Metro Vancouver Entry-Level, Newer-Home Resale Market Insider February 2023

Metro Vancouver Entry-Level, Newer-Home Resale Market Insider February 2023

February 2023 Highlights:

Single-Family Home Sales: <4,000 SF Lot up to 15 years old (4,500 SF Greater Vancouver)

  • There were 24 newer, entry-level, single-family homes sold in February 2023, representing a 50 percent increase in sales over the month but a 59 percent decrease in sales compared to the same period last year.
  • Median sale prices in the month of February 2023 are mostly negative compared to the same period last year.
  • However, apart from Westside Vancouver, median sale prices have increased between 37 to 55 percent across the tracked markets compared to five years ago.
  • This equates to equity gains of approximately $400,000 to $860,000 over the past five years alone.

Townhome Sales: 1,200-1,500 Square Feet, 1 to 10 years old

  • 23 newer, entry-level townhomes sold in February 2023, representing a 21 percent decline in sales over the month and 72 percent decrease compared to the same period last year.
  • Willoughby, Langley & South Surrey are in a firm seller’s market with a sold-to-listings ratio of 78 and 42 percent respectively. This would be a great time to list your townhome for sale in these markets.
  • Median sale prices in Willoughby (Langley), South Surrey & Surrey are up between 31 to 35 percent compared to five years ago;
  • Those who purchased townhomes in the above-mentioned markets in 2018 have seen their equity increase by approximately $200,000 in just 5 years.

Two-Bedroom Condo Sales: 1-10 years old

  • 92 newer, two-bed condos sold in February 2023, representing a 15 percent decline in sales over the month and a 69 percent decrease compared to the same period last year.
  • Coquitlam & North Vancouver were the only two markets to see positive sales growth over the month, increasing by 43 and 50 percent respectively – both these markets are in a strong seller’s market.
  • The spread between the median sold prices in February 2023 compared to the median list price of current listings is widest in Vancouver West, signaling further potential downward pressure on prices.

One-Bedroom Condo Sales: 1-10 years old

  • Coquitlam, Burnaby & North Vancouver were the only markets to see an increase in units sold over the month, with sales increasing by 100, 22 & 17 percent respectively over the month.
  • Apart from Vancouver West, all other markets are in a seller’s market – inventory of newer, one-bedroom condos in extremely tight in most markets.
  • Willoughby, Langley & North Surrey are the two most affordable places to purchase a one-bedroom condo.
  • Interesting to note that East Vancouver is more affordable than Burnaby for newer one-bedroom condos. 

About the Report

The entry-level, newer-home market insider is a monthly newsletter that delivers 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 & families, and investors.

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.
Thinking about buying or selling in the region’s ever-evolving real estate market? Feel free to reach out for an intelligence & data-based conversation today.

Work With Manraj

Whether you're new to the housing market, an investor, or a homeowner planning to switch properties, trust in Manraj's relational and data-based approach to provide you with the right knowledge for your next move.