NOVEMBER 2023 

Excluding the single-family market, active listings declined across all submarkets throughout the month, including one and two-bedroom condos as well as townhomes.

The current high interest rate environment is contributing to a slower pace in the resale market.

The ongoing decline in the resale market for newer homes has resulted in some of the most favorable purchasing opportunities in years. 

As for the entry-level single-family market, every submarket is presently a firm buyer's market. In Westside Vancouver, the sales-to-listings ratio stood at five percent by the end of November 2023 (1 sold, 22 active listings), while Langley, registering zero sales in November 2023, has 36 active listings.

The performance of the one-bedroom condo market varies among submarkets. On one side, buyers are in control in Surrey City Centre and Westside Vancouver, with sales-to-listings ratios of 11 and 10 percent, respectively. On the flip side, South Surrey and Willoughby in Langley sellers are in control, with sold-to-listings rations of 150 and 46 percent, respectively.

Surrey, South Surrey, and Langley collectively account for more than half of the monitored townhome inventory and serve as the main contributors to new supply growth. These are also the only markets with inventory available for less than $1,000,000. 

Analyzing pricing trends of new presale projects for one and two-bedroom condos in the tracked markets indicates a narrowing gap with newer resale properties. This shift results from developers adjusting prices to match the current market. For potential buyers or investors eyeing presales, now could be an opportune moment, depending on the product type and location.

For individuals considering the resale market and capable of navigating the current high-interest-rate landscape, this could be an opportune moment to enter. Buyers hold sway across most markets, presenting excellent opportunities to secure remarkable deals.

Median Single-Family Sold Prices
Max lot size of 4,000 SF
1-15 years old 

*Max lot size 4,500 SF

Median Townhome Sold Prices
1,200-1,500 SF
1 to 10 years old

Median One-Bedroom Sold Prices
1-10 years old

Median Two-Bedroom Sold Prices
1-10 years old

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.
   
   
4. Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
   
   
5. Monthly sales statistics crucial for evaluating and planning new housing developments.
   
   
6. These figures are routinely used to understand the value of land, and anticipated market values for newly completed homes.