DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review
published March 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
Each month, we release the rennie review, a detailed look at the real estate marketplace in the Vancouver Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 50 51 54 56
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Burnaby North Burnaby South
Coquitlam
Langley
North Delta
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
New Westminster North Vancouver
Port Moody Richmond Squamish
Surrey
Vancouver East
Vancouver Downtown
Vancouver West West Vancouver
Whistler
59 AREA MAPS
62 CURRENT PROJECTS
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 March 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
so far , 2024 looks a lot different than 2023 did Vancouver’s resale market continued to gain momentum in February vis-a-vis increasing sales counts and new listings. Notably, last month’s totals for each measure were well above their February 2023 levels.
February average. These close-to-average inventory levels, combined with below- average sales, tipped market conditions back in favour of sellers in February, as the months-of-inventory (MOI) measure declined to 4.3 (a sellers’ market is indicated by 5.0 or fewer MOI). As March is upon us, and with it the green shoots of a spring market, the recent trends of increasing sales and listings that have so far outpaced last year will continue for the foreseeable future. And with inflation now back inside the Bank of Canada’s target range of 1-3% (at 2.9% as of January), all eyes will be on the February inflation data release, followed by the April 10th Bank of Canada rate announcement. If the Bank opts to hold its policy rate again in April, expect these trends to continue a little longer; whereas if they decide to cut, the pace of activity will pick up as spring rolls on.
Much has changed over the course of the past year, and some of it was positive, like the downward trend in inflation. For potential homebuyers, however, a challenge: not only are interest rates higher than they were a year ago, so too are home values across the Vancouver Region. An additional theme that’s emerged so far in 2024 is that both sales and listings counts— despite being below their respective long-run levels—are significantly higher than they were in 2023. Indeed, market activity is picking up not because interest rates have yet fallen, but in anticipation of them doing so. In February, there were 3,204 MLS sales in the Vancouver Region, which was 20% more than in the same month last year, but still 23% less than the past 10-year February average. Sales were also 38% higher than in January, and the first time
since August 2023 that any month’s sales count surpassed 3,000. With a generally strong correspondence between new listings and sales activity, it’s not surprising that the former can largely be characterized in the same manner as the latter. There were 6,924 new MLS listings in February, which was 32% higher than last year, but still 1.4% below the past-decade average for the month. February’s new listings were also 15% higher than January’s total, thereby exceeding the typical January-to- February bump of 8%. The interplay between the market’s sales and new listings dynamics yielded 13,635 total MLS listings by the end of February, which was 21% higher than in February 2023. Inventory also bucked the trend of the other metrics and finished the month 0.5% above the past-decade
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 March 8, 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. 3
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
House For Sale
House For Sale
Townhome For Sale $3,398,000 | WEST VAN
$3,899,000 | KITSILANO
$4,098,000 | WEST VAN
1955 Whyte Avenue 4 Bed, 2,433 SF Janette Fricker 604.787.2862
598 St. Andrews Road 5 Bed, 5,107 SF
2343 Bellevue Avenue 3 Bed, 3,888 SF Jason Soprovich 604.817.8812
Reza Zeyghami 778.200.0000
Terminal City Club Tower
MacKenzie Heights $2,498,000 | DOWNTOWN 1001 - 1717 Bayshore Drive 3 Bed, 1,735 SF
House For Sale
$2,450,000 | SQUAMISH 27 - 3385 Mamquam Road 5 Bed, 3,328 SF Shawn Wentworth PREC* 604.379.6731
$2,648,000 | DOWNTOWN 2801 - 837 W. Hastings Street 2 Bed, 2,210 SF
Brandan Price PREC* 604.765.9555
Phil Chang PREC* 604.754.6678
House For Sale $2,099,000 | SURREY
House For Sale $2,150,000 | WEST VAN
1335 Howe
$1,949,900 | DOWNTOWN
1903 - 1335 Howe Street 2 Bed, 1,256 SF
14070 57a Avenue 4 Bed, 2,511 SF Eric Zamora PREC* 778.389.4556
3379 Marine Drive 4 Bed, 2,984 SF Kim Taylor 604.315.2645
Sara Beikoghli 778.680.8685
House For Sale $1,850,000 | BURNABY NORTH 1035 Holdom Avenue 4 Bed, 2,417 SF Lorenzo Daminato PREC* 604.657.8121
Azura One
Greyhawk
$1,779,000 | WHISTLER 231 - 3309 Ptarmigan Place 2 Bed, 1,184 SF
$1,599,000 | YALETOWN 1103 - 1438 Richards Street 2 Bed, 1,135 SF
Meg McLean PREC* 604.265.6604
Derek Kai PREC* 604.868.1666
The Triton $1,349,000 | FAIRVIEW 406 - 1575 W. 10th Avenue 2 Bed, 1,245 SF Matt Stone 604.782.2614
Mirabel by Marcon $1,399,000 | WEST END 403 - 1365 Davie Street 2 Bed, 1,077 SF Mohsen Esfahani 604.779.6556
Avana
$1,389,000 | COQUITLAM 117 - 678 Fairview Street 3 Bed, 1,713 SF
Brenda Brown 778.980.7060
1500 Alberni
Novo
Willowbrook Gate $579,900 | LANGLEY
$1,249,000 | NEW WEST 4D - 1500 Alberni Street 2 Bed, 1,225 SF
$749,000 | BURNABY NORTH 904 - 9288 University Crescent 2 Bed, 1,054 SF
306 - 19835 64 Avenue 2 Bed, 918 SF Ryan O’Hearn PREC* 778.384.2667
Karim Kamrani 604.789.6461
Ryan Wong PREC* 604.551.7966
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 March 8, 2024. 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.
