January was a fairly quiet month compared to other months where listings rose 31% year over year. Sales reports were 23% below the 10 year seasonal average – so what gives?
Buyers are sitting tight – hoping for the next interest rate change – not likely until the end of the year. Pent up demand and l0sses in multiple offers have put a sour taste in some buyers mouths. Don’t think this lull will end, the demand is there.
Where should first time home buyers look for a condo?
Easy we start with the lowest Benchmark price for February 2024.
Port Coquitlam, Pitt Meadows and New Westminster all have the lowest Benchmark prices for condo ( on the mainland). If you are venturing out further I would suggest the Sunshine coast where the average price of a condo is under $600,000 which is below the Benchmark for Greater Vancouver
Port Coquitlam condo Benchmark Price – $650,200
Pitt Meadows condo Benchmark Price $609,600
New Westminster condo Benchmark Price $647,300
If you are looking for townhomes under the Benchmark price have a few options.
Buyers Best Bets Presale Townhomes
Terrayne by Townine Homes
These Burke Mountain Townhomes are priced from $985,900 for a 3bedroom home.
These 3 bedroom townhomes are priced from $999,900 and have 1249 square feet worth of living space. Located adjascnet to Smiling Creek Park, Amber Gate offers spacious, contemporary townhomes where your family can grow from.
These 3 and 4 bedroom townhomes are located in the West Coquitlam neighbourhood of Burquitlam . Priced from just under 1 million dollars, these are great entry homes for first time home buyers and families. Located walking distance to Millar Park Elementary and Banting Middle School, this location is perfect for families.
Buyers Best Bets Resale Townhomes
If you are looking to buys something now and don’t have time to wait here are ares where the average price of a townhome is under the Benchmark Price.
Burnaby East – $861,600
Burnaby North – $893,100
Port Coquitlam – $915,600
Pitt Meadows – $814,100
Buyers Best Bets Resale Townhomes
The Benchmark Price for a detached home in the Greater Vancouver are is just under 2M. So where can you find something that is less expensive? Here are some ideas for you:
Pitt Meadows – $1,301,500
New Westminster –$1,541,300
Maple Ridge – $1,256,300