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

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

January 2023 Highlights

Single-Family Home Sales: <4,000 SF Lot up to 15 years old

  • There was a total of 13 newer, entry-level single-family sales recorded in January 2023, representing an 80% decrease in sales compared to January 2022.
  • There are currently 145 newer, entry-level homes listed for sale: Surrey, South Surrey & Langley comprise nearly half of the available newer home supply.
  • Surrey, South Surrey & Langley median sale prices are down 20%, 17% & 21% respectively over the year. However, prices are still up 42%, 25% & 41% respectively compared to 5 years ago.
  • Median ask price for newer, entry-level homes in East Vancouver and Vancouver West is $2.78 & $4.18 million respectively.

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

  • There was a total of 21 newer, entry-level townhome sales recorded in January 2023, representing a 64% decrease in sales compared to January 2022.
  • Surrey & Willoughby, Langley are in an extreme seller’s market with a 37% and 57% sales-to-listing ratio.
  • East Vancouver & Vancouver West are both in buyer’s market territory; there’s a $380,000 difference in median list prices between the bordering markets.

Two-Bedroom Condo Sales: 1-10 years old

  • Willoughby, Langley has seen an 18% decline in median sale prices over the year, followed second most in Coquitlam at 14%. However, these markets are still up 33% and 19% over the past 5 years.
  • South Surrey has seen the largest 5-year increase in two-bedroom condominium median sale prices at 46%; January 2018 median sale price was $492,000 while January 2023 sale price was $717,450.
  • Vancouver West (Includes Downtown) is the only market in a true buyer’s market with 210 active listings and only 15 sales recorded in January 2023; median ask price in this market currently is $1,499,000.

One-Bedroom Condo Sales: 1-10 years old

  • Inventory of newer one-bedroom condos remain extremely low in South Surrey & Willoughby, Langley at 1 & 9 units respectively.
  • Although median sale prices are down in majority of the markets between 2% to 13% year-over-year, prices are still up between 5% to 38% over the past 5 years.
  • North Vancouver, North Surrey (City Centre) & South Surrey have seen the largest price gains over the past 5 years gaining 26%, 30% & 38% respectively over the period; this represents a gain of approximately $150,000 in equity during this period for those who purchase in 2018.

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.

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