4
vancouver region DETACHED - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 17% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 6% VS 2023
▲ 22% VS 2023
▲ 20% VS 2023
There were 5,855 detached listings in the Vancouver Region in February, 10% above January and 22% higher than February 2023. February detached home sales increased by 37% month-over-month, to 1,000, and were 20% above February 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 17%, re&ected a balanced market.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,000 5,855
$1,814,440 $1,550,000 17% 834 4,781
4% 6% -2% 20% 22%
$1,834,076 $1,580,000 14% 732 5,302
24% 37% 10%
The detached median price in February was $1,650,000, a 4% increase from January and 6% above February 2023.
$1,882,363 $1,650,000 17%
The average sold price was $1,882,363, 3% above last month and up 4% to February 2023.
3% 4%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
6,986
6,926
7,688
6,714
7,611
7,066
6,067
1.80
5,855
1.77
1.76
5,676
5,302
4,781
5,178
4,972
1.45
1.41
1.39
1,683
1,605
1,320
942
831
670
1,000
1,387
834
1,189
1,035
927
732
$1.65M $1.71M $1.68M $1.62M $1.67M $1.69M $1.70M
$1.60M $1.50M
$1.58M $1.65M
$1.55M $1.56M
23-Feb
24-Jan
24-Feb
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1500
1000
38%
33%
28%
500
25%
22%
19%
18%
10%
6%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M
$2.0M-2.49M
$2.5M-2.99M
$3M+ 1,682 107 6%
S-L RATIO SALES INVENTORY
124 23 19%
69 23 33%
183 45 25%
308 118 38%
654 184 28%
1,335 290 22%
805 143 18%
695 67 10%
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 March 7, 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. 5 ●
vancouver region TOWNHOME - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 32% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 9% VS 2023
▲ 21% VS 2023
▲ 8% VS 2023
There were 1,852 townhome listings in the Vancouver Region in February, 17% above January and 21% higher than February 2023. February townhome sales increased by 30% month-over-month, to 591, and were 8% above February 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 32%, re&ected a sellers' market. The townhome median price in February was $935,000, a 4% increase from January and 9% above February 2023. The average sold price was $1,017,860, 3% above last month; the average PSF sale price was $666, up 3% to last month.
