October 2022 Highlights:
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Surrey & Langley both have 41 active listings for newer enter-level, single family homes for sale; only 1 sold in each market in October 2022.
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With just 2 active listings, North Vancouver has the lowest amount of available supply of newer entry-level, single-family homes.
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As a major contributor of Townhome supply north of the Fraser River, Coquitlam has only 5 newer, entry-level townhome active listings.
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The median sale price spread between newer two-bed condos & newer, entry-level townhomes was smallest in Willoughby, Langley at $76,250 and largest in Westside Vancouver at $745,000.
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The median sale price spread between newer one & two-bedroom condos is smallest in Surrey City Centre at $122,500 and largest in North Vancouver at $375,000.
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Inventory of newer one-bedroom condos remain extremely low in South Surrey & Willoughby, Langley at 3 & 8 units respectively.
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Westside Vancouver comprises the largest amount of available one-bedroom supply at 95 units – the median asking price is $758,999.
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:
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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.
