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Vancouver consistently ranks as one of the least affordable housing markets globally. In 2019, the city had a median multiple of 11.9, meaning the median home price was 11.9 times the median household income.

As of July 2024, the average selling price of a home in copyright decreased by 3.9% year-over-year to $724,800. However, regional disparities are significant; for instance, Vancouver's housing inventory increased by 39% compared to the previous year, rising above the 10-year average.

Despite expected rate cuts by the Bank of copyright, the housing affordability crisis in copyright is anticipated to persist for years. High home prices and weak spending power mean mortgage costs will remain out of an affordable range for many Canadians. Economists suggest that it may take a decade to restore housing affordability, with significant decreases in both home prices and mortgage interest rates needed. Toronto and Vancouver, two of the most expensive markets, continue to price out many potential buyers.

To address the housing crisis, Indigenous communities in Vancouver are undertaking significant urban development projects. The Squamish Nation, for example, is developing Senakw, an urbanization of 11 towers with 6,000 housing units, 1,200 of which are designated for low-income residents. This initiative aims to alleviate the housing shortage while promoting economic independence and reflecting Indigenous culture.

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