the rennie review

DATA-DRIVEN INSIGHT INTO SALES, LISTINGS, & PRICING TRENDS FOR 13 SUB-MARKETS IN THE VANCOUVER REGION

published October 2019

table of contents

02 INTRO

Each month, we release the rennie review, a detailed look at the real estate marketplace in Vancouver and the Lower Mainland. This report examines the market stats by neighbourhood, current rennie projects, and more.

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

NEIGHBOURHOOD PROFILES

05 08 11 14 17 20 23 26 29 32 35 38 41

Greater Vancouver Board Area

Burnaby East Burnaby North Burnaby South

Coquitlam

Andrew Ramlo VP Intelligence aramlo@rennie.com

Ryan Berlin Senior Economist rberlin@rennie.com

Fraser Valley Board Area

Langley

North Vancouver

Richmond

Surrey

Vancouver East Vancouver West West Vancouver

43 CURRENT PROJECTS

Current as of September 3, 2019. All data from the Real Estate Board of Greater Vancouver and Fraser Valley. 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 theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipientof the information should take stepsas the recipientmaydeemnecessary toverify the informationprior toplacinganyrelianceupon the information.The informationmaychangeandanypropertydescribed in the informationmaybewithdrawn from themarketatany timewithoutnoticeorobligation to therecipient fromRAR&RMS. 2

3 months and counting: Vancouver’s housing market recovery continues . The Vancouver region’s 41% year-over-year increase in September sales will attract most of the headlines, but it’s the month-over-month changes that really deserve our

3. Year-over-year detached inventory was 11% lower in September, with multi-family listings following a similar path. For the third consecutive month, detached inventory was lower than it was in the previous year. On the back of this, overall inventory was down 4% year-over-year in September, the first all-home-type contraction since February 2018. Notably, the trend in detached listings is leading that of the multi-family segment, with townhome and condo inventory expansion slowing to its lowest rate since the beginning of 2018, thereby setting the stage for a contraction of available multi-family homes in the coming months. With 3 months to go before 2019 is officially a wrap, the real estate story for this year has yet to be fully written. We don’t know how it’s going to end, but whatever transpires between now and the winter holidays-- be it a continuation of recent trends or the emergence of new ones--will lay the groundwork for what’s to come in 2020.

could be considered “normal”, at least insofar as our historical experience is concerned. As a side note, when we consider sales counts adjusted for our growing population, we are still 11% below our long-run average. 2. Sales were up 4.0% in September compared to August--a time of year when sales counts typically fall. While the year-over-year sales jump of 41% will get most of the glory among the myriad September statistics, it is the month-over- month change in sales that is actually a better indicator of how the region’s housing market is evolving in real-time. And with sales rising by 4.0% in September compared to August--thereby bucking the typical trend of a 5.4% decline in sales at this time of year--it reinforces the notion that buyers are returning to the fray after many months on the sidelines.

To put it simply, it’s been an up and down year for real estate in Greater Vancouver in 2019 (actually, more like down and then up). After 2018’s slump spilled over into the first 6 months of 2019, some of the region’s pent-up demand began to re-emerge in July, beginning a stretch of 3 months that may alter the way ultimately look back on the market’s overall performance during 2019. With September’s data now available and unpacked, here are the three key market insights that you should know. 1. Compared to one year ago, sales were up 41% in September. After year-over-year sales counts rose by 19% in July and by 15% in August, they were up a whopping 41% in September. This was still 2% below the long-run September average but it moved sales back to levels that

Copyright © 2019 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 3, 2019. All data from RealEstateBoardof 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. 3

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The Melville $949,800 | COAL HARBOUR 3106-1189 Melville St. 1 Bed, 733 SF

1000 Beach $898,000 | DOWNTOWN 203-1000 Beach Ave. 1 Bed, 810 SF Brandan Price PREC* 604.765.9555 House $749,900 | CHILLIWACK 19-8295 Nixon Rd. 4 Bed, 2,623 SF Clarke Mallory PREC* 604.316.9917

Jane Chu PREC* 778.886.3303

Taliesin $828,000 | KITSILANO 11-2375 W Broadway 2 Bed, 912 SF

Ross Leathley 604.802.5468

Sunrise West $648,800 | FAIRVIEW 317-1345 W 15th Ave. 1 Bed, 745 SF Spencer Graffos 604.781.7103

Mondeo $498,000 | BURNABY 109-3811 Hastings St.

1 Bed, 634 SF Vesna Troha 604.306.7040

Copyright © 2019 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 3, 2019. 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.

