the rennie advance - May 2019

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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