Vancouver Homes Under $1M
Under $1M opens a wide range of Vancouver properties — spacious two-bedroom condos in premium locations, entry-level townhouses, and even some detached home options in the most affordable areas.
At $700K-$1M, you can find two-bedroom condos in most Vancouver neighbourhoods, some three-bedroom units, entry-level townhouses in East Vancouver and Marpole, and occasionally half duplexes. This is a major inflection point where property type options expand significantly.
What You Can Buy
Property Types Available
- ✓2-bedroom condos
- ✓3-bedroom condos
- ✓Entry-level townhouses
- ✓Half duplexes (select areas)
Ideal Buyer Profile
Couples upsizing, small families needing a second bedroom, professionals wanting premium locations with space, and investors targeting higher-end rental units.
Market Insight
The $700K-$1M segment remains Vancouver's most active, representing the overlap between upsizing condo buyers and entry-level townhouse seekers. With the BoC at 2.25% and the market softened ~6% YoY, buyers have slightly more negotiating room than a year ago. Pre-approval and decisive action are still essential for well-priced properties.
Best Neighbourhoods Under $1M
| Neighbourhood | Property Types | Notes |
|---|---|---|
| Kitsilano | 2-bed condos, older townhouses | Premium beach neighbourhood, strong resale |
| Mount Pleasant | 2-bed condos, some townhouses | Creative hub with growing demand |
| Fairview | 2-bed condos | Central location, Broadway Subway impact |
| False Creek | 2-bed waterfront condos | Seawall living, excellent amenities |
| Yaletown | 2-bed condos, lofts | Urban lifestyle, trendy dining scene |
| Marpole | Townhouses, 3-bed condos | Best value for space at this budget |
| Collingwood | Townhouses, large condos | SkyTrain access, family-friendly |
Financing Considerations
- •Down payment: 5% on first $500K + 10% on $500K-$999K ($25K + $50K = $75K on $1M)
- •At $1M, you're near the threshold where 20% down avoids CMHC insurance
- •Consider putting 20% down ($200K) to avoid $31K+ in CMHC premiums
- •Household income of $150K-$180K typically needed to qualify
- •PTT on $1M: approximately $18,000 (no first-time exemption at this level unless partial)
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Frequently Asked Questions
Can I buy a townhouse in Vancouver for under $1M?
Yes, though options are limited. Entry-level townhouses under $1M can be found in Marpole, Collingwood, and some East Vancouver areas. These are typically older complexes (1990s-2000s) or smaller units. New townhouses in these areas generally start above $1M. Acting quickly when listings appear is essential.
Is it better to buy a 2-bed condo or a townhouse at this price?
A 2-bed condo at $900K in Kitsilano or Yaletown offers premium location and lifestyle. A townhouse at $900K in East Vancouver offers more space and a private entrance but in a less central area. Your choice depends on whether location or living space is the priority.
How much are monthly costs on a $1M property?
With 20% down ($200K), monthly mortgage is approximately $4,300 at current rates (variable around 4.0-4.5%, fixed around 4.5-5.0%). Add strata fees ($300-$500), property tax ($200-$300/month), and insurance ($75-$100) for total costs of $4,900-$5,200/month. With 10% down, mortgage costs are higher due to CMHC insurance.
What neighbourhoods offer the best value under $1M?
For condos: Fairview and False Creek offer central locations with strong fundamentals. For space: Marpole and Collingwood provide the most square footage per dollar. For appreciation: Mount Pleasant and areas along the upcoming Broadway Subway extension have the strongest growth outlook.
Should I wait for prices to drop below $1M for more options?
The market has already softened ~6% YoY as of Q1 2026, creating more opportunities under $1M than a year ago. With the BoC at 2.25%, borrowing costs are more manageable. While further adjustment is possible, Vancouver's long-term trend is upward due to limited supply and strong demand. If you're financially ready and planning to hold 5+ years, buying when you find the right property typically outperforms waiting.
Live MLS®
Vancouver homes under $1m — for sale now
Live MLS® listings inside the under $1m bracket in the City of Vancouver. Refine by beds, baths, or property type below.
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