DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review
published September 2024
table of contents
02 INTRO
Each month, we release the rennie review, a detailed look at the real estate marketplace in the Vancouver Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
MARKET AREA PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 51 52 56 58
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Burnaby North Burnaby South
rmelzer@rennie.com
Coquitlam
Langley
North Delta
New Westminster North Vancouver
Port Moody Richmond
Squamish
Surrey
Vancouver East
Vancouver Downtown
Vancouver West West Vancouver
Whistler
63 AREA MAPS
66 GLOSSARY
68 CURRENT PROJECTS
2 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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
a tug of war between today and tomorrow Three interest rate cuts by the Bank of Canada have materially increased purchasing power for would-be buyers. How these market participants weigh the prospect of further cuts against a more than decade-high in inventory will ultimately shape the fall market.
So why would anyone consider making a purchase this fall with so many more interest rate cuts on the horizon? The answer is inventory. With 20,881 active MLS listings across the Vancouver Region at the end of August, buyers have not had this much choice heading into the fall since 2014 (when there were 22,395 listings). Put another way, total inventory was 25% above the prior 10-year August average (of 16,713), with condo inventory leading at 39% above average versus 26% for townhomes and 12% for detached homes. That inventory won’t be around for long though. Real estate activity is very seasonal and we know from history that a combination of more sales and fewer new listings in the fall (as well as more de-listings) means that inventory will decline significantly between now and year-end. Over the past 10 years, that decline has ranged between 15% and 44% (the average is 33%). How would-be buyers weigh more inventory today versus more interest rate cuts tomorrow will ultimately define the fall market.
August is already a slow time for real estate activity in the Vancouver Region, but combine that with high interest rates and elevated home prices and you get something that could be politely described as “exceptionally slow”. There were 2,909 MLS sales in August, the fewest since January (2,321) and the second- fewest for the month of August going back to 2012. Relative to August of last year (when borrowing costs were actually higher than they are now), last month’s sales were down 17% year-over-year. Compared to the prior 10-year August average, sales were 28% lower. Rather than mull over the August that was not, perhaps the best use of this space is to discuss what might be coming in the months ahead. Real estate activity typically ramps up in the fall from the lows of summer. In fact, in two years of the past 10, sales have actually peaked in October in the Vancouver Region. What’s different this year, however, is that buyers are heading into the fall market with some extra confidence courtesy of three
25-basis-point interest rate cuts by the Bank of Canada. It’s only been about two months since the Bank officially began easing rates, but the cumulative impact of the rate wind- down to-date is notable. For example, if we assume 20% down on a $750,000 condo (that is, a $600,000 mortgage) and a variable-rate insured mortgage at the prime rate minus 100 basis points, then each of the past three interest rate cuts has resulted in a decrease in monthly mortgage payments of about $90. All told, that’s roughly $3,300 in cumulative annual savings relative to just a few months ago. Alternatively, if we assume that our would- be buyer is comfortable making the roughly $3,900 monthly payment that they would have prior to the Bank of Canada’s first interest rate cut, then the past three rate cuts have resulted in a $56,000 increase in purchasing power (i.e., they can now buy an $806,000 condo with the same monthly payment).
