the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published February 2021
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 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST, HOUSING bbehan@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • The Vancouver Region tallied more MLS sales in January 2021 than in any previous January on record, eclipsing the 4,000-mark. This was 62% above January 2020 and 57% higher than the past-decade January average. • Sales in January were up by double-digits across all home types compared to one year ago, with detached homes up 78%, townhomes up 63%, and condos up 48%. • There were more condos sold in January (1,565) than either detached homes (1,500) or townhomes (835), with January’s condo sales being the most of any January in at least the past 20 years.
THE RENNIE ADVANCE
sales
JANUARY 2021
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
January
vs Jan 2020 78%
10yr Jan Avg 1,079 vs 10yr Jan avg 39%
1,500
DETACHED sales
0 500
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
vs Jan 2020 63%
1,000 1,200 1,400
January
vs 10yr Jan Avg 88%
835
0 200 400 600 800
10yr Jan Avg 444
TOWNHOME sales
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
3,000
January
vs Jan 2020 48%
2,500
2,000
vs 10yr Jan Avg 60%
1,565
1,500
10yr Jan Avg 981
1,000
CONDO sales
500
0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Copyright © 2021 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 2, 2021. 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.
highlights • Supply remained constrained in January 2021, and was relatively unchanged from December, with just under 12,100 listings. Year-over-year inventory fell 12% while January’s 2021 inventory was 25% below the past-decade average. • Condo inventory was 18% higher on a year-over-year basis, while ground-oriented inventory was lower (by 31% for detached homes and 21% for townhomes). • After reaching their lowest inventory level ever in December 2020, detached listings remained below the 5,000-mark for a second consecutive month in January 2021. • The sales-to-listings (S-L) ratio for the Vancouver Region in January 2021 was 33%, a decrease from the S-L ratio of 42% seen last month but remaining a seller’s market for the 8th consecutive month. Seller’s market conditions prevailed across all home types: detached at 32%, townhomes at 51%, and condos at 28%.
total listings THE RENNIE ADVANCE
JANUARY 2021
10,000 12,000 14,000 16,000
vs Jan 2020 31%
10yr Jan Avg 7,960
0 2,000 4,000 6,000 8,000
DETACHED listings
4,625
vs 10yr Jan Avg 42%
January
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
10yr Jan Avg 2,270
1,630
TOWNHOME listings
vs 10yr Jan Avg 28%
January
vs Jan 2020 21%
0 500
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
12,000
vs Jan 2020 18%
10,000
8,000
10yr Jan Avg 5,648
6,000
5,545
4,000
vs 10yr Jan Avg 2%
CONDO listings
January
2,000
0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Copyright © 2021 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 2, 2021. 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.
highlights • Sustained demand and constrained supply resulted in prices continuing their upward trend in both the Greater Vancouver and Fraser Valley board areas in January 2021. • The median sales price for detached homes in the Greater Vancouver board area was 14% higher versus last year while townhome and condo prices were up 5% and 3%, respectively. In the Fraser Valley board area, median sales prices were up by double-digits across all home types: 26% for detached, 12% for townhomes, and 11% for condos. • Compared to last month, the median sales price increased by 0.8% for detached homes and 2% for condos in the Greater Vancouver board area while falling 3% for townhomes. In the Fraser Valley board area, median sales prices increased 8% for detached homes (the largest month-over-month increase on record) while rising 4% for townhomes and 2% for condos.
THE RENNIE ADVANCE median prices
JANUARY 2021
$2,000,000
vs Jan 2020 14%
January Greater Vancouver Fraser Valley
$1.51 M
$1,600,000
$1,200,000
$1.22 M
$800,000
DETACHED median sales price
vs Jan 2020 26%
$400,000
$0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
$1,200,000
vs Jan 2020 5%
January Greater Vancouver Fraser Valley
$1,000,000
$790,434
$800,000
$600,000
$640,000
$400,000
TOWNHOME median sales price
vs Jan 2020 12%
$200,000
$0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
$1,000,000
vs Jan 2020 3%
January Greater Vancouver Fraser Valley
$800,000
$598,400
$600,000
$400,000
$415,000
CONDO median sales price
$200,000
vs Jan 2020 11%
$0
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Copyright © 2021 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 2, 2021. 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.
the data behind rennie .
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