the rennie advance - April 2022

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

published April 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 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

Ryan Wyse SENIOR ANALYST rwyse@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 • ThenumberofMLSsalesintheVancouverRegionsurgedto6,862inMarch,a32%jump comparedtoFebruary(granted,ashortmonth),andthe3rd-mostMarchsalesever.Comparedto lastyear’srecordsalesforMarch(ofcloseto9,000),lastmonth’ssalesweredown23%,though theywere35%higherthanthepast10-yearMarchaverage. • Onamonth-over-monthbasis,salesincreasedacrosalhometypesinMarch,withtownhomes seeingthegreatestincreaseat37%,butcloselyfolowedbydetachedhomesandcondosat32% and31%,respectively.Notsurprisingly,salesacrosalhometypesweredowncomparedtolast year’srecordMarch,withdetachedsaleslowerby33%,folowedbytownhomesat24%,and condosat11%. • InwhatamountedtoacontinuationofFebruary’send-of-monthmomentum,Marchaveraged morethan300dailysales.

THERENNIEADVANCE sales

MARCH 202

4,000

-33% vsMar2021

3,500

3,000

2,332

2,500

2,000

2,144 10 yrMarAvg

1,500

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+9% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

1,000 1,200 1,400 1,600 1,800

-24% vsMar2021

1,271

913 10 yrMarAvg

200 400 600 800

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

+39% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

3,500

3,117

-11% vsMar2021

3,000

2,500

2,000

1,912 10 yrMarAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+63% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

Copyright©April1,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofApril1,202.AldatafromRealEstateBoardof GreaterVancouverandFraserValey&Rennie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.renniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.Therecipient oftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained fromarenieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • With11,654homesavailableforpurchaseattheendoflastmonth,March’sinventorywasthe 2nd-lowestMarchinventoryinthepastthreedecades;itwasalso30%lowerthanthe10-year Marchaverage.Comparedtooneyearago,totallistingsweredownby13%,withcondoinventory down24%,detached-homelistingsdown8%,andavailabletownhomes0.9%lower. • Onamonth-over-monthbasis,inventoryroseforalhometypesinMarch–tothereliefofmany buyers.Townhomelistingsrosethemost,at35%,folowedbydetachedhomesat20%andcondos at13%.March’sinventorycountwasthehighestsinceOctober2021. • Despitethesurgeinsupply,sales-to-listingsratiosremainelevated— at76%forcondos,74%for townhomes,and42%fordetachedhomes— whichreflectsacontinuationofselers’market conditions.

THERENNIEADVANCE total listings

MARCH 202

14,000

-8% vsMar2021

12,000

10,000

8,000

5,515

8,005 10 yrMarAvg

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

-31% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

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

-0.9% vsMar2021

2,388 10 yrMarAvg

1,718

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

-28% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

12,000

-24% vsMar2021

10,000

8,000

6,000

5,926 10 yrMarAvg

4,100

4,000

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

-31% vs10yrMarAvg

﹍ 10 yrMarchAverage

● March

●

highlights • TheGreaterVancouverboardareasawmonth-to-monthmedianpriceincreasesfortownhomes andcondosof2.7%and0.7%,respectively,whiledetachedhomepricesdippedby0.7%.Inthe FraserValeyboardarea,MarchpriceswerelowerforalhometypescomparedtoFebruary, withthemediandetachedhomepricefalingby4%,folowedbytownhomesat2%,andcondos at0.4%. • Despitethemonth-over-monthsofteningofprices,boththeGreaterVancouverandFraserValey boardareascontinuedtoregistersignificantyear-over-yearpricejumpsacrosalhometypes, withtheFraserValeyreportinglargerpriceincreasesacrosalhomesthanitscounterparttothe north.

THERENNIEADVANCE median prices

MARCH 202

• -

$2,000,000

+21% vsMar2021 Greater Vancouver

$2.00M $1.70M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+28% vsMar2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● March

$1,200,000

+28% vsMar2021 Greater Vancouver

$1,150,000

$1,000,000

$949,900

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+34% vsMar2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● March

$1,000,000

+16% vsMar2021 Greater Vancouver

$800,000

$740,000

$600,000

$570,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+30% vsMar2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● March

●

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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