the rennie advance - May 2023

the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published May 2023

highlights • Therewere4,216 M LS salesin theVancouverRegion lastm onth.Thisrepresented a5% increase overM arch 2023,in contrastto thetypical7% M arch-to-A prildeclinein sales.D espitethis, April’ssalescountwasstil 12% lowerthan oneyearago,and 15% lowerthan thepast-decade average. • O n am onth-over-m onth basis,salescountswereup foral hom etypes.Salesofdetached hom es wereup them ost(by6%),folowed closelybycondos(up by5%)and townhom es(up by4%). • O n ayear-over-yearbasis,salescountswerelowerforal hom etypes.Condo salesweredown the m ost(by15%),folowed bytownhom esales(down by13%),and detached hom esales(down by 10%).

THERENNIEADVANCE sales

APRIL 2023

4,000

- 10% vsApr2022

3,500

3,000

2,500

2,000

2,091 10 yrAprAvg

1,402

1,500

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 33% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

- 13% vsApr2022

1,000 1,200 1,400 1,600

785

919 10 yrAprAvg

200 400 600 800

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 15% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

3,500

- 15% vsApr2022

3,000

2,500

1,903

2,000

1,834 10 yrAprAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+ 4% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright© May1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay1,2023.Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • M LS listingstotaled 11,988 lastm onth.W hilethiswas2% higherthan M arch,itwasles than thetypical8% M arch-to-A prilincrease.O veral,inventory rem ainsconstrained,w ith lastm onth’s listings11% low erthan lastyear,and 29% low erthan thepast-decadeaverage.In fact,A pril’s inventorywasthesecond-lowestin anyApriloverthepast30+ years. • O n am onth-over-m onth basis,inventoryroseforal hom etypes,with listingsofdetached hom es up 4%,townhom esup 1.1%,and condosup m arginaly,at0.3%.Com pared tolastyear,townhom e and detached hom einventorywereeach lower(by23% and 17%,respectively),whilecondo inventorywasactualyup,by1.4%. • O veral,therewere2.8 m onthsofinventory(M O I)in April,onceagain reflecting conditionsthat stronglyfavourselers.Thiswasalso trueforeach ofthehom e-typesegm entsofthem arket: detached (M OIof3.7),townhom e(M OIof2.0),and condo(M OIof2.5).

THERENNIEADVANCE total listings

APRIL 2023

14,000

- 17% vsApr2022

12,000

10,000

8,000

8,209 10 yrAprAvg

6,000

4,000

5,225

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

- 36% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

- 23% vsApr2022

2,415 10 yrAprAvg

1,580

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 35% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

12,000

+ 1.4% vsApr2022

10,000

8,000

6,000

5,898 10 yrAprAvg

4,000

4,771

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 19% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

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highlights • O n am onth-over-m onth basis,lastm onth’sm edian prices,when averaged acros al hom etypes, increased by3% in both theG reaterVancouverand FraserValeyboard area.Com pared to April 2022,m edian pricesweredown by4% in GreaterVancouverand 10% in theFraserValey. • Com pared to M arch,m edian sold pricesin G reaterVancouverroseforal hom etypes.For townhom es,theincreasewas5%,folowed bydetached hom esat3%,and condosat2%. Com pared toApril2022,them edian detached hom esold pricewas6% lower,folowed bythatof townhom es(down by5%),and then thatofcondos(down 2%). • In theFraserValey,them edian detached hom esold priceroseby6% overthepast m onth— outpacingthatoftownhom es(up 4%)and condos(nochange).Com pared tolastyear, detached pricesweredown them ostofal hom etypesin theFraserValey(by11%),folowed by condos(down 10%),and townhom es(down 8%).

THERENNIEADVANCE median prices

APRIL 2023

$1.88M

$2,000,000

- 6% vsApr2022 Greater Vancouver

$1,600,000

$1.43M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 11% vsApr2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● April

$1,200,000

$1,045,500

Greater Vancouver

$1,000,000

$838,000

- 5% vsApr2022

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 8% vsApr2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● April

$1,000,000

- 2% vsApr2022 Greater Vancouver

$800,000

$719,900

$600,000

$510,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 10% vsApr2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● April

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