the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published February 2020
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
2 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • January’s 1,577 sales across the Greater Vancouver board area were up 43% compared to January 2019 —the 7 th consecutive month of double-digit year-over- year increases. Detached home sales were up by 30%, townhomes by 54%, and condos by 46%. • In comparison to the average for the past-decade , where sales declined 9% between December and January, the most recent count of month-over-month sales were down 22%. This was seen across all home types, with detached sales falling by 26% month- over-month, townhomes down 7%, and condos down 23%. • Compared to the 10-year January average of 1,735, January’s sales in 2020 were 9% lower.
sales THE RENNIE ADVANCE
JANUARY
2,500
January
2,000
1,500
vs 10yr Jan Avg 32%
vs Jan 2019 30%
1,000
DETACHED sales
10yr Jan Avg 656
500
444
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 100 200 300 400 500 600 700 800
January
vs 10yr Jan Avg 9%
272
10yr Jan Avg 251
TOWNHOME sales
vs Jan 2019 54%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2,500
January
2,000
vs 10yr Jan Avg 3%
1,500
1,000
10yr Jan Avg 790
815
CONDO sales
500
vs Jan 2019 46%
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 3, 2020. All data from RealEstateBoardof Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • On a year-over-year basis , inventory was down by double-digits across all home types: by 26% for detached homes, by 24% for townhomes, and by 22% for condos. • In line with seasonal patterns of change, inventory across the Greater Vancouver board area increased for all home types between December and January . Having said that, it is worth noting that inventory rose by only 5% versus the average seasonal increase of 16%. • The sales-to-listings ratio fell for all three home types in January. Conditions now favour buyers in the detached home segment, while conditions remain favourable to sellers in both the townhome and condo segments.
total listings THE RENNIE ADVANCE
JANUARY
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Jan Avg 4,848
3,947
vs Jan 2019 26%
DETACHED listings
vs 10yr Jan Avg 19%
January
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
2,500
2,000
1,500
10yr Jan Avg 1,312
1,113
1,000
vs Jan 2019 24%
TOWNHOME listings
January
vs 10yr Jan Avg 15%
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Jan Avg 4,538
3,390
vs Jan 2019 22%
CONDO listings
vs 10yr Jan Avg 25%
January
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 3, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • Compared to January 2019 , median detached home prices were up by 3% in January 2020 (the largest increase since January 2018), townhome prices were up 6% (the largest increase since September 2018), and condo prices were up 4% (the largest increase since August 2018). • Having said that, median prices fell for all home types month-over-month : by 7% for detached homes, by 3% for townhomes, and by 0.8% for condos. • Both the detached-to-townhome and townhome-to-condo price ratios decreased from December (falling to 1.76 for the former and to 1.28 for the latter), reflecting more favourable conditions for households looking to up-size or move up-market.
median prices THE RENNIE ADVANCE
JANUARY
$1,600,000
$1.32 M
January
$1,200,000
vs Dec 2019 7%
$800,000
vs Jan 2019 3%
DETACHED median sales price
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
January
$751,500
$800,000
$600,000
vs Dec 2019 3%
$400,000
TOWNHOME median sales price
vs Jan 2019 6%
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$800,000
January
$585,000
$600,000
vs Dec 2019 0.8% vs Jan 2019 4%
$400,000
CONDO median sales price
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 3, 2020. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
THE RENNIE ADVANCE
the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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