets $205+

Khatsahlano Street Party 2025 | West 4th Avenue in Kits | July 5 at 11 am | Summer street party with music, art and vendors | Free

Vancouver Craft Beer and Wing Fest | 2901 E Hastings St. | July 12, 12 pm | 150+ breweries, food, cider and wine garden | Tickets $60+

Punchbowl Festival | PNE | July 26, 12 pm | Summer drinks, live music, and tacos | Tickets $31

BACH & MOZART: In Endless Ascent | Various venues, Vancouver | July 26–Aug. 8 | Classical festival blending Bach, Mozart, and modern works | Various prices

Pleasant Day Festival | Mount Pleasant | Aug. 9, 12 pm | Live music, patios, beer gardens, food trucks | Free

Want to see your event here? You can purchase them through our self-service portal here.

NEIGHBOURHOOD NEWS

As Vancouver develops, can Champlain Heights preserve its unique forested area?

The city's Social Housing Initiative could make it easier to build new non-profit housing, but residents are concerned the plan could reduce some of the neighbourhood's many green spaces.

Read the story

Discover your new dream job in Vancouver:

• Coordinator, varsity events, The University of British Columbia

• Senior manager, homelessness, BC Housing

• Senior director, enterprise sales, Navarik

• Executive director, recruitment services, Provincial Health Services Authority

• Director, business continuity and emergency management, Simon Fraser University

GOOD NEWS MONDAY

Vancouver now has the fastest and most advanced cancer screening device in the country. It’s called the Quadra PET/CT scan, and can capture much larger images, allowing doctors to image the entire body in one shot, providing better quality images in less time. It operates out of the BC Cancer Centre. [CTV]

COMMUNITY HIGHLIGHTS

• Here are some fun facts about Hastings Park you might not have known.

• Summer Movie Nights start this Thursday! Enjoy free games, live music and movies under the stars for the whole family in the heart of downtown. [Sponsored]

• There’s a new sauna and cold plunge spot opening up in English Bay. 

• In some sad news, popular bookstore Canterbury Tales Bookstore owner Lea Watson has passed away. The store will be closed for the time being.

• Congrats to Vancouver’s Ryan Reynolds who will be getting the Order of Canada this week. [Vancouver Sun]

PHOTO OF THE DAY

This barred owl in Stanley Park is really sleepy. It’s always fun to walk in the park and see a crowd of people with cameras grouped together, and it usually ends up being because one of these guys is close by.