What an East Van two-bedroom with a hot tub reveals about Vancouver’s real estate slowdown

Once a lightning-fast sell, now a tougher deal: this East Vancouver condo flew off the market in just eight days back in 2021. But in 2025, it sat for nearly a month before closing below asking—offering a snapshot of how rising rates, higher inventory and shifting buyer behaviour are reshaping the city’s real estate market.

The property

Type: Apartment/Condominium

Neighbourhood: Kensington-Cedar Cottage

Beds: 2

Baths: 2

Year built: 2019

Parking: Garage, Underground

Taxes: $2,564.50

Maintenance fees: $509.14

The sale

Two bedrooms, two bathrooms and two patios: this 803 square feet apartment located along St. Catherines Street is quite the hot commodity, equipped with smart lighting, sleek appliances and even a private hot tub. The apartment is also situated in one of East Vancouver’s more vibrant neighbourhoods, and is just a few minutes away from renowned establishments like Bells and Whistles and Mishmish—no wonder it was snapped up in just eight days when it was listed in 2021.

But 2025 sees a different reality: it took almost 30 days to sell.

Originally listed at $899,000, the apartment’s price dropped to $869,000 before ultimately selling below asking price. The listing agent, Jeff Appelbe from Oakwyn Realty, states that the market is “currently much slower than it’s been for the last 10 years” and buyer demand has become weaker.

The big picture

“The average days on the market is a lot higher this year than it was in 2021 and 2022,” Appelbe explains. “So things are typically taking longer to sell.”

Rising interest rates and a general increase in cost of living are some of the main reasons why the market is slower now. A five-year mortgage now has a rate of 4.8 per cent, a huge leap from 1.8 per cent in 2021.

Buyers are also more selective about their purchases due to the lack of competition and high inventory. This May saw 2,896 condominiums in Vancouver for sale, making this the highest inventory we have had since 2012. Some sellers now face pressure, especially if they bought at the market peak and need to sell in a cooler market.

However, high inventory may not necessarily be a bad thing depending on your perspective, according to Appelbe.

More supply and lower demand results in “downward pressure on prices”, making this the prime time for buyers to purchase property for better value. Appelbe also urges sellers to be realistic about the current market conditions if they need to sell, but should consider waiting for demand to come back if possible. However, predicting when that recovery might happen remains uncertain.

“It’s really important to know that markets go in cycles,” he explains. “In the housing market, things go up and down—they’ve done so for the last 200 years. It’s the way markets go.”

 

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