Vancouver home prices surged significantly in February 2025

Homebuyers in Vancouver are facing significant challenges as average home prices rise steeply. A recent report shows that prices jumped by $10,700 from January to February, making it one of the highest increases in Canada. This trend has pushed housing affordability further out of reach for many. In addition to Vancouver, cities like Montreal and Halifax also experienced notable price hikes. RateHub's report attributed these changes to factors such as mortgage rates and economic conditions. There is ongoing uncertainty regarding U.S. tariffs, which has already caused a decline in home sales. Despite the rising prices, there was a slight improvement in affordability. The report noted a decrease in the required annual income for homebuyers by $1,000 and a small drop in monthly costs. Overall, eight out of 13 major markets in Canada saw better affordability conditions this winter.