the rennie advance - January 2022

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

published January 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 • Forthefulyear2021,theVancouverRegionregistereditsmostMLShomesalesever,atcloseto 71,000. • December’sMLShomesalesintheVancouverRegiontotaled4,397,down17%fromNovember (versusatypical19%seasonaldecline)and13%fromDecember2020.ThoughDecember’ssales talywasthesecond-lowestin2022(toJanuary’s4,000sales),itwas43%higherthanthe past-decadeDecemberaverage. • Inconsideringpropertytypes,December’sdetachedhomeandtownhomesalescountswere25% and22%lower,respectively,thanoneyearearlierwhendemandinthegroundorientedmarket wasveryrobust.Thatsaid,condosexperienceda4%increaseinyear-over-yearsales,continuing buyers’trendsofincreasinginterestinhigher-densityhousing.

THERENNIEADVANCE sales

DECEMBER 2021

4,000

-25% vsDec2020

3,500

3,000

2,500

2,000

1,266 10 yrDecAvg

1,500

1,497

1,000

DETACHED sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+18% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

-22% vsDec2020

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

569 10 yrDecAvg

200 400 600 800

794

TOWNHOME sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

+39% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

3,500

+4% vsDec2020

3,000

2,500

2,000

2,011

1,250 10 yrDecAvg

1,500

1,000

CONDO sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+61% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

Copyright©January5,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofJanuary5,202.AldatafromRealEstateBoard ofGreaterVancouverandFraserValey&Renie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

3

highlights • TotalinventoryinDecemberreachedarecordlowof6,705homes,down30%fromtheprevious month.WithhundredsoflistingsexpiringasthecalendarflippedtoJanuary,2022hasbegunwith only6,075totallistings,thoughthisnumberisexpectedtorisethroughthismonth. • ComparedtoDecember2020,townhomesexperiencedthelargestinventorycontractionat61%, folowedbycondosat51%anddetachedhomesat29%.Totalyear-over-yearinventorydecline was44%. • Thesales-to-listingsratiosroseagainintoDecember,withthedetachedhomesegmentat47%, condosat73%,andtownhomesat129%.Acroshometypesandthroughouttheregion, conditionsverystronglyfavourselers.

THERENNIEADVANCE total listings

DECEMBER 2021

14,000

-29% vsDec2020

12,000

10,000

8,000

5,872 10 yrDecAvg

6,000

4,000

DETACHED listings

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 2,000 3,154

-46% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

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

-61% vsDec2020

1,754 10 yrDecAvg

TOWNHOME listings

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500 617

-65% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

12,000

-51% vsDec2020

10,000

8,000

6,000

4,507 10 yrDecAvg

4,000

CONDO listings

2,000

2,770

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

-39% vs10yrDecAvg

● December ﹍ 10 yrDecemberAverage

Copyright©January5,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofJanuary5,202.AldatafromRealEstateBoard ofGreaterVancouverandFraserValey&Renie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

4

highlights • ComparedtoNovember2021,GreaterVancouverboardareamedianpriceswerehigherby2% forcondos,lowerby3%fortownhomes,andwereunchangedfordetachedhomes.Ona year-over-yearbasis,medianpriceswerehigheracrosalproducttypes,withdetachedhomes experiencingthelargestriseat23%,folowedby19%and16%fortownhomesandcondos, respectively. • IntheFraserValeyboardarea,medianpriceswerehigheracrosalproducttypescomparedto lastmonth.Townhomestalieda6%increase,folowedbycondosat4%anddetachedhomesat 2%.ComparedtoDecember2020,changeswerepositiveandhigherthanintheGreater Vancouverboardarea,withtownhomesseeingthelargestincreaseof41%,closelyfolowedby detachedhomesat38%,andthencondosat30%. • -

THERENNIEADVANCE median prices

DECEMBER 2021

$2,000,000

+23% vsDec2020 Greater Vancouver

$1.85M $1.58M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+38% vsDec2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● December

$1,000,000

Greater Vancouver

$975,000 $870,000

$800,000

+19% vsDec2020

$600,000

$400,000

TOWNHOME median salesprice

$200,000

FraserValey

+41% vsDec2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● December

$1,000,000

+16% vsDec2020 Greater Vancouver

$800,000

$680,000 $528,500

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+30% vsDec2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● December

Copyright©January5,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionofthereniegroupofcompanies.CurentasofJanuary5,202.AldatafromRealEstateBoard ofGreaterVancouverandFraserValey&Renie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.reniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

5

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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