the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published January 2020
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 • For the Greater Vancouver board area, December’s 88% year-over-year increase in sales was the largest in the past 120 months (back to January 2010). Additionally, December’s 2,024 sales marked the 8 th straight month of 2,000-plus sales; it was also the most for any December since 2015. • Sales were up by 72% for detached homes, 75% for townhomes, and 96% for condos versus last year. Compared to their respective long-run December averages, multi- family sales were up by between 4% and 21%, while detached sales remained 14% lower. • There were 25,432 sales in Greater Vancouver for the whole of 2019, which was up by 3% versus 2018.
sales THE RENNIE ADVANCE
DECEMBER 2019
2,500
December
2,000
1,500
vs 10yr Dec Avg 14%
vs Dec 2018 72%
1,000
DETACHED sales
10yr Dec Avg 702
605
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
December
vs 10yr Dec Avg 4%
10yr Dec Avg 282
293
TOWNHOME sales
vs Dec 2018 75%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
December
2,000
vs 10yr Dec Avg 21%
1,500
1,054
1,000
10yr Dec Avg 873
CONDO sales
500
vs Dec 2018 96%
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 January 2, 2020. All data from RealEstateBoardof 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 • The region’s inventory of available homes in December, at 7,778, fell below the 10,000-home threshold for the first time since March 2018 due to the robust pace of sales through the latter half of 2019. • On a year-over-year basis total inventory was down by 24% in December, with detached inventory down 27%, townhomes 19%, and condos 23%. • The 32% drop in total inventory between November and December 2019 was the largest relative decline in the available data (going back to January 2005). • While the month-over-month change in the sales-to-listings (S-L) ratio was minimal for detached homes (16% to 17%; balanced conditions) and townhomes (26% to 28%; sellers’ market), the S-L ratio for condos jumped 8 percentage points (28% to 36%; sellers’ market) in December.
total listings THE RENNIE ADVANCE
DECEMBER 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Dec Avg 4,181
3,527
vs Dec 2018 27%
DETACHED listings
vs 10yr Dec Avg 16%
December
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
2,000
1,500
10yr Dec Avg 1,148
1,043
1,000
TOWNHOME listings
vs Dec 2018 19%
December
500
vs 10yr Dec Avg 9%
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 Dec Avg 3,894
2,958
vs Dec 2018 23%
CONDO listings
December
vs 10yr Dec Avg 24%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 January 2, 2020. All data from RealEstateBoardof 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 • Median prices increased for all home types between November and December 2019: by 6% for detached homes, by 3% for townhomes, and by 0.2% for condos. For the detached segment, this was the largest month-over-month increase in prices since September 2017. • On the back of this increase in detached median prices, the detached-to-townhome price ratio, at 1.82, reached its highest level since January 2018; the townhome-to- condo price ratio also increased, to 1.32. This trend points to market conditions that are becoming more favourable to downsizers and less favourable to those who are upsizing. • On a year-over-year basis median prices rose 5% for detached homes and 1.7% for condos, while falling 3% for townhomes.
median prices THE RENNIE ADVANCE
DECEMBER 2019
$1,600,000
$1.42 M
December
$1,200,000
vs Nov 2019 6%
$800,000
vs Dec 2018 5%
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
December
$778,000
$800,000
$600,000
vs Nov 2019 3%
$400,000
TOWNHOME median sales price
vs Dec 2018 3%
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
December
$590,000
$600,000
vs Nov 2019 0.2% vs Dec 2018 1.7%
$400,000
CONDO median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Copyright © 2019 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 January 2, 2020. All data from RealEstateBoardof 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 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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