Metro Vancouver is a truly unique region, shaped by its natural boundaries—mountains, water, agricultural reserves and the southern border. Layered with a beautiful diversity of individuals who have come from all corners of the globe, the region is rich in culture, fosters tolerance, and shares a collective goal of growing positively for future generations who will one day call this place home.
The natural constraints of our region have made vertical growth essential for new housing, a defining characteristic of the market over the past decade. Growing up and continuing to live in Surrey, this transformation feels especially significant. With its rapid urbanization and population growth, Surrey is on track to become the largest city in British Columbia by the end of the decade—a milestone that reflects its evolving role in the region.
From the redevelopment of old mall parking lots like Oakridge, Brentwood, Lougheed, and Richmond Centre to the transformation of suburban hubs like Surrey City Centre, the region has undergone significant reimagining. Back in the late 2000s, visiting presale centers felt like stepping into a vision of the future, where urban living promised a vibrant, connected lifestyle.
Now, in 2024, that vision is steadily becoming reality. The SkyTrain network has connected our fast-growing cities, with new routes extending into neighborhoods like Fleetwood and Clayton in Surrey and further east into the Township of Langley.
“ ”
What were once quiet communities have transformed into thriving urban centers
Manraj Dosanjh
Dexter Realty
Sales in November 2024 saw significant growth, mainly driven by newer entry-level single-family homes and townhomes, which posted year-over-year increases of 85% and 21%, respectively. Sales of newer condos, however, remained flat. As interest rates settle and the market adjusts for the next cycle, condos are expected to play a more important role moving forward.
Median townhouse prices in November ranged from $870,000 in Surrey to $1,562,500 on Vancouver’s Westside. This price range is likely to shift more interest toward two-bedroom condos, which are anticipated to become a top choice for young professionals and families. Newer condo communities offer a balance of affordability, convenience, and access to urban amenities, making them an appealing option for those seeking a low-maintenance, connected lifestyle.
As Metro Vancouver continues to urbanize, each city and neighborhood is developing its own unique character, offering residents distinct experiences across the region. If you're considering purchasing real estate in 2025, take the time to explore. The best developers are spread throughout the region, delivering the quality and craftsmanship you’d expect for your future home.
Townhome sales on the rise as market moves into balanced territory.
Newer townhome sales showed continued strength in November 2024, rising 21% year-over-year and 13% month-over-month, fueled by strong demand in areas such as South Surrey, Willoughby, Langley, and Coquitlam.
Active listings increased 112% year-over-year, easing last year’s strong sellers’ market into more balanced conditions. However, tight supply and ongoing interest rate declines could quickly shift the market back in favor of sellers, particularly in affordable Fraser Valley communities and north of the Fraser submarkets such as Coquitlam. Limited new townhome supply is constraining the resale market and could drive prices higher if demand continues to strengthen into the new year.
In November, median townhome prices ranged from $850,000 in Willoughby, Langley, to $1,562,500 in Westside Vancouver.
One-bedroom condo sales remain flat.
Sales of newer one-bedroom condos were flat compared to the same period last year, with high carrying costs keeping many buyers on the sidelines. However, declining interest rates could boost affordability and reignite demand in this entry-level market in the new year.
Listings decreased across all tracked markets over the month, except in Surrey City Centre, where inventory remained stable. Supply remains tight in South Surrey, Willoughby, Coquitlam, and North Vancouver, which ended November as strong sellers’ markets.
Surrey City Centre remains the most affordable SkyTrain-oriented submarket, with a median list price of $494,900—significantly lower than Coquitlam, where prices start just under $600,000, and Burnaby, where the median price is approaching $650,000.
In November, newer one-bedroom condo prices ranged from $465,000 in Surrey City Centre to $689,000 in Downtown Vancouver.
Two-bedroom condos see month-on-month decline.
As seasonality takes effect, the newer two-bedroom condo market saw a 23% month-over-month decline in sales, while year-over-year sales remained relatively flat.
Surrey City Centre and Willoughby, Langley, led annual sales growth with increases of 71% and 80%, respectively. Surrey City Centre has now led annual sales increases in the tracked markets for two consecutive months, reflecting strong demand and continued buyer interest in the area. This sustained growth highlights Surrey's increasing appeal as an affordable and accessible location for homebuyers.
Willoughby, Langley, and North Vancouver continue to favor sellers, with demand pushing sold-to-active listings ratios to 33% and 22%, respectively. Meanwhile, Downtown Vancouver continues to face low demand, with median list prices for two-bedroom units approaching $1,499,000.
In November, median sale prices for newer two-bedroom condos ranged from $632,500 in Surrey City Centre to $1,237,500—double the price at the higher end of the market.
Sales of single-family homes increase but remain low overall.
Sales of newer, entry-level single-family homes surged 85% year-over-year in November 2024. However, the total number of sales remains low, with just 24 homes sold across tracked markets. With 291 listings, the entry-level single-family market continues to favor buyers.
Coquitlam is the only market for newer single-family homes in a sellers’ market, with 3 sales and 9 listings at the end of November.
Current median list prices start at $1,712,499 in Surrey and reach up to $4,193,500 in Westside Vancouver, making affordability a key challenge for many would-be buyers.
Reasons why you should consider newer-home resale data:
- Facilitates wise choices in new pre-sale purchases by providing valuable comparables, offering insights into product considerations for both personal use and investment.
- 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.
- Monthly sales statistics crucial for evaluating and planning new housing developments.
- These figures are routinely used by industry stakeholders such as real estate developers to understand the value of land, and anticipated market values for newly completed homes.
Market Insights Report: October 2024
After multiple rate cuts and promised changes to mortgage rules, buyers finally seemed to make moves during October in Metro Vancouver’s real estate market. As has been said before, the overall message for buyers these days is “buy now or compete later.” Unpack all the details with Kevin Skipworth from Dexter Realty.
