the rennie advance - November 2022

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

published November 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 INTRO

3 SALES

4 TOTAL LISTINGS

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 PRICES

6 RENNIE INTELLIGENCE

highlights • TotalM LS salesin theVancouverRegion in O ctober(2,778)failed toreach the3,000-m ark forthe fourth straightm onth,thefirsttim ethishasbeen observed sinceearly-2019 (noteven during the depthsofthepandem icdid salescountscom ein soconsistentlylow).Com pared toaveryactive O ctober2021,lastm onth’ssalesweredown 48%,whilesiting36% below thepast-decade O ctoberaverage. • O n am onth-over-m onth basis,saleswereup 9% (exactlyin linewith thetypical Septem ber-to-O ctoberchange),with townhom e,condo,and detached hom esalesup 10% (to517), 9% (to 1,277),and 6% (to 909),respectively. • Com pared toO ctober2021,lastm onth’stownhom esaleswere49% lower,condosaleswere46% lower,and detached hom esaleswere52% lower.

THERENNIEADVANCE sales

OCTOBER 202

4,000

- 52% vsOct2021

3,500

3,000

2,500

2,000

1,761 10 yrOctAvg

1,500

1,000

DETACHED sales

909

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 48% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 49% vsOct2021

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

832 10 yrOctAvg

200 400 600 800

TOWNHOME sales

517

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 38% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

3,500

- 46% vsOct2021

3,000

2,500

2,000

1,680 10 yrOctAvg

1,500

1,000

1,277

CONDO sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 24% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

Copyright© Novem ber1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom 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 • D ueto astrong labourm arket,elevated listing cancelations,and sagging new listings,the region’sinventoryofhom esforsalefel to14,661 in O ctober(down 3% vsSeptem ber,com pared to a5% typicalseasonaldrop).W hileinventoryrem ainselevated com pared to lastyear(by36% ), itisbestcharacterized asconstrained,sit ing at18% below thepast10-yearO ctoberaverage. • O n am onth-over-m onth basis,detached hom elistings(6,496)and townhom elistings(2,162)fel by5% and 3%,respectively.In contrast,condo listingsrosem arginaly(by0.5%)to 5,526. Com pared toO ctober2021,lastm onth’stownhom elistingswerehigherby92%,folowed by detached hom es(up 37%)and condos(up 20%). • Theregion had 5.3 m onthsofinventory(M O I)in O ctober,indicatingoveral balanced conditions. Thatsaid,onlythedetached segm entofthem arketwas,in fact,balanced (7.1 M O I).Conditions continued tofavourselersin both thetownhom e(4.2 M O I)and condosegm ents(4.3 M O I).

THERENNIEADVANCE total listings

OCTOBER 202

14,000

+ 37% vsOct2021

12,000

10,000

8,000

8,600 10 yrOctAvg

6,000

6,496

4,000

DETACHED listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 24% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

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

+ 92% vsOct2021

2,565 10 yrOctAvg

2,162

TOWNHOME listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 16% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

12,000

20% vsOct2021

10,000

8,000

6,000

6,345 10 yrOctAvg

5,526

4,000

CONDO listings

2,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 13% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • Interestingly,O ctober’sm edian sold pricein theG reaterVancouverboard arearoseby 4% ,on averageacros hom etypes,com pared to Septem ber,though itfel byan averageof0.1% in the FraserValey board area. • Com pared to Septem ber,them edian detached sold priceroseby2% in G reaterVancouver,while rem ainingunchanged in theFraserValey.Them edian sold pricefortownhom eswasup by8% in G reaterVancouver,butfel by1.3% in theFraserValey,whilethem edian condo sold priceticked up by1.0% in both board areas. • Com pared toOctober2021,lastm onth’sm edian detached hom esold pricewas1.8% and 9% lowerin G reaterVancouverand theFraserValey,respectively.Fortownhom es,thepricewas higherby8% in GreaterVancouver,butlowerby1.9% in theFraserValey.Them edian condo sold pricewasup in both areas— by3% in G reaterVancouverand by5% in theFraserValey.

THERENNIEADVANCE median prices

OCTOBER 202

$2,000,000

- 1.8% vsOct2021 Greater Vancouver

$1,600,000

$1.72M

$1.32M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 9% vsOct2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● October

$1,200,000

+ 8% vsOct2021 Greater Vancouver

$1,000,000

$1,025,000

$800,000

$770,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 1.9% vsOct2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● October

$1,000,000

+ 3% vsOct2021 Greater Vancouver

$800,000

$677,000

$600,000

$505,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 5% vsOct2021

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● October

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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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