Important Update for Metro Vancouver Commuters

If you're a regular commuter between Surrey and New Westminster, mark your calendars for a significant traffic disruption coming your way. Starting Friday, February 6 at 8 p.m., both the historic Pattullo Bridge and the brand-new stal̕əw̓asəm (Riverview) Bridge will be completely closed to traffic for approximately one week.

What's Happening? 🚧

This round-the-clock closure is a crucial milestone in the bridge replacement project. Construction crews need this uninterrupted time to connect the roadways on both sides of the Fraser River to the new bridge infrastructure. It's the kind of work that can't be done piecemeal—it requires full access to both structures simultaneously.

The closure is expected to last about one week, though as with any major infrastructure project, this timeline is weather-dependent and could shift.

How Will This Affect You? 🚗

During the closure, drivers will need to use alternate routes across the Fraser River. The BC Ministry of Transportation assures us that:

• Detours will be clearly marked with comprehensive signage

• Traffic pattern changes will be well-indicated at all approach points

• Real-time updates will be available on DriveBC

Pro tip: Expect heavier than usual traffic on the Port Mann Bridge, Alex Fraser Bridge, and George Massey Tunnel during this period. Plan extra time for your commute and consider carpooling or using transit where possible.

What Comes Next? 🎉

Once the connection work is complete, both bridges will reopen with a total of four lanes split between them. But the real excitement comes in late February, when:

• All four lanes on the stal̕əw̓asəm Bridge will open

• The new Royal Avenue on-ramp will become operational

• The region will have a modern, safer crossing for the next generation

About the stal̕əw̓asəm Bridge: A New Era Begins

The Name and Its Meaning 🌊

The new bridge's name—stal̕əw̓asəm (pronounced STAHL-oh-AH-səm)—comes from the hən̓q̓əmin̓əm̓ language spoken by the Kwantlen First Nation and Musqueam Indian Band. It beautifully translates to "a space where you can view the river", which perfectly captures the bridge's scenic location over the Fraser River.

The English name, Riverview Bridge, echoes this meaning. This naming represents a significant commitment to reconciliation and acknowledges the historical and ongoing connections that First Nations have to this area. The former Musqueam Indian Reserve No. 1 and Kwantlen Indian Reserve No. 8 were located at qiqéyt, an important village site near the base of the bridge in Surrey.

Chief Wayne Sparrow of the Musqueam Indian Band noted that naming this bridge stal̕əw̓asəm is "a major milestone for hən̓q̓əmin̓əm̓ revitalization" and demonstrates British Columbia's commitment to acknowledging the true history of the lands and waters.

A Bridge Built for the Future 🏗️

The stal̕əw̓asəm Bridge is a state-of-the-art cable-stayed structure that represents a massive upgrade over the aging Pattullo Bridge. Here's what makes it special:

• Four wider lanes (expandable to six in the future)

• Dedicated pedestrian and cycling lanes for active transportation

• BC's tallest bridge tower—a striking architectural feature visible for miles

• Modern safety features including a center median barrier

• Seismically sound design built to withstand earthquakes

• First Nations artwork integrated into the design, with installations on the bridge tower and approaches

The $1.67-billion project began construction in 2021, with the first lane opening to traffic on Christmas Eve 2024—a soft opening that allowed one northbound lane to carry vehicles from Surrey to New Westminster.

The Pattullo Bridge: End of an Era 🏛️

88 Years of Service

The Pattullo Bridge has been an iconic landmark since it opened on November 15, 1937. Named after Premier Thomas Dufferin "Duff" Pattullo, the bridge was built during the Great Depression for $4 million and initially operated as a toll bridge, charging 25 cents per crossing (earning it the nickname "Pay-Toll-O"). The tolls were removed in 1952.

This steel through-arch bridge has served as a vital link for nearly nine decades, carrying an average of 70,000 to 75,700 vehicles daily and handling roughly 20% of Fraser River vehicle traffic. When it opened, Surrey had only about 10,000 residents—by 1951, thanks in large part to the bridge's economic impact, that number had grown to 33,670.

Why Replace It?

