DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review
published April 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
Each month, we release the rennie review, a detailed look at the real estate marketplace in the Vancouver Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 51 52 56 58
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Burnaby North Burnaby South
Coquitlam
Langley
North Delta
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
New Westminster North Vancouver
Port Moody Richmond Squamish
Surrey
Vancouver East
Vancouver Downtown
Vancouver West West Vancouver
Whistler
62 AREA MAPS
65 CURRENT PROJECTS
2 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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
vancouver ’ s market momentum goes backwards in march March sales activity unwound some of the momentum from the first two months of the year. While sales may be well-below their long-run averages, conditions continued to favour sellers, especially for lower-priced homes.
continued to favour sellers (an MOI <5 is considered a sellers’ market) and segments of the market remain considerably tight, namely townhomes with an MOI of 2.6 and condos at 3.7. Supply-demand dynamics for lower-priced homes were even tighter: detached homes less than $1.5 million (MOI of 3.7 versus 5.9 for all detached homes), townhomes less than $1 million (2.3), and condos less than $800,000 (3.1). Median sold prices across home types were up between 6-10% year-over-year across the region, a sign of still tight supply and demand dynamics. The rate cut that buyers were hoping for did not show up at the April 10th Bank of Canada decision. In response to questions about the potential of a June rate cut, governor Tiff Macklem said it is “within the realm of possibilities” and that “we are seeing what we need to see but we need to see it for longer to be confident that progress toward price stability will be sustained.” Time will tell.
The sales momentum witnessed through the first two months of 2024 in the Vancouver region was essentially turned on its head in March. As we noted in past editions of the rennie review 2024 started off much differently than 2023 with sales up 45% year-over-year in January and 20% in February, but that flipped to a 9% decline in March. Perhaps it was some late season powder on the ski hills or spring break vacations and the appeal of warmer weather down south that peeled attention away from the housing market. More likely than not though it was restraint on the part of buyers in anticipation of rate cuts by the Bank of Canada (or at least some firmer guidance on when they might be coming). MLS sales for the region were 3,616 in March, 32% below the past 10-year average for the month (5,312). Most notably, sales of detached homes were down 49% relative to their long-run average. It’s all the more
noteworthy when considering that record population growth in recent years means that below average sales on an absolute basis is even more dramatic from a per-capita perspective. Not to spell too much from a single month of activity (or lack thereof), total sales through Q1 was still up by 11% year-over-year. Contrary to sales, inventory of 15,110 in March was above its past-decade March average, albeit marginally at 4%. This was the highest level for March inventory since before the pandemic (18,230 listings in March 2019). This rising inventory and slumping sales dynamic has helped to relieve some tightness in the market with 4.2 months-of-inventory (MOI) in March, quite the contrast to the same month in each of the past three years where MOIs were 2.9, 1.7, and 1.5 respectively.
