EXECUTIVE SUMMARY
Multifamily and the land that we sell have always been sister asset classes because our land deals are the prerequisite to build multifamily homes. As we move into an income-focused market with buyers looking for properties that provide a return, we see multifamily as a natural candidate for stable returns in a volatile market. In our report, we’ll highlight multifamily properties that have transacted this year and provide some noteworthy metrics for each.
As we continue to forge ahead, providing our clients with expert advice and quality listings, we will be providing more multifamily services. We have listings coming up in areas that we feel will be homeruns for our clients. Please feel free to reach out to our team to utilize us to the best of our ability and let’s finish 2025 strong!
– ARI GELMON Personal Real Estate Corporation & Associate Vice President
INTEREST RATES
The Bank of Canada has maintained its interest rate at 2.75 per cent during both its April and June announcements. In lead up to the next rate announcement scheduled for July 30th, it would appear that Canada’s Big Six are in disagreement. RBC is projecting a hold on rates while the others are suggesting we will see another rate cut of 25 basis points.
Source: The Globe and Mail
INFLATION
Interestingly, inflation in grocery prices did show signs of easing while gasoline led the decline in consumer energy prices again this month, down 15.5% year over year in May after declining 18.1% in April. Gasoline prices in May remained below May 2024 levels, primarily due to the removal of the consumer carbon levy.
Source: RBC Canadian Inflation Watch – RBC
BOND MARKET
The federal deficit is still expected to rise this year, with increased bond issuance as a result. Despite a policy rate 100 basis points lower, economists don’t see long-term Canadian yields surpassing 3%. Bond markets are no longer ignoring government spending.
Source: Monthly Fixed Income Monitor – June 2025
GDP
So far, GDP growth for the second quarter appears relatively flat, following a 2.2% annualized increase in Q1—an uptick largely driven by inventory stockpiling ahead of anticipated tariffs.
Source: Canadian GDP Update – RBC
METRO VANCOUVER
The sales-to-active listings ratio across all property types sits at 12.8%. Broken down by type, the ratio is 9.9% for detached homes, 16.9% for attached homes, and 13.9% for apartments. Historically, home prices tend to decline when this ratio remains below 12% for an extended period and rise when it stays above 20% over several months.
Source: GVRealtors
BC HOUSING
The Province is creating more flexible and extended payment timelines for homebuilders, so more homes can continue to be built at a time when construction costs and interest rates are high. Under the new rules, developers will pay 25 per cent of these charges at permit approval, with the remaining 75 per cent due at occupancy or within four years, whichever comes first. “Sentiment amongst the development community suggests that this is not enough to move the needle.” Ari Gelmon, Associate Vice President
Source: BC Government News
NATIONWIDE
In April the Canadian Real Estate Association (CREA) revised its 2025 housing forecast to adjust for the uncertainty of tariffs and any economic turmoil that may come with it. Looking at the updated quarterly forecast, CREA is accounting for 50,000 less home sales in 2025 than originally forecast.
Source: CREA Café | Canadian Homes Sales Drop as CREA Downgrades 2025 Forecast
MULTIFAMILY
Download the FULL REPORT to understand multifamily sales to date for 2025, rent rates, new rental product hitting the market and rental product just “approved” for development across Metro Vancouver and the Fraser Valley.
