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.
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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.
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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.
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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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