How much house can you afford in Vancouver?
Greater Vancouver’s composite MLS benchmark is $1,088,800 as of July 2026, down 6.2% year-over-year and 0.9% from June. With a sales-to-active-listings ratio of 13% (10.5% for detached, 15.8% for attached, 14% for apartments), Metro Vancouver remains firmly in buyer’s territory. Total sales of 2,061 in July were down 9.8% year-over-year, reversing the roughly 10% gain seen in June, and sat 18.6% below the 10-year seasonal average.
Vancouver affordability by property type
Real GVR benchmark data – July 2026:
| Property Type | Benchmark | YoY | MoM | Income Required (20% DP) |
|---|---|---|---|---|
| Apartment | $688,000 | -7.5% | -1.0% | $151,447 |
| Townhouse | $1,030,400 | -6.0% | -1.5% | $217,413 |
| Composite | $1,088,800 | -6.2% | -0.9% | $228,664 |
| Detached | $1,822,900 | -7.0% | -1.1% | $370,092 |
Income assumes 4.04% rate, 25-year amortization, 32% GDS. All of these figures sit well above the average Vancouver household income of $155,700.
Why apartment sales collapsed while prices only softened modestly
Vancouver’s apartment segment tells a demand story, not a supply one. Apartment sales fell 17.8% year-over-year to 952 units in July – by far the steepest drop of any property type, compared to just 3.2% for detached and 1.1% for townhouse. Yet the apartment benchmark price only fell 7.5% YoY, less dramatically than the sales collapse would suggest. This gap points to softer buyer appetite for condos specifically (likely tied to investor pullback and elevated carrying costs on pre-construction and resale units) rather than a straightforward oversupply problem. For buyers, this means condo sellers may be more motivated to negotiate than the headline price decline alone suggests, since properties are sitting with far fewer competing offers.
GVA neighbourhood breakdown – July 2026 benchmark prices
| Area | Composite | Detached | Townhouse | Apartment |
|---|---|---|---|---|
| Greater Vancouver | $1,088,800 | $1,822,900 | $1,030,400 | $688,000 |
| Coquitlam | $987,600 | $1,627,600 | $990,900 | $651,400 |
| Richmond | $1,026,200 | $1,911,700 | $1,035,200 | $639,700 |
| Vancouver East | $1,122,400 | $1,642,100 | $1,009,100 | $628,600 |
| Vancouver West | $1,226,300 | $3,011,300 | $1,321,100 | $768,700 |
| North Vancouver | $1,307,500 | $2,078,200 | $1,237,300 | $785,700 |
| West Vancouver | $2,293,500 | $2,897,500 | — | $1,104,000 |
The gap between Coquitlam’s composite ($987,600) and West Vancouver’s ($2,293,500) is over $1.3 million – more than double – underscoring how much geography matters within the same metro area.
BC Property Transfer Tax
| Fair Market Value | Rate |
|---|---|
| First $200,000 | 1% |
| $200,001–$2,000,000 | 2% |
| $2,000,001–$3,000,000 | 3% |
| Over $3,000,000 | 5% |
PTT at composite benchmark $1,088,800: ~$19,776
| Exemption | Threshold |
|---|---|
| First-time buyer – full exemption | Up to $500,000 |
| First-time buyer – partial | $500,000–$525,000 |
| Newly built – full exemption | Up to $750,000 |
| Newly built – partial | $750,000–$800,000 |
At current benchmark prices, only apartment buyers near $688K might partially benefit from the newly-built exemption.
Vancouver’s additional housing taxes
| Tax | Rate | Who Pays |
|---|---|---|
| Foreign Buyer Tax | 20% | Non-Canadian buyers |
| Speculation & Vacancy Tax | 0.5%–2% | Vacant homes, foreign/satellite families |
| Empty Homes Tax (CoV) | 5% | Vancouver properties vacant >6 months |
These taxes are designed to cool demand but also affect the investment case for Vancouver real estate.
