Resale supply increased across most markets for all product types compared to the previous month.
The current high interest rate environment is contributing to a slower pace in the resale market.
Prospective buyers are keeping an eye on the market for attractive deals but are not feeling pressured to make quick decisions.
In the one-bedroom condo market, approximately half of the supply is distributed across two key markets: Burnaby and Westside Vancouver. The median sale prices for October 2023 were $658,000 and $680,000 respectively in these markets.
The sold-to-listings ratios, which indicates a balanced, buyers, or sellers market, continued to decrease in the one-bedroom condo segment, signaling a shift towards a more balanced market.
This might indicate that both first-time home buyers and investors, who are particularly active in this sector, are stepping back as they wait for more clarity on future interest rate adjustments.
Surrey, South Surrey, and Langley hold over half of the tracked townhome inventory and are the primary sources of new supply growth. These markets shifted from strong seller's markets to buyer's markets in the past six months.
When analyzing the pricing of recently launched presale projects for one and two-bedroom condos in the tracked markets below, it becomes evident that the disparity in prices between these and newer resale properties has been decreasing over the past few months.
This shift is a result of developers continuously adapting their prices to align with the current state of the market.
For potential purchasers or investors interested in presales, now might present an opportune moment to secure your next investment, depending on the specific product type and location.
Given the need to introduce new offerings, developers are currently providing some of the most attractive incentives and pricing that have been observed in years.
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 to 10 years old
Median One-Bedroom Sold Prices
1-10 years old
Median Two-Bedroom Sold Prices
1-10 years old
Reasons why you should consider newer-home resale data:
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.
More recent building and developer history – provides assurance and certainty when making one of the most important transactions of your life.
Homes include some of the latest design and technology – great for resale value when considering to move-up the property ladder.
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.