THIS MONTH No. $666 $1,017,860 $935,000 32% 591 1,852
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$638 $950,531 $860,000 36% 548 1,528
4% 7% 9% -11% 8% 21%
$648 $986,571 $900,000 29% 453 1,587
12% 30% 17%
3% 3% 4%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,150
1,999
1,883
2,086
1,788 1,838
1,852
1,881
1,570
1,528
1,588
1,587
1,545
944
947
757
784
767
481
591
548
669
580
518
453
365
$935K
$922K
$920K
$920K
$915K
$910K
$910K
$899K
$900K
$900K
$889K
$865K
$860K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
600
137
500
4+ bdrms
410
400
322
3 bdrms
300
979
41%
33% 35%
200
31% 33%
125
2 bdrms
18%
426
12%
100
8%
0
7
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
37
S-L RATIO SALES INVENTORY
33 4 12%
51 17 33%
324 112 35%
558 230 41%
353 111 31%
219 72 33%
198 36 18%
116 9 8%
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 March 7, 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. 6 ●
vancouver region CONDO - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 28% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 3% VS 2023
▲ 18% VS 2023
▲ 23% VS 2023
There were 5,432 condo listings in the Vancouver Region in February, 12% above January and 18% higher than February 2023. February condo sales increased by 41% month-over-month, to 1,500, and were 23% above February 2023. The sales-to-listing ratio for condos in the Vancouver Region, at 28%, re&ected a sellers' market. The condo median price in February was $650,000, a 0.8% increase from January and 3% above February 2023. The average sold price was $752,178, 2% above last month; the average PSF sale price was $882, up 1.3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,500 5,432
1,217 4,587
23% 18%
1,061 4,849
1.3% 2% 0.8% 26% 41% 12%
$882 $752,178 $650,000 28%
$842 $719,242 $630,000 27%
5% 5% 3% 4%
$871 $736,508 $645,000 22%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,966
6,237
5,387
6,047
5,184
5,432
4,738
5,248
4,587
4,905
4,849
4,754
4,757
2,251
2,140
1,808
1,690
1,363
1,899
1,500
1,743
1,217
1,329
1,142
1,061
999
$675K
$665K
$670K
$661K
$652K
$650K
$652K
$650K
$650K
$640K
$645K
$630K
$630K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
4
1500
4+ bdrms
49
1000
104
3 bdrms
556
39%
33%
33%
500
807
23% 22%
2 bdrms
2,939
14%
9%
7%
0
585
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
196 65 33%
1,273 500 39%
1,601 525 33%
941 215 23%
453 99 22%
327 45 14%
295 28 9%
346 23 7%
1,888
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 March 7, 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. 7 ●
greater vancouver board area DETACHED - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 16% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 11% VS 2023
▲ 19% VS 2023
▲ 8% VS 2023
There were 3,503 detached listings in the Greater Vancouver board area in February, 9% above January and 19% higher than February 2023. February detached home sales increased by 43% month-over-month, to 555, and were 8% above February 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 16%, re(ected a balanced market. The detached median price in February was $1,900,000, a 5% increase from January and 11% above February 2023.
THIS MONTH No. $2,165,727 $1,900,000 16% 555 3,503
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$2,053,766 $1,710,000 17% 512 2,934
5% 11% -9% 8% 19%
$2,106,602 $1,805,000 12% 387 3,211
31% 43% 9%
The average sold price was $2,165,727, 3% above last month and up 5% to February 2023.
3% 5%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,393
4,065
3,921
4,472
4,044
3,982
1.77
3,503
3,535
1.69
1.65
3,338
2,934
3,211
3,180
1.56
3,034
1.52
1.51
1,026
730
741
572
512
372
387
833
555
512
797
588
552
$1.90M $1.85M $1.91M $1.85M $1.80M $1.81M $1.90M
$1.87M $1.75M
$1.82M $1.88M $1.90M
$1.71M
23-Feb
24-Jan
24-Feb
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1400
1200
1000
800
600
31%
400
26%
26%
22%
21%
18%
200
11%
10%
7%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M
$2.0M-2.49M
$2.5M-2.99M
$3M+ 1,293 94 7%
S-L RATIO SALES INVENTORY
61 6 10%
51 11 22%
94 17 18%
143 44 31%
245 64 26%
629 162 26%
504 104 21%
483 53 11%
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 March 7, 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. 8 ●
greater vancouver board area TOWNHOME - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 30% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 3% VS 2023
▲ 22% VS 2023
▲ 3% VS 2023
There were 1,032 townhome listings in the Greater Vancouver board area in February, 18% above January and 22% higher than February 2023. February townhome sales increased by 42% month-over-month, to 314, and were 3% above February 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 30%, re(ected a sellers' market. The townhome median price in February was $1,075,000, a 0.5% increase from January and 3% above February 2023. The average sold price was $1,137,601, 0.4% below last month; the average PSF sale price was $773, up 0.2% to last month.
