the vancouver rennie advance | February 2025

the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published February 2025

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.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2025 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 February 3, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Thenew yearcom m enced with 2,275M LS salesin theVancouverRegion in January.Thiswas down 1.9% relativetoJanuary2024,putingan end tothreeconsecutivem onthsoflarge year-over-yearsalesgainsthatoc ur ed from O ctoberto D ecem ber. • Relativeto theprior10-yearJanuaryaverageof2,734 sales,activitywasdown 17% .D etached hom esaleswerethefurthestbelow average(-40%,to614),folowed bytownhom es(-8%,to468) and condos(-7%,to1,086). • Thiswasthethird fewestsalesforthem onth ofJanuaryin thepastdecade.January2023had the leastat1,613folowed byJanuary2019at1,803.

VANCOUVERREGION THERENNIEADVANCE sales

JANUARY2025

4,000

- 14% vsJan 2024

3,500

3,000

2,500

2,000

1,017 10 yr Jan Avg

1,500

1,000

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500 614

- 40% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 4% vsJan 2024

1,000 1,200 1,400 1,600

508 10 yr Jan Avg

200 400 600 800

TOWNHOME sales

468

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 8% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

3,500

+ 3% vsJan 2024

3,000

2,500

2,000

1,167 10 yr Jan Avg

1,500

1,000

CONDO sales

1,086

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 7% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary3,2025.Aldatafrom RealEstateBoardofGreaterVancouverand FraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ation issubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • In contrastto sales,new listingsactivity started theyearvery strongly w ith 8,586 new hom es com ingtom arketin theVancouverRegion.Thiswasthem ostnew listingsin them onth of Januarygoingbacktoatleast2005.Theyear2012wastheonlyothertim ein thepasttwo decadeswheretherewerem orethan 8,000 new listingsin January. • N ew listingswere38% abovetheprior10-yearJanuaryaverage(of6,218),led bycondos(+55%,to 3,953)and folowed bytownhom es(+41%,to1,445)and detached hom es(+8%,to2,760). • N ew listingswereup 43% relativetoJanuary2024.Condoswereup them ost(+47%),folowed by townhom es(+44%)and detached hom es(+37%).

VANCOUVERREGION THERENNIEADVANCE new listings

JANUARY2025

7,000

+ 37% vsJan 2024

6,000

5,000

4,000

2,546 10 yr Jan Avg

3,000

2,760

2,000

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

+ 8% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 44% vsJan 2024

2,500

2,000

1,500

1,025 10 yr Jan Avg

1,445

1,000

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 41% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

5,000

+ 47% vsJan 2024

4,000

3,953

3,000

2,557 10 yr Jan Avg

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 55% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Copyright© February3,2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary3,2025.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere17,568 activeM LS listingsin theVancouverRegion attheend ofJanuary,which was 44% higherthan thesam etim elastyear(12,194 listings)and them ostforthem onth ofJanuary since2014 (18,313 listings). • Inventorywas47% higherthan theprior10-yearJanuaryaverage(of11,978 listings).Active condolistingswerethefurthestaboveaverage(+61%,to7,126),folowed bytownhom es(+51%,to 2,474)and detached hom es(+29%,to7,172). • Therewere7.7m onthsofinventory(M OI)in January,up from 5.3in January2024and them ost forthem onthsinceJanuary2019when therewas8.8.Thedetached hom esegm enthad an M OI of11.7versus6.6forcondosand 5.3fortownhom es.

VANCOUVERREGION THERENNIEADVANCE inventory

JANUARY2025

14,000

+ 39% vsJan 2024

12,000

10,000

8,000

5,541 10 yr Jan Avg

6,000

7,172

4,000

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

+ 29% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

+ 56% vsJan 2024

1,642 10 yr Jan Avg

2,474

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

+ 51% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

12,000

+ 47% vsJan 2024

10,000

8,000

7,126

6,000

4,417 10 yr Jan Avg

4,000

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 61% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.3% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of2.0%.In G reaterVancouver,m edian sold pricesweredown 0.1% fordetached hom esand condos,and up 1.0% fortownhom es.In theFraserValey,m edian sold pricesweredown 1.1% for detached hom es,up 5% fortownhom es,and up 2% forcondos. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw ereup 1.7% (averaged acros hom etypes),whilein theFraserValeytheywereup 0.8% .In G reaterVancouver,m edian prices werehigheracros al hom etypes:detached by2%,townhom esby0.8%,and condosby2%.In the FraserValey,detached hom epriceswereup 3%,townhom espricesweredown 0.3%,and condo pricesweredown 0.6%.

VANCOUVERREGION THERENNIEADVANCE median prices

JANUARY2025

•

$2,000,000

+ 2% vsJan 2024 Greater Vancouver

$1.85M

$1,600,000

$1.49M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 3% vsJan 2024

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

$1,200,000

Greater Vancouver

$1,079,000

$1,000,000

+ 0.8% vsJan 2024

$800,000

$837,500

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 0.3% vsJan 2024

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

$1,000,000

+ 2% vsJan 2024 Greater Vancouver

$800,000

$719,000

$600,000

$527,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 0.6% vsJan 2024

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● January

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7

Made with FlippingBook - professional solution for displaying marketing and sales documents online