the vancouver rennie advance | March 2024

the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published March 2024

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.

table of contents

02 INTRO

03 SALES

04 TOTAL LISTINGS

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

05 MEDIAN PRICES

06 RENNIE INTELLIGENCE

Copyright © of March 1, 2024 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 March 1, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • The3,204M LS salesin theVancouverRegion in Februarywerethem ostsinceAugust2023and w ereup 38% from January.W hilebelow thetypical50% January-to-February risein sales,the 38% increasewasthelargestin alm ostayear(going back to February-to-M arch 2023,when sales jum ped by50%). • Salescounts,though 23% below thepast-decadeFebruaryaverage,were20% highercom pared to February2023,m aking it10 consecutivem onthsofyear-over-yearincreases. • Salesroseforal hom etypes,beitversuslastm onth orlastyear,with condo saleshaving the largestchangeforboth (up 41% com pared tolastm onth and 23% com pared tolastyear).For detached hom es,itwas37% and 20% higher,respectively,whilefortownhom esthechangewasan increaseof30% and 8%.

VANCOUVERREGION THERENNIEADVANCE sales

FEBRUARY 2024

4,000

+ 20% vsFeb2023

3,500

3,000

2,500

2,000

1,643 10 yrFebAvg

1,500

1,000

DETACHED sales

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 39% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 8% vsFeb2023

1,000 1,200 1,400 1,600

781 10 yrFebAvg

200 400 600 800

591

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 24% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

3,500

+ 23% vsFeb2023

3,000

2,500

2,000

1,649 10 yrFebAvg

1,500

1,000

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 9% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

Copyright© March1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch1,2024.Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • N ew M LS listingstotaled 6,924 in February,an increaseof15% com pared tothepreviousm onth thatwasgreaterthan thetypical8% jum p between Januaryand February.W ith apast10-year averagefornew listingsin Februaryof7,021,thism ostrecentm onth’stotalwas1.4% lower. • Therewererelativelyconsistentchangesin m onth-to-m onth new listingsbyhom etype,with new detached listingsup 19% (to2,462),townhom elistingsup 17% (to1,173),and condolistingsup 13% (to3,057). • Theyear-over-yearchangein new listingsin February,at32%,wasthehighestsinceM ay2020 to M ay2021.Sim ilartotheobserved m onth-over-m onth changes,each hom etypesegm ent registered aconsistentincreasecom pared to lastyear,w ith detached hom esand condoseach up 32%,whiletownhom eswereup 34%.

VANCOUVERREGION THERENNIEADVANCE new listings

FEBRUARY 2024

7,000

+ 32% vsFeb2023

6,000

5,000

4,000

3,036 10 yrFebAvg

3,000

2,000

2,462

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

- 19% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 34% vsFeb2023

2,500

2,000

1,500

1,176 10 yrFebAvg

1,000

1,173

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

5,000

+ 32% vsFeb2023

4,000

3,000

3,057

2,654 10 yrFebAvg

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 15% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • Therewere13,635 activeM LS listingslastm onth,which wasup 12% from January(exceedingthe typicalJanuary-to-Februaryinventoryexpansion of8%).Inventoryin theVancouverRegion was 0.5% abovethepast-decadeaverage. • Inventorywashigherforal hom etypeson am onth-over-m onth basis,with detached hom esup 11%,townhom esup 17%,and condosup 12%. • Theoveral m arketm oved back into selers’ter itoryin February,with 4.3 m onthsofinventory (M O I).N otably,thecondoand townhom esegm entscontinued tofavourselers,with M O Isof only3.6 and 3.1,respectively;thedetached m arketwasbalanced,with an M O Iof5.8.

VANCOUVERREGION THERENNIEADVANCE inventory

FEBRUARY 2024

14,000

+ 22% vsFeb2023

12,000

10,000

8,000

6,419 10 yrFebAvg

6,000

5,839

4,000

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

- 9% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

+ 21.2% vsFeb2023

1,884 10 yrFebAvg

1,852

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 2% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

12,000

+ 18% vsFeb2023

10,000

8,000

6,000

4,922 10 yrFebAvg

5,428

4,000

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 10% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof2% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increaseof2% .In G reaterVancouver,each hom etypem edian pricerose:by5% fordetached hom es,by0.7% for townhom es,and by2% forcondos.In theFraserValey,detached and townhom epricesgrew by 4% and 3%,respectively,whilecondo priceswereunchanged. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher,by 7% (on averageacros types)and 10% ,respectively.In G reater Vancouver,detached hom em edian priceswere11% higher,townhom eswere5% higher,and condoswere6% higher.In theFraserValey,detached hom em edian priceswere11% higher, whiletownhom esand condoswere14% and 6% higher,respectively.

VANCOUVERREGION THERENNIEADVANCE median prices

FEBRUARY 2024

•

$2,000,000

+ 11% vsFeb2023 Greater Vancouver

$1.90M

$1,600,000

$1.45M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 11% vsFeb2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● February

$1,200,000

+ 5% vsFeb2023 Greater Vancouver

$1,188,000

$1,000,000

$875,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 14% vsFeb2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● February

$1,000,000

+ 6% vsFeb2023 Greater Vancouver

$800,000

$720,000

$600,000

$530,000

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 6% vsFeb2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● February

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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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