the rennie advance . SALES, LISTINGS, & PRICES OVERVIEW FOR THE GREATER VANCOUVER BOARD AREA
published June 2019
rennie intelligence
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. 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
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
5 R E N N I E I N T E L L I G E N C E
highlights • At 2,645, there were more sales in the Greater Vancouver board area in May 2019 than in any of the previous 12 months. • The 44% increase in sales between April and May was significant, as it compared to an average increase of 6% between these two months over the past decade. • The month-over-month surge in buying activity saw sales move closer to last year’s levels. This resulted in the sales gap closing for the 5th consecutive month: May 2019’s sales were 6% belowMay 2018—far below April’s sales gap of 29%. • On a year-over-year basis detached sales were down by 1.3% and condo sales were 16% lower; townhome sales were up 2%.
sales THE RENNIE ADVANCE
MAY 2019
2,500
May
vs 10yr May Avg 35%
2,000
10yr May Avg 1,421
1,500
1,000
918
DETACHED sales
vs May 2018 1.3%
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
vs 10yr May Avg 22%
May
10yr May Avg 529
412
TOWNHOME sales
vs May 2018 2%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
May
vs 10yr May Avg 16%
2,000
10yr May Avg 1,481
1,500
1,248
vs May 2018 12%
1,000
CONDO sales
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJune3,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (the “Information”) is intended for informationalpurposesonly.RAR&RMShasnotverified the informationanddoesnot represent, warrantorguarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
highlights • Listings in the Greater Vancouver board area continued to grow in May, reaching 15,067, the most since October 2014. • Despite continuing to increase, overall inventory is close to where we would expect it to be for a May market (based on historical averages). • The market for each home type continued to shift away from favouring buyers in May, with the sales-to-listings ratio moving to 14% (balanced) for detached, to 20% (on the cusp of a seller’s market) for townhomes, and to 21% (seller’s) for condos.
total listings THE RENNIE ADVANCE
MAY 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr May Avg 6,693
6,771
vs May 2018 1.8%
vs 10yr May Avg 1.2%
DETACHED listings
May
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
vs May 2018 53%
2,020
2,000
10yr May Avg 1,794
1,500
vs 10yr May Avg 13%
1,000
TOWNHOME listings
May
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
vs May 2018 59%
10yr May Avg 5,986
5,869
vs 10yr May Avg 2%
CONDO listings
May
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJune3,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (the “Information”) is intended for informationalpurposesonly.RAR&RMShasnotverified the informationanddoesnot represent, warrantorguarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
highlights • On a month-over-month basis, the median sales price in the Greater Vancouver board area was unchanged for detached homes, down 2% for townhomes, and was 0.1% lower for condos. Due to the changing composition of sales between April and May, however, the overall median price for all types was actually up by 3%. • On a year-over-year basis, median sales prices remained lower in May 2019 for all home types: by 11% for detached, by 9% for townhomes, and by 7% for condos compared to May of 2018. • The ratio of detached-to-townhome prices increased in May 2019, rising from 1.72 to 1.76 (favouring downsizers); meanwhile, the townhome-to-condo price ratio fell from 1.32 to 1.29 (favouring upsizers).
median prices THE RENNIE ADVANCE
MAY 2019
$1,600,000
$1.31 M
May
$1,200,000
vs Apr 2019 0.0%
$800,000
vs May 2018 11%
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
May
$743,000
$800,000
vs Apr 2019 2%
$600,000
$400,000
vs May 2018 9%
TOWNHOME median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
May
$575,000
$600,000
vs Apr 2019 0.1%
$400,000
vs May 2018 7%
CONDO median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJune3,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (the “Information”) is intended for informationalpurposesonly.RAR&RMShasnotverified the informationanddoesnot represent, warrantorguarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
THE RENNIE ADVANCE
the data behind rennie .
The rennie intelligence team comprises 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 help them achieve their goals.
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REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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