Urbanteamhome
Vancouver consistently ranks as one of Canada’s most expensive cities, with housing costs significantly higher than the national average. As of January 2025, the benchmark price for homes in Metro Vancouver was approximately CA$1,173,000, marking a 0.5% increase from the previous year.
Breaking down the housing market by property types:
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Detached Homes: The average price stood at CA$2.10 million, reflecting a 1.1% decrease compared to the previous year.
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Attached Homes (Townhouses): These properties saw an average price of CA$1.22 million, also experiencing a 1.1% year-over-year decrease.
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Condominiums: The average price for condos was around CA$806,000, which is a 1.3% decrease from the prior year.
Over the past decade, Vancouver’s benchmark home price has surged by 64%, though it remains 6.9% below its peak of CA$1,259,900 in April 2022.
Beyond housing, the overall cost of living in Vancouver is notably high. For a single individual, monthly expenses average around CA$3,119.88, while a family of four might expect to spend approximately CA$10,871 per month.
In summary, while Vancouver offers a high quality of life, its real estate market presents substantial financial challenges for prospective homeowners, with property prices and living expenses significantly above national averages.
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