May 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

• • Surrey, South Surrey & Langley median sale prices for newer, entry-level single-family homes were all higher compared to the same period last year.
    
    
  • Over the past five years, newer, single-family prices in the Township of Langley have increased the highest by 71 percent; median sale prices went from $1,050,000 to $1,790,000 during that period.
    
    
  • Surrey and South Surrey newer, single-family prices increased by 48 and 45 percent respectively during that same five-year period. 
    
    
  • Active listings increased between 25 to 75 percent over the month from April to May in the three above-mentioned Fraser Valley markets - something to keep an eye on moving forward.
    
    
  • Surrey & South Surrey are currently in a balanced market territory. 
    
    
  • There are only a combined 20 newer, entry-level homes for sale in Coquitlam, Burnaby & North Vancouver.
    
    

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

• • Entry-level townhome listings increased drastically over the month in Surrey (113%), pushing the market into a balanced territory from an extreme sellers market just a month before (80% sold-to-listings ratio).
    
    
  • Coquitlam has seen the strongest price growth for newer, entry-level townhomes over the past five years, with median sale prices up nearly 50 percent during that period. Prices grew from a median sale price of $770,000 in May 2018 to $1,158,000 in May 2023.
    
    
  • There is just one newer, entry-level townhome for sale in North Vancouver - this is an alarming figure, which will ultimately put pressure on the larger, two-bed condo market.
    
    
  • None of the markets tracked have any entry-level townhome product available for less than $850,000.
    
    
  • There is an approximately $275,000 price difference between the most affordable townhome market north of the Fraser (Coquitlam) versus Langley, Surrey & South Surrey.
    
    
  • Limited "affordable" townhome ownership opportunities in north of the Fraser markets will bring continued interest into the Fraser Valley market. 
    
    

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

• • Willoughby, Langley experienced the only significant growth in one-bedroom listings over the month at 24 percent; South Surrey & North Surrey experienced a zero and three percent growth in listings over the month.
    
    
  • All north of the Fraser markets saw one-bedroom inventory decrease over the month. 
    
    
  • Only Burnaby and East Vancouver one-bedroom prices increased over the year: four and eight percent respectively. 
    
    
  • Sellers are in command in all markets with sold-to-listings ratios ranging from 24 percent in Westside Vancouver to as high as 100 percent in South Surrey. 
    
    
  • South Surrey & Langley one-bedroom condos have seen the strongest price growth over the past five years at 33 and 35 percent respectively. 
    
    
  • With such limited supply available in the market, well-priced presale developments are definitely worth exploring for investment at this given time. 
    
    

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

• • Willoughby and Coquitlam saw two-bedroom inventory increased significantly over the month by 59 and 30 percent respectively.
    
    
  • It is worth noting, however, both these markets, along with all other tracked markets, are still in firm seller's market territory.
    
    
  • Coquitlam, North Vancouver, East Vancouver & Vancouver West all saw two-bed sales increase significantly over the month, with East Vancouver leading the way with 68 percent growth in sales. 
    
    
  • Coquitlam two-bedroom condos have experienced the strongest five-year price growth among all north of the Fraser markets, with prices increasing by 23 percent during that period from $653,900 to $803,500.
    
    
  • South Surrey & Willoughby prices increased the most during that period by 39 and 30 percent respectively. 
    
    
  • With such limited supply available in the market, well-priced presale developments are definitely worth exploring for investment at this given time.