3 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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
House for Sale
Jameson House
House for Sale
$2,988,000 | WEST VAN 1145 Mathers Avenue 5 Bed, 2 Bath, 3,156 SF
$2,599,000 | DOWNTOWN 3301 - 838 W. Hastings Street 2 Bed, 3 Bath, 2,102 SF
$3,299,900 | NORTH VAN 4138 St. Georges Avenue 6 Bed, 4 Bath, 4,277 SF
Shannon Pickering 604.812.1887
Phil Chang PREC* 604.754.6678
Charlie Kim PREC* 604.767.1531
Duplex for Sale
House for Sale
House for Sale
$2,289,000 | KITSILANO 3389 W. 2nd Avenue 1 Bed, 3 Bath, 1,853 SF
$2,180,000 | NORTH VAN
$2,350,000 | PORT MOODY
5038 Shirley Avenue 3 Bed, 2 Bath, 1,989 SF
3580 Main Avenue 4 Bed, 3 Bath, 3,080 SF Randy Rinaldo PREC* 604.781.4995
Merideth Schutter 604.999.8665
Alice Ristak PREC* 604.809.7218
House for Sale
House for Sale
The James
$1,279,000 | FALSE CREEK 507 - 288 W. 1st Avenue 2 Bed, 2 Bath, 973 SF
$1,980,000 | BURNABY NORTH
$1,999,000 | WEST VAN 405 Timbertop Drive 3 Bed, 3 Bath, 2,586 SF
2920 Camrose Drive 6 Bed, 4 Bath, 3,446 SF
Vivien Ma PREC* 604.828.2268
Natalie Genest PREC* 604.928.7330
Kim Taylor 604.315.2645
Tapestry $1,259,900 | FAIRVIEW 703 - 2851 Heather Street 2 Bed, 2 Bath, 1,115 SF Candace Cheung PREC* 604.649.4328
Wilshire House
House for Sale
$1,175,000 | MAPLE RIDGE
$1,149,000 | S. GRANVILLE 605 - 1571 W. 57th Avenue 2 Bed, 2 Bath, 941 SF
11465 207a Street 2 Bed, 3 Bath, 1,583 SF
Eaton Shi PREC* 778.829.0978
Danny Chow PREC* 604.765.2469
Canopy $799,000 | SURREY 14 - 9718 161a Street 2 Bed, 3 Bath, 1,234 SF Brandon Blue PREC* 604.999.7792
Soma Lofts
Tailor by Marcon
$849,000 | BURNABY NORTH
$1,050,000 | MT. PLEASANT 203 - 2635 Prince Edward Street 2 Bed, 2 Bath, 883 SF
307 - 2425 Alpha Avenue 2 Bed, 2 Bath, 786 SF
Amy Chan PREC* 604.992.2101
Colby Hennessy 604.616.8288
Novo I
Riverwalk
Stanton House
$699,900 | BURNABY NORTH 904 - 9288 University Crescent 2 Bed, 2 Bath, 1,054 SF
$698,000 | SOUTH MARINE 24 - 2885 E. Kent Avenue North 2 Bed, 2 Bath, 945 SF
$694,000 | COQUITLAM 207 - 607 Cottonwood Avenue 2 Bed, 2 Bath, 841 SF Lorenzo Daminato PREC* 604.657.8121
Ryan Wong PREC* 604.551.7966
Theo Birkner PREC* 778.558.7669
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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.
4
vancouver region DETACHED - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 10% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 31% VS 2023
▼ 7% VS 2023
▼ 3% VS 2023
▼ 10% VS 2023
There were 9,127 detached listings in the Vancouver Region in August, 1.4% below July and 31% higher than August 2023. August detached home sales decreased by 18% month-over-month, to 893, and were 10% below August 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 10%, reflected a buyers' market.
THIS MONTH No. $1,920,306 $1,650,000 10% 893 9,127
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$2,060,471 $1,695,000 14% 993 6,946
-32% -10% 31%
1,087 9,253
-1.7% -3% -17% -18% -1.4%
The detached median price in August was $1,650,000, a 3% decrease from July and 3% below August 2023.
$1,954,086 $1,700,000 12%
The average sold price was $1,920,306, 1.7% below last month and down 7% to August 2023.