While the Pattullo Bridge is an engineering marvel and holds significant heritage value as one of the few remaining steel through-arch bridges in British Columbia, age and safety concerns have necessitated its replacement:

• Seismic vulnerability: The 88-year-old structure isn't built to modern earthquake standards

• Narrow lanes: The four lanes are narrower than current highway standards

• No median barrier: Only plastic pillars separate opposing traffic, contributing to a high accident rate

• No pedestrian/cyclist facilities: Despite high demand for active transportation options

• Structural deterioration: The bridge has been deemed at high risk of catastrophic failure from earthquakes, high winds, or ship strikes

Once the new bridge is fully operational, the historic Pattullo will be carefully dismantled. While some heritage advocates have argued for its preservation, the decision has been made to prioritize public safety and modern transportation needs.

Planning Your Commute 🗺️

Before the Closure

• Check DriveBC regularly for the most up-to-date information: drivebc.ca

• Download the DriveBC app for mobile alerts

• Plan alternate routes ahead of time—don't wait until the closure begins

• Consider transit options like SkyTrain or bus routes that don't rely on this crossing

During the Closure

• Allow extra time—lots of it! Your usual 20-minute commute could easily double

• Avoid peak hours if your schedule allows flexibility

• Carpool to reduce the number of vehicles on alternate routes

• Stay patient—everyone will be dealing with the same delays

Alternative Crossings

• Alex Fraser Bridge (Highway 91)

• Port Mann Bridge (Highway 1)

• George Massey Tunnel (Highway 99)

Looking Ahead: Regional Transformation 🌟

This closure marks more than just a temporary inconvenience—it's a crucial step in transforming Metro Vancouver's transportation network. Transportation Minister Mike Farnworth has emphasized that the stal̕əw̓asəm Bridge will "transform the region's transportation network, support people and businesses in the region, and strengthen B.C.'s economy for generations."

The new bridge optimizes the use of existing road networks and travel patterns, improving safety and reliability for everyone who crosses the Fraser River. With wider lanes, modern safety features, and dedicated space for pedestrians and cyclists, it represents the kind of infrastructure investment that will serve the region well into the future.

Stay Informed 📱

For the most current information about the closure and reopening:

• Visit DriveBC: www.drivebc.ca

• Follow @DriveBC on social media

• Check local news for updates

• Sign up for alerts through the Pattullo Bridge Replacement Project website

Quick Facts:

• Closure Start: Friday, February 6, 8 p.m.

• Expected Duration: Approximately one week (24/7)

• Reason: Connecting roadways to new bridge

• Full Opening: Late February (all four lanes + Royal Avenue on-ramp)

• Project Cost: $1.67 billion

• Daily Traffic: ~70,000+ vehicles

This closure represents the home stretch of a project decades in the making. Yes, it will cause temporary inconvenience, but the payoff—a modern, safe, beautiful bridge that honors First Nations heritage while serving the region's transportation needs—will be well worth the wait.

Plan ahead, stay patient, and soon we'll all be enjoying safer, smoother crossings on the stal̕əw̓asəm Bridge!

Have you driven on the new bridge yet? What are your memories of the old Pattullo? Share your thoughts in the comments below!

#PattulloBridge #StaləwasəmBridge #BCTraffic #MetroVancouver #DriveBC #BridgeReplacement #NewWestminster #Surrey #FraserRiver #VancouverTraffic #YVR #CommuterAlert #TransportationBC

The final numbers are in, and 2025 has cemented itself as a transformative year for Metro Vancouver’s housing market. Characterized by a profound disconnect between supply and demand, the year delivered the lowest sales volume in over two decades alongside a record-setting surge in new listings. This comprehensive analysis, drawing on year-end data from Greater Vancouver REALTORS® (GVR), market context, and economic indicators, breaks down the forces behind the reset and explores the emerging landscape for 2026.

The 2025 Market by the Numbers: Record Lows and Highs

The headline story is one of contrasting extremes.

Sales Activity Hits a Multi-Decade Low:

• Total 2025 Residential Sales: 23,800

• Year-over-Year Change: Down 10.4% from 2024 (26,561).

• Historical Context: This is the lowest annual sales total since the early 2000s.

• Vs. 10-Year Average: A significant 24.7% below the decade's average of 31,625 sales.

