Canada & Greater Vancouver Housing (2015 - 2025): Why the Market Feels Confusing and What the Data Actually Shows

Over the past decade, the Canadian housing market, and Greater Vancouver in particular, has not followed one continuous pattern. Instead, it has moved through three very distinct phases: steady pre-pandemic growth, an extraordinary pandemic-era surge, and a post-2022 correction and normalization. Much of today’s uncertainty comes from comparing current conditions to the pandemic peak, which was an outlier rather than a reflection of long-term fundamentals. This overview breaks down the last ten years into clear phases, grounding the conversation in data so homeowners and buyers can better understand where the market stands today, what has actually changed, and what has not.

1. Pre-Pandemic (2015 – 2019)

Trend: Slow, steady growth with occasional cooling phases. Price growth in major markets like Vancouver and Toronto generally continued over this period, albeit with some regional variability and regulatory impacts (e.g., foreign buyer taxes, stress tests). (LinkedIn)

Sales volumes fluctuated as policy changes (such as foreign buyer taxes in BC and Ontario) and mortgage qualification stress tests were introduced, cooling demand relative to previous highs. (LinkedIn)

Takeaway: This wasn’t a period of extreme volatility. Growth was persistent but moderated by policy and affordability limits.

2. Pandemic Period (~ 2020 – 2022)

Trend: Dramatic price increases and extreme market conditions

• When the pandemic hit, policy responses (very low interest rates) combined with supply shortages and strong immigration demand triggered rapid, outsized price increases. (ZooCasa)

• In Vancouver, prices rose sharply and overall averages jumped significantly in 2020–2021. (ZooCasa)

• This period stands out as an anomaly relative to previous patterns. Growth here was faster than typical long-term fundamentals. 

Takeaway: The pandemic era was not normal market behavior. It was extraordinary, driven primarily by macro policy and behavioral shifts.

3. Corrective Phase (2022 – 2025)

Trend: Cooling, stabilization, and a shift toward buyer-friendly conditions

• As interest rates rose sharply starting in 2022, buyer demand softened and prices stalled or declined relative to pandemic peaks. (ZooCasa)

• By 2023–2025, inventories climbed, sales slowed, and many markets (including Vancouver) tilted toward buyer advantage. (ZooCasa)

• Benchmark prices in Greater Vancouver in late 2025 were below their April 2022 peak yet still well above a decade ago (roughly ~34% increase over 10 years). (wowa)

• Prices have eased across property types with slower sales, more listings, and longer days on market; evidence of correction pressure. (wowa)

Takeaway: The post-pandemic period is best described as a correction and transition back toward more typical dynamics, but not a crash.

Comparing to “Before the Pandemic” vs “Pandemic Peak”

If we contrast pre-pandemic trend (steady growth) versus pandemic boom (an outlier spike) it gives a clearer picture of where the housing market really stands.

Facts support this:

• Vancouver’s average home price climbed sharply during the pandemic up to ~ 2021, then cooled and slightly declined coming into 2025. (ZooCasa)

• Despite corrections, prices in many markets remain higher than pre-pandemic levels (i.e., price growth over the long term is still intact). (wowa)

So, while the pandemic period distorted perceptions of “normal,” if we anchor back to pre-pandemic fundamentals, markets have indeed generally appreciated, just not as fast as 2020–2021.

4. Affordability, Interest Rates, and Inventory

• Interest rate hikes in 2022–2024 significantly reduced buying power, cooling demand. (Vancouver Home Search)

• Later rate cuts in 2025 helped ease some buyer pressure, but affordability remains a constraint. (Kelowna Real Estate)

• Inventory levels have climbed above long-term averages, tilting negotiating power toward buyers. (wowa)

• Sales volumes in 2025 were below long-term averages. Another sign of a market adjusting rather than surging. (wowa)

Takeaway: The housing correction has multiple drivers: interest rates, inventory, and affordability shifts, not just price alone.

5. Looking Ahead: Not a Crash, But a Reset

Markets aren’t static, and most reputable forecasts suggest a gradual continuation of the current correction or stabilization rather than a sudden collapse.

• Some projections see modest price declines or flat conditions into 2026 before rebalancing. (RBC)

• Regional variations are significant, some areas may outperform others. (YouTube)

This supports the idea that housing markets are returning to long-term trend behavior rather than continuing the pandemic-era extremes.

Key Takeaways: Supported by Data

1. Pandemic era was an anomaly. Prices spiked due to unusual policy and demand conditions and not because of normal fundamentals.

2. Correction is real, but markets remain fundamentally above pre-pandemic levels. Even with recent declines, prices are generally higher than 10 years ago.

3. Comparing to the pandemic peak alone skews perception. It’s more accurate to compare to pre-pandemic trends to assess long-term health.

4. Affordability, inventory, and interest rates are key current drivers. These shape buyer behavior as much or more than headline price numbers.

5. The market is in a reset, not a collapse. Sales and prices are adjusting, but the long-term trend still shows growth over the decade.

Jessica Thiele is a Real Estate Advisor with Engel & Völkers Vancouver serving Maple Ridge, Pitt Meadows, and Coquitlam. As a Maple Ridge resident, she helps clients buy and sell homes with clear strategy and local market insight.