Vancouver Real Estate: West Side, East Side, Richmond, Burnaby and Beyond
Vancouver is Canada's most expensive housing market by price-to-income ratio, with unique features including leasehold land, the BC foreign buyer tax, and annual BC Assessment valuations. This guide covers the key market segments, neighbourhood price ranges, school districts and what newcomers need to know before buying in Greater Vancouver.
Vancouver real estate market overview
The City of Vancouver sits within Metro Vancouver, which includes Burnaby, Richmond, Surrey, Coquitlam, North Vancouver, West Vancouver, Langley and other municipalities. The Real Estate Board of Greater Vancouver (REBGV) covers most of this area. Prices vary enormously: a detached home on Vancouver's West Side can exceed $3M while a detached in Maple Ridge may be $900K.
After the post-pandemic surge of 2020–2022 and subsequent correction of 2022–2023, Metro Vancouver prices stabilized. The Bank of Canada rate cuts of 2024 improved affordability and returned activity to the market, though high prices relative to local incomes remain a persistent structural issue. Population growth through immigration continues to underpin long-term demand.
2024–2025 approximate price ranges by area and type
- Vancouver West Side (detached): $2.5M–$8M+
- Vancouver East Side (detached): $1.3M–$2.5M
- Vancouver condo (1-bed): $550K–$850K; 2-bed $750K–$1.3M
- Richmond (detached): $1.5M–$3.5M; condo $500K–$900K
- Burnaby (detached): $1.6M–$3M; condo $550K–$950K
- Surrey/Langley (detached): $900K–$1.8M — best value in Metro Vancouver
- North Vancouver (detached): $1.8M–$4M; semi-detached/townhouse $1.2M–$2.2M
Key Vancouver neighbourhoods and markets
Vancouver West Side
Kitsilano, Point Grey, Dunbar, Kerrisdale, Shaughnessy, Oakridge. Highest prices in the GVA. Strong school districts including Lord Byng Secondary and Prince of Wales Secondary. Close to UBC. Detached homes: $2.5M–$8M+. Leasehold properties are present in some pockets — verify title carefully.
Vancouver East Side
Main Street, Mount Pleasant, Grandview-Woodland, Hastings-Sunrise, Renfrew. More affordable detached market. Growing restaurant and creative district on Main and Commercial Drive. Proximity to SkyTrain Expo Line. Detached: $1.3M–$2.2M. Condo development increasing along Broadway Corridor (future SkyTrain extension).
Richmond
Large Chinese Canadian and Chinese international buyer community. Strong school performance (Richmond School District No. 38). Extensive condo development near Richmond Centre and Aberdeen Station. Detached: $1.5M–$3.5M. Richmond is entirely on the Canada Line SkyTrain. Note: some older properties on leasehold land from the Musqueam First Nation.
Burnaby
Brentwood, Metrotown, Edmonds, South Burnaby. Massive transit-oriented condo development around Metrotown and Brentwood Town Centre (Expo and Millennium SkyTrain lines). Burnaby School District No. 41 has strong secondary schools. Detached: $1.6M–$3M. Condo towers: 1-bed $560K–$800K, 2-bed $750K–$1.1M.
North Vancouver
Lynn Valley, Deep Cove, Edgemont Village, Lower Lonsdale. Mountain lifestyle, outdoor recreation focus. Served by SeaBus and Highway 1. North Vancouver School District No. 44 is well regarded. Detached homes: $1.8M–$4M. No SkyTrain — commute to downtown involves ferry or bridge.
Surrey & Langley
Best value for detached homes in Metro Vancouver. Surrey Fleetwood and South Surrey particularly popular with families. Extended SkyTrain Surrey-Langley line (under construction). Surrey School District is the largest in BC. Detached: $900K–$1.8M — significantly more affordable than inner-city options.
BC-specific buying considerations
BC Property Transfer Tax
BC charges a Property Transfer Tax (PTT) on every purchase: 1% on the first $200,000, 2% on $200,001–$2M, 3% on $2M–$3M, and an additional 2% on amounts above $3M for residential properties. First-time buyers purchasing a home under $835,000 may receive a full PTT exemption (partial exemption up to $860,000). Verify current thresholds as they are periodically adjusted.
