As we approach the midpoint of 2024, the White Rock real estate market is telling an interesting story. The caution that characterized our spring outlook has given way to cautious optimism, driven by growing confidence that interest rate relief is approaching and a steady flow of buyers who see current conditions as a window of opportunity.
The Numbers: Q2 at a Glance
Sales activity in White Rock and South Surrey picked up modestly through April and May compared to the same period last year. While we are not seeing the frenzied pace of 2021-2022, the market is showing signs of life after a subdued 2023. Key metrics:
- Sales volume: Residential sales in the White Rock/South Surrey area were up approximately 10-15% compared to Q2 2023, though still below the 10-year average for the period.
- Active listings: Inventory continues to build. There are roughly 20% more active listings than a year ago, giving buyers meaningfully more choice. The sales-to-active-listings ratio suggests a balanced market, leaning slightly in favour of buyers in the condo segment.
- Days on market: The average time to sell has stabilized at around 30-40 days for well-priced detached homes and 40-55 days for condos. Overpriced properties are sitting considerably longer.
Price Movements
Prices in White Rock have been largely flat through the first half of 2024, which is actually a positive sign after the declines seen in 2022-2023. The market appears to have found a floor in most segments:
Detached homes: The benchmark price for single-family homes has held steady near $1.6-1.7 million. The upper end of the market — homes above $2.5 million, particularly those with ocean views — has been slower, with some price negotiation happening on properties that have been listed for extended periods.
Townhouses: This remains the most competitive segment. Benchmark prices near $950K have held firm, and well-located townhouses in family-friendly areas continue to attract multiple interested buyers. The shortage of new townhouse supply relative to demand is supporting prices.
Condos: Benchmark condo prices have softened very slightly, down perhaps 2-3% from early 2024 levels. This reflects the combination of more inventory (including new builds) and the impact of higher interest rates on the entry-level buyer segment. For buyers, this represents a good opportunity. Visit our market data page for current figures.
The Interest Rate Factor
The Bank of Canada delivered its first rate cut in June 2024, bringing the overnight rate down by 25 basis points to 4.75%. While a quarter-point cut does not dramatically change affordability on its own, the psychological impact is significant. It signals that the tightening cycle is over and that further cuts are likely.
For the White Rock market specifically, the rate cut has had two effects. First, it has brought some sidelined buyers back into the market, particularly those who were waiting for confirmation that rates had peaked. Second, it has reinforced the argument that buying now — before potential rate cuts drive prices higher — is a sound strategy. Use our mortgage calculator to see how different rate scenarios affect your payments.
Who Is Buying
The buyer mix in White Rock this summer shows some interesting patterns:
- Downsizers: Continuing to be active in the condo market, particularly in buildings along Marine Drive and the hillside. Many are selling larger homes in Vancouver, Burnaby, or North Vancouver and bringing significant equity.
- Move-up buyers: Families in the South Surrey townhouse market looking to upgrade to detached homes have been active, taking advantage of the softer detached market to make the jump.
- Investors: Renewed interest in rental properties, particularly two-bedroom condos near the town centre. White Rock's low vacancy rate and solid rental demand make it attractive. Read our analysis of the rental investment landscape.
- Out-of-province buyers: Alberta buyers continue to explore White Rock, drawn by the coastal lifestyle and, in some cases, the ability to cash out of higher-priced Calgary properties for something comparable or better in White Rock.
Neighbourhood Trends
Activity varies by neighbourhood. The West Beach area continues to command premium prices, with any property offering ocean views selling relatively quickly. The East Beach area offers slightly more value and has seen increased buyer interest. Ocean Park remains a favourite for families seeking a village atmosphere with access to nature.
The upper hillside and areas near the town centre have the broadest selection of condos, and this is where the most negotiation is happening — a good area for buyers seeking value.
Looking Ahead to H2 2024
Our outlook for the second half of 2024 is cautiously positive. If the Bank of Canada delivers additional rate cuts as expected, we anticipate:
- A gradual increase in sales activity through the fall
- Stable to modestly rising prices in the detached and townhouse segments
- Continued softness in the condo market until rate cuts accumulate enough to meaningfully improve affordability
- Strong seasonal interest in White Rock from May through September, as the community's natural beauty and waterfront lifestyle attract visitors who then become buyers
For a deeper look at our fall expectations, see our upcoming fall 2024 forecast. Browse current opportunities on our listings page.