DETACHED - SEPTEMBER 2019 greater vancouver board area

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 9 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

8 % DOWN

14 % DOWN

47 % UP

BALANCED 13 %

Detached listings in the REBGV decreased to 5,969 in September, 4% below August and 14% lower vs September 2018. Detached sales, at 755, increased 6% compared to August and were 47% higher vs September 2018. The sales-to-listings ratio rose to 13%, as the REBGV detached market transitioned to balanced market territory. The detached benchmark price in September was $1.41M, virtually unchanged month-over-month and a 9% decline year-over-year. The average sold price was $1.51M, down 3% from the previous month and 8% lower year-over-year.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

5,969

6,234

-4%

6,916

-14% 47% 71%

TOTAL SALES

755 13%

712 11%

512

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

11%

$1,406,200 $1,406,700 0.0% $1,538,800

-9% -8%

$1,507,474 $1,558,561

-3% $1,638,876

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.54

$1.50

$1.46

$1.44

$1.42

$1.41

2.21

2.16

2.15

6,916

6,823

6,646

1.86

1.83

1.82

6,362

5,969

5,961

5,342

915

852

755

531

520

512

343

Sep-18

Aug-19

Sep-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

greater vancouver board area

TOWNHOME - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

12 % DOWN

14 % DOWN

9 % UP

41 % UP

BALANCED 20 %

The number of townhome listings in the REBGV dipped to 1,799 in September, 7% below August but 9% higher year-over-year. Townhome sales in September, at 355, were up 3% vs August and were 41% above last year. The sales-to-listings ratio increased to 20% as the REBGV townhome market remained balanced. The townhome benchmark price in September was $767,500, 0.6% below August and 7% lower than in September 2018. The average sold price was $803,858, with an average PSF sales price of $546 (0.9% and 3% lower, respectively, vs August).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

1,799

1,930

-7%

1,657

TOTAL SALES

355 20%

345 18%

251 15%

41% 30% -7% -12% -14%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

$767,500 $771,900 $803,858 $811,496

-0.6% $826,700 -0.9% $917,399

$546

$564

-3%

$637

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$826,700 $808,000 $787,800 $772,500 $779,400 $770,000 $767,500

2,087

2,104

1,799

1,743

1,657

1,656

1,459

412

404

355

280

256

251

177

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

304

195

3 bdrms

989

<3 bdrms

. . . . 0 0 0 0

512

S-L RATIO SALES INVENTORY

greater vancouver board area

CONDO - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 6 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

0.6 % DOWN

3 % DOWN

7 % UP

43 % UP

SELLER’S 23 %

The number of condo listings in the REBGV decreased to 5,183 in September, 5% below August but 7% above September 2018. At 1,168, condo sales were 4% higher month-over- month and 43% higher year-over-year. The sales-to-listings ratio increased to 23%, as the REBGV condo market transitioned to seller’s market territory. The condo benchmark price in September was $651,500, virtually unchanged from August and down 6% compared to September 2018. The average sold price was $673,129 (3% above August) with an average PSF sales price of $775 (virtually unchanged from August).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

5,183 1,168

5,461 1,119

-5%

4,835

TOTAL SALES

815 17%

43% 34% -6%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

23%

20%

10%

$651,500 $654,000 $673,129 $651,230

-0.4% $696,500 3% $677,257

-0.6%

$775

$772

0.4%

$795

-3%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$696,500 $677,500 $670,200 $667,500 $664,200 $653,200 $651,500

6,199

5,955

5,258

5,183

4,937

4,835

4,343

1,244

1,243

1,168

872

815

814

559

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

540

639

2 bdrms

3,041

468

<2 bdrms

. . . . 0 0 0 0

1,617

S-L RATIO SALES INVENTORY

burnaby east

DETACHED - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

34 % DOWN

1.8 % DOWN

133 % UP

BALANCED 14 %

The number of detached listings in Burnaby East in September, at 50, was 11% lower vs the previous month and 34% below September 2018. There were 7 detached sales in September, 4 lower month-over-month but 4 above September 2018. The sales-to-listings ratio fell to 14%, as Burnaby East’s detached segment transitioned to a balanced market. The benchmark price for detached homes in Burnaby East was $1.16M—0.5% below last month and 7% lower year-over-year. The average sold price in Burnaby East in September was $1.37M, virtually unchanged from August and 1.8% below September 2018.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

