the rennie advance - August 2019

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

published August 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 • Rising to 2,571 in July, sales in the Greater Vancouver Board Area increased 23% both month-over-month and year-over-year. This was the first year-over-year sales increase in 17 months and the largest year-over-year increase since November 2017. • The increase was seen for all product-types with year-over-year sales rising by 23% overall, 31% for detached, 29% for townhomes, and 15% for condos. •  When compared to the 10-year average for July however, sales were still down; 12% overall, 24% for detached, 9% for townhomes, and 4% for condos.

sales THE RENNIE ADVANCE

JULY 2019

2,500

July

2,000

vs 10yr Jul Avg 24%

1,500

10yr Jul Avg 1,128

1,000

853

DETACHED sales

500

vs Jul 2018 31%

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

0 100 200 300 400 500 600 700 800

July

vs 10yr Jul Avg 9%

10yr Jul Avg 446

404

TOWNHOME sales

vs Jul 2018 29%

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2,500

July

vs 10yr Jul Avg 4%

2,000

1,500

10yr Jul Avg 1,294

1,245

1,000

vs Jul 2018 15%

CONDO sales

500

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofAugust2,2019.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 • Although overall inventory increased year-over-year by 9%, this was the 4th consecutive month where year-over-year increases in inventory have lessened. • Inventory for detached saw the only decrease year-over-year, falling 8%. Townhome and condo both increased by 29%. Compared to the 10-year July average, inventory levels were lower for detached and condo at 6% and 5% respectively, while rising 9% for townhomes. • Growing sales and slowly expanding inventories led the overall sales-to-listings (S-L) ratio to increase by 4%, settling into a balanced market (18%). Detached transitioned to a balanced market with an S-L ratio of 13% while the townhome and condo markets favoured sellers with S-L ratios of 21% and 22% respectively.

total listings THE RENNIE ADVANCE

JULY 2019

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

10yr Jul Avg 6,777

6,344

vs Jul 2018 8%

vs 10yr Jul Avg 6%

DETACHED listings

July

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3,000

2,500

2,000

1,945

10yr Jul Avg 1,792

1,500

vs Jul 2018 29%

vs 10yr Jul Avg 9%

1,000

TOWNHOME listings

July

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 Jul Avg 5,862

5,563

vs 10yr Jul Avg 5%

vs Jul 2018 29%

CONDO listings

July

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofAugust2,2019.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 • In spite of the changing pattern of sales and listings, overall median prices dipped by 3% month-over-month. Median prices fell by 3% for detached, 1.6% for townhomes, but rose 3% for condos. • Compared to July 2018, median prices this July also saw decreases across all product-types; detached and townhomes were 10% below and condos 6% below. • The ratio of detached-to-townhome slightly decreased month-over-month (from 1.75 to 1.73) while the townhome-to-condo ratio fell to 1.25 (the lowest level since February 2018).

median prices THE RENNIE ADVANCE

JULY 2019

$1,600,000

July

$1.25 M

$1,200,000

vs Jun 2019 3%

$800,000

vs Jul 2018 10%

DETACHED median sales price

$400,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$1,000,000

July

$723,500

$800,000

vs Jun 2019 1.6%

$600,000

$400,000

vs Jul 2018 10%

TOWNHOME median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

$800,000

July

$580,000

$600,000

vs Jun 2019 3%

$400,000

vs Jul 2018 6%

CONDO median sales price

$200,000

$0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

CurrentasofAugust2,2019.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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