5 reasons you should buy a home this year

It’s no secret that the real estate market in B.C. hasn’t exactly been sizzling lately. But if you go beyond the headlines and take a look at the bigger picture, there are several good arguments for why right now might actually be the perfect time to buy a home.

If you’re thinking about getting into the housing market but aren’t sure if this is the right time to become a homeowner, here are five reasons why buying a home this year could be the best move you’ve ever made.

1. Cooling market conditions = lower prices

For one thing, the cooling market conditions B.C. has been experiencing have resulted in a significant drop in prices compared to the post-pandemic peak just a few years ago. This is especially true for properties in the Lower Mainland.

In August 2026, for example, the benchmark price for a home in Metro Vancouver was $1,081,900. That’s a drop of around 5.6% compared to the same time last year, and an overall decrease of 13.6% compared to the record benchmark price of $1,252,800 that was set in April 2022.

2. A buyer’s market

The drop in both housing prices and sales activity has also created what many experts are calling a “buyer’s market.” Basically, a buyer’s market occurs when there are more homes for sale than there are buyers who want to purchase them.

In addition to driving down prices, a buyer’s market means fewer bidding wars than in previous years, more leverage for buyers when they come to the negotiating table – and a chance for homebuyers to take their time, shop around, and find a place that really meets their needs.

3. Historically low interest rates

While interest rates have edged up slightly since the early 2020s, just this month, the Bank of Canada announced that it would be holding its key benchmark policy rate at the historically low level of 2.25% for the seventh straight time in a row. Many news agencies are also predicting that interest rates likely won’t start rising again until early next year.

Low interest rates mean that buyers who take out a mortgage will pay less in both interest and their average monthly payments. Plus, the expectation that rates likely won’t be going up again anytime soon means that buyers who purchase a home now probably won’t need to increase their housing budget for the foreseeable future.

4. More properties now qualify for mortgage insurance

In December 2024, the federal government also increased the price cap for insured mortgages from $1 million to $1.5 million. This means that buyers can now qualify for mortgage loan insurance on properties that are valued at up to one-and-a-half million dollars.

Qualifying for mortgage insurance allows eligible buyers to purchase a home with as little as 5% down, rather than waiting until they can save 20% of the purchase price (or more). This is especially good news for buyers in higher-priced markets like Greater Vancouver.

5. Opportunity to build long-term stability, wealth and financial freedom

Perhaps most importantly, over the long term, owning a home has proven to be one of the most reliable ways for Canadian families to build wealth, achieve financial freedom, and enjoy greater stability, control and peace of mind in their lives.

Historically speaking, real estate has almost always gone up in value over the long run. This lets you increase your net worth without having to increase how much you save or invest. Plus, when you own a home, every payment you make on your mortgage represents an investment in both your future, and the future of your family.

As an added benefit, being a homeowner means you can make changes to your property without having to ask your landlord for permission first. And compared to renting, homeownership ensures that your family has a safe, stable and welcoming place to call home for as long as you choose to live there.

Bonus reason to buy now

If all that wasn’t reason enough, the federal and provincial governments have also created a whole series of programs, tax credits and other financial incentives to help reduce the cost of buying a home for Canadians who are ready to purchase their first properties.

From the First-Time Home Buyers’ Tax Credit to the Home Buyers’ Plan, these incentives can save first-time buyers tens of thousands of dollars off the purchase price of a home – and make their dreams of homeownership a reality that much sooner.

Find out more

Are you thinking about buying a property this year, but aren’t sure where to begin? Ask us any questions you may have, or contact us today to schedule a free consultation.