Metro Vancouver Entry-Level, Newer-Home Resale Market Insider November 2022

Metro Vancouver Entry-Level, Newer-Home Resale Market Insider November 2022

November Highlights

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

  • 20 total sales were recorded in November 2022 a decrease of 78% compared to the 92 sales recorded in November 2021.
  • Surrey & East Vancouver represent the strongest buyer’s market with respect to sales-to-listings ratios at 3% and 5% respectively.
  • North Vancouver has 0 newer entry-level homes available for sale.
  • Surrey & Langley are the most affordable cities to purchase a newer, entry-level single-family home.

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

  • There are a total of 93 newer, entry-level townhomes currently listed for sale. This represents a sales-to-listings ratio of 26% (Seller’s market defined by a ratio of 20% or higher).
  • Surrey, South Surrey & Langley comprise majority of the active listings at 34%, 17% and 20% respectively.
  • The median sale price spread between newer two-bedroom condos and entry-level townhomes is smallest in South Surrey at $151,200 and largest in East Vancouver at $416,000 (based on November 2022 sales).

Two-Bedroom Condo Sales: 1-10 years old

  • There were 91 total sales recorded in November 2022 – a decrease of 61% compared to the 234 homes sold in November 2021.
  • North Surrey & Westside Vancouver (including DT areas) are currently both buyer’s markets.
  • Median sale prices in Burnaby & North Vancouver have remained relatively unchanged since the peak pricing period of Q1 2022.
  • The median sale price spread between newer one & two-bedroom condos is smallest in South Surrey at $106,950 and largest in Westside Vancouver at $485,000 (based on November 2022 sales).

One-Bedroom Condo Sales: 1-10 years old

  • Inventory of newer one-bedroom condos remain extremely low in South Surrey & Willoughby, Langley with just 4 & 5 units respectively.
  • Westside Vancouver (including DT) comprises the largest amount of available one-bedroom supply at 98 units – the median asking price is $795,000.
  • Newer one-bedroom homes in North Vancouver remain in a strong seller’s market with a sales-to-listing ratio of 73%.
  • One -bedroom homes in Burnaby & East Vancouver experienced a notable increase in units sold over the month at 111% and 82% respectively.

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.

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.