Walk the seawall in Vancouver or stroll a neighbourhood in Kelowna, and you will notice something different about this housing market. Open houses feel calmer. Bidding wars aren’t as frenzied. Buyers, for the first time in years, have time to think.

Yes, B.C. real estate is still expensive, and headlines about interest rates dominate the conversation. But for those willing to look closely, this is a market full of possibility. After nearly three decades working for developers, a property management company and as a mortgage broker, I have learned one thing: B.C. housing always moves in cycles, and with every challenge comes a new window of opportunity.

Here are the questions buyers are asking most often in 2025 and the reasons why the answers may be more encouraging than you think.

1. Are home prices going to keep falling?

Across the province, we are seeing a softer landing rather than a crash. In Greater Vancouver, detached homes are adjusting, while condos are presenting entry points for first-time buyers. Secondary cities such as Victoria, Kelowna, Kamloops are showing resilience.

This cooling period is giving buyers what they have long wished for: time and choice. With more listings on the market, you can compare, negotiate and make a decision without the panic of losing out in multiple offers.

Optimistic view: Slower price growth is not a barrier; it’s a breather. Buyers who were once locked out by bidding wars now have a seat at the table.

2. Should I go with a fixed or variable mortgage rate?

In 2025, this may be the most consequential decision buyers face. Here’s the landscape:

• Variable rates are starting to look brighter as the Bank of Canada trims borrowing costs. For buyers who can handle a little flexibility, these mortgages can reward you with savings if rates continue to ease. Think of it as keeping the door open to future opportunities; your payments may shift slightly, but you will benefit from the downward trend if it continues.
• Fixed rates are steady, locked-in rates and are back in the spotlight and for good reasons. Knowing your payments will stay predictable isn’t just reassuring, it’s empowering.

Optimistic view: The good news is you don’t have to guess the “right” answer. Today’s market gives you real choice; lock in for peace of mind, or float with flexibility. Either way, you are in a stronger position than buyers who faced nothing but rising rates a year ago.

3. Are there affordable options outside Vancouver?

Vancouver’s core may feel out of reach, but B.C.’s housing landscape offers plenty of opportunity in surrounding communities. Many buyers are finding that nearby cities in the Greater Vancouver area and Fraser Valley, places such as Surrey, Langley, Abbotsford and Chilliwack offer more affordable homes without giving up lifestyle or amenities.

These communities provide space for growing families, modern condos for young professionals and attractive investment opportunities, all while keeping you connected to Vancouver for work, school and leisure.

Optimistic view: Expanding your search beyond the city centre doesn’t mean compromising; it’s a chance to find a home that fits your budget, and your life is often in vibrant, growing communities with real potential for future value.

4. What if the economy slows?

Economic uncertainty is part of every housing cycle. But here’s the overlooked truth: Quieter markets often give the best opportunities. Sellers are more flexible, competition eases and buyers can negotiate terms that were unthinkable a few years ago.

For those with steady income and a long-term outlook, a slowdown isn’t just survivable, it’s strategic.

Optimistic view: Market slowdowns clear the noise. If you are ready, you can secure a home or investment property on terms that favour you, not the competition.

5. Do I really understand mortgages?

This is where confidence can truly grow. Many buyers still believe myths: That mortgage brokers charge them directly (they don’t); that only big banks offer security (not true - credit unions and mono-lenders — who only work with mortgage brokers — are power players too); or that the lowest rate is the best deal (penalties can cost far more).

Each myth that’s cleared up is not just knowledge, it’s power. Informed buyers save thousands, avoid stress and make decisions that serve their long-term plans.

Optimistic view: In a slower market, you have time to learn. Understanding mortgage basics today puts you in a stronger position than almost any buyer of the last decade.

6. Is now really the right time?

This is the question, where heart meets numbers. Waiting for the “perfect” moment is tempting, but hindsight shows us that opportunity is rarely obvious in the moment. The families who bought during the 2009 dip or the 2020 uncertainty weren’t certain, they were prepared.

Today, with more listings, easing rates and negotiable sellers, the window is open. If your life calls for it, whether growing your family, downsizing, or investing, the conditions may be better now than they have been in years.

Optimistic view: The right time is when your plans and the market line up just enough. In 2025, those lines are closer than they have been in a long while.

Summary

British Columbia’s housing market is rarely calm, but 2025 offers a moment of clarity. Prices are stabilizing, choice is expanding and mortgage options are diversifying. For buyers who prepare, this isn’t a story of being shut out, it’s a story of being let back in.

Whether you lock in a fixed rate for peace of mind, explore new communities where affordability still breathes, or take advantage of a slower market to negotiate your best deal, opportunity is here.

After nearly three decades watching B.C.’s housing cycles, I can say this with confidence: Those who succeed are not the ones who predict the future perfectly, but the ones who act when the door is open. And right now, in B.C., that door is waiting.