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

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

June 2023 

Low inventory and rising interest rates have increased the gap between sellers' desired prices and buyers' affordability.

June data suggests there may be potential relief coming from the low inventory issue.

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

*Max lot size 4,500 SF
    • Surrey's sold-to-listings ratio for entry-level single-family homes drastically decreased to 5% in June, indicating a strong buyer's market.

    • South Surrey is also bordering on a buyer's market with a ratio of 14%.

    • Inventory grew in all tracked markets except for North Vancouver, ranging from 10% in Langley to a high of 57% in Coquitlam.

    • Median sale prices decreased over the month in all tracked markets except for Langley and East Vancouver.

    • Langley and East Vancouver are the only two tracked markets where median sale prices increased over the year.

    • Both East Vancouver and Vancouver West are in a buyer's market.

    • The sold price to current list price ratio decreased in nearly half of the markets, possibly signaling downward pressure on pricing.

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

    • Entry-level townhome sales in Surrey increased by 9% over the month, while inventory decreased by 19%. This can be attributed to rising interest rates and buyers adjusting their purchasing expectations.

    • South Surrey experienced a significant 64% decrease in entry-level townhome sales over the month, with only 4 units sold in June 2023.

    • All markets, except Vancouver West, remain seller's markets.

    • North Vancouver has only one newer, entry-level townhome for sale, which puts demand pressure on the two-bed condo market.

    • None of the tracked markets offer entry-level townhomes priced below $850,000.

    • The price difference between the most affordable townhome market north of the Fraser (Coquitlam) and Langley, Surrey, and South Surrey is approximately $275,000.

    • Limited affordable townhome ownership opportunities in north of the Fraser markets will continue to drive interest towards the Fraser Valley.

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

    • The newer one-bedroom market continues to experience strong sales in all tracked markets, resulting in a firm seller's market for all areas tracked.

    • As of July 10, 2023, South Surrey has only 2 available newer one-bedroom homes for sale, priced at $579,000 each. The median sold price in June was approximately $530,000.

    • After a 24% increase in inventory from April to May, Willoughby saw a corresponding 24% decrease in inventory over the month in June 2023.

    • One-bedroom prices have remained relatively stable across all markets compared to one year ago.

    • Surrey, South Surrey, and Langley have witnessed the strongest price growth for one-bedroom condos over the past five years, with increases of 30% and 33%, respectively.

    • Given the limited supply in the market, well-priced presale developments are certainly worth considering for investment at this time.

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

    • Most markets experienced immense growth in two-bedroom inventory during the month.

    • South Surrey, North Surrey, and North Vancouver saw the strongest growth, with inventory increasing by 89%, 38%, and 37% respectively.

    • Two-bedroom sales in North Surrey decreased by 50% in June 2023, resulting in the subarea turning into a firm buyer's market.

    • The lack of available townhomes continues to drive interest in two-bedroom condos in Coquitlam.

    • Coquitlam was the only market that witnessed increased two-bedroom condo sales over the month.

    • With such limited supply available in the market, well-priced presale developments are definitely worth exploring for investment 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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