That said, the market on the whole
3 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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
Horseshoe Bay Sanctuary $6,998,900 | WEST VAN 901 - 6687 Nelson Avenue 3 Bed, 2,611 SF
House For Sale
House For Sale $3,350,000 | WEST VAN
$3,999,900 | MACKENZIE HEIGHTS
2928 W. 32nd Avenue 5 Bed, 2,683 SF Danny Chow PREC* 604.765.2469
2757 Mathers Ave 4 Bed, 3,395 SF Chas Woodyer 604.761.6409
Celeste Ziegler 604.861.6672
Townhome For Sale $2,349,000 | WHISTLER 24 - 4725 Spearhead Drive 3 Bed, 1,353 SF
House For Sale
House For Sale
$1,998,000 | NORTH VAN
$3,298,000 | NORTH VAN
690 Blueridge Avenue 3 Bed, 2,547 SF
375 W. Balmoral Road 6 Bed, 3,818 SF Geoff Taylor PREC* 604.908.0800
Carleigh Hofman 604.805.5358
Sarah Shayegi 778.919.8551
Wysteria Court $1,328,800 | MAIN 150 E. 17th Avenue 2 Bed, 1,172 SF Allison Lafrenier 604.612.1271
One Pacific $1,198,800 | DOWNTOWN 709 - 68 Smithe Street 2 Bed, 962 SF 39279 Mockingbird Crescent 3 Bed, 2,411 SF Shawn Wentworth PREC* 604.379.6731 House For Sale $1,889,000 | SQUAMISH
Atlus
$1,235,900 | WHITE ROCK
414 - 1526 Finlay Street 3 Bed, 1,367 SF Joanne Hoekstra 604.722.6645
$1,069,800 | DOWNTOWN 1202 - 688 Abbott Street 2 Bed, 896 SF Firenze Tower II
Garden Drive
$1,099,900 | EAST VAN 403 - 2550 Garden Drive 2 Bed, 905 SF
Derek Kai PREC* 604.868.1666
Tyler Rodyniuk 778.987.1365
Tony Liang PREC* 604.781.9988
Hollybridge $818,000 | RICHMOND 506 - 6811 Pearson Way 1 Bed, 616 SF Christopher Boyd PREC* 604.351.0533 Shanley Manor $488,000 | NEW WEST 208 - 428 Agnes Street 1 Bed, 657 SF Randy Rinaldo PREC* 604.781.4995
One Pacific
Timber House
$879,900 | NEW WEST 415 - 310 Salter Street 2 Bed, 995 SF
$1,045,000 | DOWNTOWN
355 - 38 Smithe Street 2 Bed, 756 SF Daniel O’Hearn PREC* 778.384.2665
Amy Chan PREC* 604.992.2101
Highline Metrotown $801,900 | BURNABY SOUTH 3903 - 6511 Sussex Avenue 1 Bed, 587 SF
Mayfair Place
$799,000 | RICHMOND 318 - 9399 Odlin Road 2 Bed, 948 SF
Ester Hsieh PREC* 778.552.4921
Maggie Cao 778.871.9459
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 April 10, 2024. All data from Greater Vancouver REALTORS®️ , Fraser Valley Real Estate Board, Whistler Listing System, and 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.
4
vancouver region DETACHED - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 6% VS 2023
▲ 33% VS 2023
▼ 14% VS 2023
There were 6,475 detached listings in the Vancouver Region in March, 12% above February and 33% higher than March 2023. March detached home sales increased by 13% month-over-month, to 1,102, and were 14% below March 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 17%, reflected a balanced market.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,102 6,475
1,281 4,879
-35% -14% 33%
$1,920,953 $1,662,500 17% 974 5,771
3% 1.6% 0.8% 13% 12%
The detached median price in March was $1,688,500, a 1.6% increase from February and 6% above March 2023.
$1,980,683 $1,688,500 17%
$1,887,594 $1,590,000 26%
The average sold price was $1,980,683, 3% above last month and up 5% to March 2023.
5% 6%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,496
6,872
6,812
7,569
6,610
6,952
6,475
5,959
1.84
1.78
1.78
5,771
5,574
4,879
5,197
5,077
1.45
1.42
1.38
1,641
1,561
974
911
1,281
809
713
652
1,102
1,358
1,111
993
903
$1.66M $1.75M $1.69M $1.67M $1.70M $1.71M $1.73M
$1.61M $1.53M
$1.59M
$1.60M $1.66M $1.69M
23-Mar
24-Feb
24-Mar
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,600
1,400
1,200
1,000
800
33%
600
27%
22%
21%
19%
400
12%
9%
6%
200
3%
3%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
308 64 21%
365 119 33%
774 212 27%
1,500 327 22%
931 175 19%
756 91 12%
781 68 9%
382 23 6%
205 7 3%
473 16 3%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 5 ●
vancouver region TOWNHOME - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 39% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 9% VS 2023
▲ 10% VS 2023
▲ 29% VS 2023
▲ 4% VS 2023
There were 2,026 townhome listings in the Vancouver Region in March, 9% above February and 29% higher than March 2023. March townhome sales increased by 31% month-over-month, to 784, and were 4% above March 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 39%, reflected a sellers' market. The townhome median price in March was $950,000, a 1.3% increase from February and 10% above March 2023. The average sold price was $1,038,894, 1.8% above last month; the average PSF sale price was $676, up 1.4% to last month.