THIS MONTH No. $773 $1,137,601 $1,075,000 30% 314 1,032
PREVIOUS MONTH
PREVIOUS YEAR
No. 306 844
% Change
No. 221 876
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
4% 4% 3% -16% 3% 22%
21% 42% 18%
$744 $1,088,632 $1,039,500 36%
$772 $1,142,386 $1,070,000 25%
0.2% -0.4% 0.5%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,220
1,118
1,028 1,031
1,175
991
1,032
909
1,022
844
909
876
865
499
470
368
351
298
267
396
391
314
306
302
221
180
$1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.06M $1.07M $1.08M
$1.04M
$1000K $1.05M $1.05M
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
200
61
4+ bdrms
155
150
176
3 bdrms
590
100
43%
38% 40%
36% 33%
71
2 bdrms
18%
50
257
12%
8%
0
6
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
30
S-L RATIO SALES INVENTORY
17 2 12%
16 6 38%
100 40 40%
211 90 43%
206 74 36%
177 59 33%
190 34 18%
115 9 8%
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 March 7, 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. 9 ●
greater vancouver board area CONDO - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 26% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 6% VS 2023
▲ 18% VS 2023
▲ 16% VS 2023
There were 4,134 condo listings in the Greater Vancouver board area in February, 13% above January and 18% higher than February 2023. February condo sales increased by 44% month-over-month, to 1,084, and were 16% above February 2023. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 26%, re(ected a sellers' market. The condo median price in February was $720,000, a 2% increase from January and 6% above February 2023. The average sold price was $827,214, 1.5% above last month; the average PSF sale price was $958, up 1.1% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
1,084 4,134
$913 $778,940 $680,000 26% 932 3,517
16% 18%
$948 $814,907 $705,000 21% 753 3,670
1.1% 1.5% 2% 28% 44% 13%
$958 $827,214 $720,000 26%
5% 6% 6% -1.1%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,556
4,771
4,102
4,592
4,134
3,681
3,913
3,909
3,517
3,718
3,694
3,670
3,592
1,734
1,573
1,317
1,276
1,044
1,412
1,084
1,284
932
986
853
753
721
$729K
$726K
$725K
$720K
$721K
$717K
$717K
$720K
$711K
$705K
$705K
$690K
$680K
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1200
3
4+ bdrms
1000
47
800
91
3 bdrms
600
469
41%
36%
400
552
24% 22%
2 bdrms
17%
2,194
14%
200
10%
7%
0
438
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
92 16 17%
638 259 41%
1,173 417 36%
868 206 24%
431 94 22%
310 42 14%
289 28 10%
333 22 7%
1,424
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 March 7, 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. 10 ●
fraser valley board area DETACHED - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 19% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 10% VS 2023
▲ 27% VS 2023
▲ 38% VS 2023
There were 2,352 detached listings in the Fraser Valley board area in February, 12% above January and 27% higher than February 2023. February detached home sales increased by 29% month-over-month, to 445, and were 38% above February 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 19%, re'ected a balanced market.
THIS MONTH No. $1,528,953 $1,449,000 19% 445 2,352
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,433,896 $1,315,500 17% 322 1,847
7% 10% 9% 38% 27%
$1,528,373 $1,400,000 16% 345 2,091
15% 29% 12%
The detached median price in February was $1,449,000, a 4% increase from January and 10% above February 2023.
The average sold price was $1,528,953, 0.0% above last month and up 7% to February 2023.
0% 4%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,944
2,921
3,2163,218
2,793
3,022
2,532
1.71
1.70
1.66
2,352
1.60
1.59
1,938
2,338
1.54
2,091
1,847
1,998
772
590
447
370
298
657
445
590
322
448
375
319
345
$1.43M $1.50M $1.50M $1.46M $1.43M $1.46M
$1.40M $1.35M $1.29M
$1.40M $1.45M
$1.32M $1.35M
23-Feb
24-Jan
24-Feb
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
700
600
500
67%
400
45%
300
31%
29%
27%
200
18%
13%
100
7%
3%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M
$2.0M-2.49M
$2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
63 17 27%
18 12 67%
89 28 31%
165 74 45%
409 120 29%
706 128 18%
301 39 13%
212 14 7%
389 13 3%
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 March 7, 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. 11 ●
fraser valley board area TOWNHOME - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 34% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 10% VS 2023
▲ 20% VS 2023
▲ 14% VS 2023
There were 820 townhome listings in the Fraser Valley board area in February, 15% above January and 20% higher than February 2023. February townhome sales increased by 19% month-over-month, to 277, and were 14% above February 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 34%, re'ected a sellers' market. The townhome median price in February was $850,000, a 1.0% increase from January and 10% above February 2023. The average sold price was $882,124, 5% above last month; the average PSF sale price was $545, up 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 242 684
% Change
No. 232 711
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
277 820
8% 14% 10% -5% 14% 20%
19% 15%
$545 $882,124 $850,000 34%
$504 $775,908 $770,000 35%
$530 $838,144 $841,500 33%
3% 5% 1% 4%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
