According to a report from Re/Max Canada, home prices in Metro Vancouver have spiked 326 percent over the last 30 years, as population growth is outpacing new supply, which is deepening competition and driving prices higher, causing what is being referred to as an unprecedented generational challenge.
Average home prices in Metro Vancouver were $303,535 in 1994 and reached $1,291,921 in 2024, an increase of 325.6 percent, while over the same period population increased 73.8 percent.
These trends, paired with lagging salaries, growing construction costs, and market instability, have led to paused and outright cancelled projects and thus, worsened affordability, particularly for first time homebuyers.
