the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published July 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
Bowen Behan Pausey SENIOR ANALYST bbehan@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 • At 5,958, the number of MLS sales in June 2021 in the Vancouver Region was down by 16% compared to last month–the third consecutive month-over-month decline in sales since the all-time high that was achieved in March 2021. • Despite sales activity having slowed in June, when compared to pre-pandemic sales counts (that is, March 2020 and earlier) the almost 6,000 sales in June 2021 was the highest sales count since June 2017. • Compared to one year earlier, sales were up 47% in June 2021. In considering the various home types, detached home sales were 40% higher, townhomes were 39% higher, and condos were 59% higher.
THE RENNIE ADVANCE
sales
JUNE
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DETACHED sales
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TOWNHOME sales
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CONDO sales
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 July 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 in June 2021 in the Vancouver Region fell by 13% compared to June 2020. This decline was most prominent in townhome inventory (which fell 31%), followed by condos (down 15%), and finally detached homes (down 5%). • Compared to May 2021, inventory was down 7% in June–the first month-over-month decline in inventory in four months. Typically, inventory expands by 2% between May and June. • The sales-to-listings (S-L) ratio has remained entrenched in seller’s market territory for over a year in the Vancouver Region, with June 2021 recording an S-L ratio of 38%. For detached homes the S-L ratio was 30%, for townhomes 62%, and for condos 40%.
total listings THE RENNIE ADVANCE
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TOWNHOME listings
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CONDO listings
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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 July 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 • Prices remained relatively flat on a month-over-month basis across all home types in the Greater Vancouver and Fraser Valley board areas in June 2021. Median sales prices of townhomes and condos increased by less than a percent in both board areas while the median sales price of detached homes rose 0.5% in the Greater Vancouver board area but fell by 3% in the Fraser Valley board area. • On a year-over-year basis, median sales prices remained higher by double-digits, up 21% for detached homes in the Greater Vancouver board area, 15% for townhomes, and 9% for condos. In the Fraser Valley board area, median sales prices for detached homes were up 32% year-over-year, 25% for townhomes, and 17% for condos.
THE RENNIE ADVANCE median prices
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DETACHED median sales price
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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 July 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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