The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
the rennie advance . SALES & LISTINGS OVERVIEW FOR THE GREATER VANCOUVER BOARD AREA
published May 2019
rennie intelligence
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very 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 5 RENNIE INTELLIGENCE
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
MAY 2019 — P A G E 2
H I G H L I G H T S • Sales in the Greater Vancouver board area in April were up for the 4 th consecutive month, rising 6% vs March, to 1,835. • On a year-over-year basis, sales of all products types decreased: by 28% for detached, 20% for townhomes, and 32% for condos. Notably, these were the smallest year-over-year gaps for condos and townhomes since July 2018 and February 2018, respectively. • In April, sales remained below the past-decade average (by 45%). The number of detached, townhome, and condo sales were each below their historical April averages, by 56%, 38%, and 37% respectively.
sales T H E R E N N I E A D V A N C E
APRIL 2019
2,500
April
vs 10yr Apr Avg 56%
2,000
1,500
10yr Apr Avg 1,334
1,000
DETACHED sales
588
vs Apr 2018 28%
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
April
vs 10yr Apr Avg 38%
10yr Apr Avg 509
316
vs Apr 2018 20%
TOWNHOME sales
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
April
vs 10yr Apr Avg 37%
2,000
10yr Apr Avg 1,401
1,500
1,000
vs Apr 2018 32%
888
CONDO sales
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Current as of May 2, 2019. All data from the Real Estate Board of Greater Vancouver. The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the information. RAR & RMS does not assume any responsibility or liability of any kind in connection with the information and the recipient’s reliance upon the information. 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 may change any time without notice or obligation to the recipient from RAR & RMS.
H I G H L I G H T S • Like sales, inventory in the Greater Vancouver board area rose for the 4 th straight month in April. At 14,050, listings were up 8% compared to March. • Compared to one year earlier, total listings were up 37%, with the largest increases seen in condos (91%) and townhomes (76%). Detached home inventory rose 4% on a year-over-year basis. • Compared to the past 10-year April average, total inventory was 4% higher in April 2019 (ranging from 0.8% higher for condos to 14% higher for townhomes). April’s sales-to-listings ratios remained similar to those of March, with the multi-family market remaining balanced and the detached segment continuing to favour buyers.
T H E R E N N I E A D V A N C E
total listings
APRIL 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Apr Avg 6,283
6,495
vs Apr 2018 4%
vs 10yr Apr Avg 3%
DETACHED listings
April
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
vs Apr 2018 76%
2,000
1,934
10yr Apr Avg 1,701
1,500
TOWNHOME listings
1,000
vs 10yr Apr Avg 14%
April
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Apr Avg 5,729
5,774
vs Apr 2018 91%
vs 10yr Apr Avg 0.8%
CONDO listings
April
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Current as of May 2, 2019. All data from the Real Estate Board of Greater Vancouver. The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the information. RAR & RMS does not assume any responsibility or liability of any kind in connection with the information and the recipient’s reliance upon the information. 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 may change any time without notice or obligation to the recipient from RAR & RMS.
H I G H L I G H T S • Year-over-year median sales prices in the Greater Vancouver board area were down for all product types in April: by 7% for detached, 5% for townhomes, and 9% for condos. • Having said that, month-over-month median sales prices increased for townhomes (by 2%) and condos (by 0.1%); detached prices fell by 2%. • Opportunities remain prevalent for up-sizers: the ratio of detached-townhome median prices fell to 1.72 in April—32% below the peak achieved at the end of 2015. Meanwhile, at 1.32, the townhome-condo median price ratio was down 11% versus its January 2016 apex.
T H E R E N N I E A D V A N C E
median prices
APRIL 2019
$1,600,000
$1.31 M
April
$1,200,000
vs Mar 2019 2%
$800,000
vs Apr 2018 7%
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
April
$759,430
$800,000
vs Mar 2019 2%
$600,000
$400,000
TOWNHOME median sales price
vs Apr 2018 5%
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
April
$575,500
$600,000
vs Mar 2019 0.1%
$400,000
vs Apr 2018 9%
$200,000
CONDO median sales price
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Current as of May 2, 2019. All data from the Real Estate Board of Greater Vancouver. The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the information. RAR & RMS does not assume any responsibility or liability of any kind in connection with the information and the recipient’s reliance upon the information. 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 may change any time without notice or obligation to the recipient from RAR & RMS.
THE RENNIE ADVANCE
the data behind rennie .
The rennie intelligence team is comprised 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 help them 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
REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
MAY 2019 — P A G E 6
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