What Your Budget Buys | Under $700k
New ground-oriented homes under $700,000
This is the thinnest band in the region, and where it exists tells you more than the price does. Here is exactly how many homes clear it, where they are, and what buying at this level actually costs once tax and insurance are counted.
The short answer
61 of the 1,461 active newly built ground-oriented homes in the region list under $700,000, 4.2% of the market. The median among them is $679,900 for 1,418 sq ft at $492 per square foot. Almost all of them sit in the Fraser Valley.
- Active listings
- 61
- Share of market
- 4.2%
- Median price
- $679,900
- Median size
- 1,418 sq ft
Newly built ground-oriented homes under $700,000
61 active listings
- Median list price
- $679,900
- Median price per sq ft
- $492
- Median size
- 1,418 sq ft
- Median strata fee
- $257
- Median annual property tax
- $2,600
typical range $598,000 to $699,900
typical range $410 to $1,000
typical range 578 sq ft to 1,611 sq ft
typical range $70 to $338
57 of 61 listings state one
typical range $1,179 to $3,476
23 of 61 listings state one
Measured across 61 active listings on .
What is actually in this band
Where these homes are
- Mission 15 (25%)
- Vancouver 11 (18%)
- Chilliwack 11 (18%)
- Abbotsford 7 (11%)
- Sechelt 3 (5%)
- Maple Ridge 3 (5%)
- Hope 3 (5%)
- Burnaby 3 (5%)
A further 5 listings sit in 4 other cities.
The neighbourhoods with the most of them
- Mission, Mission 15
- Central Abbotsford, Abbotsford 5
- Lower Landing, Chilliwack 5
- Chilliwack Proper East, Chilliwack 4
- Sechelt District, Sechelt 3
- Hope, Hope 3
- South Granville, Vancouver 3
- Cambie, Vancouver 3
Areas with three or more listings in this band.
How many bedrooms your money gets
- 1 bedroom 14 (23%)
- 2 bedrooms 6 (10%)
- 3 bedrooms 40 (66%)
- 4 bedrooms 1 (2%)
Median size
1,418 sq ft
Median per sq ft
$492
Median list price
$679,900
Type
60 townhouses, 1 half duplex
Ownership
56 strata, 0 freehold with no strata , 5 not stated
The part of this price that works in your favour
Buying below $700,000 puts you under both of the property transfer tax exemption thresholds at once. A newly built home is fully exempt at $1,100,000 or less, and a first-time buyer is fully exempt at $835,000 or less. Every home in this band clears both by a wide margin, so the tax that would cost $12,000 on a $700,000 purchase can come to nothing.
Both exemptions require you to move in within 92 days of registration and live there for the first year. They are for people buying a home to live in, not for a rental purchase.
The down payment rules are also at their easiest here. Minimum down on a $700,000 home is $45,000, well under the 20% that a $1.5M home forces. What you give up for that is mortgage default insurance, which adds $26,200 to the amount you borrow.
Is this band right for you
Works well if
- ✓ You work remotely, or already work east of Langley
- ✓ You want a brand new home with warranty rather than an older one closer in
- ✓ You are a first-time buyer and want both PTT exemptions comfortably in reach
- ✓ Space matters more than proximity, and this band still delivers a large median home
Does not work if
- ✕ You commute into Vancouver or Burnaby regularly
- ✕ You need SkyTrain access, which this band does not reach
- ✕ You want to be near family who live in the western half of the region
- ✕ You need to sell quickly in future, since these markets are thinner both ways
Check before you offer
- → Whether GST is included in the list price, and whether you qualify for the new housing rebate
- → That you meet the occupancy conditions for the newly built home PTT exemption
- → The real drive time to your workplace at your actual departure hour
- → The strata fee and what it covers, since a low price does not guarantee a low fee
Where the sub-$700,000 homes are
The clearest possible answer to whether this price works for you. Almost none of it is inside Metro Vancouver proper, and the map shows that faster than any paragraph.
58 of 61 homes plotted. 3 listings have no coordinates in the feed and cannot be placed. Click a pin for the photo, the price, and a Street View link. Zoom with the plus and minus buttons or by pinching.
