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

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

August 2023 

Elevated interest rates, combined with a limited supply of affordable homes, are causing buyers to reassess their wants and needs.

Markets like Coquitlam, South Surrey, and Willoughby (Langley) will maintain their appeal to young families and end-users for the foreseeable future.

These communities are evolving into highly sought-after areas, catching the attention of more Metro Vancouver residents.

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

*Max lot size 4,500 SF
    • All tracked markets are currently in a buyer's market, making it an excellent time for shopping and negotiating as a buyer while these conditions persist.

    • Buyers are waiting on the sidelines for more clarity on future interest rates, which may lead to further downward pressure on prices in most tracked markets.

    • In August 2023, only 17 homes were sold, while the total inventory stands at 196 homes. South Surrey, Surrey, and Langley collectively represent nearly 60 percent of all available entry-level, newer-home supply.

    • North Vancouver has an extremely limited supply of newer, entry-level, single-family homes.

    • For young buyers, having single-family homes with mortgage helpers is crucial to manage current mortgage interest rates.

    • The median list price for the least affordable market for newer, entry-level homes is Westside Vancouver, coming in at $4.2 million. Conversely, the most affordable markets are Surrey and Langley (Willoughby) with median list prices of $1.6 million.

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

    • South Surrey & Willoughby (Langley), two of the Fraser Valley's largest markets for new townhome supply, still grapple with tight inventory, boasting sold-to-listings ratios of 37 and 50 percent, respectively.

    • Both markets have witnessed a six percent monthly increase in prices due to inventory shortages, pushing median sale prices toward $900,000. South Surrey has seen an 11 percent price increase over the year, while Langley has seen a 16 percent increase.

    • In general, limited townhome inventory in the north of the Fraser markets continues to fuel demand in these neighborhoods.

    • The availability of entry-level townhomes in North Vancouver remains extremely limited.

    • The widest gap between median sale prices and median list prices can be found in East Vancouver and Westside Vancouver.

    • The lowest median list price has now risen from $850,000 in June 2023 to $900,000 at the end of August 2023. 

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

    • Except for Westside Vancouver, the newer one-bedroom market is witnessing robust sales in all tracked markets, resulting in a strong seller's market in these areas.

    • As of September 5, 2023, South Surrey has only four newer one-bedroom homes available for sale, and prices are expected to continue rising in this highly sought-after market.

    • The median sale price for the 19 one-bedroom condos sold in East Vancouver in August 2023 matches the median sale price of the 11 sold in Coquitlam.

    • Considering the stabilization of prices in the north of the Fraser markets, I believe Coquitlam, South Surrey, and Langley are excellent choices for investors seeking capital appreciation in the coming years.

    • Given the limited supply in the market, it is advisable to consider well-priced presale developments for investment opportunities at this time.

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

    • Inventory for newer two-bedroom condos is on the rise in most markets.

    • Sales-to-active listing ratios have significantly decreased since June, indicating a slowdown in price escalation for this type of product.

    • I believe that the growing price gap between two-bedroom condos and entry-level townhomes in markets like Coquitlam, Langley (Willoughby), and South Surrey will help maintain stable two-bedroom prices.

    • The increase in townhome prices in South Surrey has led to a 25 percent year-over-year increase in two-bedroom condo prices, while in Willoughby, two-bedroom prices have risen by nearly 15 percent over the year.

    • The scarcity of available townhomes continues to fuel interest in two-bedroom condos in Coquitlam.

    • Given the limited supply in the market, it's certainly worth exploring well-priced presale developments for investment opportunities at this time.

Reasons why you should consider newer-home resale data:

  1. Great for those looking to purchase housing that is still in the early stages of its lifecycle – this means less repairs & maintenance during the first few years of ownership.

  2. More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.

  3. Homes include some of the latest design and technology – great for resale value when considering to move-up the property ladder.

  4. Provides comparables for individuals considering a new pre-sale purchase for either end-use or investment. Comparing newer resale data to presale pricing provides valuable insight into the product being considered for purchase.
These monthly sales statistics also provide important information for any new housing being considered for development.
Investors, developers, and homebuilders can use newer resales as objective data points.
These figures are routinely used to understand the value of land, and anticipated market values for newly completed homes.
The entry-level, newer-home market report is a monthly take on the latest realtor-level sales statistics for all “newer-home” product types.
The mix of product types monitored include the “entry-level” forms of single-family & townhome product, along with one & two-bedroom condominiums.
The monthly statistics are based on several of the most popular areas in Metro Vancouver for first-time buyers, young professionals & fam

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