-7% -3%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
8,533
9,127
9,253
9,015
7,806
7,562
7,489
6,863
1.88
1.86
1.86
6,946
6,455
5,746
5,565
5,160
1.41
1.37
1.37
1,391
1,291
1,087
983
910
809
712
650
993
893
1,155
1,100
903
$1.73M $1.72M $1.70M $1.70M $1.65M
$1.70M $1.71M $1.73M
$1.61M $1.53M
$1.60M $1.66M $1.69M
23-Aug
24-Jul
24-Aug
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
2,000
1,500
1,000
20%
16%
14%
500
11%
11%
7%
6%
4%
2%
2%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
480 69 14%
540 107 20%
1,109 175 16%
2,260 248 11%
1,277 136 11%
1,012 70 7%
1,081 43 4%
525 30 6%
295 5 2%
548 10 2%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 5 ●
vancouver region TOWNHOME - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 18% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 58% VS 2023
▼ 1.6% VS 2023
▼ 1.7% VS 2023
▼ 18% VS 2023
There were 2,963 townhome listings in the Vancouver Region in August, 1.9% below July and 58% higher than August 2023. August townhome sales decreased by 23% month-over-month, to 547, and were 18% below August 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 18%, reflected a balanced market. The townhome median price in August was $885,000, a 3% decrease from July and 1.7% below August 2023. The average sold price was $971,750, 2% below last month; the average PSF sale price was $643, down 1.8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$643 $971,750 $885,000 18% 547 2,963
$671 $987,117 $900,000 36% 668 1,879
-4% -1.6% -1.7% -48% -18% 58%
$655 $995,047 $915,000 24% 713 3,020
-1.8% -2% -3% -22% -23% -1.9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,781
2,963
3,020
2,920
2,457
2,148
2,084
1,997
1,853
1,879
2,021
1,583
1,543
857
807
783
713
668
481
547
712
599
580
518
452
364
$950K
$940K
$935K
$921K
$910K
$920K
$910K
$920K
$915K
$900K
$900K
$889K
$885K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,000
109
4+ bdrms
693
800
300
600
3 bdrms
1,552
400
27% 25%
133
20% 17%
2 bdrms
15%
661
200
10%
9%
4%
0
5
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
57
S-L RATIO SALES INVENTORY
112 30 27%
564 143 25%
972 192 20%
519 88 17%
405 59 15%
253 26 10%
66 6 9%
72 3 4%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 6 ●
vancouver region CONDO - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.0% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 3% VS 2023
▲ 52% VS 2023
▼ 1.8% VS 2023
▼ 21% VS 2023
There were 7,998 condo listings in the Vancouver Region in August, 3% below July and 52% higher than August 2023. August condo sales decreased by 14% month-over-month, to 1,340, and were 21% below August 2023. The sales-to-listing ratio for condos in the Vancouver Region, at 17%, reflected a balanced market. The condo median price in August was $658,250, a 0.5% increase from July and 1.8% below August 2023. The average sold price was $770,117, 2% above last month; the average PSF sale price was $876, up 0.2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,340 7,998
1,690 5,248
-1% 3% -1.8% -48% -21% 52%
1,567 8,249
0.2% 2% 0.5% -12% -14% -3%
$876 $770,117 $658,250 17%
$886 $744,580 $670,000 32%
$874 $752,005 $655,000 19%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,732
7,998
8,249
7,103
8,001
6,238 6,048
5,966
6,037
5,248
5,456
4,758 4,851
1,878
1,567
1,517
1,363
1,690
1,340
1,784
1,618
1,645
1,329
1,142
1,060
999
$678K
$670K
$671K
$671K
$673K
$658K
$650K
$652K
$650K
$650K
$655K
$645K
$630K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
2,500
4+ bdrms
63
2,000
1,500
95
3 bdrms
773
1,000
738
21% 19%
16%
2 bdrms
14%
500
4,355
8%
7%
7%
6%
0
507
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
2,363 494 21%
2,407 466 19%
1,398 189 14%
633 104 16%
422 34 8%
375 27 7%
125 9 7%
275 17 6%
2,807
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 7 ●
greater vancouver board area DETACHED - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 9% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 35% VS 2023
▼ 11% VS 2023
▼ 1.1% VS 2023
▼ 14% VS 2023
There were 5,389 detached listings in the Greater Vancouver board area in August, 0.1% above July and 35% higher than August 2023. August detached home sales decreased by 26% month-over-month, to 498, and were 14% below August 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 9%, reflected a buyers' market.
