Key Takeaways
- One-bedroom homes listed at a median of $549,000 and two-bedroom homes at $775,000 make up the core of what first-time buyers are looking at in Greater Vancouver.
- Nine per cent of all listings ask under $500,000, and another 20.5 per cent fall between $500,000 and $749,999 — nearly all of them condos.
- Townhouses listed at a median of $1,049,000 sit at the edge of reach for many first-time buyers, while detached houses at a median of $2,073,000 are out of range for most.
- The Bank of Canada's policy rate stands at 2.50 per cent as of November 11, 2026, and the five-year posted mortgage rate at the major banks is 6.19 per cent, though most borrowers negotiate a rate below that posted figure.
What the Listings Look Like by Price
As of November 13, 2026, there are 12,355 homes listed for sale across Greater Vancouver. The way they split by asking price tells you where a first-time buyer's search will concentrate.
Listings asking under $500,000 number 1,113 — nine per cent of the market. Another 2,534 homes ask between $500,000 and $749,999, which is 20.5 per cent. Together, those two bands account for just under thirty per cent of everything on the market, and nearly all of them are condos.
Move up to the $750,000 to $999,999 band and you find 1,914 listings, or 15.5 per cent of the total. Here the mix broadens slightly — still mostly condos, but a few townhouses start to appear.
Above a million dollars, the landscape changes. There are 2,355 homes listed between $1,000,000 and $1,499,999, 1,743 between $1,500,000 and $1,999,999, and 2,696 asking $2,000,000 or more. Those upper bands are dominated by detached houses and larger townhouses, and they sit beyond what most first-time buyers can finance.
One Bedroom, Two Bedrooms and What Each Costs
If you are buying your first home in Greater Vancouver, you are almost certainly looking at a condo. There are 5,394 condos and apartments listed right now, which is 43.7 per cent of all residential listings. The median asking price is $685,000, and the median time on the market so far is 56 days.
One-bedroom homes — 1,939 of them — are listed at a median of $549,000. Two-bedroom homes, which number 3,423, ask a median of $775,000. Those two categories make up the bulk of what a first-time buyer will tour, compare and eventually make an offer on.
Three-bedroom homes, at a median asking price of $1,290,000, and homes with four or more bedrooms, at $1,999,000, are less common in the condo stock and far more expensive. Most first-time buyers will not stretch that far unless they have substantial savings, family help or two high incomes.
Townhouses offer more space — typically two or three bedrooms, a bit of outdoor room, sometimes a garage — but the median asking price is $1,049,000. There are 1,596 townhouses listed, which is 12.9 per cent of the market, and the median time on the market is 53 days. A townhouse is within reach for some first-time buyers, particularly couples who have saved for several years or who are trading up from a smaller condo, but it is at the upper edge of what most can finance.
Detached houses, at a median asking price of $2,073,000, are out of range for nearly all first-time buyers. There are 4,258 of them listed, which is 34.5 per cent of the market, but they are the domain of move-up buyers, families with equity from a previous sale, or investors.
What Borrowing Costs Mean for What You Can Reach
The Bank of Canada's policy rate is 2.50 per cent as of November 11, 2026. The five-year posted mortgage rate at the major chartered banks is 6.19 per cent, though most borrowers negotiate a rate below the posted figure.
Borrowing costs shape what you can afford in two ways: they determine the size of the mortgage a lender will approve, and they set the monthly carrying cost once you own the home. A lower rate means a larger mortgage for the same monthly payment, and a higher rate means a smaller one.
For a first-time buyer, the difference between a one-bedroom condo at $549,000 and a two-bedroom at $775,000 is not just the asking price. It is also the down payment, the mortgage amount, the monthly cost, and whether the lender will approve the file. Many first-time buyers start with a one-bedroom, live in it for a few years, build equity, and then trade up to a two-bedroom or a townhouse.
Where to Look and What to Know Before You Start
The cities with the most listings are Vancouver, with 4,093 homes on the market, Burnaby with 1,659, and Richmond with 1,595. Coquitlam has 982 listings, North Vancouver has 854, and Maple Ridge has 730.
Each city has neighbourhoods where condos cluster and where first-time buyers tend to look. In Vancouver, Champlain Heights and Chinatown offer different characters and price points. In Burnaby, Brentwood and Burnaby Heights are popular. In Richmond, Brighouse and East Cambie see steady interest. In North Vancouver, Central Lonsdale is walkable and transit-connected. In Coquitlam, Burquitlam is close to the SkyTrain.
Before you start touring homes, open a First Home Savings Account if you are eligible, check whether you qualify for the federal Home Buyers' Plan, and look into BC's first-time buyer programs. Each one has rules, contribution limits and timelines, and setting them up early means the money is ready when you find the right place.
Get pre-approved for a mortgage so you know what you can borrow, and work with a real estate professional who knows the neighbourhoods you are considering. The Greater Vancouver market overview and buyer guides on Renanza offer a starting point, and a free home valuation can help you understand what comparable homes have sold for once you narrow your search.
The market right now offers choice — 12,355 listings, with 3,436 of them first listed in the last 30 days — but it also requires clarity about what you can afford, what you are willing to compromise on, and what matters most in your daily life. A one-bedroom condo in a walkable neighbourhood may suit you better than a two-bedroom farther out, or a townhouse in Coquitlam may offer the yard and the space you need more than a condo closer to downtown. The asking prices, the borrowing costs and the trade-offs are all part of the same decision.
Sources
Renanza Realty — Analysis of active MLS® listings (CREA DDF®) — Greater Vancouver, November 2026
Bank of Canada — Target for the overnight rate (policy interest rate), November 2026
Bank of Canada — Conventional mortgage, 5-year posted rate (major chartered banks), November 2026
Data last checked: 2026-11-13
