March 2023 Metro Vancouver Entry-Level, Newer-Home Market Report

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

• • Apart from East Vancouver's eight percent sold-to-listings ratio, all other markets are in a clear seller's market, with sold-to-listings ratios ranging from 20 percent in Surrey to as high as 57 percent in South Surrey.
    
    
  • With such limited inventory to choose from, this could signal further upward pressure on prices.
    
    
  • Median sold prices in Surrey, South Surrey, Langley & Westside Vancouver have now increased two months in a row.
    
    
  • Langley has seen the strongest five-year price growth at 55 percent, followed second by Surrey & South Surrey at 41 & 45 percent respectively.
    
    
  • East Vancouver & Westside Vancouver have increased by just 7 & 14 percent over the same five-year period.
    
    
  • Surrey & Langley are tied for the most affordable markets for newer, entry-level detached homes. The median list price of current inventory is approximately $1,850,000.
    
    
    

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

• • The newer townhome market clearly favours sellers in all markets apart from Burnaby & East Vancouver.
    
    
  • The Willoughby, Langley newer townhome market is amongst the strongest in the region. With a 73 percent sale-to-listings ratio, and a 97 percent sold price-to-median list price ratio, one can expect to see list prices move upward in the coming months.
    
    
  • The presale market in Surrey, Langley, South Surrey & Coquitlam can expect to see increased activity, as current starting from prices at majority of these presale developments are in line with recent resale prices for product between 1 to 10 years old.
    
    
  • The severe lack of supply in the resale market will also contribute to an increase in presale/new construction interest.
    
    
  • North Vancouver has seen the strongest price growth over the past five years, with prices increasing by 53 percent during this period.
    
    

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

• • The one bedroom condo market in North Surrey & North Vancouver are both buyer's markets; this is a great time to be negotiating deals in these submarkets.
    
    
  • There is a severe shortage of available inventory in South Surrey & Willoughby, Langley; these are areas that are also both experiencing strong population growth.
    
    
  • Burnaby and North Vancouver have experienced the strongest five-year growth in prices, with median sold prices up by 24 & 27 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 March 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 can expect some upward pressure in pricing in the coming months due to the supply shortage in all three markets.
    
    
  • Increasing prices in the townhome sector will continue to put more pressure on two bedroom condo prices, as buyer's 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 22 to 36 percent over the past five years. Investors who have held since then have made a great return on their holdings.