THIS MONTH No. $2,131,765 $1,884,444 9% 498 5,389
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$2,384,074 $1,906,000 14% 580 4,001
-11% -1.1% -36% -14% 35%
$2,167,205 $1,875,000 12% 672 5,384
-1.6% 0.5% -26% -26% 0.1%
The detached median price in August was $1,884,444, a 0.5% increase from July and 1.1% below August 2023.
The average sold price was $2,131,765, 1.6% below last month and down 11% to August 2023.
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,071
5,389
5,384
5,331
4,628
4,427
4,343
4,011
1.86
4,001
1.80
1.77
3,813
3,450
3,289
3,131
1.48
1.47
1.41
828
794
672
567
553
504
383
367
580
498
679
650
545
$1.94M $1.97M $1.97M $1.88M $1.88M
$1.91M $1.86M $1.93M $1.88M $1.80M
$1.81M $1.92M $1.91M
23-Aug
24-Jul
24-Aug
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,200
1,000
800
600
400
19%
18%
12%
11%
11%
200
8%
7%
4%
2%
1%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
302 34 11%
211 40 19%
423 76 18%
1,139 129 11%
773 96 12%
670 54 8%
813 31 4%
411 27 7%
218 3 1%
429 8 2%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 8 ●
greater vancouver board area TOWNHOME - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 18% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 55% VS 2023
▼ 3% VS 2023
▼ 4% VS 2023
▼ 19% VS 2023
There were 1,579 townhome listings in the Greater Vancouver board area in August, 3% below July and 55% higher than August 2023. August townhome sales decreased by 20% month-over-month, to 286, and were 19% below August 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 18%, reflected a balanced market. The townhome median price in August was $1,019,000, a 4% decrease from July and 4% below August 2023. The average sold price was $1,094,993, 3% below last month; the average PSF sale price was $745, down 3% to last month.
THIS MONTH No. $745 $1,094,993 $1,019,000 18% 286 1,579
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$792 $1,123,166 $1,065,000 34% 351 1,020
-47% -19% 55%
$768 $1,133,498 $1,065,375 22% 358 1,633
-17% -20% -3%
-3% -3% -4%
-6% -3% -4%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,539
1,579
1,633
1,607
1,389
1,218
1,173
1,116
1,030
1,142
1,020
872
863
455
438
399
358
319
298
267
351
286
370
302
220
179
$1.07M $1.10M $1.05M $1.05M $1.05M $1.07M $1.08M $1.10M $1.09M $1.08M $1.10M
$1.07M $1.02M
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
350
51
4+ bdrms
300
270
250
165
200
3 bdrms
864
150
31%
24%
67
100
19%
19%
2 bdrms
15%
400
9%
10%
50
4%
0
3
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
45
S-L RATIO SALES INVENTORY
47 9 19%
169 53 31%
324 79 24%
321 62 19%
341 51 15%
243 23 9%
63 6 10%
71 3 4%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 9 ●
greater vancouver board area CONDO - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.6% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 4% VS 2023
▲ 51% VS 2023
▼ 0.1% VS 2023
▼ 20% VS 2023
There were 5,915 condo listings in the Greater Vancouver board area in August, 5% below July and 51% higher than August 2023. August condo sales decreased by 15% month-over-month, to 1,017, and were 20% below August 2023. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 17%, reflected a balanced market. The condo median price in August was $720,000, a 0% change from July and 0.1% below August 2023. The average sold price was $840,709, 3% above last month; the average PSF sale price was $947, up 0.6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,017 5,915
1,276 3,909
-0.6% 4% -0.1% -47% -20% 51%
1,196 6,198
0.6% 3% 0% -11% -15% -5%
$947 $840,709 $720,000 17%
$953 $805,376 $720,500 33%
$942 $817,070 $720,000 19%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,875
5,915
6,198
5,377
6,078
4,772
4,593
4,556
4,612
3,909
4,153
3,672
3,593
1,425
1,196
1,095
1,044
1,276
1,017
1,337
1,249
1,210
986
853
721
752
$735K
$730K
$728K
$725K
$721K
$717K
$717K
$720K
$720K
$720K
$711K
$706K
$690K
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
4+ bdrms
1,500
59
83
1,000
3 bdrms
657
24% 21%
529
500
2 bdrms
14% 17%
3,139
8%
7%
7%
6%
0
405
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
1,099 265 24%
1,778 381 21%
1,278 185 14%
602 102 17%
401 32 8%
368 27 7%
121 9 7%
268 16 6%
2,060
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 10 ●
fraser valley board area DETACHED - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 11% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 3% VS 2023
▲ 27% VS 2023
▼ 4% VS 2023
- VS 2023
There were 3,738 detached listings in the Fraser Valley board area in August, 3% below July and 27% higher than August 2023. August detached home sales decreased by 5% month-over-month, to 395, and were 4% below August 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 11%, reflected a buyers' market.
