the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published December 2019
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very 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
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@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 • Year-over-year, total sales were up by 55% in November (to 2,505). This was the seventh straight month of 2,000-plus sales and the largest year-over-year increase since December 2013. • Total sales were 1.4% above their past-decade average. Townhomes and condos led the way, being up 6% and 8% versus their decade averages, respectively. Detached sales were, however, down by 8% relative to their historical average.
sales THE RENNIE ADVANCE
NOVEMBER 2019
2,500
November
2,000
vs 10yr Nov Avg 8%
1,500
10yr Nov Avg 910
1,000
834
DETACHED sales
500
vs Nov 2018 60%
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
November
vs 10yr Nov Avg 6%
10yr Nov Avg 376
397
TOWNHOME sales
vs Nov 2018 55%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
November
2,000
vs 10yr Nov Avg 8%
1,500
1,220
10yr Nov Avg 1,131
1,000
vs Nov 2018 50%
CONDO sales
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 December 2, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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.
highlights • In November, inventory in the Greater Vancouver board area fell to a 10-month low of 10,839 total active listings. Listings were down for all home types year-over-year, led by the detached segment (at 22%), and then townhomes (by 17%), and condos (by 13%). Overall, total inventory saw a year-over-year decline of 19%. • November’s inventory contracted faster than usual for this time of year, with month- over-month detached inventory falling by 12% (versus the past-decade average of 9%), townhomes by 17% (versus 8%), and condos by 16% (versus 7%). • With a sales-to-listings (S-L) ratio of 17%, conditions in the detached segment remained balanced in November, while the S-L ratios in the townhome and condo segments (at 28% and 30%, respectively) reflected conditions favourable to sellers.
total listings THE RENNIE ADVANCE
NOVEMBER 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
vs Nov 2018 22%
10yr Nov Avg 5,685
4,957
vs 10yr Nov Avg 13%
DETACHED listings
November
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
vs Nov 2018 13%
2,000
10yr Nov Avg 1,566
1,500
1,441
1,000
TOWNHOME listings
vs 10yr Nov Avg 8%
November
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Nov Avg 5,268
4,105
vs Nov 2018 17%
vs 10yr Nov Avg 22%
CONDO listings
November
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 December 2, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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.
highlights • Compared to October, the median price for detached homes and condos rose by 3% and 1.6% in November, respectively, while that of townhomes fell by 1.6%. • Compared to November 2018, the median detached price was down 1.2%, while that of townhomes and condos was up 0.3% and 1.9%, respectively. • The detached median price of $1.34M in November was 11% below the peak of aa$1.50M in May 2017. Townhomes (at $757,500) were 9% below their peak of aa$830,000 while condos were 7% below ($589,000 versus $630,000).
median prices THE RENNIE ADVANCE
NOVEMBER 2019
$1,600,000
$1.34 M
November
$1,200,000
vs Oct 2019 1.1% vs Nov 2018 1.2%
$800,000
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
November
$757,500
$800,000
$600,000
vs Oct 2019 0.3%
$400,000
vs Nov 2018 0.3%
TOWNHOME median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
November
$589,000
$600,000
vs Oct 2019 1.7% vs Nov 2018 1.9%
$400,000
CONDO median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 December 2, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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.
THE RENNIE ADVANCE
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
REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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