21
New Home Data
INSIGHTS AND COMMENTS
• The number of actively selling wood frame condominium
projects in Metro Vancouver decreased to 101 in
Q1-2024, down by four from the previous quarter. The
number of actively selling projects was up 74 percent
(43 more projects) when compared to the same period
five years ago.
• The Inner Metro and Outer Metro regions, as well as
the City of Vancouver accounted for 35 percent (35
projects), 46 percent (46 projects), and 20 percent (20
projects) of all actively selling wood frame condominium
projects, respectively.
• A total of 807 new wood frame condominium sales were
recorded in Q1-2024, an 18 percent decrease from the
previous quarter but a 51 percent increase from the
same quarter last year.
• In Q1-2024, wood frame condominium sales in Inner
Metro and Outer Metro regions as well as the City of
Vancouver decreased by 28 percent (80 fewer units), 10
percent (60 fewer units), and 47 percent (39 fewer units),
respectively, when compared to the previous quarter.
• The Central Surrey/North Delta sub-market accounted
for 30 percent of wood frame condominium sales
in Metro Vancouver with 244 sales, leading all
sub-markets. The Langley/Cloverdale sub-market
followed closely, accounting for 182 sales, or 23 percent
of total wood frame condominium sales.
• There were 2,498 released and unsold new wood frame
condominium units at the end of Q1-2024, a 10 percent
increase from the previous quarter and a 106 percent
increase from the same quarter last year.
• Overall unsold inventory levels of new wood frame
condominiums in Metro Vancouver were up by 108
percent when compared to the same quarter 5 years
ago.
• The Outer Metro and Inner Metro regions represented
57 percent (1,425 units) and 30 percent (760 units) of
the total wood frame available inventory, respectively,
while the City of Vancouver accounted for 313 units, or
13 percent of all wood frame available inventory.
• Only 287 of the 2,498 released and unsold new wood
frame condominiums in Metro Vancouver were move-in
ready at the end of Q1-2024.
• The Burnaby/New Westminster sub-market had the
most move-in ready units with 87 units, or 30 percent
of Metro Vancouver’s wood frame condominium
standing inventory totals. The Abbotsford/Misson
sub-market followed closely with 81 move-in ready
units (28 percent) available at the end of Q1-2024.
1: Released and unsold “inventory” includes new home product available for sale that is pre-construction, under
construction, and completed. “Standing Inventory” refers to unsold units that are complete and move-in ready.