881
852
930
797
911
820
859
810
684
711
679
680
661
477
445
389
278
388
376
277
214
318
242
232
220
185
$850K
$851K
$849K
$850K
$839K
$842K
$832K
$830K
$825K
$824K
$823K
$808K
$770K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
350
76
4+ bdrms
300
255
250
146
200
3 bdrms
389
40%
150
31% 32%
31%
54
25%
25%
100
2 bdrms
169
13%
50
0
1
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
7
S-L RATIO SALES INVENTORY
16 2 13%
35 11 31%
224 72 32%
347 140 40%
147 37 25%
42 13 31%
8 2 25%
1 0 n/a
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 March 7, 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. 12 ●
fraser valley board area CONDO - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 32% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 6% VS 2023
▲ 21% VS 2023
▲ 46% VS 2023
There were 1,298 condo listings in the Fraser Valley board area in February, 10% above January and 21% higher than February 2023. February condo sales increased by 35% month-over-month, to 416, and were 46% above February 2023. The sales-to-listing ratio for condos in the Fraser Valley board area, at 32%, re'ected a sellers' market. The condo median price in February was $531,000, a 0.2% increase from January and 6% above February 2023. The average sold price was $556,649, 2% above last month; the average PSF sale price was $685, up 0.3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$685 $556,649 $531,000 32% 416 1,298
$611 $524,017 $499,000 27% 285 1,070
12% 6% 6% 20% 46% 21%
$683 $544,838 $530,000 26% 308 1,179
0.3% 2% 0.2% 23% 35% 10%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,466
1,271
1,455
1,410
1,298
1,187
1,339
1,285
1,179
1,070
1,165
1,057 1,060
567
491
414
517
416
319
487
459
343
308
289
285
278
$538K
$540K
$535K
$531K
$527K
$525K
$525K
$525K
$530K
$514K
$510K
$510K
$499K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
600
2 1
4+ bdrms
500
400
13
3 bdrms
87
300
47%
38%
200
255
25%
23%
2 bdrms
18%
745
12%
100
8%
0
147
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
104 49 47%
635 241 38%
428 108 25%
73 9 12%
22 5 23%
17 3 18%
6 0 n/a
13 1 8%
464
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 March 7, 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. 13 ●
burnaby north DETACHED - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 19% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 6% VS 2023
▼ 38% VS 2023
0.0% VS 2023
There were 85 detached listings in Burnaby North in February, 20% above January and no change to February 2023. February detached home sales remained the same month-over-month, at 16, and were 38% below February 2023. The sales-to-listing ratio for detached in Burnaby North, at 19%, re'ected a balanced market.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
16 85
26 85
-38% -38% 0%
16 71
6% -5% -16% 0% 20%
The detached median price in February was $2,034,444, a 5% decrease from January and 6% above February 2023.
$2,219,649 $2,034,444 19%
$2,095,194 $2,139,000 23%
$2,056,436 $1,925,000 31%
The average sold price was $2,219,649, 6% above last month and up 8% to February 2023.
8% 6%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
104 104
90
87
85
85
2.94
87
87
86
81
79
71
2.29
42
2.19
35
31
26
26
19
31
16
22
19
18
18
16
1.33
1.25
1.04
$2.14M $2.03M
$2.09M $2.05M $2.05M
$1.95M $2.07M
$1.93M $1.89M
$1.89M $1.99M $1.93M
$1.85M
23-Feb
24-Jan
24-Feb
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
35
30
25
20
60%
15
30%
10
14%
5
3%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M
$2.0M-2.49M
$2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
1 0 n/a
10 6 60%
20 6 30%
21 3 14%
33 1 3%
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 March 7, 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. 14 ●
burnaby north TOWNHOME - FEBRUARY 2 0 2 4
SALES TO LISTINGS RATIO 53% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 1.1% VS 2023
▲ 44% VS 2023
▲ 73% VS 2023
There were 36 townhome listings in Burnaby North in February, 3% above January and 44% higher than February 2023. February townhome sales increased by 217% month-over-month, to 19, and were 73% above February 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 53%, re'ected a sellers' market. The townhome median price in February was $890,000, a 22% increase from January and 1.1% above February 2023. The average sold price was $902,284, 10% above last month; the average PSF sale price was $683, up 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
19 36
11 25
12% 5% 1.1% 20% 73% 44%
$636 $817,083 $727,000 17% 6 35
208% 217% 3%
$683 $902,284 $890,000 53%
$612 $859,164 $880,000 44%
7% 10% 22%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● FEB 2023 ● FEB 2024
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45 45
35
34
34
33
36
38
32
32
31
31
28
25
19
23
21
15
13
15
14
11
11
8
6
5
$950K
$915K
$900K
$890K
$880K
$885K
$870K
$830K
$810K
$790K
$765K
$743K
$727K
BURNABY NORTH
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
12
100%+
1
10
4+ bdrms
3
75%
8
13
60%
3 bdrms
6
18
36%
4
4
2 bdrms
20%
13
2
0
1
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
2
S-L RATIO SALES INVENTORY
1 2 200%
8 6 75%
11 4 36%
10 6 60%
5 1 20%
1 0 n/a
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 March 7, 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. 15 ●
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