THIS MONTH No. $676 $1,038,894 $950,000 39% 784 2,026
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$625 $949,487 $865,000 48% 757 1,572
8% 9% 10% -20% 4% 29%
$666 $1,020,281 $937,850 32% 598 1,857
1.4% 1.8% 1.3% 20% 31% 9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,151
2,000
1,885
2,026
1,857
1,840
2,087
1,790
1,882
1,572
1,590
1,588
1,546
944
947
784
757
784
767
481
669
598
580
518
453
365
$950K
$938K
$922K
$915K
$920K
$910K
$920K
$910K
$899K
$900K
$900K
$889K
$865K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
700
171
600
4+ bdrms
437
500
433
400
3 bdrms
1,055
47%
42% 44%
300
40%
34%
25%
165
200
2 bdrms
495
10%
9%
100
0
15
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
39
S-L RATIO SALES INVENTORY
95 32 34%
325 152 47%
639 271 42%
372 165 44%
243 96 40%
216 55 25%
67 6 9%
69 7 10%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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 ●
vancouver region CONDO - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 27% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 6% VS 2023
▲ 6% VS 2023
▲ 27% VS 2023
▼ 10% VS 2023
There were 6,037 condo listings in the Vancouver Region in March, 11% above February and 27% higher than March 2023. March condo sales increased by 8% month-over-month, to 1,619, and were 10% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in the Vancouver Region, at 27%, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,619 6,037
1,808 4,740
-30% -10% 27%
1,499 5,456
1.1% 1% 4% -2% 8% 11%
The condo median price in March was $678,900, a 4% increase from February and 6% above March 2023. The average sold price was $759,868, 1.0% above last month; the average PSF sale price was $893, up 1.1% to last month.
$893 $759,868 $678,900 27%
$838 $715,818 $640,000 38%
$883 $752,406 $650,000 27%
7% 6% 6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,968
6,037
6,240
5,389
6,050
5,186
5,456
5,250
4,740
4,907
4,853
4,756
4,760
2,251
2,140
1,690
1,499
1,808
1,363
1,619
1,899
1,742
1,329
1,142
1,060
999
$679K
$675K
$670K
$665K
$662K
$652K
$650K
$652K
$650K
$650K
$645K
$640K
$630K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
2,000
4+ bdrms
49
1,500
101
3 bdrms
1,000
593
34%
31%
27%
21%
910
500
2 bdrms
14%
10%
3,279
8%
7%
0
608
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
1,631 560 34%
1,837 564 31%
1,043 284 27%
489 103 21%
351 49 14%
318 32 10%
126 10 8%
242 17 7%
2,116
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 7 ●
greater vancouver board area DETACHED - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 2.0% VS 2023
▲ 5% VS 2023
▲ 27% VS 2023
▼ 10% VS 2023
There were 3,834 detached listings in the Greater Vancouver board area in March, 10% above February and 27% higher than March 2023. March detached home sales increased by 19% month-over-month, to 652, and were 10% below March 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 17%, reflected a balanced market. The detached median price in March was $1,912,500, a 0.6% decrease from February and 5% above March 2023.
THIS MONTH No. $2,236,813 $1,912,500 17% 652 3,834
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$2,193,960 $1,818,000 24% 725 3,009
-29% -10% 27%
$2,189,322 $1,925,000 16% 547 3,476
19% 10%
2% -0.6% 8%
The average sold price was $2,236,813, 2% above last month and up 2% to March 2023.
