the vancouver rennie review | August 2024

DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review

published August 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 August 6, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

boring bonds yield riveting results The Bank of Canada cut interest rates again in July, while a weakening US labour market increased odds that the Federal Reserve will make its first cut in September. Bond yields have fallen considerably in recent months, signaling further declines in mortgage rates.

meaningfully stimulate real estate demand, activity in the Vancouver Region fell less than typical from June to July. MLS sales of 3,495 were down 4% month-over-month versus a typical decline of 12%. Still, this was 6% below July 2023 sales (of 3,732) and 21% below the prior 10-year July average (of 4,419). On the inventory front, new listings activity remained robust with 8,876 homes coming to market, 19% above the prior 10-year July average of 7,470. This helped buoy active MLS listings by 3% month-over-month to 21,362, which was up 45% versus last July (14,697) and 24% above the prior 10-year July average of 17,244. The region has not seen inventory levels this high since June 2019 (21,654). Overall, the market remained balanced with 6.1 months of inventory in July. Looking ahead, economic conditions in Canada and the US have contributed to significant declines in Government of Canada bond yields in recent months—a key input to fixed mortgage rates in Canada. From the beginning of July to early August, five-year bond yields declined roughly 60 basis points to around the 3.0% mark, their lowest level since May 2023. Should yields remain near current levels, further declines in fixed mortgage rates can be expected (currently, uninsured five-year fixed rates are in the low 5% range). Lower bond yields, along with further monetary policy easing at the Bank of Canada and US Federal Reserve, should help improve purchasing power and demand for real estate in the latter half of 2024 and into 2025.

Just as British Columbians began shifting gears toward the August long weekend, global financial markets were gearing up for a few days of wild volatility. Equity markets, commodity prices, and bond yields all fell precipitously on Friday August 2nd, prompted primarily by a less than favourable US labour market report. The S&P 500 declined 1.8%, followed by another 3.0% drop on Monday August 5th. The US added 114,000 jobs in July (versus an estimated 185,000), the second-lowest gain in the past three and a half years and a continuation of downward hiring activity through 2024. Most notably, the US unemployment rate rose to 4.3%, which triggered the infamous Sahm Rule. The rule has been a steadfast indicator of economic recessions in the US and is triggered when the three-month moving average of the unemployment rate climbs more than 0.5 percentage points above its minimum over the prior 12 months. The negative job report came just two days after the US Federal Reserve’s latest interest rate decision. Though it held the Fed funds

rate at 5.25-5.50%, Chair Jerome Powell signaled that progress on reducing inflation made a September rate cut more likely. He also indicated that the Fed was paying more attention to the labour market and that further deterioration there could warrant interest rate cuts (unlike the Bank of Canada, the US Fed has a dual mandate of maximum employment and price stability). North of the border, the Bank of Canada followed through with its second 25-basis-point interest rate cut on July 24th , bringing the policy rate to 4.5%. All measures of inflation have continued to progress toward the 2.0% target. The country actually saw deflation from May to June (prices were down 0.1%) and headline inflation fell to 2.7% year-over-year, with further easing in both headline and core measures of inflation expected in the back half of 2024. The Bank of Canada signaled that further interest rate cuts would be appropriate this fall should inflation continue to ease in line with expectations.

Though declining interest rates have yet to

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 August 6, 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 $2,155,000 | SURREY

House for Sale

Salishan

$1,789,000 | SQUAMISH

$3,395,000 | WEST VAN

13425 60 Avenue 5 Bed, 3,903 SF Cina Moallef 778.862.0128

2470 Varley Lane 3 Bed, 3,001 SF Jason Soprovich 604.817.8812

42060 Birken Road 5 Bed, 2,304 SF

Jeevan Gill 604.617.2159

House for Sale

$1,549,900 | PORT COQUITLAM

$1,399,000 | SURREY

$1,649,000 | COQUITLAM

3752 Evergreen Street 5 Bed, 2,113 SF

18348 63a Avenue 5 Bed, 1,995 SF

1342 Cimarron Drive 3 Bed, 3,039 SF Jordan Wong PREC* 778.378.6888

Geevan Dhesi 604.866.7192

Lorenzo Daminato PREC* 604.657.8121

Maplewood Place $1,279,999 | NORTH VAN 14 - 433 Seymour River Place 3 Bed, 1,455 SF

Lustre

Condo

$1,115,900 | BURNABY SOUTH 3704 - 6511 Sussex Avenue 2 Bed, 831 SF

Alpine House $995,000 | WHISTLER 9 - 8100 Alpine Way 2 Bed, 830 SF Meg McLean PREC* 604.265.6604 $1,328,000 | RICHMOND 9 - 5660 Blundell Road 4 Bed, 1,355 SF Candace Cheung PREC* 604.649.4328