Every active listing under $700,000
$399,900133 601 HARRISON AVENUE
Coquitlam West · 1 bed · 431 sq ft
$449,900SL 1 320 N NANAIMO STREET
Hastings Sunrise · 1 bed · 572 sq ft
$555,000111 7161 17TH AVENUE
Edmonds · 1 bed · 626 sq ft
$569,000B 2020 VIEWMOUNT COURT
FVREB Out of Town · 3 bed · 1,648 sq ft
$579,900151 2451 N GRANDVIEW HIGHWAY
Renfrew Heights · 1 bed · 490 sq ft
$584,9009 7300 COPPERWOOD STREET
Lower Landing · 3 bed · 1,560 sq ft
$598,0001 7270 17TH AVENUE
Edmonds · 2 bed · 1,060 sq ft
$599,0001726 TEMPLETON DRIVE
Grandview-Woodland · 1 bed · 559 sq ft
$609,90062 8430 NOTTMAN STREET
Mission · 3 bed · 1,420 sq ft
$619,9002 595 E 49TH AVENUE
Fraser Street · 2 bed · 645 sq ft
$625,00011 520 W 28TH AVENUE
Cambie · 1 bed · 561 sq ft
$629,90021 33525 KINGSTON AVENUE
Poplar · 3 bed · 1,253 sq ft
$629,9008 7300 COPPERWOOD STREET
Lower Landing · 3 bed · 1,611 sq ft
$634,90010 7312 MULBERRY ROAD
Lower Landing · 3 bed · 1,562 sq ft
$639,9007 33520 KINGSTON AVENUE
Central Abbotsford · 3 bed · 1,289 sq ft
$639,90014 7312 MULBERRY ROAD
Lower Landing · 3 bed · 1,560 sq ft
$649,0002 558 PARK STREET
Hope · 3 bed · 1,550 sq ft
$649,90030 24951 112 AVENUE
Cottonwood MR · 2 bed · 1,024 sq ft
$658,0006164 GRANVILLE STREET
South Granville · 1 bed · 658 sq ft
$659,90013 8924 CEDAR STREET
Mission · 3 bed · 1,427 sq ft
$659,90012 8924 CEDAR STREET
Mission · 3 bed · 1,427 sq ft
$663,0003 558 PARK STREET
Hope · 3 bed · 1,551 sq ft
$664,0006170 GRANVILLE STREET
South Granville · 1 bed · 667 sq ft
$664,900149 24951 112 AVENUE
Cottonwood MR · 2 bed · 1,051 sq ft
$664,90017 7312 MULBERRY ROAD
Lower Landing · 3 bed · 1,666 sq ft
$668,000103 918 W 32ND AVENUE
Cambie · 1 bed · 558 sq ft
$669,90010 33520 KINGSTON AVENUE
Central Abbotsford · 3 bed · 1,335 sq ft
$679,0002 6091 ROSEWOOD PLACE
Sechelt District · 3 bed · 1,400 sq ft
$679,00017 7540 BRISKHAM STREET
Mission · 3 bed · 1,409 sq ft
$679,9007 32929 CHERRY AVENUE
Mission · 3 bed · 1,573 sq ft
31 more active listings are not shown here. Search every active listing . Prices are the list price. Most new homes have GST added on top.
Common questions
Can you still buy a new townhouse under $700,000 in Metro Vancouver?
Not really inside Metro Vancouver proper. Of the 61 active listings under $700,000, the overwhelming majority are in Chilliwack, Mission, Abbotsford, Hope, and Agassiz. Vancouver, Burnaby, and North Vancouver have effectively nothing new at this price.
What down payment do I need at this price?
The minimum is 5% on the first $500,000 and 10% on the rest, so on a $700,000 home that is $45,000. Because that is under 20%, mortgage default insurance applies and adds $26,200 to the loan at the 95% band.
Do I pay property transfer tax on a home under $700,000?
Probably not, if you qualify. A newly built home at $1.1M or less gets a full exemption from property transfer tax when you occupy it as your principal residence within 92 days and stay a year. Every home in this band is well under that threshold. A first-time buyer under $835,000 has a second route to the same result.
Is GST on top of these prices?
On a new home, normally yes, and 5% on a $650,000 home is $32,500. Check the listing and the contract, because a minority state that GST is included. The GST new housing rebate can reduce the amount on qualifying purchases.
Why is the inventory so thin at this price?
Because land plus construction plus development charges rarely leave a new ground-oriented home under $700,000 anywhere with quick access to the city. The homes that clear it are almost all an hour or more east, where land costs a fraction of what it does closer in.
How many active listings under $700,000 are there right now?
61 of the 1,461 active newly built ground-oriented homes in the region list under $700,000, which is 4.2% of the whole market this hub tracks. The median among them is $679,900 for 1,418 sq ft, and almost all of them sit in the Fraser Valley rather than Metro Vancouver proper.
What are the occupancy conditions for the property transfer tax exemption?
Both the newly built home exemption and the first-time buyer exemption require moving in within 92 days of registration and living there as a principal residence for the first year. They apply to a home bought to live in, not one bought as a rental.
Is a sub-$700,000 home a good fit if I commute into Vancouver?
It fits poorly for a regular Vancouver or Burnaby commute, since this band sits mostly an hour or more east with no SkyTrain access. It suits a buyer who works remotely, already works east of Langley, or values space and a lower price over proximity to the city core.
Where these figures come from
- VanPlex active listings, MLS® data
Active townhouses, half duplexes, and row houses built in the last two years across Metro Vancouver and the Fraser Valley.
Checked
- Government of BC, newly built home PTT exemption
Full exemption at $1,100,000 or less, partial to $1,150,000. Effective 1 April 2024.
Checked
- Government of BC, first time home buyers' PTT exemption
Full exemption at $835,000 or less, partial to $860,000. Effective 1 April 2024.
Checked
- CMHC, mortgage loan insurance premiums
2.80% at 80.01 to 85% LTV, 3.10% to 90%, 4.00% to 95%.
Checked
- Canada Revenue Agency, GST/HST new housing rebate
GST applies to new homes. The rebate reduces it on qualifying purchases.
Checked
See the homes behind these numbers
Every figure on this page comes from listings you can open. Search the full set of newly built townhouses, half duplexes, and row houses, and filter by price, bedrooms, freehold or strata, pets, and parking.