56 11

-11% -36% -29%

-34% 133% 255%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

14%

20%

$1,160,500 $1,165,800 -0.5% $1,248,100 $1,369,000 $1,373,955 -0.4% $1,393,667 -1.8% -7%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.25

$1.21

$1.18

$1.17

$1.16

$1.15

1.81

1.80

1.74

1.66

1.63

Sep-18

Aug-19

Sep-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

burnaby east

TOWNHOME - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 10 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

15 % DOWN

2 % DOWN

19 % UP

0.0 %

BUYER’S 11 %

The number of townhome listings in Burnaby East decreased to 37 in September, 14% below August but 19% higher than in September 2018. Townhome sales, at 4, were 2 below last month and unchanged vs last year. The sales-to-listings ratio decreased to 11%, as Burnaby East’s townhome market transitioned to buyer’s market territory. The benchmark price in September was $645,900, virtually unchanged from the previous month and 10% lower vs September 2018. The average sold price was $703,750 (2% higher than last month) with an average PSF sales price of $518 (5% below last month).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

-14% -33% -23%

19% 0.0% -16% -10%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

11%

14%

13%

$645,900 $644,900 $703,750 $689,000

0.2% $718,800 2% $721,000

-2%

$518

$547

-5%

$611

-15%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$718,800 $684,600 $680,300 $671,400 $656,500 $648,400 $645,900

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO - SEPTEMBER 2019 burnaby east

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

15 % DOWN

3 % UP

62 % UP

300 % UP

BALANCED 17 %

The number of condo listings in Burnaby East in September was 31% higher month-over-month (at 47) and jumped 62% year-over-year. At 8, condo sales were 2 lower month-over-month but 6 above September 2018. The sales-to-listings ratio decreased to 17% in September as Burnaby East’s condo market became balanced. The condo benchmark price in September was $713,900, 1.9% above last month but 7% lower year-over-year. The average sold price for condos increased 0.9% month-over-month (to $515,600) while the average PSF sales price increased 4% (to $710).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

36 10

31% -20% -39%

62%

TOTAL SALES

300% 147%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

17%

28%

$713,900 $700,700 $515,600 $510,826

1.9% $767,600 0.9% $605,500

-7%

-15%

$710

$682

$691

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$767,600 $762,400 $743,900 $722,500 $748,100 $721,200 $713,900

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

DETACHED - SEPTEMBER 2019 burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 10 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

18 % DOWN

22 % DOWN

50 % UP

BALANCED 17 %

The number of detached listings in Burnaby North in September, at 189, was 10% lower month-over- month and 18% lower year-over-year. With 33 in September, detached sales were up by 1 month-over-month but 11 below last year. The sales-to-listings ratio slightly increased to 17%, as Burnaby North’s detached market remained balanced. The benchmark price in September was $1.35M, 2% below August 2019 and 10% lower than in September 2018. The average sold price was $1.49M, down 11% from the previous month and 22% below September 2018.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 209

% Change

No. 230

% Change

TOTAL LISTINGS

189

-10%

-18% 50% 83%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

17%

15%

14%

10%

$1,345,000 $1,375,500

-2% $1,498,100 -10%

$1,485,692 $1,668,303 -11% $1,914,907 -22%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.50

$1.47

$1.42

$1.41

$1.37

$1.35

2.32

2.29

2.27

1.95

1.91

1.84

248

239

230

206

189

179

Sep-18

Aug-19

Sep-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

. . . 0 0 0 0 0 QD QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

burnaby north

TOWNHOME - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE 8 % UP

BENCHMARK PRICE 5 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

4 % DOWN

3 % UP

58 % UP

SELLER’S 31 %

The number of townhome listings in Burnaby North decreased 3% from last month, settling at 62, but was 3% above September 2018. Townhome sales, at 19, were down by 3 vs last month but 7 above September 2018. The sales-to-listings ratio decreased to 31% in September, as Burnaby North’s townhome segment remained a seller’s market. The benchmark price in September was $729,500, 1.1% above August but 5% lower vs September 2018. The average sold price was $658,621 in September, (increasing 1.0% vs August) while the average PSF sales price was $532 (increasing 1.3%).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

62 19

64 22

-3%

60 12

TOTAL SALES

-14% -11%

58% 53% -5% -4%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

31%

34%

20%

$729,500 $721,500 $658,621 $652,364

1.1% $768,600 1.0% $685,208

$532

$525

1.3%

$492

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$768,600 $742,700 $723,900 $726,000 $730,300 $723,100 $729,500

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO - SEPTEMBER 2019 burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE 4 % UP