Brian Young 604.250.3662

Daniel Lu 604.435.8380

Mc2 by Intracorp-North $629,000 | MARPOLE 2003 - 8131 Nunavut Lane 1 Bed, 534 SF $686,900 | COQUITLAM 1306 - 635 Gardena Drive 1 Bed, 511 SF Jessica Lozada PREC* 604.360.0025 Magnolia at Gardena

Tudor Village

$829,900 | BURNABY NORTH

8861 Horne Street 3 Bed, 1,575 SF Samantha Cairns 604.760.6494

Upper Montrose

Condo

$664,900 | GRANDVIEW 106 - 2550 Garden Drive 0 Bed, 524 SF

$685,000 | ABBOTSFORD 327 - 2493 Montrose Avenue 3 Bed, 1,225 SF

Tyler Rodyniuk 778.987.1365

Derek Kai PREC* 604.868.1666

Natasha Ramos 604.767.2398

Residence at West

Domain

Mc2 by Intracorp-North

$618,000 | FALSE CREEK 623 - 1783 Manitoba Street 1 Bed, 476 SF

$599,000 | MT. PLEASANT

$529,900 | MARPOLE 201 - 8031 Nunavut Lane 1 Bed, 454 SF

304 - 2828 Main Street 1 Bed, 591 SF Christina Prevedoros 604.765.9034

Linda Kang 604.787.5923

Jane Chu PREC* 778.886.3303

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 August 6, 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.

vancouver region DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 12% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.5% VS 2023

▲ 36% VS 2023

▼ 1.4% VS 2023

▼ 0.9% VS 2023

There were 9,249 detached listings in the Vancouver Region in July, 3% above June and 36% higher than July 2023. July detached home sales decreased by 6% month-over-month, to 1,087, and were 0.9% below July 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 12%, reflected a buyers' market.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

1,087 9,249

1,097 6,807

-1.4% 1.5% -27% -0.9% 36%

1,155 8,997

-4% 0% -8% -6% 3%

The detached median price in July was $1,700,000, a 0% change from June and 1.5% above July 2023.

$1,956,299 $1,700,000 12%

$2,042,345 $1,700,000 13%

$1,983,579 $1,675,000 16%

The average sold price was $1,956,299, 4% below last month and down 1.4% to July 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

9,249

8,521

8,997

7,800

7,562

7,489

6,863

1.86

1.85

1.82

6,807

6,946

6,454

5,746

5,565

5,160

1.41

1.39

1,392

1,291

984

910

809

712

650

1,097

1,087

1,155

1,101

993

903

$1.73M $1.71M $1.70M $1.70M

$1.68M $1.70M $1.71M $1.73M

$1.61M $1.53M

$1.60M $1.66M $1.69M

23-Jul

24-Jun

24-Jul

▶ 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%

19%

16%

15%

500

10%

<$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

455 74 16%

509 103 20%

1,140 217 19%

2,262 345 15%

1,371 138 10%

1,023 86 8%

1,100 83 8%

534 27 5%

304 4 1%

551 10 2%

vancouver region TOWNHOME - JULY 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 2% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 60% VS 2023

▼ 0.5% VS 2023

▼ 7% VS 2023

There were 3,021 townhome listings in the Vancouver Region in July, 4% above June and 60% higher than July 2023. July townhome sales increased by 0.3% month-over-month, to 714, and were 7% below July 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 24%, reflected a sellers' market. The townhome median price in July was $915,000, a 0.7% decrease from June and 0.5% below July 2023. The average sold price was $994,949, 2% below last month; the average PSF sale price was $655, down 3% 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

$655 $994,949 $915,000 24% 714 3,021

$668 $999,469 $920,000 41% 767 1,883

-2% -0.5% -0.5% -42% -7% 60%

$673 $1,018,112 $921,250 24% 712 2,917

-3% -2% -0.7% -3% 0.3% 4%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,021

2,778

2,917

2,455

2,148

2,084

1,997

1,852

1,883

2,020

1,879

1,582

1,543

858

807

783

767

714

481

712

668

600

580

518

452

364

$950K

$938K

$935K

$921K

$920K

$910K

$920K

$910K

$920K

$915K

$900K

$889K

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

153

4+ bdrms

693

800

389

600

3 bdrms

1,594

400

29% 31%

25% 24%

164

2 bdrms

17% 19%

681

200

<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+

S-L RATIO SALES INVENTORY

103 30 29%

587 183 31%

961 242 25%

536 129 24%

421 70 17%

268 50 19%

68 6 9%

77 4 5%

vancouver region CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 19% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 0.6% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.6% VS 2023

▲ 53% VS 2023

▼ 1.0% VS 2023

▼ 10% VS 2023

There were 8,248 condo listings in the Vancouver Region in July, 3% above June and 53% higher than July 2023.