Inventory Soars to Record Levels:

• Total New Listings in 2025: 65,335

• Year-over-Year Change: Up 8.2% from 2024 (60,388).

• Historical Context: This eclipses the previous record set in 2008 and represents the highest annual listing total since the mid-1990s.

• Vs. 10-Year Average: 13.1% above the average of 57,782.

Market Balance & Price Pressure:
The sales-to-active listings ratio, a key indicator of market pressure, ended the year at 12.7% in December—firmly in balanced territory but teetering on the edge of buyer's market conditions (below 12%). This sustained high supply relative to demand translated into broad-based price corrections.

Composite Benchmark Price (All Residential Properties): $1,114,800

• Year-over-Year Change (Dec '24 to Dec '25): Down 4.5%

• Month-over-Month Change (Nov '25 to Dec '25): Down 0.8%

Source: GVR MLS® Home Price Index, December 2025.

Understanding the "Why": Economic Headwinds and Consumer Sentiment

According to Andrew Lis, GVR’s chief economist, the market’s trajectory aligned with a foreseeable "downside risk" highlighted in their earlier forecasts. Several interrelated factors created a perfect storm of hesitation in 2025:

1. Economic Uncertainty & Trade Tensions: Lingering trade tensions with the United States, a critical economic partner for British Columbia, dampened business confidence and contributed to a cautious consumer outlook.

2. The Affordability Equation: Although mortgage rates retreated by nearly a full percentage point over the year, the cumulative impact of previous hikes kept affordability strained for many potential buyers.

3. The "Wait-and-See" Mentality: With rising inventory, buyers gained negotiating power and felt less urgency, leading to longer decision times and fewer multiple-offer scenarios.

4. A Shift in Seller Psychology: Some sellers, anticipating potential further market softening or due to lifestyle changes, decided to list, contributing to the record inventory. However, many were met with a market unwilling to meet peak-2022 pricing expectations.

"The upshot, however," Lis noted, "is that the negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year."

The December 2025 Snapshot: Ending the Year in Balance

The final month of the year encapsulated the annual trend:

• Sales: 1,537 (down 12.9% from Dec 2024)

• New Listings: 1,849 (up 10.3% from Dec 2024)

• Active Listings: 12,550 (up 34.8% from the 10-year December average)

The month concluded with a balanced sales-to-active ratio of 12.7%, with apartment and townhouse segments showing slightly more activity than the detached market.

The Silver Lining: A Foundation for Opportunity in 2026

While 2025 presented challenges, particularly for sellers, it actively recalibrated the market, laying a new foundation for 2026.

For Buyers, Conditions Have Meaningfully Improved:

• Increased Choice: Ample inventory across all property types allows for thorough consideration and reduces competitive pressure.

• Moderated Prices: The across-the-board price corrections have improved entry points.

• Lower Borrowing Costs: The decline in mortgage rates provides tangible relief on monthly carrying costs.

• Stronger Negotiating Position: The balanced market allows for more conditional offers and price negotiations.

For Sellers, Strategy is Paramount:
Success in this new environment requires realistic pricing based on current, comparable data, superior property presentation, and strategic marketing to stand out in a crowded field. Patience and preparation are key.

Looking Ahead: The Million-Dollar Question for 2026

As Andrew Lis posits, the central question for 2026 is whether improved consumer sentiment, lower rates, and adjusted prices will translate into a sustained recovery in demand.

Key factors to watch include:

• Interest Rate Trajectory: Further cuts by the Bank of Canada could significantly boost purchasing power.

• Economic & Job Market Stability: Local economic performance will underpin consumer confidence.

• Interprovincial & International Migration: Long-term demographic demand drivers remain intact.

• Seller Adaptation: Will listing volumes remain at record highs, or will some sellers withdraw if their price expectations aren't met?

Conclusion: A Market in Transition

2025 was not merely a slow year; it was a corrective and rebalancing year. It reset expectations for both buyers and sellers after a prolonged period of intense competition and rapid price growth. The market has shifted from a frenzied sprint to a more deliberate marathon.

