Data Pack: rennie advance - November 2020

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published November 2020

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 very 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 • Following a record September sales count, October 2020 registered over 5,900 sales across the Vancouver Region. As was the case when the September data were released, October’s sales count was the highest in any month since June 2017 and the highest for any October since at least 1980. • Compared to October 2019, last month’s sales were higher by 36%. The increase for condos was 15%, while detached home sales were up 51% and townhome sales were 50% higher. • October’s sales count was 52% above the past-decade October average, with detached up 48%, townhomes up 82%, and condos up 41%.

THE RENNIE ADVANCE

sales

OCTOBER 

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

October

vs Oct 2019 51%

10yr Oct Avg 1,647 vs 10yr Oct avg 48%

2,433

DETACHED sales

0 500

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

1,000 1,200 1,400

vs Oct 2019 50%

October

1,291

vs 10yr Oct Avg 82%

0 200 400 600 800

10yr Oct Avg 709

TOWNHOME sales

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

3,000

vs Oct 2019 15%

October

2,500

vs 10yr Oct Avg 41%

2,073

2,000

10yr Oct Avg 1,471

1,500

1,000

CONDO sales

500

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Copyright © 2020 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 November 2, 2020. 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 • For the 13th consecutive month, inventory contracted on a year-over-year basis (by 7% in October). While inventory was down 23% for detached homes and by 18% for townhomes, it was 20% higher for condos. • Compared to September, inventory in the Vancouver Region was 9% lower in October, almost double the typical September-to-October decline of 5%. Each home type had a decline in inventory: detached homes by 9%, townhomes by 14%, and condos by 6%. • For the 7th consecutive month, the overall sales-to-listings (S-L) ratio for the Vancouver Region increased (to 33% in October), reflecting conditions that continue to remain favourable to sellers (where the S-L ratio is greater than 21%). All market segments were in seller’s market territory, with an S-L ratio of 33% for detached homes, 50% for townhomes, and 26% for condos.

total listings THE RENNIE ADVANCE

OCTOBER 

10,000 12,000 14,000 16,000

vs Oct 2019 23%

10yr Oct Avg 10,522

0 2,000 4,000 6,000 8,000

7,326

vs 10yr Oct Avg 30%

DETACHED listings

October

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

vs Oct 2019 18%

10yr Oct Avg 2,967

2,579

vs 10yr Oct Avg 13%

TOWNHOME listings

October

0 500

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

12,000

vs Oct 2019 20%

10,000

7,909

8,000

10yr Oct Avg 7,125

6,000

4,000

vs 10yr Oct Avg 11%

CONDO listings

October

2,000

0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Copyright © 2020 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 November 2, 2020. 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 • Compared to one year ago, median sales prices were higher across all home types in both the Greater Vancouver and Fraser Valley board areas in October. • Median sales prices for detached homes in the Greater Vancouver board area rose 10% versus October 2019, followed by 6% for townhomes and 1.6% for condos. In the Fraser Valley board area, median sales prices for detached homes rose by 15%, followed by 5% for townhomes, and 8% for condos. • In the Greater Vancouver board area, October’s median sales prices were lower for detached homes and condos versus September (by 0.1% and 3%, respectively) but higher for townhomes (by 5%). In the Fraser Valley board area, median sales prices increased across all home types between September and October: detached by 0.9%, townhome by 1.1%, and condos by 0.6%.

THE RENNIE ADVANCE median prices

OCTOBER 

$2,000,000

vs Oct 2019 10%

October

$1,600,000

$1.43 M

Greater Vancouver Fraser Valley

$1,200,000

$1.06 M

$800,000

DETACHED median sales price

vs Oct 2019 15%

$400,000

$0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

$1,200,000

vs Oct 2019 6%

October Greater Vancouver Fraser Valley

$1,000,000

$815,000

$800,000

$600,000

$600,000

$400,000

TOWNHOME median sales price

vs Oct 2019 5%

$200,000

$0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

$1,000,000

vs Oct 2019 1.6%

October

$800,000

Greater Vancouver Fraser Valley

$589,000

$600,000

$400,000

$393,225

CONDO median sales price

$200,000

vs Oct 2019 8%

$0

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Copyright © 2020 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 November 2, 2020. 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 .

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

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6

Made with FlippingBook - professional solution for displaying marketing and sales documents online