the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published October 2020
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 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
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST, HOUSING bbehan@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 • After tallying 5,000 in August, sales in the Vancouver Region jumped to 5,759 in September—the highest monthly count since June 2017 and the highest in any September since at least 1980. Sales were up 15% versus August and 59% versus September 2019. • Compared to condo sales being 36% higher year-over-year, ground-oriented home sales again registered larger year-over-year increases, with detached home sales up 76% and townhomes up 77%. • Compared to the past decade average for September, last month’s sales were 55% higher for detached homes, 90% higher for townhomes, and 53% higher for condos.
THE RENNIE ADVANCE
sales
SEPTEMBER
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
September
vs Sep 2019 76%
10yr Sep Avg 1,523 vs 10yr Sep avg 55%
2,354
DETACHED sales
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,000 1,200 1,400
vs Sep 2019 77%
September
1,189
vs 10yr Sep Avg 90%
0 200 400 600 800
10yr Sep Avg 626
TOWNHOME sales
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
vs Sep 2019 36%
September
2,500
vs 10yr Sep Avg 53%
2,080
2,000
1,500
10yr Sep Avg 1,360
1,000
CONDO sales
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 October 2, 2020. 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.
highlights • Total inventory fell on both a month-over-month and a year-over-year basis in September (by 2% and 9%, respectively). Consequently, September was the 12th consecutive month of year-over-year reductions in inventory in the Vancouver Region. • Compared to September of 2019, total listings decreased for ground-oriented homes (by 23% for detached homes and 16% for townhomes) while increasing by 13% for condos. • The overall sales-to-listings (S-L) ratio for the Vancouver Region increased for the 6th consecutive month (to 30%)—its highest level since March 2018—reflecting conditions that remain favourable to sellers (where the S-L ratio is greater than 21%). Each home type was also in a seller’s market: detached at 30%, townhomes at 41%, and condos at 26%.
total listings THE RENNIE ADVANCE
SEPTEMBER
10,000 12,000 14,000 16,000
vs Sep 2019 23%
10yr Sep Avg 11,148
7,881
0 2,000 4,000 6,000 8,000
vs 10yr Sep Avg 29%
DETACHED listings
September
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
vs Sep 2019 16%
10yr Sep Avg 3,101
2,897
vs 10yr Sep Avg 7%
TOWNHOME listings
September
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
12,000
vs Sep 2019 13%
10,000
8,092
8,000
10yr Sep Avg 7,348
6,000
vs 10yr Sep Avg 10%
4,000
CONDO listings
September
2,000
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 October 2, 2020. 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.
highlights • Median sales prices were higher across all home types in both the Greater Vancouver and Fraser Valley board areas in September compared to one year ago. • Median sales prices for detaches homes in the Greater Vancouver board area rose 12% versus September 2019, while increasing 6% for townhomes and 3% for condos. In the Fraser Valley board area, median sales prices for detached homes also rose by 12%, while those for townhomes and condos each rose 6%. • Compared to August, median sales prices for detached homes and condos in the Greater Vancouver board area increased (by 4% and 1.6%, respectively), though they fell 0.9% for townhomes. Only detached prices rose on a month-over-month basis in the Fraser Valley board area (by 2%), while those for townhomes and condos fell by 1.1% and 1.0%, respectively.
THE RENNIE ADVANCE median prices
SEPTEMBER
$2,000,000
vs Sep 2019 12%
September
$1,600,000
$1.44 M
Greater Vancouver Fraser Valley
$1,200,000
$1.05 M
$800,000
DETACHED median sales price
vs Sep 2019 12%
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,200,000
vs Sep 2019 6%
September Greater Vancouver Fraser Valley
$1,000,000
$779,900
$800,000
$600,000
$593,400
$400,000
TOWNHOME median sales price
vs Sep 2019 6%
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
vs Sep 2019 3%
September
$800,000
Greater Vancouver Fraser Valley
$607,950
$600,000
$400,000
$391,000
CONDO median sales price
$200,000
vs Sep 2019 6%
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 October 2, 2020. 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.
the data behind rennie .
The rennie intelligence team comprises our senior economist as well as housing and consumer analysts who 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.
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