2% 5%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,350
4,020
3,886
4,434
3,834
4,007
3,951
1.82
1.79
1.75
3,505
3,476
3,009
3,298
3,168
3,147
1.52
1.49
1.43
1,013
567
547
504
725
368
383
652
821
792
680
580
545
$1.93M $1.91M
$1.82M $1.89M $1.91M $1.88M $1.81M $1.91M $1.86M $1.93M $1.88M
$1.80M $1.81M
23-Mar
24-Feb
24-Mar
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
700
600
500
400
39%
300
26%
26%
24%
200
14%
14%
10%
7%
100
4%
4%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
200 28 14%
148 58 39%
286 74 26%
695 181 26%
574 137 24%
511 73 14%
593 60 10%
304 20 7%
154 6 4%
369 15 4%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 8 ●
greater vancouver board area TOWNHOME - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 35% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 9% VS 2023
▲ 10% VS 2023
▲ 26% VS 2023
▲ 9% VS 2023
There were 1,147 townhome listings in the Greater Vancouver board area in March, 11% above February and 26% higher than March 2023. March townhome sales increased by 25% month-over-month, to 400, and were 9% above March 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 35%, reflected a sellers' market. The townhome median price in March was $1,096,750, a 1.6% increase from February and 10% above March 2023. The average sold price was $1,194,440, 5% above last month; the average PSF sale price was $795, up 3% to last month.
THIS MONTH No. $795 $1,194,440 $1,096,750 35% 400 1,147
PREVIOUS MONTH
PREVIOUS YEAR
No. 368 911
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
7% 9% 10% -14% 9% 26%
$773 $1,139,749 $1,080,000 31% 319 1,034
3% 5% 1.6% 13% 25% 11%
$745 $1,092,929 $1,000,000 40%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,221
1,119
1,147
1,034
1,030 1,033
1,176
993
1,023
911
911
877
866
499
470
351
400
319
298
368
267
396
391
302
221
180
$1.05M $1.05M $1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.06M $1.07M $1.08M $1.10M $1000K
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
250
73
4+ bdrms
200
168
150
240
3 bdrms
636
47%
46%
42%
39%
100
26%
77
18%
2 bdrms
50
309
10%
9%
0
10
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
34
S-L RATIO SALES INVENTORY
49 9 18%
97 45 46%
237 100 42%
212 99 47%
207 80 39%
210 54 26%
67 6 9%
68 7 10%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 9 ●
greater vancouver board area CONDO - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 26% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 5% VS 2023
▲ 4% VS 2023
▲ 25% VS 2023
▼ 8% VS 2023
There were 4,613 condo listings in the Greater Vancouver board area in March, 11% above February and 25% higher than March 2023. March condo sales increased by 12% month-over-month, to 1,211, and were 8% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The sales-to-listing ratio for condos in the Greater Vancouver board area, at 26%, reflected a sellers' market.
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,211 4,613
1,317 3,683
5% 5% 4% -27% -8% 25%
1,084 4,154
12% 11%
The condo median price in March was $735,000, a 2% increase from February and 4% above March 2023. The average sold price was $820,484, 0.9% below last month; the average PSF sale price was $964, up 0.5% to last month.
$964 $820,484 $735,000 26%
$918 $784,872 $705,000 36%
$959 $827,874 $720,000 26%
0.5% -0.9% 2% 0.6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,558
4,613
4,774
4,104
4,595
4,154
3,683
3,915
3,911
3,720
3,696
3,674
3,595
1,734
1,573
1,276
1,084
1,044
1,317
1,211
1,412
1,284
986
853
752
721
$735K
$729K
$726K
$725K
$720K
$721K
$717K
$717K
$720K
$705K
$711K
$706K
$690K
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1,400
1,200
4+ bdrms
47
1,000
82
800
3 bdrms
509
600
36% 33%
27%
400
651
21%
2 bdrms
13%
10%
2,446
8%
7%
200
0
478
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
821 296 36%
1,359 451 33%
968 264 27%
464 97 21%
336 45 13%
310 32 10%
122 10 8%
233 16 7%
1,611
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 10 ●
fraser valley board area DETACHED - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 9% VS 2023
▲ 41% VS 2023
▼ 19% VS 2023
There were 2,641 detached listings in the Fraser Valley board area in March, 15% above February and 41% higher than March 2023. March detached home sales increased by 5% month-over-month, to 450, and were 19% below March 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 17%, reflected a balanced market.