July condo sales decreased by 5% month-over-month, to 1,568, and were 10% below July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Vancouver Region, at 19%, reflected a balanced market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

1,568 8,248

1,742 5,387

-0.6% 0.6% -1% -41% -10% 53%

1,645 7,999

-3% -8% -5% 3%

The condo median price in July was $655,000, a 3% decrease from June and 1.0% below July 2023. The average sold price was $752,001, 1.2% below last month; the average PSF sale price was $874, down 1.1% to last month.

$874 $752,001 $655,000 19%

$880 $747,492 $661,750 32%

$884 $761,310 $673,000 21%

-1.1% -1.2%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

7,730

8,248

7,103

7,999

6,238 6,048

5,966

6,037

5,387

5,456

5,248

4,851

4,758

1,879

1,690

1,517

1,363

1,742

1,568

1,785

1,618

1,645

1,329

1,142

1,060

999

$678K

$670K

$671K

$673K

$662K

$650K

$652K

$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

67 5

4+ bdrms

2,000

1,500

3 bdrms

781

1,000

25%

866

20% 19%

16%

2 bdrms

500

4,488

599

<$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

2,396 595 25%

2,464 499 20%

1,424 273 19%

687 107 16%

444 35 8%

407 38 9%

128 6 5%

298 15 5%

2,912

greater vancouver board area DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 12% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 2% VS 2023

▲ 36% VS 2023

▲ 0.6% VS 2023

▼ 1.7% VS 2023

There were 5,380 detached listings in the Greater Vancouver board area in July, 1.3% above June and 36% higher than July 2023. July detached home sales decreased by 1.3% month-over-month, to 670, and were 0.6% above July 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 July was $1,877,500, a 5% decrease from June and 2% above July 2023.

THIS MONTH No. $2,171,590 $1,877,500 12% 670 5,380

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$2,208,025 $1,833,500 17% 666 3,946

-1.7% 2% -26% 0.6% 36%

$2,381,963 $1,970,000 13% 679 5,313

-9% -5% -3% -1.3% 1.3%

The average sold price was $2,171,590, 9% below last month and down 1.7% to July 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,059

5,380

4,622

5,313

4,427

4,343

4,011

1.79

1.78

3,946

1.69

4,001

3,812

1.53

3,450

1.52

3,289

1.47

3,131

828

794

567

554

504

383

367

666

670

679

651

580

545

$1.94M $1.97M $1.97M $1.88M

$1.83M $1.91M $1.86M $1.93M $1.88M $1.80M

$1.81M $1.92M $1.92M

23-Jul

24-Jun

24-Jul

▶ 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

21%

20%

19%

15%

14%

10%

200

<$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

274 42 15%

189 36 19%

422 88 21%

1,115 220 20%

824 112 14%

679 65 10%

817 70 9%

411 24 6%

224 4 2%

425 9 2%

greater vancouver board area TOWNHOME - JULY 2 0 2 4

SALES TO LISTINGS RATIO 22% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 59% VS 2023

▼ 1.1% VS 2023

▼ 3% VS 2023

▼ 8% VS 2023

There were 1,636 townhome listings in the Greater Vancouver board area in July, 2.0% above June and 59% higher than July 2023. July townhome sales decreased by 3% month-over-month, to 358, and were 8% below July 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 22%, reflected a sellers' market. The townhome median price in July was $1,065,375, a 3% decrease from June and 3% below July 2023. The average sold price was $1,133,512, 4% below last month; the average PSF sale price was $768, down 3% to last month.

