December 2023 

The current high interest rate environment is contributing to a slower pace in the resale market.

The ongoing decline in the resale market for newer homes has resulted in some of the most favorable purchasing opportunities in years. 

A buyer's market prevails in the entry-level single-family housing sector throughout the region. Surrey and Langley stand out as the most budget-friendly regions for home purchases, with prices starting at the $1.6 million range.

Most of the newly built townhomes in Metro Vancouver are in South Surrey and Langley. South Surrey has a sold-to-listings ratio of 56 percent, and Langley follows with 27 percent. Seller's markets usually happen when the ratio goes beyond 20 percent for extended periods, resulting in increased prices. As such, one can expect rising prices if these ratios persist. 

Surrey, South Surrey, and Langley collectively account for more half of the monitored townhome inventory and serve as the main contributors to new supply growth. These are also the only markets with inventory available for less than $1,000,000. 

The highest sold-to-listings ratios for one-bedroom homes are found in Willoughby (Langley), North Vancouver, and Coquitlam, standing at 56, 32, and 36 percent, respectively. In December 2023, North Vancouver recorded the highest median sale price at $714,500, with Vancouver Westside following at $664,000.

Examining the pricing trends of new presale projects for one and two-bedroom condos in the monitored markets reveals a decreasing difference compared to newer resale properties. This change stems from developers aligning prices with the current market conditions.

For potential buyers or investors considering presales, this could be a favorable time, depending on the specific product type and location.

For individuals deciding between a one-bedroom and a two-bedroom condo, the most significant difference in median sale prices is observed in East Vancouver, with a gap of $311,500. In contrast, the smallest gap is found in Willoughby (Langley) at $127,000.

For those deciding between a two-bedroom condo and an entry-level townhome, the most significant difference in median price is in North Vancouver, with a gap of $456,000. In contrast, the smallest difference is in South Surrey at $143,000.

For those contemplating the resale market and adept at maneuvering through the current high-interest-rate environment, now might be a favorable time to get involved. Buyers have significant influence in most markets, offering excellent chances to secure outstanding deals.

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

* Max 4,500 SF Lot

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

Median One-Bedroom Sold Prices
1-10 years old

Median Two-Bedroom Sold Prices
1-10 years old

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.
   
   
4. Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
   
   
5. Monthly sales statistics crucial for evaluating and planning new housing developments.
   
   
6. These figures are routinely used to understand the value of land, and anticipated market values for newly completed homes.