the rennie advance - November 2019

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

published November 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 a fourth consecutive month, overall year-over-year sales rose (to 2,869) in October, an increase of 46%. This was also the sixth straight month of 2,000+ sales. • Compared to the past 10-year average for October, overall sales were up 6% last month. This was driven by townhomes and condos (up 13% and 16% versus their respective 10-year averages), with detached sales still down by 8%. • October sales were 23% higher than in September—notable because sales typically only increase by 7% at this time of year. The most recent jump in sales was relatively consistent across all home types, with detached up 25% (versus its average month- over-month change of 8%), townhomes up 31% (versus 11%), and condos up 19% (versus 6%).

sales THE RENNIE ADVANCE

OCTOBER 2019

2,500

October

2,000

vs 10yr Oct Avg 8%

1,500

10yr Oct Avg 1,029

1,000

945

DETACHED sales

500

vs Oct 2018 48%

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

0 100 200 300 400 500 600 700 800

October

vs 10yr Oct Avg 13%

465

10yr Oct Avg 410

vs Oct 2018 50%

TOWNHOME sales

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2,500

October

2,000

vs 10yr Oct Avg 16%

1,500

1,386

10yr Oct Avg 1,197

1,000

vs Oct 2018 41%

CONDO sales

500

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Copyright © 2019 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 November 4, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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 • Total inventory in the Greater Vancouver board area was down 12% on a year- over-year basis in October. This is the largest year-over-year contraction since August 2016, when total inventory was down 17% versus the previous year. • Listings were down for all home types: by 18% for detached, by 2% for townhomes, and by 7% for condos. On a month-over-month basis detached inventory fell by 10%, townhomes by 12%, and condos by 14%. • After rising from 17% to 23%, the overall sales-to-listings (S-L) ratio now reflects conditions favourable to sellers. The detached market remains balanced (with the month-over-month S-L ratio rising from 12% to 17%), while the townhome segment joined condos as sellers’ markets (with their respective S-L ratios rising to 28% and 30%, respectively).

total listings THE RENNIE ADVANCE

OCTOBER 2019

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

vs Oct 2018 18%

10yr Oct Avg 6,282

5,520

vs 10yr Oct Avg 12%

DETACHED listings

October

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3,000

2,500

2,000

10yr Oct Avg 1,709

1,662

1,500

vs Oct 2018 2%

vs 10yr Oct Avg 3%

1,000

TOWNHOME listings

October

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 Oct Avg 5,640

4,693

vs Oct 2018 7%

vs 10yr Oct Avg 17%

CONDO listings

October

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Copyright © 2019 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 November 4, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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 • In October, detached and townhome median prices rose on a month-over-month basis (by 1.6% and 5%, respectively), while those of condos fell by 1.4%. • Overall, October’s median sales price was up by 2% compared to this time last year. This is largely a function of the year-over-year jump in detached and townhome counts in the overall mix of sales, as only townhome median prices rose over the past year (by 1.3%). Detached and condo prices remained 3% and 4% lower, respectively. • The detached-to-townhome price ratio reached its lowest level since December 2018 (1.69), while the townhome-to-condo price ratio reached its highest level since December 2018 (1.33). This reflects the recent strength of the townhome market.

median prices THE RENNIE ADVANCE

OCTOBER 2019

$1,600,000

$1.30 M

October

$1,200,000

vs Sep 2019 1.6% vs Oct 2018 3%

$800,000

DETACHED median sales price

$400,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$1,000,000

October

$770,000

$800,000

$600,000

vs Sep 2019 5%

$400,000

vs Oct 2018 1.3%

TOWNHOME median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$800,000

October

$580,000

$600,000

vs Sep 2019 1.4% vs Oct 2018 4%

$400,000

CONDO median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Copyright © 2019 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 November 4, 2019. All data from RealEstateBoard ofGreaterVancouverandFraserValley & 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 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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