For most of the last 12 months, anyone who’s been following the local real estate news (or pretty much any news in general) has probably felt more like they were riding a rollercoaster than going on a gentle Sunday drive. So it’s not surprising that many would-be homebuyers decided to just sit on the sidelines for a while, until things start to look a little more settled.
For first-time homebuyers in particular, however, the time they’ve been waiting for so patiently may have finally come. Because between lower housing prices, falling interest rates and a host of government rebates, now may be the best opportunity first-time buyers in Vancouver have had in years to take the plunge and buy a home of their own.
Housing prices in Vancouver drop 8.7% from all-time peak
First, according to a news report that aired on CBC’s The National a few weeks ago, the average price of a home in Vancouver has dropped nearly 8.7% from its peak in 2022, falling from an all-time high of $1,259,900 in April 2022 to $1,150,400 in August 2025.
That’s a drop of more than $100,000, which represents some pretty significant savings for would-be buyers on both their monthly mortgage payments as well as how much they need to save for that all-important down payment.
Bank of Canada announces another rate cut
In addition, the Bank of Canada just reduced its benchmark rate another quarter point, from 2.75% to 2.5%.
Compared to the long-term average, mortgage rates in Canada are now sitting at close to record lows. And while a 0.25% cut may not sound like a lot, over the lifetime of a mortgage, it could save homebuyers in the Lower Mainland thousands or even tens of thousands of dollars.
Incentives for first-time homebuyers
Lastly, over the last few years, both the federal and provincial governments have introduced or extended several key homebuyer grants and rebates aimed at helping first-time homebuyers afford to buy their first property.
From the federal First-Time Home Buyers’ Tax Credit and the new First Home Savings Account savings tool, to the GST/HST new housing rebate and the B.C. First-Time Home Buyers’ Program, these programs were designed to help first-time buyers save up for down payment, while also saving them thousands of dollars on the purchase price of a new home.
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While any one of these developments on its own would already be good news for buyers, together, they add up to what may well be a once-in-a-lifetime opportunity for first-time buyers across metro Vancouver.
Curious to find out if now might be the time you’ve been waiting for to realize your dream of homeownership? Contact us today to schedule your free consultation!