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