Remote Work is Reshaping Vancouver’s Housing Market - UBC Housing Market Club & Varing

The Rise of Remote Work in Vancouver

In the wake of the pandemic, remote work quickly became the norm for a large portion of Vancouver’s workforce. Several factors contributed to this shift:

• Reduced commuting allowed for better work-life balance, especially for parents.

• Strained transit systems and increased traffic made staying home a more appealing option.

• Corporate cost-saving: Many businesses downsized their office space, relying on Zoom and other tech tools to maintain productivity.

By the numbers:

• Pre-pandemic: Only 7.1% of Vancouverites worked from home.

• Pandemic peak: That number jumped to 24%.

• 2024: It's stabilized at 18% — still more than double the pre-pandemic figure (BIV News, 2023).

This shift is reflected in commercial real estate as well:
Downtown Vancouver’s office vacancy rate rose from 4.4% in 2019 to 13.6% in 2024 (Avison Young, 2024).

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Changing Housing Preferences

Remote work has redefined what people are looking for in a home. Across Canada, and particularly in Metro Vancouver, buyers now prioritize:

• Larger homes with room for a dedicated office

• Features like soundproofing, natural light, and high-speed internet

• Proximity to green spaces, parks, and trails

• Outdoor living options such as balconies, gardens, pools, and patios

These evolving preferences have led to:

• A shift away from condos toward single-family homes

• Increased demand in rural and suburban areas where space and lifestyle amenities are more attainable

• Notable buyer activity in Langley, Abbotsford, Chilliwack, Hope, and recreational hubs like Squamish, West Vancouver, Bowen Island, and Howe Sound

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Impact on Housing Prices

Remote work’s ripple effects are clear in the housing market. As people move away from the city core:

• Abbotsford’s single-family home benchmark price rose ~50% between June 2020 and June 2023 (Wilson, 2023).

• Hope, Chilliwack, and Squamish also saw price hikes exceeding 30%.

• Meanwhile, Vancouver home prices increased by just 16% during the same period (Coast Reporter, 2022).

In 2024:

• Over 83% of Fraser Valley neighborhoods reported rising median home prices.

• Squamish experienced a 14.2% increase in median detached housing prices (Coyne, 2024).

But with this growth comes a concern:
Affordability in suburban areas is now a challenge, as prices may outpace local income levels, putting pressure on long-term residents.

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What Comes Next?

Remote work is here to stay, and it’s reshaping the real estate landscape:

• Suburban and rural areas are becoming more desirable — and more expensive.

• Developers will likely respond by prioritizing work-from-home features and co-working spaces in future builds.

• Urban planners and policymakers must act to ensure balanced, affordable, and sustainable growth across the region.

While remote work started as a necessity, its lasting lifestyle benefits have made it a driving force in housing decisions. This trend offers both opportunities for innovation and challenges for affordability and infrastructure — all of which will shape Metro Vancouver's future.