the rennie advance | December 2023

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

published December 2023

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 latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

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

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © of December1, 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 December1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • TheVancouverRegion talied 2,529M LS salesin N ovem ber,which wasdown 13% from O ctober’s2,908 salesand wasthelowestm onthlytotalsinceJanuary.Thism onth-to-m onth declinewasgreaterthan thetypicalO ctober-to-N ovem beratrition (of10% ),with N ovem ber’s salessiting35% below thelong-run averageforthem onth. • Com pared toO ctober,N ovem ber’sdetached hom esalesweredown by12% (to840),townhom e salesweredown by7% (to481),and condosalesweredown by16% (to1,145). • In spiteofthedrop-of lastm onth,N ovem ber’ssalesforal hom etypeswerestil higher com pared tolastyear’shistoricalylow count:by5% fordetached hom es,by16% fortownhom es, and by2% forcondos.

VANCOUVERREGION THERENNIEADVANCE sales

NOVEMBER 2023

4,000

+ 5% vsN ov2022

3,500

3,000

2,500

2,000

1,529 10 yrNovAvg

1,500

1,000

DETACHED sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500 840

- 45% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 16% vsN ov2022

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

727 10 yrNovAvg

200 400 600 800

TOWNHOME sales

481

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

- 34% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

3,500

+ 2% vsN ov2022

3,000

2,500

2,000

1,576 10 yrNovAvg

1,500

1,000

CONDO sales

1,145

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

- 27% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© Decem ber1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,2023.Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante 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 ren iegroupofcom panies.E.&O.E.

●

highlights • Therewere5,057 new M LS listingslastm onth— 28% fewerthan in O ctober.W hilethisisgreater than thetypicalO ctober-to-N ovem berdeclineof22%,lastm onth’snew listingscam ein at2% les than thepast-decadeN ovem beraverage(of5,159)and 10% higherthan oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by32% (to1,708),townhom elistingsweredown by29% (to841)and condolistingswere down by25% (to2,331). • N ovem ber’snew listingswereup on ayear-over-yearbasisforal hom etypes,with detached hom elistings9% higher,townhom elistings12% higher,and condolistings10% higher.

VANCOUVERREGION THERENNIEADVANCE new listings

NOVEMBER 2023

7,000

+ 9% vsN ov2022

6,000

5,000

4,000

2,043 10 yrNovAvg

3,000

2,000

DETACHED new listings

1,708

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1,000

- 16% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 12% vsN ov2022

2,500

2,000

1,500

886 10 yrNovAvg

1,000

TOWNHOME new listings

841

500

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

- 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

5,000

+ 10% vsN ov2022

4,000

3,000

2,131 10 yrNovAvg

2,000

2,331

CONDO new listings

1,000

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

+ 9% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • Therewere15,645 activeM LS listingslastm onth,which wasa6% decreasefrom O ctober— slightlym oreshrinkagethan thetypical8% contraction.Totallistingswere0.7% abovethe past-decadeN ovem beraverage(of15,537). • O n am onth-over-m onth basis,inventorywaslowerforal hom etypes:detached hom esby8%, townhom esby7%,and condosby3%.O n ayear-over-yearbasis,detached,townhom e,and condo inventorywereal higherby18%,0.3%,and 15%,respectively. • Theoveral m arketrem ained in balanced ter itoryin N ovem berwith 6.2 m onthsofinventory (M O I).N otably,thetownhom esegm entactualyfavoured selers,with an M O Iof4.2,whilein contrastthecondom arketwasbalanced with an M O Iof5.3 and thedetached m arketfavoured buyers,with an M O Iof8.4.

VANCOUVERREGION THERENNIEADVANCE inventory

NOVEMBER 2023

14,000

+ 18% vsN ov2022

12,000

10,000

8,000

7,350 10 yrNovAvg

6,000

7,014

4,000

DETACHED inventory

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

- 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

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

+ 0.3% vsN ov2022

2,185 10 yrNovAvg

2,003

TOWNHOME inventory

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

- 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

12,000

+ 15% vsN ov2022

10,000

8,000

6,000

5,588 10 yrNovAvg

6,064

4,000

CONDO inventory

2,000

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

+ 9% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw adecreaseof0.5% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof 0.2%.In G reaterVancouver,detached hom epricesfel by3%,whereastownhom eand condo m edian pricesroseby 1.3% and 0.2% respectively.In theFraserValey,detached hom epricesfel by4%,whereastownhom eand condom edian pricesroseby0.8% and 2% respectively. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher— respectively,by 8% and 7% (on averageacros types).In G reater Vancouver,detached hom em edian priceswere9% higher,townhom eswere10% higher,and condoswere6% higher.In theFraserValey,detached hom em edian priceswere9% higher, townhom eswere4% higher,and condoswere7% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

NOVEMBER 2023

•

$2,000,000

+ 9% vsN ov2022 Greater Vancouver

$1.85M

$1,600,000

$1.35M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 9% vsN ov2022

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

━ G reaterVancouver ━ FraserValey

● November

$1,200,000

+ 10% vsN ov2022 Greater Vancouver

$1,138,000

$1,000,000

$800,000

$832,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 4% vsN ov2022

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

━ G reaterVancouver ━ FraserValey

● November

$1,000,000

+ 6% vsN ov2022 Greater Vancouver

$800,000

$717,500

$600,000

$525,000

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 7% vsN ov2022

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

━ G reaterVancouver ━ FraserValey

● November

●

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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