the rennie advance - February 2022

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published February 2022

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.

2 I N T R O

3 S A L E S

4 T O T A L L I S T I N G S

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 P R I C E S

6 R E N N I E I N T E L L I G E N C E

highlights • Therewere3,555MLSsalesintheVancouverRegioninJanuary,thelowesttotalinanymonth sinceMay2020.ComparedtoDecember2021,salesweredownby19%(consistentwithseasonal trends),whilecomparedtoJanuaryoneyearago,theywerelowerby11%.Thatsaid,January 2022’ssaleswere32%higherthanthepast-decadeJanuaryaverage. • ComparedtoDecember2021,MLSsalesdeclinedacroseachhometype,withtownhomes experiencingthelargestdropat27%,closelyfolowedbydetachedhomesat23%,andthencondos at13%.ComparedtoJanuary2021,saleswerelowerfordetachedhomesandtownhomesby22% and31%,respectively.Incontrast,condossaleswere12%higher. • Aswasthecaseatthebeginningof2021,MLSsalescountsroseoverthecourseofJanuary2022 asbuyersemergedfromtheirholidayhousehunthiatus.Towit,whiledailysalesaveraged150 duringthefirsthalfofJanuary,theyrosetoalmost300perdaybytheendofthemonth.

THERENNIEADVANCE sales

JANUARY 202

4,000

-22% vsJan2021

3,500

3,000

2,500

2,000

1,105 10 yrJanAvg

1,500

1,000

DETACHED sales

1,156

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+5% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

-31% vsJan2021

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

486 10 yrJanAvg

200 400 600 800

580

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

+19% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

3,500

+12% vsJan2021

3,000

2,500

2,000

1,049 10 yrJanAvg

1,500

1,743

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+66% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

Copyright©February1,202reniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofFebruary1,202.AldatafromRealEstateBoard ofGreaterVancouverandFraserValey&Renie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • Aftersevenstraightmonthsoffalinginventory,totallistingsintheVancouverRegionwereupby 9%inJanuarycomparedtoDecember,to7,347.Despitethisexpectedseasonalincreasebeing realized,inventoryremainshistoricalylow,at38%belowitsleveloneyearagoand50%belowthe past-decadeJanuaryaverage.Lastmonth’scountwasalsothefifth-lowestinanymonthgoing backtothebeginningoftheavailabledatainJune1989. • Onamonth-over-monthbasis,townhomesexperiencedthelargestrelativeincreaseinlistingsat 30%,folowedbycondosat7%,anddetachedhomesat6%.Thatsaid,theabsoluteincreaseinthe numberoftownhomesavailableforpurchase(+184)waslesthantheincreaseofbothdetached (+190)andcondo(+197). • Conditionscontinuetostronglyfavourselers.

THERENNIEADVANCE total listings

JANUARY 202

14,000

-23% vsJan2021

12,000

10,000

8,000

6,878 10 yrJanAvg

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000 3,344

-51% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

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

-51% vsJan2021

2,098 10 yrJanAvg

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500 800

-62% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

12,000

-47% vsJan2021

10,000

8,000

6,000

5,259 10 yrJanAvg

4,000

CONDO listings

2,000

2,968

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

-44% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • TheGreaterVancouverBoardAreaexperiencedbothmonth-to-monthandyear-over-year increasesinmedianprices,acrosalhometypes.ComparedtoDecember2021,townhomessaw thelargestincreaseat13%,whiledetachedhomesandcondosbothexperiencedanincreaseof7%. ComparedtoJanuary2021,townhomesagainsawthegreatestincreaseat39%,withdetached homesandcondosfolowingwithincreasesof30%and21%,respectively. • TheFraserValeyBoardAreafolowedasimilartrendtothatofGreaterVancouver,withprices risingforalhometypesonbothamonth-to-monthandyear-over-yearbasis.Detachedhomes sawthelargestmonth-to-monthincreaseat11%,andthesecond-highestyear-over-yearincrease at43%.Townhomesreporteda7%month-to-monthincrease,andthelargestyear-over-year increaseat45%.Mediancondopricesincreasedby6%month-over-month,and35% year-over-year. • -

THERENNIEADVANCE median prices

JANUARY 202

$2,000,000

+30% vsJan2021 Greater Vancouver

$1.98M $1.75M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+43% vsJan2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● January

$1,200,000

+39% vsJan2021 Greater Vancouver

$1,099,900 $930,000

$1,000,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+45% vsJan2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● January

$1,000,000

+21% vsJan2021 Greater Vancouver

$800,000

$725,000 $562,000

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+35% vsJan2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● January

●

the data behind rennie .

The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they 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 achieve their goals.

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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