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.
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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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