For those considering a move in 2026, the landscape is markedly different. Success will depend on nuanced, data-driven strategies and expert guidance tailored to this new phase of the market cycle.

Considering a move in Metro Vancouver's transformed market? Understanding the precise value of your home or the opportunities available requires expert analysis tailored to your specific neighbourhood and property type. As an ABR, RENE, and SRS accredited REALTOR®, I provide the data, strategy, and negotiation skills you need to navigate this balanced market with confidence.

Let's discuss your goals for 2026.
📞 236-992-8989 | 🌐 www.tarakennedy.ca

#GVR #MetroVanRE #VancouverRealEstate #YearInReview #2025Market #HousingMarket #RealEstateBC #BuyersMarket2026 #MarketAnalysis #HomePrices #PriceCorrection #MarketShift #TaraKennedy #CoquitlamRealEstate #PortCoquitlamRealEstate #PortMoodyRealEstate #Realtor #RealEstateTricities #TricitiesRealEstate

The final numbers are in, and 2025 has officially cemented itself as a transformative year for Metro Vancouver’s real estate market. According to the year-end data released by the Greater Vancouver REALTORS® (GVR), the past twelve months delivered a potent combination of record-breaking inventory and the lowest sales activity in over two decades. This dynamic has reshaped the landscape, moving the market firmly into balanced-to-buyer’s territory and opening a distinct window of opportunity as we enter 2026.

The Defining Numbers of 2025

The headline figures tell a clear story of contrasting trends:

• Annual Sales: Residential sales totalled 23,800 for the year, a 10.4% decrease from 2024 and a striking 24.7% below the region’s 10-year average. This marks the lowest annual sales total since the early 2000s.

• Annual Listings: In a stark contrast, a record 65,335 properties were listed on the MLS®—the highest annual total since the mid-1990s and an 8.2% increase over 2024.

• Benchmark Price: The MLS® Home Price Index composite benchmark price closed December at $1,114,800, reflecting a 4.5% year-over-year decrease.

A Market of Contrasts: Record Supply Meets Tepid Demand

“This year was one for the history books,” remarked Andrew Lis, GVR’s chief economist. “Although the sales total was the lowest in over two decades, Realtors were still busy listing properties.”

This divergence created a significant accumulation of inventory. As of December 2025, there were 12,550 homes available for sale—a 34.8% increase over the 10-year seasonal average. This surge in supply against moderated demand directly influenced pricing power, leading to the observed softening in benchmark prices across all categories: detached homes, townhouses, and apartments.

The critical sales-to-active listings ratio for December settled at 12.7%. Historically, analysts note that sustained ratios below 12% indicate downward pressure on prices, while periods above 20% signal upward pressure. The current figure firmly places the market in a zone that favours buyers.

What Drove the Shift in 2025?

GVR’s forecast at the start of 2025 had identified a key downside risk: escalating trade tensions with the USA. “Unfortunately, this risk materialized,” Lis noted, impacting economic confidence and, consequently, homebuyer activity. However, he pointed to a silver lining: “The negative impact of these trade tensions appears to be easing, and consumer sentiment has improved modestly over the second half of the year.”

Concurrently, borrowing costs began a gradual descent, falling nearly a full percentage point from their peaks. This financial easing, however, took time to counteract the initial shock of economic uncertainty.

The 2026 Outlook: A Window of Opportunity

The convergence of three key factors is now setting the stage for a potential reset in 2026:

1. Increased Inventory: Buyers have more choice than they have in years.

2. Reduced Prices: Benchmark prices have adjusted from their peaks.

3. Lower Borrowing Costs: Mortgage rates have come down from recent highs.

“With lower prices, lower borrowing costs, and plenty of inventory to choose from, homebuyers in 2026 are starting the year with favourable conditions,” Lis summarized. “Whether these conditions translate into a market with stronger demand will be the million-dollar question.”

What This Means for You

• For Buyers: The power dynamic has shifted. This environment allows for more due diligence, less pressure to waive subjects, and increased negotiating leverage. The key is securing financing and being ready to act strategically on well-priced properties.

• For Sellers: Pricing correctly from the outset, staging effectively, and marketing professionally are non-negotiable. Understanding the competitive landscape is crucial to attracting the right buyers in a market where they have options.