Foreign Buyer Tax (Additional Property Transfer Tax)
Non-Canadian citizens and non-permanent residents purchasing residential property in Metro Vancouver, the Capital Regional District (Victoria area) and several other BC regions must pay an Additional Property Transfer Tax (APTT) of 20% of the purchase price. This applies in addition to the standard PTT. Canadian citizens and permanent residents are not subject to this tax. Combined with the federal foreign buyer ban (which prohibits most foreign nationals from purchasing residential property in Canada as of 2023), most non-resident purchasers are excluded from the market.
Leasehold vs. freehold
Unlike most Canadian markets, Vancouver has a significant number of leasehold properties — particularly in parts of Richmond, False Creek South, and on Musqueam and other First Nations lands. A leasehold property means you own the building but lease the land from the landowner (often for 99-year terms). Leasehold properties are typically priced 20%–40% below comparable freehold properties but carry additional risk when the lease approaches expiry and may require annual ground rent payments. Confirm title type with your lawyer before any offer on a leasehold property.
BC Assessment
BC Assessment is a provincial agency that publishes annual assessed values for every property in BC as of July 1 of the prior year. Assessment values are used for property tax calculation. The assessed value is often different from market value — in rising markets, assessments lag behind prices; in falling markets, assessments may exceed current market value. Do not use BC Assessment as a proxy for current market value. Use recent sold comparables from RealMaster instead.
Vancouver school districts
Vancouver is served by the Vancouver School Board (VSB, District No. 39) for secular public schools and the Catholic Independent Schools of the Vancouver Archdiocese for Catholic schools. Top-ranked VSB secondary schools by Fraser Institute include Prince of Wales Secondary, Lord Byng Secondary and Kitsilano Secondary (all on the West Side). The IB program is offered at several VSB schools. Richmond and Burnaby have their own school districts, both with high-performing secondary schools popular with international student families.
RealMaster's school district overlay covers VSB, Richmond SD38 and Burnaby SD41 catchment boundaries with live MLS filter integration.
Frequently asked questions
Are foreign nationals allowed to buy property in Vancouver?
Canada's Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "foreign buyer ban"), in effect since January 2023, prohibits most foreign nationals from purchasing residential property in Canada. Exemptions include international students enrolled full-time at a designated institution who have filed Canadian taxes, foreign workers holding certain visa types, and individuals purchasing specific types of property. The legislation is subject to periodic review — consult a real estate lawyer for current rules before proceeding.
What is BC Assessment and is it the same as market value?
No. BC Assessment is an annual government valuation used for property tax purposes, calculated as of July 1 of the prior year. It is a mass appraisal — not a market valuation. In periods of rapid price change, assessed values diverge significantly from market value. Always use recent sold comparables (available on RealMaster) to determine current market value, not the BC Assessment figure.
What is a leasehold property and should I buy one?
A leasehold property means you own the structure but not the land beneath it — you pay ground rent to the landowner (often a government entity or First Nation) under a long-term lease. Leasehold properties are cheaper upfront but harder to finance (some lenders require a minimum remaining lease term of 30+ years), may have escalating ground rent and carry risk near lease expiry. Seek independent legal advice before purchasing any leasehold property.
How does Vancouver's school system compare to Toronto's for families choosing where to buy?
Both cities have strong public school systems with IB programs at select schools. Vancouver's West Side schools (Lord Byng, Prince of Wales, Point Grey Secondary) are consistently among the top-ranked in BC by Fraser Institute. In Richmond, McMath Secondary and Hugh Boyd Secondary are well regarded. Unlike Toronto, where TDSB and TCDSB are separate systems, Vancouver has a single public board (VSB) plus independent schools. School catchments significantly affect home prices in both cities.
Is it better to buy in Vancouver proper or the suburbs?
This depends on your budget, lifestyle and commute needs. Vancouver East Side and Burnaby offer substantially better value per square foot than Vancouver West Side, with good SkyTrain access. Richmond and North Vancouver have distinct communities with excellent schools. Surrey and Langley are the most affordable for detached family homes. The SkyTrain network is the key commute infrastructure — living within walking distance of a SkyTrain station significantly affects resale value and livability.