February 2024

The resale market for newer homes features some of the most favorable purchasing opportunities in years. 

A part from Coquitlam, a buyer's market prevails in the entry-level single-family housing sector throughout the region. 

Surrey, South Surrey, and Langley collectively account for nearly 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. 

If buyers can endure the higher interest rates for a bit longer, they'll discover that newer resale townhomes are being sold at a substantial discount compared to presale townhome projects actively selling in the Fraser Valley.

When comparing resale prices of one and two-bedroom condos to recently launched presale projects across Metro Vancouver, there appears to be a diminishing premium between the two options. This trend can be attributed to a slower presale market, with developers still offering incentives to buyers in order to stimulate demand. Great time to invest in presale. 

The median sale price of one and two-bedroom condos has increased year-over-year in the majority of markets.

With developers still offering incentives to buyers in the presale market, now is an opportune moment to secure presale investments expected to be completed in 18 months or more. 

Willoughby, Langley is THRIVING🔥, boasting sold-to-active ratios ranging from 70 to 89 percent for both townhomes and one & two-bedroom condos. This presents an excellent opportunity for presale investors in the area.

Median Single-Family Sold Prices
Max lot size of 4,500 SF
1-15 years old 

* Max 4,500 SF Lot

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.