the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published January 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 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
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 • The 5,073 MLS sales in the Vancouver Region in December 2020 were the most for any December in the region’s history (16% higher than the second-most December sales, achieved in 2015). • December also marked the 7th consecutive month of year-over-year sales count growth in the region, with total sales up 61% versus December 2019. Sales activity was elevated for each home type, with year-over-year detached sales up 80%, townhomes up 74%, and condos up 42%. • Compared to the past-decade December average, sales were 82% higher overall (up 72% for detached homes, 105% for townhomes, and 80% for condos).
THE RENNIE ADVANCE
sales
DECEMBER
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
December
vs Dec 2019 80%
10yr Dec Avg 1,169 vs 10yr Dec avg 72%
2,015
DETACHED sales
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,400
December
1,200
vs Dec 2019 74%
1,005
1,000
10yr Dec Avg 489 vs 10yr Dec Avg 105%
800
600
TOWNHOME sales
400
200
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
December
vs Dec 2019 42%
2,500
10yr Dec Avg 1,078 vs 10yr Dec Avg 80%
2,000
1,936
1,500
1,000
CONDO sales
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 January 5, 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 • Robust sales activity, combined with limited new listings, resulted in an inventory contraction in December, marking the 15th straight month of year-over-year inventory reductions. Overall, total listings in the Vancouver Region were 11% lower than in December 2019, with detached listings down 31% and townhome listings 25% lower. Conversely, condo inventory was 23% higher than one year ago. • Compared to the past-decade December average, last month’s inventory was 21% lower, driven by detached and townhome listings that were down 39% and 26%, respectively. Condo inventory was 7% higher than the long-run average. • The 45% sales-to-listings (S-L) ratio for the Vancouver Region in December was the highest for any December in the region’s history, reflecting strongly favourable conditions for sellers. Similar conditions prevailed in the markets for each home type, with the S-L ratio for detached homes at 47%, for townhomes at 68%, and for condos at 37%.
total listings THE RENNIE ADVANCE
DECEMBER
10,000 12,000 14,000 16,000
vs Dec 2019 31%
0 2,000 4,000 6,000 8,000
10yr Dec Avg 7,026 vs 10yr Dec Avg 39%
DETACHED listings
4,285
December
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
10yr Dec Avg 2,001 vs 10yr Dec Avg 26%
1,476
TOWNHOME listings
December
vs Dec 2019 25%
0 500
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
12,000
10,000
8,000
6,000
5,280
10yr Dec Avg 4,933 vs 10yr Dec Avg 7%
4,000
CONDO listings
vs Dec 2019 23%
December
2,000
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 January 5, 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 • Limited supply and strong demand have continued to nudge median sales prices upwards overall in both the Greater Vancouver and Fraser Valley board areas. • Compared to last year, the median sales price for detached homes in the Greater Vancouver board area was 6% higher in December, with townhome prices up 5%; meanwhile, condo prices slipped slightly (by 0.5%). In the Fraser Valley board area, median sales prices were 17% higher than last year for detached homes, up 8% for townhomes, and up 7% for condos. • Between November and December, median sales prices also largely increased. In the Greater Vancouver board area, they were up 1.0% for detached homes and 3% for townhomes, though they were down 0.5% for condos. In the Fraser Valley, they were up across the board, at 3% for detached homes, 1.2% for townhomes, and 2% for condos.
THE RENNIE ADVANCE median prices
DECEMBER
$2,000,000
vs Dec 2019 6%
December
$1.50 M
$1,600,000
Great er Vancouver Fraser Val ley
$1,200,000
$1.14 M
$800,000
DETACHED median sales price
vs Dec 2019 17%
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
vs Dec 2019 5%
$1,200,000
December Great er Vancouver Fraser Val ley
$1,000,000
$815,000
$800,000
$600,000
$615,000
$400,000
TOWNHOME median sales price
vs Dec 2019 8%
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
vs Dec 2019 0.5%
December
$800,000
Great er Vancouver Fraser Val ley
$587,000
$600,000
$400,000
$405,000
CONDO median sales price
$200,000
vs Dec 2019 7%
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 January 5, 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 .
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