When we talk about housing affordability in BC, it’s easy to focus on home prices alone—but that’s only part of the story. As someone who has worked with clients from all backgrounds, I’ve seen firsthand that income levels are just as critical in determining whether homeownership is within reach. Recently, the provincial government proposed taxing newly completed condos left vacant and unsold, aiming to encourage more inventory to hit the market and potentially ease pricing for buyers.
What’s important to note is that even as the BC market has been correcting—with slow sales, fewer presales, and developers facing high construction and financing costs—the core challenge remains: moving inventory while supporting affordability. Real Estate and construction contribute roughly 28% of BC’s GDP, and construction alone supports over 190,000 jobs. This means that affordability is closely tied not just to prices, but to household incomes and the broader economic landscape.
The takeaway for all of us—whether you’re a local buyer, new immigrant, or investor—is that improving affordability requires ongoing work on housing costs and supply, but also a focus on strengthening incomes through investment, productivity, and a more diversified economy. Having helped families and investors navigate these shifts over the years, I know that a holistic view is essential for long-term success in the Vancouver market.
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