The Rennie Advance - September 2019

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published September 2019

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 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 • For the second consecutive month in August, year-over-year MLS sales in the Greater Vancouver board area were higher. The 16% increase reflected a resurgence of demand during 2019’s summer months. • Sales rose for all product types compared to one year ago, moving up by 24% for detached homes, 17% for townhomes, and 9% for condos. • Despite this bounce-back, August’s 2,244 sales were still 13% below the past- decade August average of 2,589. On a product-type basis, detached sales were 26% below the 10-year average, townhomes were 12% lower, and condos were 4% lower.

sales THE RENNIE ADVANCE

AUGUST 2019

2,500

August

2,000

vs 10yr Aug Avg 26%

1,500

10yr Aug Avg 968

1,000

DETACHED sales

713

500

vs Aug 2018 24%

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

0 100 200 300 400 500 600 700 800

August

vs 10yr Aug Avg 12%

10yr Aug Avg 393

345

TOWNHOME sales

vs Aug 2018 17%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2,500

August

2,000

vs 10yr Aug Avg 4%

1,500

10yr Aug Avg 1,172

1,120

1,000

vs Aug 2018 9%

CONDO sales

500

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofSeptember3,2019.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 • For the 5 th consecutive month the year-over-year expansion of housing inventory across the Greater Vancouver board area slowed (to 4% in August). Compared to July 2019, total listings actually fell by 9% in August. • Detached inventory was 11% smaller than in August 2018, while townhome and condo inventories were up 21% and 23%, respectively, compared to one year ago. Inventory levels for all product types are now mostly consistent with long-run historical averages. • The detached and townhome segments of the market remained balanced in August with a sales-to-listing ratio of 12% and 19%, respectively. The condo market, however, continued to favour sellers, with a 22% sales-to-listings ratio.

total listings THE RENNIE ADVANCE

AUGUST 2019

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

10yr Aug Avg 6,569

6,013

vs Aug 2018 11%

vs 10yr Aug Avg 8%

DETACHED listings

August

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3,000

2,500

2,000

1,821

10yr Aug Avg 1,735

1,500

vs Aug 2018 21%

1,000

vs 10yr Aug Avg 5%

TOWNHOME listings

August

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

10yr Aug Avg 5,614

5,182

vs Aug 2018 23%

vs 10yr Aug Avg 8%

CONDO listings

August

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofSeptember3,2019.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 • The changing dynamics of supply and demand throughout the region are being reflected in recent price movements, with August’s median prices rising by 3% for detached homes, by 1.7% for townhomes, and by 0.2% for condos versus July 2019. • Compared to one year ago, August’s median prices were down by 4% for detached homes, by 8% for townhomes, and by 5% for condos. •  With the higher-end of the market recently showing signs of stability, both the detached-to-townhome and townhome-to-condo price ratios increased in August, rising to 1.75 and 1.27, respectively.

median prices THE RENNIE ADVANCE

AUGUST 2019

$1,600,000

$1.29 M

August

$1,200,000

vs Jul 2019 3%

$800,000

vs Aug 2018 4%

DETACHED median sales price

$400,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$1,000,000

August

$736,000

$800,000

vs Jul 2019 1.7%

$600,000

$400,000

vs Aug 2018 8%

TOWNHOME median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$800,000

August

$581,000

$600,000

vs Jul 2019 0.2%

$400,000

vs Aug 2018 5%

CONDO median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofSeptember3,2019.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 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

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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