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

6 % UP

18 % UP

83 % UP

SELLER’S 30 %

There were 278 condo listings in Burnaby North in September, 6% below August but 18% higher than in September 2018. September condo sales increased by 14% month- over-month and 83% year-over-year. The sales-to-listings ratio for condos in Burnaby North increased to 30%, remaining a seller’s market. The condo benchmark price in September was $591,400, 1.7% below August and 8% lower than in September 2018. The average sold price was $605,677, up 0.9% from last month; the average PSF sales price was $704, down 1.5% from last month.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 296

% Change

No. 235

% Change

TOTAL LISTINGS

278

-6% 14% 21%

18% 83% 54% -8%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

30%

25%

20%

$591,400 $601,700 $605,677 $600,550

-1.7% $644,600 0.9% $572,898 -1.5% $676

6% 4%

$704

$715

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$644,600 $632,200 $606,400 $602,900 $615,100 $609,500 $591,400

324

316

278

263

261

235

236

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

188

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

DETACHED - SEPTEMBER 2019 burnaby south

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

8 % DOWN

53 % UP

11 %

There were 214 detached listings in the Burnaby South market area in September, 3% below last month and 13% lower vs September 2018. Detached sales rose by 4, to 23, between August and September, and were 8 higher year-over-year. The sales-to-listings ratio increased to 11%, as Burnaby South’s detached market remained in buy- er’s market territory. The benchmark price in September was $1.46M, 0.6% below the previous month and an 8% decline vs last year. The average sold price for detached homes was $1.61M, 15% lower month-over-month and 8% below September of last year.

VS 2018

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 221

% Change

No. 246

% Change

TOTAL LISTINGS

214

-3% 21% 25%

-13% 53% 76%

TOTAL SALES

19 9%

15 6%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

11%

$1,458,500 $1,467,900 -0.6% $1,589,600 $1,609,191 $1,903,206 -15% $1,749,953

-8% -8%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.61

$1.59

$1.55

$1.53

$1.51

$1.48

$1.46

2.26

2.24

2.23

1.93

1.91

246

242

228

225

214

213

175

Sep-18

Aug-19

Sep-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

. . . 0 0 0 0 0 QD QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

burnaby south

TOWNHOME - SEPTEMBER 2019

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

10 % DOWN

36 % UP

21 % UP

BALANCED 19 %

Townhome listings in the Burnaby South market area in September (at 91) were down 12% from last month but 36% above last year. The 17 townhome sales were 6 below August but 3 more than in September 2018. The sales-to-listings ratio decreased to 19%, as Burnaby South’s townhome segment transitioned to a balanced market. The benchmark price in September was $757,100, 1.3% below August and 8% lower year-over-year. The average sold price was $761,723 (down 6% from August) with an average PSF sales price of $574 (unchanged versus August).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 103

% Change

No.

% Change

TOTAL LISTINGS

91 17

-12% -26% -16%

67 14

36% 21% -11% -10% -13% -8%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

19%

22%

21%

$757,100 $767,000 $761,723 $813,743

-1.3% $822,700 -6% $842,643

$574

0.0%

$660

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$822,700 $798,300 $792,800 $779,500 $781,500 $760,600 $757,100

104

102

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO - SEPTEMBER 2019 burnaby south

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

6 % DOWN

3 % DOWN

27 % UP

43 % UP

BALANCED 18 %

The number of condo listings in Burnaby South, at 397, decreased 7% month-over-month but jumped 27% vs last year. September’s condo sales, at 73, were 5% below last month but 43% higher than last year. The sales-to-listings ratio was unchanged at 18% in September, as Burnaby South’s condo segment remained in balanced market territory. The condo benchmark price in September was $654,500, 0.9% above August but an 8% decrease from September 2018. The average sold price was $591,589 (7% lower than in August) with an average PSF sales price of $724 (5% below August).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 427

% Change

No. 313

% Change

TOTAL LISTINGS

397

-7% -5%

27% 43% 13% -8% -6% -3%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

18%

16%

$654,500 $648,500 $591,589 $637,008

0.9% $709,800 -7% $626,941

$724

$763

-5%

$749

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$709,800 $689,900 $687,900 $681,400 $676,400 $653,500 $654,500

460

434

401

397

368

364

313

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

3+ bdrms

SELLER'S MARKET

BALANCED

BUYER'S MARKET

2 bdrms

257

<2 bdrms

. . . . 0 0 0 0 QD QD QD

S-L RATIO SALES INVENTORY

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the rennie review - October 2019