the vancouver rennie advance | August 2024

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

published August 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 August 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere3,497 M LS salesin theVancouverRegion in July,adecreaseof4% m onth-over-m onth thatwasles than thetypicalJune-to-Julydeclineof12%.Relativeto July2023,saleswere6% low er(from 3,732 lastyear). • Thiswasthethird fewestsalesforthem onth ofJulyin thepast11 years.July2022 saw thefewest at2,837salesfolowed byJuly2018at3,254. • Salesin Julywere21% lowerthan theprior10-yearJulyaverage.D etached hom esaleswerethe furthestbelow average(-37% to1,089)folowed bytownhom es(-16% to714)and condos(-12% to 1,568).

VANCOUVERREGION THERENNIEADVANCE sales

JULY 2024

4,000

- 1% vsJul2023

3,500

3,000

2,500

2,000

1,739 10 yr JulAvg

1,500

1,000

DETACHED sales

1,089

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

- 37% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

- 7% vsJul2023

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

851 10 yr JulAvg

200 400 600 800

714

TOWNHOME sales

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

- 16% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

3,500

- 10% vsJul2023

3,000

2,500

2,000

1,776 10 yr JulAvg

1,500

1,568

1,000

CONDO sales

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

- 12% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,2024.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 listingsdeclined in Julyto8,721.Thiswasadecreaseof2% m onth-over-m onth,les than thetypicalJune-to-July decreaseof11% . • D espitethesm al decrease,new listingsactivity rem ained elevated from ahistoricalperspective. N ew listingswereup 18% year-overyearand were17% abovetheirprior10-yearJulyaverage(of 7,470). • N ew condo listingsrem ained them ostelevated at27% abovetheirprior10-yearaverage(to 3,680)and new townhom elistingswere21% aboveaverage(to1,564).N ew detached listingson theotherhand were1% below average(to3,151).

VANCOUVERREGION THERENNIEADVANCE new listings

JULY 2024

7,000

+ 17% vsJul2023

6,000

5,000

4,000

3,187 10 yr JulAvg

3,000

3,151

2,000

DETACHED new listings

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

- 1% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

+ 22% vsJul2023

2,500

2,000

1,500

1,564

1,297 10 yr JulAvg

1,000

TOWNHOME new listings

500

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

+ 21% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

5,000

+ 17% vsJul2023

4,000

3,680

3,000

2,890 10 yr JulAvg

2,000

CONDO new listings

1,000

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

+ 27% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

Copyright© August1,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust1,2024.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 listingswereup 3% m onth-over-m onth to21,362atm onth-end,m orethan the typicalJune-to-Julyincreaseof0.3%.Thiswasthehighestlevelin anym onth sinceJune2019 (21,654)and them ostinventoryforthem onth ofJulysince2014(23,553). • Inventorywas24% abovetheprior10-yearJulyaverage,led bycondoinventoryat38% above average(to8,248).Townhom einventorywas23% aboveaverage(to3,021)and detached hom e inventorywas11% aboveaverage(to9,253). • Theoveral m arketwasconsidered balanced with 6.1 m onthsofinventory(M O I),up from 5.7 in June.Thetownhom esegm entcontinued tofavourselerswith an M OIof4.2,thecondom arket wasconsidered balanced with an M O Iof5.3,whilethedetached m arkettipped into aselers’ m arketwith an M OIof8.5.

VANCOUVERREGION THERENNIEADVANCE inventory

JULY 2024

14,000

+ 36% vsJul2023

12,000

10,000

8,000

9,253

8,317 10 yr JulAvg

6,000

4,000

DETACHED inventory

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

+ 11% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

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

+ 60% vsJul2023

3,021

2,450 10 yr JulAvg

TOWNHOME inventory

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

+ 23% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

12,000

+ 53% vsJul2023

10,000

8,000

8,248

6,000

5,996 10 yr JulAvg

4,000

CONDO inventory

2,000

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

+ 38% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an decreaseof3% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof1.6% .In G reaterVancouver,m edian detached pricesweredown 5%,townhom epricesweredown 3%,and condopricesfel by0.7%.In theFraserValey,m edian detached priceswereup 1.0%,townhom e pricesrose0.3%,and condopricesfel 6%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw eredow n 0.2% (averaged acros hom etypes),whiletheFraserValeyboard saw a2% decline.In G reaterVancouver,m edian detached hom epriceswere3% higher,townhom epriceswere3% lower,and condoswere0.7% lower.In theFraserValey,detached hom epriceswere1.7% lower,townhom espricesweredown 1.9%,and condopricesfel2%.

VANCOUVERREGION THERENNIEADVANCE median prices

JULY 2024

•

$2,000,000

+ 3% vsJul2023 Greater Vancouver

$1.88M

$1,600,000

$1.45M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 1.7% vsJul2023

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

━ G reaterVancouver ━ FraserValey

● July

$1,200,000

- 3% vsJul2023 Greater Vancouver

$1,000,000

$1,065,000

$800,000

$832,500

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 1.9% vsJul2023

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

━ G reaterVancouver ━ FraserValey

● July

$1,000,000

- 0.7% vsJul2023 Greater Vancouver

$800,000

$720,000

$600,000

$525,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 2% vsJul2023

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

━ G reaterVancouver ━ FraserValey

● July

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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