the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published October 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
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 • MLS sales in the Vancouver Region dipped below the 5,000-mark in September 2021 (to 4,943) for the first time since January. The month-over-month drop was 4%, which was consistent with the typical seasonal decline from August to September. • Though sales were down 14% from a particularly active September 2020, they were still 29% above the previous 10-year average. • The year-over-year decrease in sales in September was driven by detached homes and townhomes, with sales down 27% and 22%, respectively. This was largely driven by buyers having gravitated to these home types last year, pushing up sales. September 2021 condo sales were up 5% relative to September 2020, and up 51% over the long-term average, as condo sales continue their recovery in 2021.
THE RENNIE ADVANCE
sales
SEPTEMBER 2021
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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 October 4, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Inventory levels continued to tighten throughout the region in September, with totla listings falling to 12,658. Inventory was down relative to September 2020 (by 38%), the long-run September average (by 42%), and August 2021 (by 6%). Typically, listings increase by 1.5% between August and September. • Listings were down for all home types. The townhome segment of the market continues to be the most constrained, with listings down 57% versus last year and the long-run average, and by 13% versus last month. Detached homes and condos also posted declines in listings from the previous month. • The sales-to-listings (S-L) ratio continued to favour sellers in September, at 39%. For detached the S-L ratio was 29%, for townhomes it was 70%, and for condos it was 39%.
total listings THE RENNIE ADVANCE
SEPTEMBER 2021
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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 October 4, 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 prices rose in September in the face of constrained supply. Median sales prices of detached homes were up 1.2% compared to August in the Greater Vancouver board area, while condo prices were up 1.6% and townhomes were up 7.9%. The Fraser Valley board area also saw upward movement with median detached prices up 4% in September compared to August, while condos were up 1.7%, the townhouses moved up by 4.3%. • Median sales prices continued to trend significantly higher than September 2020’s values, as they were up by 16% for detached homes in the Greater Vancouver board area, 25% for townhomes, and 8% for condos. In the Fraser Valley board area, median sales prices for detached homes were up 34%, for townhomes up 29%, and for condos up 21%.
THE RENNIE ADVANCE median prices
SEPTEMBER 2021
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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 October 4, 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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