the rennie advance | September 2023

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

published September 2023

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 September 5, 2023 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 September 5, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere3,502M LS salesin theVancouverRegion in August,which wasdown 6% from July’s 3,742 sales.Though thiswasles than thetypicalJuly-to-Augustdeclinein sales(of9%),the region’ssaleswerestil 15% below thelong-run Augustaverage. • Com pared toJuly,August’stownhom esalesweredown by13% (to671),detached hom esales weredown by8% (to1,046),and condosalesweredown by3% (to1,691). • Com pared to Augustoflastyear,which wasdefined bysluggish dem and am idstrelativelyrapidly risingrates,lastm onth’stotalM LS salesforal hom etypeswerehigher:by29% forcondos,by 18% fordetached hom es,and by17% fortownhom es.

THERENNIEADVANCE sales

AUGUST 2023

4,000

+ 18% vsAug2022

3,500

3,000

2,500

2,000

1,617 10 yrAugAvg

1,500

1,000

DETACHED sales

1,046

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 35% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 17% vsAug2022

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

786 10 yrAugAvg

200 400 600 800

671

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 15% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

3,500

+ 29% vsAug2022

3,000

2,500

2,000

1,637 10 yrAugAvg

1,500

1,691

1,000

CONDO sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

+ 3% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© Septem ber5,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber5,2023.Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere14,735M LS listingslastm onth— thefewestin anyAugustsince2017and thefifth-loweston record (since1990).Com pared to July,inventoryfel m arginalyin August(by0.2%),afraction ofthem ore typical3% decline.Totallistingsattheend oflastm onth,however,were16% below thepast-decadeAugust average(of17,645),and 1.2% lowerthan oneyearago. • O n am onth-over-m onth basis,detached inventorywashigherby2%,whereascondoinventorywaslowerby 3%,whiletownhom einventorywasunchanged.O n ayear-over-yearbasis,detached and condo inventory werehigherby2% and 0.6%,respectively,whiletownhom einventorywas16% lower. • Theoveral m arketfavoured selerswith 4.2 m onthsofinventory(M O I)in August.Thetownhom eand condo m arketsalso favoured selers,w ith M O Isof2.8 and 3.1,respectively,w hilethedetached m arketrem ained balanced with an M O Iof6.8.Both thedetached and townhom esegm entssaw an expansion ofM O Iin August,whilethecondom arket’sM OIwasunchanged.

THERENNIEADVANCE total listings

AUGUST 2023

14,000

+ 2% vsAug2022

12,000

10,000

8,000

8,629 10 yrAugAvg

6,000

7,117

4,000

DETACHED listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 18% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

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

- 16% vsAug2022

2,526 10 yrAugAvg

1,884

TOWNHOME listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 25% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

12,000

+ 0.6% vsAug2022

10,000

8,000

6,000

6,063 10 yrAugAvg

5,265

4,000

CONDO listings

2,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 13% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increasein m edian sold pricesby0.3% (on averageacros hom etypes),whereastheFraserValeyexperienced adeclineof 1.1%.In GreaterVancouver,townhom eand condom edian pricesfelby3% and 0.6%, respectively,w hereasdetached hom em edian pricesroseby 4% .In theFraserValey,detached hom eand townhom em edian pricesfel by1.0% and 3%,respectively,whilecondom edian prices roseby0.5%. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher— respectively,by 9% and 6% (on averageacros types).In G reater Vancouver,townhom em edian priceswere12% higher,detached hom eswere11% higher,and condoswere4% higher.In theFraserValey,detached hom em edian priceswere7% higher, condoswere5% higher,and townhom eswere4% higher. •

THERENNIEADVANCE median prices

AUGUST 2023

$2,000,000

+ 11% vsAug2022 Greater Vancouver

$1.89M

$1,600,000

$1.44M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 7% vsAug2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

$1,200,000

Greater Vancouver

$1,000,000

$1,061,000

+ 12% vsAug2022

$800,000

$825,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+ 4% vsAug2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

$1,000,000

+ 4% vsAug2022 Greater Vancouver

$800,000

$721,000

$600,000

$540,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 5% vsAug2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we 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. the data behind rennie

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