May 2023 Highlights
Most tracked markets have now seen prices increase for four consecutive months for newer, entry-level resale homes.
The sold-to-listings ratio in most markets and housing types point towards elevated prices for the foreseeable future if we don't see any major increases to inventory.
Median Single-Family Sold Prices | Max lot size of 4,000 SF | 1-15 years old
*Max lot size 4,500 SF
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- 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.
- Surrey, South Surrey & Langley median sale prices for newer, entry-level single-family homes were all higher compared to the same period last year.
Median Townhome Sold Prices | 1,200-1,500 SF | 1 to 10 years old
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- 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.
- 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).
Median One-Bedroom Sold Prices | 1-10 years old
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- 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.
- 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.
Median Two-Bedroom Sold Prices | 1-10 years old
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- 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.
- Willoughby and Coquitlam saw two-bedroom inventory increased significantly over the month by 59 and 30 percent respectively.
Reasons why you should consider newer-home resale data:
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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.
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More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.
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Homes include some of the latest design and technology – great for resale value when considering to move-up the property ladder.
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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