THIS MONTH No. $768 $1,133,512 $1,065,375 22% 358 1,636

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$794 $1,146,361 $1,093,000 38% 391 1,031

-3% -1.1% -3% -42% -8% 59%

$792 $1,177,589 $1,102,500 23% 370 1,604

-3% -4% -3% -5% -3% 2%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,536

1,636

1,604

1,387

1,218

1,173

1,116

1,029

1,141

1,031

1,020

871

863

455

438

399

351

319

298

391

267

358

370

302

220

179

$1.09M $1.07M $1.10M $1.05M $1.05M $1.05M $1.07M $1.08M $1.10M $1.09M $1.08M $1.10M $1.07M

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

4+ bdrms

283

300

250

209

3 bdrms

200

899

150

31%

30% 27%

25%

100

2 bdrms

16% 18%

412

<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+

S-L RATIO SALES INVENTORY

40 12 30%

186 51 27%

321 98 31%

331 83 25%

359 58 16%

257 47 18%

66 5 8%

76 4 5%

greater vancouver board area CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 19% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.4% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.3% VS 2023

▲ 51% VS 2023

▼ 0.7% VS 2023

▼ 7% VS 2023

There were 6,195 condo listings in the Greater Vancouver board area in July, 2.0% above June and 51% higher than July 2023. July condo sales decreased by 4% month-over-month, to 1,197, and were 7% below July 2023. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 19%, reflected a balanced market. The condo median price in July was $720,000, a 0.7% decrease from June and 0.7% below July 2023. The average sold price was $817,011, 0.2% below last month; the average PSF sale price was $942, down 0.9% 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

1,197 6,195

1,284 4,102

-1.4% 0.3% -0.7% -38% -7% 51%

1,249 6,076

-6% -4% 2%

$942 $817,011 $720,000 19%

$955 $814,584 $725,000 31%

$950 $818,750 $725,000 21%

-0.9% -0.2% -0.7%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,873

6,195

5,377

6,076

4,772

4,593

4,556

4,612

4,102

4,153

3,909

3,672

3,593

1,425

1,276

1,095

1,044

1,284

1,197

1,338

1,249

1,210

986

853

721

752

$735K

$725K

$730K

$728K

$725K

$721K

$717K

$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

2,000

4+ bdrms

1,500

3 bdrms

1,000

673

28%

23% 20%

642

500

16%

2 bdrms

3,288

473

<$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

1,147 322 28%

1,839 417 23%

1,314 262 20%

655 105 16%

425 35 8%

399 36 9%

126 6 5%

290 14 5%

2,170

fraser valley board area DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 11% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 35% VS 2023

▼ 1.6% VS 2023

▼ 1.7% VS 2023

▼ 3% VS 2023

There were 3,869 detached listings in the Fraser Valley board area in July, 5% above June and 35% higher than July 2023. July detached home sales decreased by 12% month-over-month, to 417, and were 3% below July 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 11%, reflected a buyers' market.

THIS MONTH No. $1,610,389 $1,450,000 11% 417 3,869

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,636,755 $1,475,000 15% 431 2,861

-1.6% -1.7% -28% -3% 35%

$1,557,891 $1,435,000 13% 476 3,684

-17% -12% 5%

The detached median price in July was $1,450,000, a 1.0% increase from June and 1.7% below July 2023.

The average sold price was $1,610,389, 3% above last month and down 1.6% to July 2023.

3% 1%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,684

3,869

3,462

3,178

3,135 3,146

2,852

1.74

1.73

2,861

2,945

1.59

1.58

2,642

1.48

2,296

2,276

2,029

564

430

413

358

343

329

305

283

431

417

497

476

450

$1.48M $1.48M $1.48M $1.42M

$1.45M $1.45M $1.49M $1.50M $1.50M $1.43M $1.45M

$1.38M $1.30M

23-Jul

24-Jun

24-Jul

▶ 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

21%

18%

11%

200

<$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

181 32 18%

320 67 21%

718 129 18%

1,147 125 11%

547 26 5%

344 21 6%

283 13 5%

123 3 2%

80 0 n/a

126 1 1%

fraser valley board area TOWNHOME - JULY 2 0 2 4

SALES TO LISTINGS RATIO 26% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 0.6% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.0% VS 2023

▲ 63% VS 2023

▼ 1.8% VS 2023

▼ 5% VS 2023

There were 1,385 townhome listings in the Fraser Valley board area in July, 5% above June and 63% higher than July 2023. July townhome sales increased by 4% month-over-month, to 356, and were 5% below July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 376 852

% Change

No.

% Change

The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 26%, reflected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$541 $855,607 $833,700 26% 356 1,385

0.6% 1% -1.8% -42% -5% 63%

$544 $845,578 $830,000 26% 342 1,313

4% 5%

The townhome median price in July was $833,700, a 0.4% increase from June and 1.8% below July 2023. The average sold price was $855,607, 1.2% above last month; the average PSF sale price was $541, down 0.7% to last month.

