April 2023 Metro Vancouver Entry-Level, Newer-Home Market Report: Surrey, South Surrey, Langley, Coquitlam, Burnaby, North Vancouver, East Vancouver and Vancouver West

Median Single-Family Sold Prices | Max lot size of 4,000 SF  | 1-15 years old 

*Max lot size 4,500 SF

• • Apart from East Vancouver's 11 percent sold-to-listings ratio, all other markets are in a clear seller's market. The sold-to-listings ratio in these seller's markets range from 20 percent in Burnaby to as high as 83 percent in Langley.
    
    
  • With such limited inventory to choose from, this could signal further upward pressure on prices for the foreseeable future.
    
    
  • Langley has seen the strongest five-year price growth, with median sale values increasing by 56 percent since 2018.
    
    
  • Vancouver West has not seen any growth in median sale prices over the past five years. 
    
    
  • What was once considered the most affordable cities to purchase single-family homes, Surrey, South Surrey and Langley are beyond the reach of most purchasers now. Anecdotal evidence indicates that buyers have adjusted expectations quickly in these markets, forcing many would-be, single-family buyers into larger townhome product (1,500-2,000 SF). As such, this segment of the townhome market has seen significant price gains over the past two months. For example, a presale development with a 1,500 SF townhome plan in Willoughby, Langley has seen prices increase by nearly $100,000 to $1,000,000 over a two-month period. 
    
    
    

Median Townhome Sold Prices | 1,200-1,500 SF | 1 to 10 years old

• • The newer townhome market clearly favours sellers in all markets except for Burnaby and Vancouver West. 
    
    
  • The Willoughby, Langley newer townhome market is amongst the strongest in the region. With a 92 percent sale-to-listings ratio, and a 98 percent sold price-to-median list price ratio, one can expect to see sold & list prices move upward in the coming months.
    
    
  • The presale market in Surrey, Langley, South Surrey & Coquitlam can expect to see increased activity due to the lack of available resale supply. Homebuilders in most these markets with actively selling projects remain diligent about current market conditions, and have priced available supply sharply. 
    
    
  • Coquitlam, South Surrey, Surrey and Langley have seen median sale prices increase over the past five years between 40 to 52 percent. 
    
    

Median One-Bedroom Sold Prices |  1-10 years old

• • The one bedroom condo market in North Vancouver & North Surrey went from being a buyer's market just last month to a seller's market in April 2023, with month-over-month sales increasing by 180 and 225 percent respectively. 
    
    
  • There is a severe resale supply shortage in South Surrey & Willoughby, Langley; these are areas that are also both experiencing strong population growth and explosive rental demand.
    
    
  • South Surrey and Langley have experienced the strongest five-year growth in prices, with median sold prices up by 25 & 26 percent respectively since 2018.
    
    
  • South Surrey, Langley, Coquitlam & Burnaby are great places to be looking for one-bedroom presale investments right now.
    
    
  • There are great opportunities in the above-mention markets at the moment for concrete presales scheduled for completion in 2026/2027; prices in some of these presale projects are in line with median sold prices recorded in April 2023 for 1 to 10-year old homes. 
    
    

Median Two-Bedroom Sold Prices |  1-10 years old

• • Apart from Vancouver West, seller's are in the driver's seat in all other markets.
    
    
  • South Surrey, Langley, Coquitlam and North Vancouver can expect upward pressure on pricing for the foreseeable future due to extremely low inventory; there was less than 50 homes for sale at the end of April 2023 in each of the aforementioned markets.
    
    
  • Increasing prices in the townhome sector will continue to put more pressure on two bedroom condo prices, as buyers adjust their affordability expectations.
    
    
  • The lack of supply in the resale market will increase demand for presale product, as current ask prices from developers in most markets are in line with current resale values for 1 to 10-year old homes.
    
    
  • This is a great time for investors to be looking for opportunity in the presale space. 
    
    
  • Burnaby, Coquitlam, Langley, South Surrey & Surrey median sold prices are all up between 19 to 30 percent over the past five years. Investors who have held since then have made a great return on their holdings.