• For Observers: This shift represents a normalization toward a more balanced market, not a collapse. It’s a cyclical correction following an extended period of intense seller advantage, influenced by broader economic factors.

Navigating the New Landscape

The Metro Vancouver market is complex and hyper-local. While regional trends are informative, individual neighbourhoods and property types can behave differently. An informed strategy is your greatest asset.

Are you curious about what these shifting dynamics mean for your specific home-buying or selling goals? Let’s discuss your situation. Contact me today for a detailed, personalized analysis of your neighbourhood and a roadmap for success in the 2026 market.

Data and commentary sourced from the Greater Vancouver REALTORS® (GVR) December 2025 and Year-End Market Reports.

#MetroVancouverRealEstate #GVRStats #VancouverHousing #BuyerMarket #MarketUpdate #RealEstate2025  #GVR #YearInReview #MarketUpdate #HomeSales #RealEstateStats #BuyersMarket #VancouverRE #HouseHunting #LowerMainland #RealEstateNews #HomePrices #MarketInsights #TaraKennedy #BCRealEstate

When the Bank of Canada announces its scheduled policy meetings, many Canadians immediately wonder what it means for mortgages, home prices, and the real estate market. While these meetings do not automatically mean an interest rate change, they play a major role in shaping financial confidence and future rate expectations.

Here’s what you need to know.

What Happens at a Bank of Canada Meeting?

Several times a year, the Bank of Canada reviews the health of the Canadian economy. During these meetings, they evaluate inflation levels, employment trends, consumer spending, global economic pressures, and financial stability. Based on this information, the Bank decides whether the policy interest rate should:

• Stay the same
• Increase
• Or decrease

This “policy rate” is the rate the Bank of Canada charges major financial institutions when they borrow from one another. While the public does not borrow directly at this rate, it strongly influences the interest rates Canadians pay on mortgages, lines of credit, and other loans.

Does a Meeting Automatically Change Mortgage Rates?

No.
Bank of Canada meetings do not guarantee interest rate changes.

However, the announcements signal the Bank’s outlook — and that alone impacts consumer confidence, lender expectations, and market behaviour. Even when rates remain unchanged, the tone of the announcement can affect how buyers and sellers feel about timing their next move.

What It Means for Home Buyers

Bank of Canada decisions can affect:

🏡 Affordability

If rates decrease, borrowing becomes less expensive. Monthly mortgage payments may drop for variable-rate borrowers, and more buyers may qualify for financing. This can open doors for buyers who were previously priced out.

📈 Buying Power

Lower rates can increase what buyers are able to afford, while higher rates may reduce overall budget room.

🧠 Confidence and Timing

Even unchanged rates can provide clarity. Stability often encourages buyers to act, while uncertainty can cause people to pause.

What It Means for Home Sellers

For sellers, Bank of Canada announcements influence:

📊 Market Activity

Stable or declining rates generally encourage buyer activity. Increased demand can help support stronger pricing and faster sales.

💲 Pricing Strategy

If rates rise, buyers may become more cautious. This may require sellers to be strategic with pricing and presentation to remain competitive.

🔎 Buyer Qualification

Higher rates can impact how many buyers qualify and at what price levels. Understanding this helps sellers set realistic expectations.

Why These Announcements Still Matter (Even Without a Rate Change)

Even when the Bank of Canada holds rates steady, the announcements still signal what may come next. The messaging often guides:

• What lenders prepare for
• How financial advisors guide their clients
• How confident buyers and sellers feel
• Short-term and long-term market expectations

In real estate, confidence plays a major role. People want to make decisions with clarity, and Bank of Canada updates provide an important piece of that clarity.

Final Thought

Bank of Canada meetings do not automatically change interest rates, but they absolutely influence the real estate landscape. Whether you’re thinking about buying, selling, refinancing, or simply planning ahead, staying informed helps you make well-timed and confident decisions.

If you’d like to talk about how upcoming announcements might affect your real estate plans, I’d be happy to help you navigate the market with confidence.

https://www.bankofcanada.ca/2025/08/bank-canada-publishes-2026-schedule-policy-interest-rate-announcements-other-major-publications/

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