the vancouver rennie advance | February 2024

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

published February 2024

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.

table of contents

02 INTRO

03 SALES

04 TOTAL LISTINGS

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

05 MEDIAN PRICES

06 RENNIE INTELLIGENCE

Copyright © of February 1, 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 February 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • TheVancouverRegion talied 2,326 M LS salesin January2024,an 11% increasefrom D ecem ber, and thefirstm onthly increasein salescountsin them etro areasinceM ay.D espitethis,itw asstil thethird-low estJanuary salescountin thepastten years,and w as16% below thepast-decade January average. • N otably,theincreasein saleslastm onth,from D ecem ber’s2,103,ran counterto thetypical seasonalpatern ofa16% decline.Salesforal hom etypesincreased,by9% fordetached hom es, by24% fortownhom es,and by6% forcondos. • In addition to them onth-to-m onth increasein transactionsseen regionaly,January’ssalescounts foral hom etypeswerehighercom pared toJanuary2023’shistoricalylow totals:by9% for detached hom es,by24% fortownhom es,and by6% forcondos.

VANCOUVERREGION THERENNIEADVANCE sales

JANUARY2024

4,000

+ 43% vsJan2023

3,500

3,000

2,500

2,000

1,071 10 yr Jan Avg

1,500

1,000

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 732

- 32% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 57% vsJan2023

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

502 10 yr Jan Avg

200 400 600 800

TOWNHOME sales

453

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 10% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

3,500

+ 38% vsJan2023

3,000

2,500

2,000

1,150 10 yr Jan Avg

1,500

1,000

CONDO sales

1,063

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 8% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

Copyright© February1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary1,2024.Aldatafrom RealEstateBoard ofGreaterVancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom 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.

●

highlights • Therewere5,881new M LS listingslastm onth— 185% m orethan in D ecem ber.Thisincrease m ayhavebeen greaterthan thetypicalD ecem ber-to-Januarygain of140%,butlastm onth’snew listingsw erestil 10% few erthan thepast-decadeJanuary average(of6,509).N ew listingsw ere also 17% higherthan thesluggish totalfrom January2023. • O n am onth-over-m onth basis,new listingsforeach hom etypewereal higher:detached listings wereup by194% (to2,008),townhom elistingswereup by197% (to979),and condolistingswere up by177% (to2,655). • January’snew listingswereup on ayear-over-yearbasisforal hom etypes,with detached hom e listings14% higher,townhom elistings21% higher,and condo listings16% higher.

VANCOUVERREGION THERENNIEADVANCE new listings

JANUARY2024

7,000

+ 14% vsJan2023

6,000

5,000

4,000

2,714 10 yr Jan Avg

3,000

2,000

DETACHED new listings

2,008

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

- 26% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 21% vsJan2023

2,500

2,000

1,500

1,035 10 yr Jan Avg

1,000

979

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 5% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

5,000

+ 16% vsJan2023

4,000

3,000

2,573 10 yr Jan Avg

2,655

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 3% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • Therewere12,155 activeM LS listingslastm onth,which wasa2% decreasefrom D ecem ber,and contraryto thetypical9% increase.Aftertwo consecutivem onthsabovethem onthlylong-run average,totallistingsw ere3% below thepast-decadeJanuary average(of12,590). • O n am onth-over-m onth basis,inventorywaslowerfordetached hom esby19%,and higherfor townhom esand condosby2% and 1.9%,respectively. • Theoveral m arketrem ained in balanced ter itoryin January,with 5.2 m onthsofinventory (M O I).N otably,thecondoand townhom esegm entsfavoured selers,with M O Isof4.6 and 3.5 respectively,w hilethedetached m arketw asbalanced,w ith an M O Iof7.2.

VANCOUVERREGION THERENNIEADVANCE inventory

JANUARY2024

14,000

+ 16% vsJan2023

12,000

10,000

8,000

5,897 10 yr Jan Avg

6,000

4,000

5,242

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

- 11% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

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

+ 5.2% vsJan2023

1,748 10 yr Jan Avg

1,584

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 9% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

12,000

+ 11% vsJan2023

10,000

8,000

6,000

4,615 10 yr Jan Avg

4,000

4,848

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 5% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.8% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of4%.In G reaterVancouver,detached hom eand condom edian pricesgrew by0.3% and 2%, respectively,w hiletow nhom em edian pricesfel by 0.1% .In theFraserValey,pricesgrew foral hom etypes:detached hom eby9%,townhom esby3%,and condosby1.0%. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher,by 7% (on averageacros types)and 10% ,respectively.In G reater Vancouver,detached hom em edian priceswere13% higher,townhom eswere5% higher,and condoswere2% higher.In theFraserValey,detached hom em edian priceswere9% higher,while townhom esand condoswere13% and 7% higherrespectively.

VANCOUVERREGION THERENNIEADVANCE median prices

JANUARY2024

•

$2,000,000

+ 13% vsJan2023 Greater Vancouver

$1.81M

$1,600,000

$1.40M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 9% vsJan2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

$1,200,000

+ 5% vsJan2023 Greater Vancouver

$1,180,000

$1,000,000

$800,000

$850,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 13% vsJan2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

$1,000,000

+ 2% vsJan2023 Greater Vancouver

$800,000

$705,000

$600,000

$530,000

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 7% vsJan2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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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