The Canadian apartment markets in Greater Vancouver and Greater Toronto are undergoing a dramatic transition in 2025, moving from a prolonged seller’s market to a distinctly buyer-friendly environment. This shift is driven by a surge in newly completed units, high interest rates, and waning investor confidence, resulting in increased inventory and softer prices. Developers, facing acute financial pressure, are responding with aggressive and sometimes unconventional incentives to liquidate unsold units, fundamentally altering traditional sales strategies and market psychology1.

Key Drivers of the Market Shift

Substantial Increase in Supply

Both Vancouver and Toronto are experiencing a wave of new completions, particularly from projects pre-sold during the 2021–2022 market peak, now entering a much cooler demand environment.