the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published August 2023
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.
table of contents
02 INTRO
03 SALES
04 TOTAL LISTINGS
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
05 MEDIAN PRICES
06 RENNIE INTELLIGENCE
Copyright © August 1, 2023 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 1, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2
highlights • TheVancouverRegion talied 3,748M LS salesin July,which wasdown 22% from June’s4,822 sales.W ith them onth-to-m onth declinein salesfarexceeding w hat’stypicalforthistim eofyear (overthepast10 years,saleshave,on average,been 9% lowerin Julythan in June),theregion’s Julysalescountwas17% below thelong-run averageforthem onth.W ithoutadoubt,risingand (relatively)high interestrateshavecontributed to theslow dow n in salesobserved overthepast twom onths. • Com pared toJune,July’stownhom eand condosaleswereeach down by19%,whiledetached salesfel even m ore,at30% . • Com pared towhathad been asluggish salesm onth back in July2022,lastm onth’ssaleswere higherforal hom etypes:by60% fortownhom es,30% fordetached hom es,and 23% forcondos.
THERENNIEADVANCE sales
JULY 2023
4,000
+ 30% vsJul2022
3,500
3,000
2,500
2,000
1,854 10 yr JulAvg
1,500
1,000
DETACHED sales
1,135
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500
- 39% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
+ 60% vsJul2022
1,000 1,200 1,400 1,600
845 10 yr JulAvg
200 400 600 800
767
TOWNHOME sales
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0
- 9% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
3,500
+ 23% vsJul2022
3,000
2,500
2,000
1,746 10 yr JulAvg
1,500
1,747
1,000
CONDO sales
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500
- vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
Copyright© August1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust1,2023.Aldatafrom RealEstateBoardof GreaterVancouverand FraserValey& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • Therewere14,771 totalM LS listingsattheend ofJuly,which equated toa3% increaseoverJune’scount— a notablem onth-over-m onth changein both m agnitudeand direction (on averageoverthepastdecade, inventoryhascontracted by0.1% between Juneand July).D espitethisrecentexpansion,inventoryrem ains 19% below thelong-run averageforthistim eofyear,and is8% lowerthan oneyearago. • O n am onth-over-m onth basis,inventorywashigherforeach hom etypein July,with condolistings expandingthem ost(by4%),folowed bydetached hom es(+3%)and townhom es(+2%).O n ayear-over-year basis,inventorywaslowerforeach hom etype:townhom esby25%,detached hom esby6%,and condosby 3%. • O veral conditionsshifted towardsbalancein July,though theycontinued to favourselersin them ulti-fam ily segm ents:bytheend ofJuly,therewere3.1 m onths-of-inventory(M O I)forcondosand 2.5 M O Ifor townhom es.N otably,conditionsin thedetached hom esegm entwerebalanced forthefirsttim esince February,with 6.1 M O I.
THERENNIEADVANCE total listings
JULY 2023
14,000
- 6% vsJul2022
12,000
10,000
8,000
8,875 10 yr JulAvg
6,000
6,977
4,000
DETACHED listings
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000
- 21% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
- 25% vsJul2022
2,638 10 yr JulAvg
1,883
TOWNHOME listings
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500
- 29% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
12,000
- 3% vsJul2022
10,000
8,000
6,000
6,309 10 yr JulAvg
5,406
4,000
CONDO listings
2,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0
- 14% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
Copyright© August1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,2023.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.
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highlights • O n am onth-over-m onth basis,them edian townhom esold pricein theG reaterVancouverboard arearoseby0.3%,whilethatofdetached hom esfel by3% (thesecond straightm onth ofdeclines afterfourm onthsofgrowth).Them edian condosold pricewasunchanged from June. • In theFraserValeyboard area,them edian sold priceofdetached hom esand townhom esfel (by 3% and 0.3%,respectively),whilethatofcondosrose2%. • O n ayear-over-yearbasis,m edian sold pricesin each oftheG reaterVancouverand FraserValey board areaswerehigherforeach hom etype.In G reaterVancouver,detached hom e,condo,and townhom epriceswereup 4%,5%,and 10%,respectively,whilein theFraserValeypriceswereup 2% ,0.5% ,and 1.1% (again,respectively).
THERENNIEADVANCE median prices
JULY 2023
$2,000,000
+ 4% vsJul2022 Greater Vancouver
$1.81M
$1,600,000
$1.46M
$1,200,000
$800,000
DETACHED median salesprice
FraserValey
$400,000
+ 2.5% vsJul2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● July
$1,200,000
+ 10% vsJul2022 Greater Vancouver
$1,093,000
$1,000,000
$800,000
$848,888
$600,000
$400,000
TOWNHOME median salesprice
FraserValey
$200,000
+ 1.1% vsJul2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● July
$1,000,000
+ 5% vsJul2022 Greater Vancouver
$800,000
$725,000
$600,000
$537,500
$400,000
CONDO median salesprice
FraserValey
$200,000
- vsJul2022
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● July
Copyright© August1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,2023.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.
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The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we 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. the data behind rennie
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Copyright © August 1, 2023 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 1, 2023. 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. 6
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