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Copyright British Columbia Real Estate Association. Reprinted with permission.

The Bank of Canada held its overnight policy rate at 2.25 per cent this morning. In the statement accompanying the decision, the Bank noted that despite significant global uncertainty and volatility, Canada's economy is showing signs of improvement, with growth rebounding in the second quarter and broadening across sectors. The Bank projects growth of just 0.7 per cent this year but expects the economy to expand by 1.8 per cent in both 2027 and 2028. On inflation, the Bank expects CPI to remain elevated in June before gradually easing in the coming months and returning to its 2 per cent target in 2027.

Although the status of the conflict with Iran remains fluid, fears of an oil-price-driven inflation spiral have not materialized. While headline inflation has moved higher, there is little evidence that higher energy costs have been passed through to core inflation in Canada, which remains subdued. As such, there is no need for the Bank to raise rates this year. However, if the Canadian economy continues to regain momentum and core inflation settles near the Bank's 2 per cent target, policymakers may not need to keep the overnight rate at the low end of the neutral range for much longer. In that case, the Bank could begin moving its policy rate back toward 2.75 per cent next year.

That outlook, combined with rising inflation in the United States, which has made a summer rate hike by the Federal Reserve a real possibility, is putting upward pressure on five-year bond yields, which drive fixed mortgage rates in Canada. Consequently, fixed mortgage rates may edge higher heading into the fall.

Copyright British Columbia Real Estate Association. Reprinted with permission.

Demand for all home types in Metro Vancouver* increased to start the summer, with home sales up nearly ten per cent year-over-year in June.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,390 in June 2026, a 9.6 per cent increase from the 2,181 sales recorded in June 2025. This was 12.4 per cent below the 10-year seasonal average (2,728).

“June saw a pattern of broad gains in home sales across all home types relative to the same time last year, which has been a rare occurrence in recent years,” said Andrew Lis, GVR chief economist and vice-president data analytics. “June’s data could be an early sign of a shift in the market. In recent years, sales trends have usually been mixed across home types, which is typical of a sideways trending market. But with all housing types posting gains in June, the data indicate demand may be returning to the market more broadly.”

There were 5,938 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2026. This represents a six per cent decrease compared to the 6,315 properties listed in June 2025. This was 5.9 per cent above the 10-year seasonal average (5,609).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 17,017, a 3.1 per cent decrease compared to June 2025 (17,561). This is 30.2 per cent above the 10-year seasonal average (13,070).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2026 is 14.6 per cent. By property type, the ratio is 12 per cent for detached homes, 17.8 per cent for attached, and 15.5 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Despite signs that demand is slowly returning to the market, prices haven’t moved much in recent months as the inventory of homes for sale has been big enough to absorb the increased demand,” Lis said. “Prices typically trend upwards when demand rises and inventory declines. With recent data revealing a slower pace of new listings coming to market, standing inventory is no longer climbing, and may be showing early signs of reversing. It’s still too early to call, but if the current pattern of rising demand and slower new listings continues, we may see a sustained downtrend in inventory over the coming months.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,099,100. This represents a 6 per cent decrease over June 2025 and a 0.1 per cent decrease compared to May 2026.

Sales of detached homes in June 2026 reached 747, a 13.7 per cent increase from the 657 detached sales recorded in June 2025. The benchmark price for a detached home is $1,842,900. This represents a 7.1 per cent decrease from June 2025 and a 0.3 per cent decrease compared to May 2026.

Sales of apartment homes reached 1,103 in June 2026, a 6.1 per cent increase compared to the 1,040 sales in June 2025. The benchmark price of an apartment home is $695,200. This represents a 7.1 per cent decrease from June 2025 and a 0.4 per cent decrease compared to May 2026.

Attached home sales in June 2026 totalled 527, a 11.4 per cent increase compared to the 473 sales in June 2025. The benchmark price of a townhouse is $1,046,200. This represents a 5 per cent decrease from June 2025 and a 0.2 per cent decrease compared to May 2026.