Vancouver vs other major cities
| City | Benchmark/Avg | Income Needed | Transfer Tax |
|---|---|---|---|
| Vancouver | $1,088,800 | $228,664 | ~$19,776 + taxes |
| Toronto | $1,003,956 | $212,318 | ~$30,958 (double LTT) |
| Calgary | $629,855 | $140,245 | ~$200 |
| Ottawa | $683,308 | ~$144,500 | ~$10,100 |
| Edmonton | $470,819 | $109,613 | ~$200 |
Vancouver requires the highest income but Toronto has higher combined transfer taxes due to its double land transfer tax.
Vancouver market conditions – July 2026
| Metric | Value |
|---|---|
| Composite benchmark | $1,088,800 (-6.2% YoY, -0.9% MoM) |
| Total sales | 2,061 (-9.8% YoY) |
| Apartment sales | 952 (-17.8% YoY – steepest of any segment) |
| Detached sales | 639 (-3.2% YoY) |
| Townhouse sales | 454 (-1.1% YoY) |
| New listings | 4,991 (-11.5% YoY) |
| Active listings | 16,476 (-4% YoY, +26.8% vs 10-yr seasonal avg) |
| Sales-to-active ratio | 13% |
| Market condition | Buyer’s market |
Sales are 18.6% below the 10-year seasonal average. See the Vancouver housing market report for the latest.
Tips for Vancouver homebuyers
- Condos have the most negotiating room – apartment sales fell 17.8% YoY, far more than the price decline alone suggests
- 13% sales-to-active ratio – serious buyer leverage across the board
- Budget ~$20K for PTT – On top of your down payment
- Coquitlam and Richmond offer relative value – both under $1.1M composite vs $2.3M+ in West Vancouver
- New build exemption – Explore new construction under $750K for full PTT exemption
- Compare mortgage rates – Rate shopping matters most on large mortgages
First-time buyer programs in Vancouver (BC)
| Program | Benefit | Notes |
|---|---|---|
| BC PTT First-Time Buyer Exemption | Full exemption up to $500,000, partial to $525,000 | Most GVA homes exceed this threshold |
| BC Newly Built Home Exemption | Full exemption up to $750,000, partial to $800,000 | Key for condo pre-sales |
| FHSA | Up to $40,000 tax-deductible savings | Maximum priority at Vancouver prices |
| RRSP Home Buyers’ Plan | Up to $60,000/person ($120,000/couple) | Use alongside FHSA |
| CMHC insurance | 5% down – only on homes under $1.5M | Applicable mainly to condos in GVA |
| Speculation and Vacancy Tax | ⚠️ 0.5%–2% on vacant properties | Metro Vancouver zone |
| Home Flipping Tax | ⚠️ 20% on homes sold within 2 years | BC-wide since January 2025 |
Most Vancouver condos and many townhomes qualify for the PTT exemption or Newly Built Home Exemption. Detached homes – averaging well over $1.8M in Metro Vancouver – rarely qualify.
Income needed by municipality
| Municipality | Average Home Price | Income Needed (20% Down) |
|---|---|---|
| Vancouver West Side | $2,300,000 | ~$395,000 |
| Vancouver East Side | $1,400,000 | ~$255,000 |
| North Vancouver | $1,350,000 | ~$248,000 |
| West Vancouver | $2,800,000 | ~$475,000+ |
| Burnaby | $1,100,000 | ~$207,000 |
| Richmond | $1,150,000 | ~$215,000 |
| Coquitlam | $1,000,000 | ~$191,000 |
| New Westminster | $850,000 | ~$167,000 |
| Surrey | $950,000 | ~$183,000 |
| Langley | $870,000 | ~$170,000 |
| Maple Ridge | $800,000 | ~$159,000 |
| Abbotsford | $730,000 | ~$148,000 |
| Chilliwack | $620,000 | ~$130,000 |
Buyers priced out of the City of Vancouver often move to the Fraser Valley (Surrey, Langley, Abbotsford, Chilliwack), where income requirements drop 20-35% compared to the City of Vancouver.
Related calculators
- Vancouver Mortgage Calculator — Estimate your monthly payment
- BC Mortgage Rates — Compare current rates
- Vancouver Housing Market — Latest prices and trends
- BC Affordability — Provincial overview
- Calgary Affordability — Compare with Alberta