MONTHLY MARKET UPDATE

JUNE 2025 Monthly Real Estate Update for Greater Vancouver, Vancouver -West, North Vancouver and West Vancouver - Stat source: GVRB.

With Home Prices Dropping Can you Still Negotiate a Deal? YES! You Can Still Negotiate in Vancouver’s Market…

A recent price drop on a home in Vancouver doesn’t necessarily mean it’s a final offer — in fact, it can open the door to smart negotiation. Sellers who reduce their asking price are often signaling increased motivation, possibly due to prolonged time on the market or changing financial circumstances. This gives buyers a key opportunity: don’t assume the new price is the lowest they'll go. Instead, work with a trusted realtor and come prepared with comparable sales data, highlight any needed repairs, and consider including flexible terms like a quick close or a larger deposit to strengthen your position. In a shifting market, a well-informed offer can still secure you an even better deal — even after that “Price Reduced” sign goes up.

Tips to Get Started on Your Home Buying Journey

1. Check Your Finances First – Review your credit score, debt load, and savings. Ask yourself: Can I comfortably afford a monthly mortgage, plus other costs like strata fees or repairs?

2. Get Pre-Approved – Meet with a mortgage broker or lender to understand what you can realistically afford. This not only sets your budget but strengthens your position when making an offer.

3. Clarify Your Priorities – Make a list of must-haves vs. nice-to-haves. Ask: Am I buying for lifestyle, investment, or both? Do I want a move-in ready home or a fixer-upper with potential?

4. Explore the Market – Start attending open houses and tracking listings in your desired neighbourhoods. This will help you get a feel for value and competition before jumping in.

5. Choose the Right Agent – Don’t feel obligated to work with the first agent you're referred to. Interview a few, ask about their experience in your target area, and make sure they truly listen to your needs. A good agent should feel like a trusted advisor — and align with you!