the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published September 2021
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.
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
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@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 • MLS sales in the Vancouver Region fell for the fifth consecutive month, to 5,139, in August 2021. The month-over-month drop was only 2%, however, as the region did not follow the typical seasonal decline of 11% between July and August. Further, the month’s sales tally was 3% higher than in August 2020, and 30% higher than the past-decade August average • Notably, August recorded its highest sales count for the month since 2005. • The year-over-year increase in sales in August (of 3%) was once again driven entirely by condos, with last month’s sales up 27% versus last year. Detached and townhome sales were down relative to August 2020, with transactions of these home types sitting 13% and 4% below last year’s levels. That said, both types were up over the long-term average as demand for ground oriented housing was unusually high in August 2020.
THE RENNIE ADVANCE
sales
AUGUST 2021
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Copyright © 2021 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 2, 2021. 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.
highlights • Inventory, which was already constrained heading into the month of August, fell further to 12,745 listings, representing the fewest in any August on record (going back 35 years). Inventory was down relative to August 2020 (by 37%), the long-run August average (by 40%), and July 2021 (by 16%). Typically, listings register a 1.7% decline between July and August. • Listings were down for all home types. The townhome segment of the market continues to be the most constrained, with listings down 53% versus last year and the long-run average, and by 23% versus last month. Detached homes and condos also posted double-digit declines in listings from the previous month. • The sales-to-listings (S-L) ratio trended further into sellers’ market territory in August, reaching 40%. For detached homes the S-L ratio was 30%, for townhomes it was 72%, and for condos it was 45%.
total listings THE RENNIE ADVANCE
AUGUST 2021
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Copyright © 2021 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 2, 2021. 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.
highlights • Recent pricing trends continued in August with relatively little change to median prices. Median sales prices of detached homes were up 2.8% compared to July in the Greater Vancouver board area, while condo prices fell marginally and townhome prices were unchanged. The Fraser Valley board area saw a little more movement with median detached and condo prices up 3% in August compared to July, while the townhouse median price moved up by 0.9%. • Median sales prices continued to trend significantly higher than August 2020’s values, as they were up by 20% for detached homes in the Greater Vancouver board area, 14% for townhomes, and 8% for condos. In the Fraser Valley board area, median sales prices for detached homes were up 32%, for townhomes up 22%, and for condos up 18%.
THE RENNIE ADVANCE median prices
AUGUST 2021
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TOWNHOME median sales price
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CONDO median sales price
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Copyright © 2021 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 2, 2021. 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.
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
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