$537 $846,717 $848,944 44%

-0.7% 1.2% 0.4% -1.3%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,385

1,242

1,313

1,068

930

911

881

823

852

879

859

711

680

403

384

376

278

356

214

369

342

317

281

232

220

185

$866K

$855K

$849K

$842K

$850K

$832K

$830K

$834K

$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

600

4+ bdrms

410

500

180

400

3 bdrms

50%

695

300

33%

29%

27%

200

23% 22%

19%

2 bdrms

269

100

<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+

S-L RATIO SALES INVENTORY

63 18 29%

401 132 33%

640 144 23%

205 46 22%

62 12 19%

11 3 27%

2 1 50%

1 0 n/a

fraser valley board area CONDO - JULY 2 0 2 4

SALES TO LISTINGS RATIO 18% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.7% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 60% VS 2023

▼ 3% VS 2023

▼ 2% VS 2023

▼ 19% VS 2023

There were 2,053 condo listings in the Fraser Valley board area in July, 7% above June and 60% higher than July 2023. July condo sales decreased by 6% month-over-month, to 371, and were 19% below July 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Fraser Valley board area, at 18%, reflected a balanced market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$657 $542,252 $525,000 18% 371 2,053

$669 $559,398 $537,750 36% 458 1,285

-1.7% -3% -2% -49% -19% 60%

$676 $580,141 $559,950 21% 396 1,923

-3% -7% -6% -12% -6% 7%

The condo median price in July was $525,000, a 6% decrease from June and 2% below July 2023. The average sold price was $542,252, 7% below last month; the average PSF sale price was $657, down 3% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,053

1,857

1,726

1,923

1,466 1,455

1,410

1,425

1,285

1,339

1,303

1,179

1,165

454

447

414

422

458

371

408

396

343

319

308

289

278

$560K

$550K

$545K

$538K

$540K

$530K

$531K

$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

1,000

800

3 bdrms

108

600

25%

400

22%

224

2 bdrms

13% 10%

13%

1,200

200

126

<$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

1,249 273 22%

625 82 13%

110 11 10%

32 2 6%

19 0 n/a

8 2 25%

2 0 n/a

8 1 13%

742

burnaby north DETACHED - JULY 2 0 2 4

SALES TO LISTINGS RATIO 15% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 21% VS 2023

▲ 18% VS 2023

▲ 66% VS 2023

▼ 29% VS 2023

There were 149 detached listings in Burnaby North in July, 15% above June and 66% higher than July 2023. July detached home sales decreased by 27% month-over-month, to 22, and were 29% below July 2023. The sales-to-listing ratio for detached in Burnaby North, at 15%, reflected a balanced market.

THIS MONTH No. $2,414,955 $2,182,500 15% 22 149

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

31 90

21% 18% -57% -29% 66%

$2,478,183 $2,482,500 23% 30 130

-3% -12% -36% -27% 15%

The detached median price in July was $2,182,500, a 12% decrease from June and 18% above July 2023.

$1,988,729 $1,850,000 34%

The average sold price was $2,414,955, 3% below last month and up 21% to July 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

149

130

114

130

2.87

107

104

2.61

104

2.02

1.38

1.34

1.11

$2.48M

$2.21M $2.22M $2.18M $2.14M $2.03M

$2.18M

$1.95M $2.07M

$1.89M $1.99M $1.93M

$1.85M

23-Jul

24-Jun

24-Jul

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

23%

22%

13%

<$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

1 0 n/a

18 4 22%

44 10 23%

31 4 13%

42 3 7%

8 1 13%

2 0 n/a

3 0 n/a

burnaby north TOWNHOME - JULY 2 0 2 4

SALES TO LISTINGS RATIO 27% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.4% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 61% VS 2023

▼ 9% VS 2023

▼ 17% VS 2023

▼ 14% VS 2023

There were 45 townhome listings in Burnaby North in July, 17% below June and 61% higher than July 2023. July townhome sales decreased by 40% month-over-month, to 12, and were 14% below July 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 27%, reflected a sellers' market. The townhome median price in July was $759,500, a 20% decrease from June and 17% below July 2023. The average sold price was $835,150, 11% below last month; the average PSF sale price was $711, up 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

12 45

14 28

-1.4% -9% -17% -47% -14% 61%

20 54

8% -11% -20% -28% -40% -17%

$711 $835,150 $759,500 27%

$721 $921,100 $914,950 50%

$657 $941,640 $950,000 37%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUL 2023 ● JUL 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

$950K

$915K

$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

4+ bdrms

64%

3 bdrms

27%

2 bdrms

13%

1 1

<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+

S-L RATIO SALES INVENTORY

1 0 n/a

11 7 64%

15 2 13%

11 3 27%

7 0 n/a

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