the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published May 2021
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
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 • Following the all-time, record-setting sales count of 8,895 in March 2021, the Vancouver Region tallied 7,795 sales in April 2021–more than any April on record. • Sales were more than 300% higher in April 2021 compared to one year ago for all home types. While demand is currently elevated above the long-run average, the extreme year- over-year change in last month’s sales counts also reflects April 2020’s sales counts being suppressed due to the onset of the global pandemic. • Compared to the past-decade April average, sales were up 48% for detached homes, 96% for townhomes, and 87% for condos.
THE RENNIE ADVANCE
sales
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DETACHED sales
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TOWNHOME sales
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CONDO sales
Copyright © 2021 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 May 3, 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • For the first time since September 2019, inventory in the Vancouver region expanded on a year-over-year basis in April 2021 (by 1.2%). This was entirely driven by detached listings, which rose by 9%; conversely, listings fell by 16% for townhomes and by 1.1% for condos. • Inventory in April 2021 was 22% lower than April’s past-decade average. This was consistent across all home types: detached listings were 23% lower, townhome listings were 30% lower, and condo listings were down 17%. • The sales-to-listings (S-L) ratio decreased from its high last month, settling at 50% in April 2021 (indicating seller’s market conditions). All segments of the market had conditions favourable to sellers in April 2021: detached homes had an S-L ratio of 40%, townhomes 80%, and condos 52%.
total listings THE RENNIE ADVANCE
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Copyright © 2021 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 May 3, 2021. 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 in the Greater Vancouver and Fraser Valley board areas increased for all home types in April 2021. • Compared to April of last year, prices in the Greater Vancouver board area rose 26% for detached homes, 19% for townhomes, and 10% for condos. In the Fraser Valley board area detached prices rose 38%, townhomes 26%, and condos 22%. • Prices in both board areas also rose on a month-over-month basis, with the detached median sales price up 3% in the Greater Vancouver board area, townhomes up 1.1% and condos up 0.2%. In the Fraser Valley board area prices rose 0.8% for detached homes and 3% for both townhomes and condos.
THE RENNIE ADVANCE median prices
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DETACHED median sales price
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TOWNHOME median sales price
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CONDO median sales price
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Copyright © 2021 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 May 3, 2021. 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 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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