the rennie advance - December 2022

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

published December 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 INTRO

3 SALES

4 TOTAL LISTINGS

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

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 PRICES

6 RENNIE INTELLIGENCE

highlights • N ovem berm arked the8th straightm onth ofdecliningsalescountsin theVancouverRegion,with the2,409 salesfalingshortofthe3,000-threshold forthe5th consecutivem onth.Lastm onth was alsothesecond-lowestcountofsalesin anyN ovem berin 20 years(2008 beingtheexception), w ith saleslow erby 39% versusthepast-decadeaverage. • M uch,butnotal,oftheO ctober-to-N ovem berdeclinewasseasonal,with the13% drop-of in salesthisyearcom paring to am oretypical10% decline.M onth-to-m onth townhom esalesfel the m ostam onghom etypes,at20% (to415),com pared toO ctober.Condosalesdropped by12% (to 1,124),whiledetached hom essalesdeclined by11% (to804). • Com pared toN ovem ber2021–when theregion talied m orethan 5,300 (thesecond-highestever recorded)sales,lastm onth’scountswereseverelydepres ed.Townhom essalesweredown the m ost,at57%,versuslastyear,folowed bydetached hom es(55% down)and condos(54% down).

THERENNIEADVANCE sales

NOVEMBER 202

4,000

- 55% vsN ov2021

3,500

3,000

2,500

2,000

1,562 10 yrNovAvg

1,500

1,000

DETACHED sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500 804

- 49% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 57% vsN ov2021

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

730 10 yrNovAvg

200 400 600 800

TOWNHOME sales

415

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 43% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

3,500

- 54% vsN ov2021

3,000

2,500

2,000

1,555 10 yrNovAvg

1,500

1,000

CONDO sales

1,124

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 28% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© Decem ber1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • A continued strong labourm arket,elevated listing cancelations,and aslow -flow ofnew listings haskeptalid on inventoryin theVancouverRegion:com pared tothepast10-yearN ovem ber average,lastm onth’slistingscountof13,686 was17% lower. • Com pared to O ctober,N ovem ber’slistingsfel by7%,which ism ainlyin linewith thetypical seasonaldeclineof8%.Townhom eand detached hom elistingsfelby8% (to1,995and 5,944, respectively),whilecondosdeclined by5% (to 5,276).Com pared to ourhistoricaltightm arketlast year,cur enttownhom einventoryis97% higher,detached hom elistingsareup 41%,and condos areup 29%. • In N ovem ber,therewere5.7 m onthsofinventory(M O I),indicating overal balanced conditions. Thedetached hom esegm ent(7.4 M O I)sitsatthehigh end ofbalanced,whileselers’m arket conditionsprevailin thetownhom e(4.8 M O I)and condo(4.7 M O I)segm ents.

THERENNIEADVANCE total listings

NOVEMBER 202

14,000

+ 41% vsN ov2021

12,000

10,000

8,000

7,829 10 yrNovAvg

6,000

5,944

4,000

DETACHED listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 24% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

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

+ 97% vsN ov2021

2,341 10 yrNovAvg

1,995

TOWNHOME listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 15% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

12,000

+ 29% vsN ov2021

10,000

8,000

6,000

5,893 10 yrNovAvg

5,276

4,000

CONDO listings

2,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 10% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • TheG reaterVancouverand FraserValeyboard areasexperienced both m onth-over-m onth declinesin m edian sold prices(averaging 3% and 1.9% acros hom etypes,respectively)and year-over-yeardeclines(averaging 4% and 9% ,respectively). • Com pared to O ctober,them edian salespriceofdetached hom esfel in both board areasin N ovem ber— by1.7% in GreaterVancouverand by6% in theFraserValey.Townhom em edian pricesdeclined by8% in G reaterVancouver,butroseby4% in theFraserValey.M edian condo pricesroseby0.4% in G reaterVancouver,and fel by3% in theFraserValey. • Com pared to lastyear,detached hom eand townhom em edian priceswerelowerin G reater Vancouver(by9% and 5%,respectively)aswel asin theFraserValey(by5% and 3%, respectively).Condo priceswerehigherin G reaterVancouverby1.9%,butwerelowerby4% in theFraserValey.

THERENNIEADVANCE median prices

NOVEMBER 202

$2,000,000

- 9% vsN ov2021 Greater Vancouver

$1,600,000

$1.69M

$1,200,000

$1.24M

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 20% vsN ov2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● November

$1,200,000

Greater Vancouver

$1,000,000

$948,000 $798,000

- 5% vsN ov2021

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 3% vsN ov2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● November

$1,000,000

+ 1.9% vsN ov2021 Greater Vancouver

$800,000

$680,000

$600,000

$490,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 4% vsN ov2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● November

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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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