Are you thinking about buying a condo in Vancouver this year? With housing prices, mortgage rates, and new
government policies shifting, it's essential to know whether 2025 is the right time to buy. In this blog, we’ll break
down everything you need to know, including current market trends, hidden costs, mortgage up
dates, and the best neighborhoods to invest in.
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Vancouver Condo Market Update (2025)
As of March 12, 2025, the Bank of Canada reduced its policy rate by 25 basis points to 2.75%. This marks the seventh consecutive rate cut, aimed at supporting the economy. With mortgage rates dropping, buying a condo in Vancouver has become more attractive, but prices remain high in many areas.
Current Condo Prices in Vancouver (2025)
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Average Condo Price: $800,000–$850,000
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Luxury Condo Price (Downtown, Yaletown, Coal Harbour): $1M+
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More Affordable Condos (Olympic Village, West End, Kitsilano): $750K–$1M
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Hidden Costs of Buying a Condo in Vancouver
Before purchasing a condo, it’s essential to factor in additional costs beyond the purchase price:
1. Strata Fees 
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Typically range from $300 to $800+ per month
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Higher for buildings with amenities like pools, gyms, and concierge services
2. Special Assessments 
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Unexpected repair costs (e.g., new roofing, plumbing) can cost thousands
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Always review the depreciation report and strata meeting minutes before buying
3. Property Taxes 
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Expect to pay $2,500–$4,500 per year
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Varies depending on the condo’s assessed value
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New vs. Resale Condos – Which is Better?
Buying a New Condo (Pre-Sale) 
Modern designs & energy-efficient features
Comes with 2-5-10 year warranties
Higher prices & potential construction delays
Some developers have a bad reputation – research before investing
Buying a Resale Condo 
Already established, with lower strata fees
More negotiating power on price
May require renovations & repairs
Older buildings could have leaky condo issues (common before 2000)
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Mortgage & Financing in 2025
With mortgage rates dropping, more buyers are entering the market. However, there are still strict financing rules to consider:
Stress Test Rules: Buyers must qualify 2% above their mortgage rate (e.g., if offered 5.5%, you must qualify at 7.5%)
Down Payment Rules:
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Under $1.5M: 5% down on first $500K, 10% on the remainder
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Over $1.5M: Requires 20% down
Where to Get the Best Mortgage Rates? Credit unions are currently offering slightly lower rates than banks, so it’s worth shopping around!
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Best Areas to Buy a Condo in Vancouver (2025)
If you’re considering where to buy, here are the top neighborhoods balancing safety, amenities, and investment value:
1. West End 
Safe & quiet, steps from Stanley Park & English Bay
More affordable condo prices compared to Downtown & Yaletown
Great for professionals & retirees who want a relaxed pace
Average Condo Price: $850K–$1.2M
2. Yaletown 
Luxury high-rise condos with water views
Trendy restaurants, bars, and Seawall access
High rental demand, making it investor-friendly
Average Condo Price: $1M–$1.5M
3. Coal Harbour 
Ultra-safe, with high-end waterfront living
Steps from Stanley Park & Marina
Ideal for those who want security & luxury
Average Condo Price: $1.3M–$2M+
4. Olympic Village 
Modern, sustainable condo developments
False Creek waterfront views & easy SkyTrain access
Tons of great cafés, breweries, and restaurants
Average Condo Price: $950K–$1.3M
5. Kitsilano
Beachside living with outdoor lifestyle appeal
Great for young professionals & families
Close to West 4th Ave shopping & dining
Average Condo Price: $1M–$1.5M
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Should You Buy or Rent in 2025?
Current Rent Prices in Vancouver:
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1-Bedroom Condo: $2,800/month
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2-Bedroom Condo: $3,800+/month
Who Should Buy?
You have a secure job & stable income
Plan to stay in Vancouver for at least 5–7 years
Want to start building long-term equity
Who Should Rent?
You move frequently for work
You don’t have 5–10% down payment saved up
You want flexibility & no property maintenance
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Final Thoughts – Is 2025 a Good Time to Buy?
With mortgage rates dropping and Vancouver’s condo market stabilizing, now could be a great time to buy—IF you’re financially ready. However, inventory remains limited, and competition for desirable areas is still strong.
Thinking about buying or selling a condo in Vancouver? Let’s chat!
Visit my website: searchbcrealestate.
Call/Text: 778-655-7999
REALTOR®, Team 3000 Realty Ltd
604-679-4560 | syasin604@
www.searchbcrealestate.com