the vancouver rennie advance | September 2024

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

published September 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2024 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 September 3, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere2,910M LS salesin theVancouverRegion in August,adrop of17% com pared tothe previousm onth thatwasgreaterthan thetypicalJuly-to-Augustdeclineof8%.Com pared with August2023,saleswerealso 17% lower(from 3,487 lastyear). • Lastm onth’ssalescountw asthelow estsinceJanuary and represented thefourth consecutive m onthlydecline.Itwasalsothesecond-fewestsalesforthem onth ofAugustin thepast12 years (behind August2022). • Salesin Augustwere28% lowerthan theprior10-yearAugustaverage.D etached hom esaleswere thefurthestbelow average(-42%,to894)folowed bytownhom es(-30%,to547)and condos (-20%,to1,340).

VANCOUVERREGION THERENNIEADVANCE sales

AUGUST2024

4,000

- 10% vsAug2023

3,500

3,000

2,500

2,000

1,529 10 yrAugAvg

1,500

1,000

DETACHED sales

894

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 42% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

- 18% vsAug2023

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

786 10 yrAugAvg

200 400 600 800

TOWNHOME sales

547

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 30% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

3,500

- 21% vsAug2023

3,000

2,500

2,000

1,681 10 yrAugAvg

1,500

1,340

1,000

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 20% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber3,2024.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtake stepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsdeclined in Augustto6,491.Thiswasadecreaseof27% m onth-over-m onth, which isalm ostdoublethetypicalJuly-to-Augustdeclineof14%. • W ith thislarger-than-usualdrop,new listingsactivity m oved closeto itstypicalA ugustlevel(up 1.0% versusthepast-decadeAugustaverageof6,424),and wasup 4% on ayear-over-yearbasis. • Condoand townhom enew listingsrem ained elevated at13% and 0.7% abovetheirprior10-year averagesrespectively,w hiledetached new listingsw ere15% below average.

VANCOUVERREGION THERENNIEADVANCE new listings

AUGUST2024

7,000

- 2% vsAug2023

6,000

5,000

4,000

2,712 10 yrAugAvg

3,000

2,000

DETACHED new listings

2,296

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

- 15% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 4% vsAug2023

2,500

2,000

1,500

1,115 10 yrAugAvg

1,000

1,123

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 1% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

5,000

+ 9% vsAug2023

4,000

3,000

2,511 10 yrAugAvg

2,826

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 13% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© Septem ber3,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofSeptem ber3,2024.Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • ActiveM LS listingsweredown 2% m onth-over-m onth,to20,879attheend ofAugust— thefirst m onthlycontraction of2024— though thedrop wasles than thetypicalJuly-to-Augustdeclineof 3%.Lastm onth’sinventorywasthem ostforanyAugustsince2014(22,395). • Inventorywas25% abovetheprior10-yearAugustaverage,led bycondoinventory(8,000 listings)at39% aboveaverage.Townhom einventory(2,964 listings)was26% aboveaverage,and detached inventory(9,129)was12% above. • Theoveral m arketwasconsidered balanced in Augustwith 7.2 m onthsofinventory(M O I),up from 6.1in July.Thecondoand townhom esegm entswerebalanced,with M OI’sof5.4and 6.0, respectively,w hilethedetached segm entrem ained aselers’m arketw ith an M O Iof10.2.

VANCOUVERREGION THERENNIEADVANCE inventory

AUGUST2024

14,000

+ 31% vsAug2023

12,000

10,000

8,000

9,129

8,128 10 yrAugAvg

6,000

4,000

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

+ 12% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

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

+ 58% vsAug2023

2,964

2,352 10 yrAugAvg

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

+ 26% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

12,000

+ 52% vsAug2023

10,000

8,000

6,000

5,767 10 yrAugAvg

4,000

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 39% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw adecreaseof1.4% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of0.9%.In G reaterVancouver,m edian detached priceswereup 0.3%,townhom epriceswere down 4.4% ,and condo priceswereflat.In theFraserValey,m edian detached priceswereup 2.1%,townhom epricesdeclined 0.3%,and condopricesrose0.9%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw eredow n 1.8% (averaged acros hom etypes),whilein theFraserValeyboard theyweredown 0.4%.In G reaterVancouver, m edian detached hom epriceswere1.1% lower,townhom epriceswere4% lower,and condoswere flat.In theFraserValey,detached hom epriceswereflat,townhom espriceswereup 0.6% ,and condopricesweredown 1.9%.

VANCOUVERREGION THERENNIEADVANCE median prices

AUGUST2024

•

$2,000,000

- 1% vsAug2023 Greater Vancouver

$1.88M

$1,600,000

$1.48M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

- vsAug2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● August

$1,200,000

- 4% vsAug2023 Greater Vancouver

$1,000,000

$1,018,000 $829,900

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 1% vsAug2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● August

$1,000,000

- vsAug2023 Greater Vancouver

$800,000

$720,000

$600,000

$529,900

$400,000

CONDO median salesprice

FraserV aley

$200,000

- 2% vsAug2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● August

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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

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