THIS MONTH No. $1,609,578 $1,485,000 17% 450 2,641
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,488,105 $1,361,000 30% 556 1,870
-43% -19% 41%
$1,577,165 $1,450,000 19% 427 2,295
2% 2% -8% 5% 15%
The detached median price in March was $1,485,000, a 2% increase from February and 9% above March 2023.
The average sold price was $1,609,578, 2% above last month and up 8% to March 2023.
8% 9%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,861
2,852
3,1353,146
2,724
2,945
2,454
2,641
1.71
1.71
1.68
1.60
1.58
1.58
2,295
2,276
1,870
2,029
1,930
740
427
413
556
344
284
450
628
566
431
358
305
330
$1.52M $1.48M $1.48M $1.48M $1.42M
$1.45M $1.53M
$1.44M $1.45M $1.49M
$1.38M $1.30M
$1.36M
23-Mar
24-Feb
24-Mar
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
800
600
400
33%
28%
28%
18%
200
11%
7%
4%
4%
2%
1%
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
108 36 33%
217 61 28%
488 138 28%
805 146 18%
357 38 11%
245 18 7%
188 8 4%
78 3 4%
51 1 2%
104 1 1%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 11 ●
fraser valley board area TOWNHOME - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 44% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 8% VS 2023
▲ 7% VS 2023
▲ 33% VS 2023
▼ 1.3% VS 2023
There were 879 townhome listings in the Fraser Valley board area in March, 7% above February and 33% higher than March 2023. March townhome sales increased by 38% month-over-month, to 384, and were 1.3% below March 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 44%, reflected a sellers' market. The townhome median price in March was $866,250, a 1.9% increase from February and 7% above March 2023. The average sold price was $876,866, 0.8% below last month; the average PSF sale price was $551, up 1.2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 389 661
% Change
No. 279 823
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
384 879
8% 8% 7% -26% -1.3% 33%
29% 38% 7%
$551 $876,866 $866,250 44%
$512 $813,788 $808,000 59%
$545 $883,686 $850,000 34%
1.2% -0.8% 1.9%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
881
852
823
879
930
797
911
859
810
661
711
679
680
477
445
389
384
278
388
376
214
318
279
232
220
185
$866K
$851K
$850K
$849K
$842K
$850K
$839K
$832K
$830K
$825K
$824K
$823K
$808K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
400
98
4+ bdrms
269
300
193
3 bdrms
50%
419
47%
44%
200
43% 41%
88
2 bdrms
100
17%
186
0
5 5
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
S-L RATIO SALES INVENTORY
46 23 50%
228 107 47%
402 171 43%
160 66 41%
36 16 44%
6 1 17%
1 0 n/a
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 12 ●
fraser valley board area CONDO - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 29% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 9% VS 2023
▲ 8% VS 2023
▲ 35% VS 2023
▼ 17% VS 2023
There were 1,424 condo listings in the Fraser Valley board area in March, 9% above February and 35% higher than March 2023. March condo sales decreased by 1.7% month-over-month, to 408, and were 17% below March 2023. The sales-to-listing ratio for condos in the Fraser Valley board area, at 29%, reflected a sellers' market. The condo median price in March was $549,850, a 4% increase from February and 8% above March 2023. The average sold price was $579,950, 4% above last month; the average PSF sale price was $682, down 0.3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$682 $579,950 $549,850 29% 408 1,424
$624 $530,597 $510,000 46% 491 1,057
-38% -17% 35%
$684 $555,280 $530,000 32% 415 1,302
-0.3% 4% 4% -10% -1.7% 9%
9% 9% 8%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,424
1,466
1,271
1,455
1,410
1,187
1,339
1,302