THIS MONTH No. $1,653,707 $1,480,000 11% 395 3,738
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,606,017 $1,480,000 14% 413 2,945
3% 0% -25% -4% 27%
$1,608,987 $1,450,000 11% 415 3,869
-5% -3%
The detached median price in August was $1,480,000, a 2% increase from July and no change to August 2023.
3% 2% -1.5%
The average sold price was $1,653,707, 3% above last month and up 3% to August 2023.
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
3,684
3,869
3,738
3,462
3,178
3,135 3,146
2,852
1.79
1.78
2,945
1.74
2,642
1.59
1.57
1.53
2,296
2,276
2,029
563
430
358
343
329
305
283
413
395
497
476
450
415
$1.48M $1.48M $1.42M
$1.45M $1.45M $1.49M $1.50M $1.50M $1.43M $1.45M $1.48M
$1.38M $1.30M
23-Aug
24-Jul
24-Aug
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,200
1,000
800
600
400
20%
20%
14%
11%
200
8%
5%
4%
3%
3%
2%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
178 35 20%
329 67 20%
686 99 14%
1,121 119 11%
504 40 8%
342 16 5%
268 12 4%
114 3 3%
77 2 3%
119 2 2%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 11 ●
fraser valley board area TOWNHOME - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 19% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 0.0% VS 2023
▲ 0.6% VS 2023
▲ 61% VS 2023
▼ 18% VS 2023
There were 1,384 townhome listings in the Fraser Valley board area in August, 0.2% below July and 61% higher than August 2023. August townhome sales decreased by 26% month-over-month, to 261, and were 18% below August 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 19%, reflected a balanced market. The townhome median price in August was $829,900, a 0.3% decrease from July and 0.6% above August 2023. The average sold price was $836,702, 2% below last month; the average PSF sale price was $532, down 1.6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 317 859
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$532 $836,702 $829,900 19% 261 1,384
-0.9% 0% 0.6% -49% -18% 61%
$541 $855,426 $832,500 26% 355 1,387
-1.6% -2% -0.3% -26% -26% -0.2%
$537 $836,476 $825,000 37%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,384
1,242
1,387
1,313
1,068
930
911
881
823
859
879
711
680
402
384
355
278
317
214
369
342
261
280
232
220
185
$866K
$852K
$855K
$842K
$850K
$832K
$830K
$830K
$833K
$830K
$825K
$824K
$823K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
700
58
600
4+ bdrms
423
500
135
400
3 bdrms
688
300
32%
30%
66
200
23%
2 bdrms
17%
13% 13%
261
100
0
2
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
12
S-L RATIO SALES INVENTORY
65 21 32%
395 90 23%
648 113 17%
198 26 13%
64 8 13%
10 3 30%
3 0 n/a
1 0 n/a
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 12 ●
fraser valley board area CONDO - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 16% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 56% VS 2023
▼ 1.7% VS 2023
▼ 1.9% VS 2023
▼ 22% VS 2023
There were 2,083 condo listings in the Fraser Valley board area in August, 1.6% above July and 56% higher than August 2023. August condo sales decreased by 13% month-over-month, to 323, and were 22% below August 2023. The sales-to-listing ratio for condos in the Fraser Valley board area, at 16%, reflected a balanced market. The condo median price in August was $529,900, a 0.9% increase from July and 1.9% below August 2023. The average sold price was $547,850, 1.0% above last month; the average PSF sale price was $652, down 0.7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$652 $547,850 $529,900 16% 323 2,083
$678 $557,198 $540,000 31% 414 1,339
-4% -1.7% -1.9% -50% -22% 56%
$657 $542,252 $525,000 18% 371 2,051
-0.7% 1% 0.9% -14% -13% 1.6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,083
1,857
2,051
1,726
1,923
1,466 1,455
1,410
1,303
1,339
1,425
1,179
1,165
453
447
422
371
414
323
408
396
343
319
308
289
278
$560K
$550K
$550K
$545K
$540K
$530K
$531K
$530K
$525K
$525K
$525K
$525K
$514K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,200
4+ bdrms
4
1,000
800
12
3 bdrms
116
600
400
209
18%
2 bdrms
14%
14%
10%
1,216
200
6%
3%
0
102
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
1,264 229 18%
629 85 14%
120 4 3%
31 2 6%
21 2 10%
7 0 n/a
4 0 n/a
7 1 14%
747
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 13 ●
burnaby north DETACHED - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 13% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 11% VS 2023
▲ 67% VS 2023
▲ 6% VS 2023
▼ 0.8% VS 2023
There were 145 detached listings in Burnaby North in August, 3% below July and 67% higher than August 2023. August detached home sales decreased by 14% month-over-month, to 19, and were 6% above August 2023. The sales-to-listing ratio for detached in Burnaby North, at 13%, reflected a balanced market.
THIS MONTH No. $2,164,884 $2,160,000 13% 19 145
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
18 87
-0.8% 11% -37% 6% 67%
$2,414,955 $2,182,500 15% 22 149
-10% -1% -11% -14% -3%
The detached median price in August was $2,160,000, a 1.0% decrease from July and 11% above August 2023.
$2,183,378 $1,951,900 21%
The average sold price was $2,164,884, 10% below last month and down 0.8% to August 2023.
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
149
130
114
130
2.87
107
104
104
84
2.41
87
2.32
83
81
70
36
30
26
24
19
19
18
24
22
19
18
16
16
1.34
1.24
1.11
$2.48M
$2.21M $2.22M $2.18M $2.14M $2.03M
$2.18M $2.16M
$1.95M $2.07M
$1.89M $1.99M $1.93M
23-Aug
24-Jul
24-Aug
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
40
30
41%
20
26%
10
9%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
17 7 41%
35 9 26%
35 3 9%
44 0 n/a
9 0 n/a
2 0 n/a
3 0 n/a
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 14 ●
burnaby north TOWNHOME - AUGUST 2 0 2 4
SALES TO LISTINGS RATIO 20% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 12% VS 2023
▲ 15% VS 2023
▲ 53% VS 2023
▼ 9% VS 2023
There were 49 townhome listings in Burnaby North in August, 9% above July and 53% higher than August 2023. August townhome sales decreased by 17% month-over-month, to 10, and were 9% below August 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 20%, reflected a balanced market. The townhome median price in August was $929,400, a 22% increase from July and 15% above August 2023. The average sold price was $993,360, 19% above last month; the average PSF sale price was $667, down 6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
10 49
11 32
5% 12% 15% -41% -9% 53%
12 45
-6% 19% 22% -23% -17% 9%
$667 $993,360 $929,400 20%
$637 $887,545 $810,000 34%
$711 $835,150 $759,500 27%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● AUG 2023 ● AUG 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
55
54
49
45
45
45
36
43
35
38
34
32
32
21
20
19
15
13
15
11
14
10
12
5
8
6
$950K
$950K
$929K
$890K
$879K
$880K
$870K
$852K
$810K
$765K
$760K
$743K
$727K
BURNABY NORTH
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1
4+ bdrms
15
3
6
10
3 bdrms
50%
25
3
23%
5
2 bdrms
18%
20
8%
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
1
S-L RATIO SALES INVENTORY
1 0 n/a
13 3 23%
17 3 18%
12 1 8%
6 3 50%
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 9, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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. 15 ●
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