the rennie advance - October 2022

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

published October 2022

table of contents

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

2 INTRO

3 SALES

4 TOTAL LISTINGS

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 PRICES

6 RENNIE INTELLIGENCE

highlights • Septem berwasaslow m onth forM LS salesin theVancouverRegion.Specificaly,lastm onth’s 2,549 saleswere10% below August’scount(exceedingthetypicalm onth-to-m onth declineof3%), 48% lowerthan in Septem ber2021,and 36% below thepast-decadeSeptem beraverage. Additionaly,theywerethefewestnum berofsalesin anySeptem bersince2012. • O n am onth-over-m onth basis,townhom e,condo,and detached hom esalesfel by18% (to470), 10% (to 1,174),and 3% (to 861),respectively. • O n ayear-over-yearbasis,townhom e,condo,and detached hom esaleswerelowerby50%,46%, and 49% ,respectively.Com pared to past-decadeSeptem beraverages,salesw erelow erby 36% for townhom es,25% forcondos,and 47% fordetached hom es.

THERENNIEADVANCE sales

SEPTEMBER 202

4,000

- 49% vsSep 2021

3,500

3,000

2,500

2,000

1,618 10 yrSep Avg

1,500

1,000

DETACHED sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500 861

- 47% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- 50% vsSep 2021

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

733 10 yrSep Avg

200 400 600 800

TOWNHOME sales

470

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 36% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

3,500

- 46% vsSep 2021

3,000

2,500

2,000

1,559 10 yrSep Avg

1,500

1,000

CONDO sales

1,174

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 25% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

Copyright© October4,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober4,202 .Aldatafrom RealEstateBoard ofGreaterVancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Forthefirsttim esinceJune,inventoryexpanded intoSeptem beron am onth-over-m onth basis — onlybyahair,at0.8% — 15,038 listings.W hilethisisin linew ith thetypicalseasonalriseof 1.3%,lastm onth’sinventoryrem ains21% below thepast-decadeaverageforSeptem ber. • Com pared toAugust,detached and townhom einventoryfel by2% (to6,849 listings)and 0.9% (to 2,232),respectively;while,condo inventoryroseby5% (to 5,501).Com pared to lastyear, inventorywasup foral hom etypesin Septem ber— by64% fortownhom es,26% fordetached hom es,and 4% forcondos. • Therewere5.7 m onthsofinventory(M O I)in Septem ber,reflectingbalanced conditionsin the VancouverRegion.Thatsaid,onlythedetached segm entofthem arketwasbalanced (M O Iof 8.0),with conditionsfavouringselerscontinuingtocharacterizethetownhom eand condo segm ents(each w ith 4.7 M O I).

THERENNIEADVANCE total listings

SEPTEMBER 202

14,000

+ 26% vsSep 2021

12,000

10,000

8,000

9,188 10 yrSep Avg

6,000

6,849

4,000

DETACHED listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 25% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

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

+ 64% vsSep 2021

2,720 10 yrSep Avg

2,232

TOWNHOME listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 18% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

12,000

4% vsSep 2021

10,000

8,000

6,000

6,598 10 yrSep Avg

5,501

4,000

CONDO listings

2,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 17% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

●

highlights • M edian sold pricesfortheFraserValey and G reaterVancouverboard areasdeclined in Septem ber,on average(acros hom etypes),by1.2% and 1.9% respectively,com pared to August. • O n am onth-over-m onth basisin theG reaterVancouverboard area,m edian sold pricesfor detached hom esand condosfel by1.2% and 3%,respectively,whereasthetownhom em edian priceroseby0.5%.In theFraserValeyboard area,m edian pricesfel by3% forcondos,1.5% for detached hom es,and 1.3% fortownhom es. • O n ayear-over-yearbasis,theFraserValey board arearecorded m edian priceincreasesof2% for townhom esand 6% forcondos,which exceeded the2% declinefortownhom esand the2% increaseforcondosin theG reaterVancouverboard area.TheValey’sdetached hom em edian sold pricefel by6% whilein theG reaterVancouverboard areaitactualyrose— slightly(by0.6%).

THERENNIEADVANCE median prices

SEPTEMBER 202

$2,000,000

+ 0.6% vsSep 2021 Greater Vancouver

$1,600,000

$1.68M

$1.32M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 6% vsSep 2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

$1,200,000

- 2% vsSep 2021 Greater Vancouver

$1,000,000

$950,000 $780,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+ 2% vsSep 2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

$1,000,000

+ 2% vsSep 2021 Greater Vancouver

$800,000

$670,000

$600,000

$499,900

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 6% vsSep 2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

●

the data behind rennie .

The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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