the vancouver rennie advance | May 2024

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

published May 2024

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.

table of contents

02 INTRO

03 SALES

04 TOTAL LISTINGS

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

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

05 MEDIAN PRICES

06 RENNIE INTELLIGENCE

Copyright © of May 1, 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 May 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere4,227M LS salesin theVancouverRegion in April,which wasthehighestm onthly totalsinceJune2023 and thefirsttim etheregion surpas ed the4,000 threshold sincelast sum m er.Lastm onth’stotalwasup 16% from M arch,in contrastto thetypicalseasonalpatern of an 8% M arch-to-A prildecrease. • Salescountsin Aprilwere0.7% abovethesam em onth lastyear,though rem ained 8% below the past-decadeA prilaverage. • Saleswerelower,on ayear-over-yearbasis,fordetached hom esand condos,by5% and 0.8% respectively,whiletownhom esaleswere10% higher.O n am onth-over-m onth basis,saleswereup foralhom etypes:detached hom esby18%,townhom esby10%,and condosby16%.

VANCOUVERREGION THERENNIEADVANCE sales

APRIL2024

4,000

- 5% vsApr2023

3,500

3,000

2,500

2,000

2,028 10 yrAprAvg

1,500

1,000

DETACHED sales

1,296

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

- 36% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 10% vsApr2023

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

928 10 yrAprAvg

200 400 600 800

861

TOWNHOME sales

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

- 7% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

3,500

- 1% vsApr2023

3,000

2,500

2,000

1,899 10 yrAprAvg

1,884

1,500

1,000

CONDO sales

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

- 1% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright© May1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay1,2024.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.

●

highlights • Therewere10,765new M LS listingslastm onth— 36% higherthan in M arch and the second-highesttotalforA prilin thepastdecade.Thisincreaseran counterto thetypical M arch-to-Aprildeclineof1.2%,and lastm onth’snew listingswere28% greaterthan the past-decadeAprilaverage(of8,422). • Therewererelativelyconsistentchangesin m onth-to-m onth new listingsbyhom etype,with new detached listingsup 39% (to4,017),townhom elistingsup 37% (to1,850),and condolistingsup 33% (to4,438). • Relativeto thelong-run average,new listingsbyhom etypein Aprilwereal higher,butquite diferentfrom each other:detached hom esby5%,townhom esby29%,and condosby45%.

VANCOUVERREGION THERENNIEADVANCE new listings

APRIL2024

7,000

+ 61% vsApr2023

6,000

5,000

4,000

3,813 10 yrAprAvg

4,017

3,000

2,000

DETACHED new listings

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

+ 5% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 64% vsApr2023

2,500

2,000

1,850

1,500

1,436 10 yrAprAvg

1,000

TOWNHOME new listings

500

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

+ 29% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

5,000

+ 59% vsApr2023

4,000

4,438

3,000

3,068 10 yrAprAvg

2,000

CONDO new listings

1,000

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

+ 45% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Therewere18,145 activeM LS listingslastm onth,which wasup 19% from M arch and exceeded thetypicalM arch-to-Aprilinventoryexpansion of8%.Inventoryin theVancouverRegion was 16% abovethepast-decadeaveragelastm onth. • Inventorywashigherforal hom etypeson am onth-over-m onth basis,with detached hom esup 21%,townhom esup 22%,and condosup 18%. • Theoveral m arketrem ained in selers’ter itoryin April,with 4.3 m onthsofinventory(M O I),up from 4.2 in M arch.N otably,thecondoand townhom esegm entscontinued tofavourselers,with M O Isofonly3.8 and 2.8,respectively;thedetached m arketwasbalanced,with an M O Iof6.0.

VANCOUVERREGION THERENNIEADVANCE inventory

APRIL2024

14,000

+ 54% vsApr2023

12,000

10,000

8,000

7,520 10 yrAprAvg

7,816

6,000

4,000

DETACHED inventory

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

+ 4% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

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

+ 54.8% vsApr2023

2,214 10 yrAprAvg

2,460

TOWNHOME inventory

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

+ 11% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

12,000

+ 49% vsApr2023

10,000

8,000

6,000

7,100

5,520 10 yrAprAvg

4,000

CONDO inventory

2,000

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

+ 29% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.1% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof 0.2%.In G reaterVancouver,townhom eand condo pricesfel by0.5% and 0.7% respectively,while detached hom epricesroseby1.6%.In theFraserValeydetached pricesgrew by0.7%,while townhom epricesfel by1.2%,and condopriceswereflat. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher,by 3% (on averageacros types)and 4% ,respectively.In G reater Vancouver,detached hom epriceswere3% higher,townhom epriceswere4% higher,whilecondos were1.4% higher.In theFraserValey,detached hom epriceswere3% higher,townhom esprices were2% higher,whilecondopriceswere8% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

APRIL2024

•

$2,000,000

+ 3% vsApr2023 Greater Vancouver

$1.94M

$1,600,000

$1.50M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 3% vsApr2023

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

━ G reaterVancouver ━ FraserValey

● April

$1,200,000

+ 4% vsApr2023 Greater Vancouver

$1,090,000

$1,000,000

$800,000

$855,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 2% vsApr2023

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

━ G reaterVancouver ━ FraserValey

● April

$1,000,000

+ 1% vsApr2023 Greater Vancouver

$800,000

$729,900

$600,000

$549,900

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 8% vsApr2023

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

━ G reaterVancouver ━ FraserValey

● April

●

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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