What Buyers Are Really Doing in Today’s Condo Market

There’s a big question right now in Canadian real estate:Are buyers sitting back waiting for deals… or are they quietly stepping in?From what I’m seeing—and from conversations across the industry—the answer is both. But not in the way most people expect.

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The Two Types of Buyers in Today’s Market

Right now, condo buyers are falling into two clear categories:

• Investors looking for opportunities
• End users looking for a place to live

Both are active. But neither group is in a rush.

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Investors: Waiting for “Blood in the Water”

There is definitely a segment of buyers actively hunting for deals.These are investors who:

• Want to be notified of distressed sales
• Are watching the market closely
• Are looking for underpriced or motivated sellers

But here’s the key—they have zero urgency.They’re not chasing properties.
They’re waiting.And one of the biggest misconceptions they have is this:Just because the market is down doesn’t mean everything is a fire sale.In reality:

• Most condos that sell are still trading around 95% to 97% of asking price
• Even softer deals are often around 90% of list price

That tells you something important:Well-priced properties are still selling close to market value.

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End Users: Quietly Gaining Confidence

The more interesting group right now is end users—especially first-time buyers.These buyers are:

• Coming from renting
• Watching the market for months (or years)
• Starting to feel like ownership is possible again

And their mindset has shifted.Instead of trying to perfectly time the bottom, they’re thinking:“If the right property comes up, we’re ready.”There’s still no urgency—but there is growing confidence.And that’s a big change.

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Why Buyers Still Aren’t Rushing

Even with better affordability compared to the peak, buyers are taking their time.That’s because:

• There’s more inventory to choose from
• Prices are still adjusting in some segments
• Interest rates remain a factor

So instead of competing aggressively, buyers are:

• Comparing options carefully
• Waiting for the right fit
• Acting only when something truly stands out

This is especially noticeable in markets like Surrey and across the Fraser Valley, where selection has improved significantly compared to previous years.

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What This Means for Sellers

If you’re selling in today’s market, this buyer behavior matters.Buyers are not:

• Overpaying
• Rushing decisions
• Competing blindly

They are:

• Informed
• Patient
• Selective

Which means your property needs to stand out on:

• Price
• Condition
• Layout and livability

Because even in a slower market, the best properties still sell.

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The Reality About “Deals”

There’s a lot of talk about buyers expecting massive discounts.But the truth is:

• The best properties rarely sell at deep discounts
• Buyers recognize value when they see it
• Pricing correctly is still the most important factor

A listing at $500,000 isn’t suddenly selling for $400,000 just because the market is down.That’s not how this works.

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Condos Still Matter (Despite the Headlines)

There’s also a growing narrative out there that condos are somehow a “bad” investment.That’s short-sighted.Condos serve a critical role in markets like:

• Surrey
• Greater Vancouver
• Toronto

They provide:

• Entry points for first-time buyers
• Affordable housing relative to detached homes
• Density that cities need to function

The real question isn’t whether condos matter—it’s:What kind of condos should be built going forward?

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What Happens Next?

Looking ahead, there are a few key things to watch:

• Will developers shift toward more livable, end-user-friendly layouts?
• Or will we return to investor-driven micro-units?
• How quickly will existing inventory get absorbed?

There’s also a major factor at play:In some markets, there are still thousands of condos available for sale.That creates competition—and opportunity.For most buyers today, resale properties continue to offer:

• Better value
• Better layouts
• More immediate availability

Compared to brand-new inventory.

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Key Takeaways

• Buyers are active—but not urgent
• Investors are waiting for deals, not chasing them
• End users are gaining confidence and re-entering the market
• Most properties still sell close to asking price when priced correctly
• Selection has improved, giving buyers more control
• Resale condos currently offer stronger value than new builds

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Final Thought

This is one of the most balanced buyer markets we’ve seen in years.There’s no panic.
No frenzy.
No rush.Just informed buyers making calculated decisions.And in markets like Surrey, that shift is creating a healthier, more sustainable real estate environment—one where the right properties still sell, and the right buyers are finally getting their opportunity.

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Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty