DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review
published February 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
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.
NEIGHBOURHOOD PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 50 51 54 56
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Burnaby North Burnaby South
Coquitlam
Langley
North Delta
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
New Westminster North Vancouver
Port Moody Richmond Squamish
Surrey
Vancouver East
Vancouver Downtown
Vancouver West West Vancouver
Whistler
59 AREA MAPS
62 CURRENT PROJECTS
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 February 7, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
a market slow out of the gate is increasing its gait Compared to a sluggish December, Vancouver’s resale market showed real signs of life in January, with sales counts expanding and new listings surging.
New listings followed a similar trajectory to sales last month. There were 5,881 new MLS listings added in January, which was 185% more than December and was over and above the typical 140% December-to- January increase—though like sales, this was still below than the long-run January average (by 10%). As we head towards the spring, which is typically the busiest time of the year for the Vancouver Region’s housing market, there are some indications of a market that is picking up in activity, if only slightly. From a macroeconomic perspective, however, not much has changed, so until inflation is back within the Bank of Canada’s target range and the Bank begins loosening its restrictive policy rate, it’s unlikely that sales counts, in particular, will get back to their historical averages.
There’s a certain cadence to January that, to some degree or another, we all tend to experience. Yes, as we leave the holiday season (and all of its indulgences) behind and return to the familiar routine of work or school (accompanied by a resolution or two), January often starts a little slowly before hitting its stride in the latter half of the month. Our local housing experiences something similar, with sales and listings expanding slowly early in the month and then with more gusto towards month’s end. Listings can often be a catalyst for sales, and total inventory is typically at its lowest point during the year at the end of December—something that was indeed true in 2023. But when we observe it on a daily basis, there’s always a steep drop off from December 31st to January 1st, due in large part to expiries, and this year was no exception. So while 2023 ended with a total of 12,425 MLS listings, that dropped
to 11,060 on New Year’s day, and that’s the starting point for homes available for sale to start the year. From there, January finished with 12,488 total MLS listings, which was up 10% from January 1st, though was 2% less than December 31st. Inventory finished the month 4% below the past-decade January average, but was 13% higher than last January. With relatively few listings typically available to start the year, January sales are often quite subdued, and the typical seasonal pattern is a decline in sales counts from December to January. That wasn’t the case this year, however, as total MLS sales increased last month by 11% to 2,326. This was, in part, due to December’s low total, as January’s sales count was still 11% below the past 10-year average. The pace of sales increased through the month in January, as well, with 65% of the monthly total occurring in the second half of January.
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 February 7, 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. 3
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
Duplex For Sale
House For Sale $3,288,000 | MAIN 351 E. 40th Avenue 7 Bed, 3,163 SF
House For Sale 2,388,000 | SQUAMISH 2950 Huckleberry Drive 4 Bed, 3,095 SF Shawn Wentworth PREC* 604.379.6731
$2,399,000 | NORTH VAN
208 E 22nd Street 4 Bed, 2,519 SF Meg Ryan 778.838.3697
Vesna Todic 604.728.6331
House For Sale $2,295,000 | WEST VAN
House For Sale
House For Sale $1,748,800 | SURREY
$1,999,000 | PORT MOODY
132 Aspenwood Drive 8 Bed, 4,783 SF
1502 133a Street 4 Bed, 2,875 SF
195 Isleview Place 4 Bed, 2,729 SF Kim Taylor 604.315.2645
Reza Zeyghami 778.200.0000
Joanne Hoekstra 604.722.6645
House For Sale $1,570,000 | SQUAMISH
Townhome For Sale $1,668,000 | MT. PLEASANT
Seymour Village 4 $1,549,000 | NORTH VAN
15 - 602 Lile Drive 3 Bed, 1,859 SF Darren St Laurent 604.561.4046
40405 Perth Drive 4 Bed, 2,200 SF
316 W. 11th Avenue 3 Bed, 1,664 SF Theo Birkner PREC* 778.558.7669
Jeevan Gill 604.617.2159
House For Sale $1,530,000 | BURNABY NORTH 55 N. Fell Avenue 4 Bed, 1,791 SF Lorenzo Daminato PREC* 604.657.8121
House For Sale
2550 Garden Drive $1,469,900 | EAST VAN 606 - 2550 Garden Drive 2 Bed, 1,337 SF
$1,399,000 | NORTH DELTA
11443 87 Avenue 6 Bed, 2,553 SF Andy Mah PREC* 604.779.9382
Tyler Rodyniuk 778.987.1365
Fairchild Court $1,050,000 | OAKRIDGE 104 - 651 W. 45th Avenue 2 Bed, 1,028 SF
Hollybridge River Green
The Alexis
$1,148,000 | DOWNTOWN 309 - 27 Alexander Street 1 Bed, 1,109 SF
Timber House $849,900 | NEW WEST 207 - 310 Salter Street 2 Bed, 961 SF $1,398,800 | RICHMOND 207 - 6811 Pearson Way 2 Bed, 1,080 SF Christopher Boyd PREC* 604.351.0533
Sarah Panther 604.219.5393
Vivien Ma PREC* 604.828.2268
Hilton Whistler Resort
Nordic Court
$819,000 | WHISTLER
$779,000 | WHISTLER 209 - 2007 Nordic Place 2 Bed, 713 SF
502/504 - 4050 Whistler Way 1 Bed, 1,144 SF
Amy Chan PREC* 604.992.2101
Martha McLellan 604.848.5811
Rob Palm PREC* 604.905.8833
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 February 7, 2024. 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 - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 14% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 9% VS 2023
▲ 16% VS 2023
▲ 43% VS 2023
There were 5,258 detached listings in the Vancouver Region in January, 7% below December and 16% higher than January 2023. January detached home sales increased by 9% month-over-month, to 732, and were 43% above January 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 14%, reflected a balanced market.
THIS MONTH No. $1,834,076 $1,580,000 14% 732 5,258
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,679,165 $1,450,000 11% 511 4,519
23% 43% 16%
$1,785,630 $1,501,000 12% 670 5,653
3% 5% 17% 9% -7%
The detached median price in January was $1,580,000, a 5% increase from December and 9% above January 2023.
The average sold price was $1,834,076, 3% above last month and up 9% to January 2023.
9% 9%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,592
6,965
6,915
7,669
6,703
6,058
7,047
1.79
1.76
1.69
4,779
5,258
5,653
5,175
4,519
4,969
1.43
1.41
1.33
1,683
1,605
1,320
1,037
943
832
670
1,387
732
1,124
511
928
834
$1.70M $1.60M
$1.65M $1.71M $1.68M $1.65M $1.67M $1.69M
$1.50M $1.58M
$1.45M $1.55M $1.56M
23-Jan
23-Dec
24-Jan
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1600
1400
1200
1000
800
600
38%
26%
26%
400
18%
14%
13%
13%
200
7%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+ 1,515 60 4%
S-L RATIO SALES INVENTORY
116 16 14%
70 9 13%
164 42 26%
273 104 38%
569 146 26%
1,183 216 18%
746 94 13%
622 45 7%
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 February 7, 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.
●
5
vancouver region TOWNHOME - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 29% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 11% VS 2023
▲ 5% VS 2023
▲ 57% VS 2023
There were 1,586 townhome listings in the Vancouver Region in January, 3% above December and 5% higher than January 2023. January townhome sales increased by 24% month-over-month, to 453, and were 57% above January 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 29%, reflected a sellers' market. The townhome median price in January was $900,000, a 1.2% increase from December and 11% above January 2023. The average sold price was $986,573, 0.2% below last month; the average PSF sale price was $648, down 1.3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$648 $986,573 $900,000 29% 453 1,586
$592 $912,361 $810,000 19% 289 1,505
11% 49% 57% 5%
$656 $988,865 $889,000 24% 365 1,543
21% 24% 3%
-1.3% -0.2% 1.2%
9% 8%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,148
1,997
1,883
1,838
2,084
1,788
1,879
1,570
1,586
1,505
1,588
1,543
1,528
944
947
757
548
784
767
481
669
580
453
518
289
365
$922K
$920K
$920K
$915K
$910K
$910K
$899K
$900K
$900K
$889K
$860K
$865K
$810K
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
500
91
4+ bdrms
369
400
246
300
59%
3 bdrms
850
39%
200
33%
27%
109
2 bdrms
20% 17%
19%
100
338
8%
0
7
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
S-L RATIO SALES INVENTORY
<2 bdrms
31 6 19%
46 27 59%
247 96 39%
518 172 33%
302 82 27%
179 35 20%
158 27 17%
105 8 8%
29
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 February 7, 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. 6 ●
vancouver region CONDO - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 22% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 2% VS 2023
▲ 11% VS 2023
▲ 38% VS 2023
There were 4,847 condo listings in the Vancouver Region in January, 1.9% above December and 11% higher than January 2023. January condo sales increased by 6% month-over-month, to 1,063, and were 38% above January 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in the Vancouver Region, at 22%, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,063 4,847
$812 $695,752 $630,000 18% 770 4,350
24% 38% 11%
$858 $728,701 $630,000 21% 999 4,757
1.6% 1.1% 2% 4% 6% 1.9%
The condo median price in January was $645,000, a 2% increase from December and 2% above January 2023. The average sold price was $736,839, 1.1% above last month; the average PSF sale price was $871, up 1.6% to last month.
$871 $736,839 $645,000 22%
7% 6% 2%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,966
6,237
5,387
6,047
5,184
4,738
4,587
5,248
4,847
4,905
4,754
4,757
4,350
2,251
2,140
1,808
1,690
1,363
1,899
1,743
1,063
1,329
1,217
770
1,142
999
$675K
$665K
$670K
$661K
$652K
$650K
$652K
$650K
$640K
$645K
$630K
$630K
$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
1400
4+ bdrms
1200
46
1000
69
800
3 bdrms
512
600
400
30% 32%
27%
597
2 bdrms
16% 15%
200
2,618
9%
7%
7%
0
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
397
S-L RATIO SALES INVENTORY
174 52 30%
1,144 371 32%
1,380 372 27%
854 138 16%
435 64 15%
293 26 9%
266 18 7%
301 22 7%
<2 bdrms
1,671
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 February 7, 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. 7 ●
greater vancouver board area DETACHED - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 12% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 13% VS 2023
▲ 14% VS 2023
▲ 30% VS 2023
There were 3,167 detached listings in the Greater Vancouver board area in January, 4% below December and 14% higher than January 2023. January detached home sales increased by 4% month-over-month, to 387, and were 30% above January 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 12%, reflected a balanced market. The detached median price in January was $1,805,000, a 0.3% increase from December and 13% above January 2023. The average sold price was $2,106,602, 2% above last month and up 10% to January 2023.
THIS MONTH No. $2,106,602 $1,805,000 12% 387 3,167
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change 10% 13% 14% 30% 14%
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,920,743 $1,600,000 11% 298 2,769
$2,060,419 $1,800,000 11% 372 3,315
9% 4% -4%
2% 0.3%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,374
4,044
3,910
4,453
4,025
3,971
1.70
1.69
1.69
3,526
2,932
3,167
3,315
1.56
3,177
1.52
2,769
3,031
1.38
1,026
730
573
513
372
833
797
676
387
298
590
553
512
$1.88M $1.90M $1.87M $1.81M $1.90M $1.85M $1.92M $1.85M $1.80M $1.81M
$1.71M $1.82M
$1.60M
23-Jan
23-Dec
24-Jan
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1200
1000
800
600
400
31%
25%
23%
20%
15%
200
9%
8%
6%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+ 1,182 50 4%
S-L RATIO SALES INVENTORY
62 4 6%
46 4 9%
83 19 23%
119 37 31%
207 51 25%
570 115 20%
463 71 15%
435 36 8%
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 February 7, 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.
●
8
greater vancouver board area TOWNHOME - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 25% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2023
▲ 9% VS 2023
▲ 7% VS 2023
▲ 84% VS 2023
There were 875 townhome listings in the Greater Vancouver board area in January, 1.4% above December and 7% higher than January 2023. January townhome sales increased by 23% month-over-month, to 221, and were 84% above January 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 25%, reflected a sellers' market. The townhome median price in January was $1,070,000, a 1.3% increase from December and 9% above January 2023. The average sold price was $1,142,390, 2.0% below last month; the average PSF sale price was $772, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 120 821
% Change
No. 180 863
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
221 875
73% 84% 7%
-2% -2% 1.3% 21% 23% 1.4%
$772 $1,142,390 $1,070,000 25%
$750 $1,131,380 $979,000 15%
$791 $1,165,673 $1,056,000 21%
3% 1% 9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,218
1,116
1,028 1,031
1,173
991
909
1,020
875
909
821
863
844
499
470
368
351
306
298
267
396
391
302
221
180
120
$1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.06M $1.07M
$1000K $1.05M $1.05M
$979K $1.04M
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
200
37
4+ bdrms
140
150
73%
132
3 bdrms
503
100
43%
32%
28%
48
21%
2 bdrms
50
18%
207
8%
6%
0
4
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
25
S-L RATIO SALES INVENTORY
17 1 6%
15 11 73%
67 29 43%
195 63 32%
185 52 28%
141 30 21%
150 27 18%
105 8 8%
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 February 7, 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. 9 ●
greater vancouver board area CONDO - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 21% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 2% VS 2023
▲ 10% VS 2023
▲ 32% VS 2023
There were 3,668 condo listings in the Greater Vancouver board area in January, 2% above December and 10% higher than January 2023. January condo sales increased by 5% month-over-month, to 754, and were 32% above January 2023. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 21%, reflected a balanced market. The condo median price in January was $705,500, a 2% increase from December and 2% above January 2023. The average sold price was $815,113, 1.9% above last month; the average PSF sale price was $948, up 2.0% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$948 $815,113 $705,500 21% 754 3,668
$889 $759,289 $690,000 17% 572 3,335
20% 32% 10%
$930 $800,294 $690,000 20% 721 3,592
2% 2% 5% 2%
7% 7% 2%
2% 1.9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,556
4,771
4,102
4,592
3,681
3,668
3,913
3,909
3,718
3,694
3,335
3,592
3,517
1,734
1,573
1,317
1,276
1,044
932
1,412
1,284
754
986
572
853
721
$729K
$726K
$725K
$720K
$721K
$717K
$717K
$711K
$705K
$706K
$690K
$690K
$680K
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
1000
4+ bdrms
44
800
56
600
3 bdrms
437
400
34%
29%
406
25%
2 bdrms
17% 14%
200
1,932
9%
8%
7%
0
292
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
76 19 25%
560 190 34%
991 287 29%
794 134 17%
414 59 14%
281 25 9%
260 18 7%
292 22 8%
1,255
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 February 7, 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. 10 ●
fraser valley board area DETACHED - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 16% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 9% VS 2023
▲ 19% VS 2023
▲ 62% VS 2023
There were 2,091 detached listings in the Fraser Valley board area in January, 11% below December and 19% higher than January 2023. January detached home sales increased by 16% month-over-month, to 345, and were 62% above January 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 16%, reflected a balanced market.
THIS MONTH No. $1,528,373 $1,400,000 16% 345 2,091
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,341,182 $1,280,000 12% 213 1,750
14% 9% 36% 62% 19%
$1,442,605 $1,292,500 13% 298 2,338
29% 16% -11%
The detached median price in January was $1,400,000, a 8% increase from December and 9% above January 2023.
The average sold price was $1,528,373, 6% above last month and up 14% to January 2023.
6% 8%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
3,216
2,944
2,921
3,218
2,793
3,022
2,532
1.72
1.66
1.59
1.571.57
1,938
2,338
2,091
1.50
1,998
1,750
1,847
772
590
447
370
298
657
590
345
448
213
375
322
319
$1.50M $1.50M $1.46M $1.43M
$1.46M $1.40M
$1.35M $1.43M
$1.35M $1.29M $1.40M
$1.28M $1.32M
23-Jan
23-Dec
24-Jan
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
600
500
400
300
44%
200
28%
26%
22%
21%
16%
100
8%
5%
3%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
54 12 22%
24 5 21%
81 23 28%
154 67 44%
362 95 26%
613 101 16%
283 23 8%
187 9 5%
333 10 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 February 7, 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.
●
11
fraser valley board area TOWNHOME - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 33% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▲ 13% VS 2023
▲ 4% VS 2023
▲ 37% VS 2023
There were 711 townhome listings in the Fraser Valley board area in January, 5% above December and 4% higher than January 2023. January townhome sales increased by 25% month-over-month, to 232, and were 37% above January 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 33%, reflected a sellers' market. The townhome median price in January was $841,500, a 2% increase from December and 13% above January 2023. The average sold price was $838,144, 3% above last month; the average PSF sale price was $530, up 0.7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 169 684
% Change
No. 185 680
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
232 711
10% 11% 13% 32% 37% 4%
0.7% 3% 2% 20% 25% 5%
$530 $838,144 $841,500 33%
$480 $756,845 $745,000 25%
$526 $816,835 $823,000 27%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
881
852
930
797
911
859
810
684
711
684
679
680
661
477
445
389
278
388
376
214
318
232
242
169
220
185
$850K
$851K
$849K
$839K
$842K
$832K
$830K
$825K
$824K
$823K
$808K
$770K
$745K
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
350
54
300
4+ bdrms
229
250
114
200
3 bdrms
52%
347
150
37%
36%
34%
61
26%
100
2 bdrms
131
13%
50
0
3
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
4
S-L RATIO SALES INVENTORY
14 5 36%
31 16 52%
180 67 37%
323 109 34%
117 30 26%
38 5 13%
8 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 February 7, 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. 12 ●
fraser valley board area CONDO - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 26% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 16% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 7% VS 2023
▲ 16% VS 2023
▲ 56% VS 2023
There were 1,179 condo listings in the Fraser Valley board area in January, 1.2% above December and 16% higher than January 2023. January condo sales increased by 11% month-over-month, to 309, and were 56% above January 2023. The sales-to-listing ratio for condos in the Fraser Valley board area, at 26%, reflected a sellers' market. The condo median price in January was $530,000, a 1.0% increase from December and 7% above January 2023. The average sold price was $545,842, 0.5% above last month; the average PSF sale price was $684, up 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$684 $545,842 $530,000 26% 309 1,179
$592 $512,202 $497,450 20% 198 1,015
16% 7% 7% 34% 56% 16%
$670 $543,023 $525,000 24% 278 1,165
2% 0.5% 1% 10% 11% 1.2%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,466
1,271
1,455
1,410
1,187
1,339
1,285
1,179
1,070
1,165
1,015
1,057 1,060
567
491
414
517
319
487
459
309
343
198
289
285
278
$538K
$540K
$535K
$527K
$525K
$525K
$525K
$530K
$514K
$510K
$510K
$497K
$499K
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
600
4+ bdrms
500
2
400
13
3 bdrms
300
75
34% 31%
200
191
24%
22%
2 bdrms
686
100
8%
7%
0
105
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
98 33 34%
584 181 31%
389 85 22%
60 4 7%
21 5 24%
12 1 8%
6 0 n/a
9 0 n/a
416
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 February 7, 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. 13 ●
burnaby north DETACHED - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 23% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 9% VS 2023
▲ 60% VS 2023
▼ 17% VS 2023
There were 71 detached listings in Burnaby North in January, 12% below December and 17% lower than January 2023. January detached home sales decreased by 16% month-over-month, to 16, and were 60% above January 2023. The sales-to-listing ratio for detached in Burnaby North, at 23%, reflected a sellers' market. The detached median price in January was $2,139,000, a 11% increase from December and 9% above January 2023. The average sold price was $2,095,194, 3% above last month and up 2% to January 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
16 71
10 86
94% 60% -17%
19 81
3% 11% -4% -16% -12%
$2,095,194 $2,139,000 23%
$2,033,105 $1,925,000 23%
$2,050,975 $1,958,000 12%
2% 9%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
104
104
90
87
85
86
2.94
87
87
86
81
79
71
2.62
42
2.21
35
31
26
26
19
31
16
22
19
18
18
10
1.23
1.06
1.04
$2.14M
$2.09M $2.05M $2.05M
$1.96M $1.93M $1.89M
$1.95M $2.07M
$1.89M $1.99M $1.93M
$1.85M
23-Jan
23-Dec
24-Jan
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
30
25
20
64%
15
44%
10
14%
5
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
1 0 n/a
11 7 64%
16 7 44%
14 2 14%
29 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 February 7, 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.
●
14
burnaby north TOWNHOME - JANUARY 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.3% VS 2023
▲ 40% VS 2023
▼ 3% VS 2023
▼ 25% VS 2023
There were 35 townhome listings in Burnaby North in January, 9% above December and 40% higher than January 2023. January townhome sales increased by 20% month-over-month, to 6, and were 25% below January 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 17%, reflected a balanced market. The townhome median price in January was $727,000, a 16% decrease from December and 3% below January 2023. The average sold price was $817,083, 9% below last month; the average PSF sale price was $636, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$636 $817,083 $727,000 17% 6 35
$680 $806,688 $747,500 32% 8 25
-6% 1.3% -3% -46% -25% 40%
$682 $896,100 $870,000 16% 5 32
-7% -9% -16% 10% 20% 9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● JAN 2023 ● JAN 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45
45
34
34
33
38
35
32
32
31
31
28
25
25
23
21
15
13
15
14
11
11
8
6
8
5
$950K
$915K
$900K
$880K
$885K
$870K
$830K
$810K
$790K
$765K
$748K
$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
100%
1 1
8
4+ bdrms
6
1
3 bdrms
21
4
3
22%
2 bdrms
17%
2
10
13%
0
1
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
3
S-L RATIO SALES INVENTORY
2 2 100%
9 2 22%
9 0 n/a
8 1 13%
6 1 17%
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 February 7, 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. 15 ●
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