Data Pack: rennie advance - June 2022

the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published June 2022

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 INTRO

3 SALES

4 TOTAL LISTINGS

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 PRICES

6 RENNIE INTELLIGENCE

highlights • TotalM LS salesin theVancouverRegion in M aywere4,249,which wasdown by12% versus April,exceeding thetypicalseasonaldecline(of6% in thiscase)forasecond consecutivem onth. D ailyM aysalesaveraged 202,which were15% lowerthan April’s238 salesaday.(Asasidenote, lastm onth’ssaleswerealsodown by40% from 2021’ssecond-m ost-ever-M aycount.) • O n am onth-to-m onth basis,salesacros al hom etypesdeclined from April,with detached hom e transactionsfalingby18%,folowed bytownhom esand condosat10% and 8%,respectively. D etached hom esales(1,289)and townhom esales(813)werethelowestsuch countssince early-2020.Condosales,at2,058,werethelowestsinceJanuary2021. • O n ayear-over-yearbasis,salesw ere–unsurprisingly— also low eracros al hom etypes,w ith detached saleslowerby53%,townhom esby45%,and condosby27%.Asafinalcom parison, M ay’s2022 totalsaleswere18% lowerthan thepast10-yearM ayaverage.

THERENNIEADVANCE sales

MAY 202

4,000

- 53% vsM ay2021

3,500

3,000

2,500

2,000

2,254 10 yrM ayAvg

1,500

1,000

DETACHED sales

1,289

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 43% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

- 43% vsM ay2021

1,000 1,200 1,400 1,600

940 10 yrM ayAvg

200 400 600 800

813

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 14% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

3,500

- 27% vsM ay2021

3,000

2,500

2,000

2,058

1,875 10 yrM ayAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+ 10% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Copyright© June1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune1,202 .Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Totalinventory,aswel asthatforeach hom etype,grew again in M ay:com pared to April,last m onth’s15,486 listingswereup by15%.N otably,M ay’sM LS inventorywasstil 19% below the past-decadeM ayaveragedespite5 consecutivem onthsofexpansion. • O n am onth-over-m onth basis,townhom esupplyin theVancouverRegion roseby18%,folowed bythatofcondosand detached hom es,at15% and 14%,respectively.Com pared toM ay2021, listingswerestil lowerforcondos(by10%)and detached hom es(by5%);in contrast,townhom e listingswerehigherby18%. • M ay’stotalsales-to-listingsratiosdeclined betw een A priland M ay foral hom etypes,to 18% , 34%,and 38% fordetached hom es,townhom es,and condos,respectively.Assuch,while conditionsin thetownhom eand condosegm entscontinuetofavourselers,thosein thedetached hom em arketarenow balanced forthefirsttim esinceM ay2020.

THERENNIEADVANCE total listings

MAY 202

14,000

- 5% vsM ay2021

12,000

10,000

7,235

8,000

9,241 10 yrM ayAvg

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

- 22% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

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

+ 18% vsM ay2021

2,421

2,728 10 yrM ayAvg

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 11% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

12,000

-10% vsM ay2021

10,000

8,000

5,394

6,000

6,628 10 yrM ayAvg

4,000

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 19% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • M edian M LS sold pricesin both theG reaterVancouverand FraserValey board areasdeclined in M ay(by4% overal,on average,between thetwo board areas). • Both theG reaterVancouverand theFraserValeyboard areaexperienced m onth-over-m onth declinesofsim ilarm agnitudes,with m edian detached pricesdippingby5%,condosby3%,and townhom esbybetween 5-6%. • O n ayear-over-yearbasis,G reaterVancouver’sdetached hom em edian pricesw ere17% higherin M ay;in theFraserValey,theywereup 15%.Again com pared tooneyearago,m edian townhom e and condo pricesroseatafasterpacein theFraserValey(at21% and 23% ,respectively)than in G reaterVancouver(which talied increasesof15% and 13% fortownhom esand condos, respectively).

THERENNIEADVANCE median prices

MAY 202

$2,000,000

Greater Vancouver

$1.90M

$1,600,000

+ 17% vsM ay2021

$1.54M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 15% vsM ay2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ G reaterVancouver ━ FraserValey

● May

$1,200,000

Greater Vancouver

$1,000,000

$1,035,000 $870,000

+ 15% vsM ay2021

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+ 21% vsM ay2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ G reaterVancouver ━ FraserValey

● May

$1,000,000

Greater Vancouver

$800,000

+ 13% vsM ay2021

$716,000

$600,000

$548,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 23% vsM ay2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ G reaterVancouver ━ FraserValey

● May

●

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

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