1,285
1,179
1,165
1,057
1,060
567
414
415
491
517
319
408
487
458
343
308
289
278
$550K
$540K
$535K
$538K
$527K
$530K
$530K
$525K
$525K
$525K
$514K
$510K
$510K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
800
4+ bdrms
2
600
19
3 bdrms
84
400
33%
24% 27% 24% 27%
259
200
2 bdrms
11%
833
0
130
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
<2 bdrms
S-L RATIO SALES INVENTORY
810 264 33%
478 113 24%
75 20 27%
25 6 24%
15 4 27%
8 0 n/a
4 0 n/a
9 1 11%
505
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 13 ●
burnaby north DETACHED - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 29% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 26% VS 2023
▲ 17% VS 2023
▲ 5% VS 2023
▼ 31% VS 2023
There were 83 detached listings in Burnaby North in March, 1.2% below February and 5% higher than March 2023. March detached home sales increased by 50% month-over-month, to 24, and were 31% below March 2023. The sales-to-listing ratio for detached in Burnaby North, at 29%, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
24 83
35 79
26% 17% -35% -31% 5%
16 84
52% 50% -1.2%
The detached median price in March was $2,209,250, a 9% increase from February and 17% above March 2023.
$2,519,125 $2,209,250 29%
$2,219,649 $2,034,444 19%
$2,006,763 $1,890,000 44%
The average sold price was $2,519,125, 13% above last month and up 26% to March 2023.
13% 9%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
104
104
90
87
84
2.59
83
87
87
86
79
81
2.29
70
2.14
42
31
35
26
19
31
24
22
19
18
18
16
16
1.25
1.25
1.20
$2.21M $2.14M $2.03M
$2.09M $2.05M $2.05M
$1.95M $2.07M
$1.89M
$1.89M $1.99M $1.93M
$1.85M
23-Mar
24-Feb
24-Mar
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
100%+
100%
30
25
20
15
29%
10
19%
10%
5
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
S-L RATIO SALES INVENTORY
7 8 114%
24 7 29%
20 2 10%
31 6 19%
1 1 100%
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 14 ●
burnaby north TOWNHOME - MARCH 2 0 2 4
SALES TO LISTINGS RATIO 41% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 3% VS 2023
▼ 1.7% VS 2023
▼ 4% VS 2023
▼ 7% VS 2023
There were 34 townhome listings in Burnaby North in March, 6% below February and 3% higher than March 2023. March townhome sales decreased by 26% month-over-month, to 14, and were 7% below March 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 41%, reflected a sellers' market. The townhome median price in March was $852,272, a 4% decrease from February and 4% below March 2023. The average sold price was $883,531, 2% below last month; the average PSF sale price was $637, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
14 34
15 33
-4% -9% -7% 3%
19 36
-22% -26% -6%
$637 $883,531 $852,272 41%
$655 $898,960 $885,000 45%
$683 $902,284 $890,000 53%
-7% -2% -4%
-3% -1.7%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● MAR 2023 ● MAR 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45 45
36
35
34
34
38
34
33
32
32
31
31
28
19
23
21
15
13
14
15
14
11
8
6
5
$950K
$915K
$900K
$890K
$885K
$870K
$852K
$830K
$810K
$790K
$765K
$743K
$727K
BURNABY NORTH
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
12
3
10
4+ bdrms
71%
8
7
3 bdrms
6
16
36% 38%
33%
33%
4
4
2 bdrms
16
2
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+
2
S-L RATIO SALES INVENTORY
3 1 33%
7 5 71%
11 4 36%
8 3 38%
3 1 33%
2 0 n/a
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 April 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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. 15 ●
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72Made with FlippingBook - professional solution for displaying marketing and sales documents online