the vancouver rennie advance | October 2024

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

published October 2024

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.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2024 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 October 1, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere2,770M LS salesin theVancouverRegion in Septem ber,adrop of5% m onth-over-m onth thatwasin linewith thetypicalAugust-to-Septem berdeclineof4%. Com pared with Septem ber2023,saleswere5% lower(from 2,905 lastyear). • Lastm onth’ssalescountw asthelow estsinceJanuary and represented thefifth consecutive m onthlydecline.Itwasalso thethird-fewestsalesforthem onth ofSeptem berin thepast12 years (onlySeptem ber2022and 2018werelower). • Salesin Septem berwere29% lowerthan theprior10-yearaverageforthem onth (of3,903). D etached hom esaleswerethefurthestbelow average(-43%,to853)folowed bycondos(-23%,to 1,239)and townhom es(-21%,to581).

VANCOUVERREGION THERENNIEADVANCE sales

SEPTEMBER 2024

4,000

- 6% vsSep 2023

3,500

3,000

2,500

2,000

1,509 10 yrSep Avg

1,500

1,000

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 853

- 43% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- vsSep 2023

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

739 10 yrSep Avg

200 400 600 800

581

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 21% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

3,500

- 7% vsSep 2023

3,000

2,500

2,000

1,605 10 yrSep Avg

1,500

1,000

1,239

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 23% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.Aldatafrom RealEstateBoardofGreaterVancouverand FraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsjum ped significantlyin Septem berto 9,215,a41% increasefrom lastm onth versusthetypicalAugust-to-Septem berriseof19%.Thiswas14% higherthan Septem ber2023 (8,095 new listings). • Septem bersaw thethird-m ostnew listingsofanym onth thisyear,behind 10,935 in Apriland 9,726 in M ay.Relativeto theprior10-yearSeptem beraverage(of7,618),new listingswereup 21%. • N ew condo listingswerethem ostelevated at30% abovetheirprior10-yearSeptem beraverage (to3,946)versus21% fortownhom es(to1,549)and 4% fordetached hom es(to3,315).

VANCOUVERREGION THERENNIEADVANCE new listings

SEPTEMBER 2024

7,000

+ 9% vsSep 2023

6,000

5,000

4,000

3,187 10 yrSep Avg

3,000

3,315

2,000

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

+ 4% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

+ 17% vsSep 2023

2,500

2,000

1,500

1,549

1,283 10 yrSep Avg

1,000

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 21% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

5,000

+ 15% vsSep 2023

4,000

3,946

3,000

3,040 10 yrSep Avg

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 30% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

Copyright© October1,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober1,2024.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • ActiveM LS listingsreached 22,430 attheend ofSeptem ber–thehighestlevelin anym onth going back toJuly2014 (23,553 listings).Thiswas31% abovetheprior10-yearSeptem beraverage(of 17,104). • Condoinventory(8,733 listings)wasthefurthestaboveaverageat45%,folowed bytownhom es (+31%,to3,138)and detached hom es(+18%,to9,685). • TheVancouverRegion fel into buyers’m arketter itoryforthefirsttim esinceApril2020 with 8.1 m onthsofinventory,up from 7.2 in August.Thiswasentirelydriven bythedetached m arket with an M O Iof11.4,whereasboth thecondoand townhom esegm entswereconsidered balanced with M O Isof7.0 and 5.4,respectively.

VANCOUVERREGION THERENNIEADVANCE inventory

SEPTEMBER 2024

14,000

+ 28% vsSep 2023

12,000

10,000

9,685

8,000

8,197 10 yrSep Avg

6,000

4,000

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

+ 18% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

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

+ 51% vsSep 2023

3,138

2,403 10 yrSep Avg

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

+ 31% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

12,000

+ 46% vsSep 2023

10,000

8,000

8,733

6,000

6,011 10 yrSep Avg

4,000

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 45% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw adecreaseof3% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adecreaseof0.9% . In G reaterVancouver,m edian detached pricesweredown 2%,townhom epricesweredown 1.3%, and condopricesweredown 4%.In theFraserValey,m edian detached pricesweredown 3%,and both townhom eand condopriceswereflat. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw eredow n 4% (averaged acros hom etypes),whilein theFraserValeyboard theyweredown 0.5%.In G reaterVancouver, m edian detached hom epriceswere1.4% lower,townhom epriceswere8% lower,and condos pricesweredown 3%.In theFraserValey,detached hom epricesweredown 2%,townhom es priceswereflat,and condo priceswereup 1.0% .

VANCOUVERREGION THERENNIEADVANCE median prices

SEPTEMBER 2024

•

$2,000,000

- 1.4% vsSep 2023 Greater Vancouver

$1.83M

$1,600,000

$1.44M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 2% vsSep 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

$1,200,000

- 8% vsSep 2023 Greater Vancouver

$1,000,000

$1,005,000 $830,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- vsSep 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

$1,000,000

- 3% vsSep 2023 Greater Vancouver

$800,000

$690,000 $530,000

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 1.0% vsSep 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● Septem ber

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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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