the rennie review - March 2019

the rennie review Published March 2019

Housing data for February 2019 paint a picture of a complex and evolving real estate market in the Greater Vancouver board area. As we have noted in previous editions of the rennie review, Metro Vancouver’s economic fundamentals remain robust, with the region clocking a sub-5% unemployment rate and year-over-year employment growth of 2.2% (almost 40% faster growth than the Canadian average over this period). Indeed, it’s these strong fundamentals that differentiate the current market adjustment from previous adjustments that were precipitated by external negative economic events. This underscores, more than anything else, that the market is normalizing. Against Metro Vancouver’s strong economic backdrop, patience abounds on the parts of both buyers and sellers; urgency is not a feature of many housing deals in the current market. Would-be sellers are waiting for the price they think best reflects fair market value for their home (and nothing less!), while would- be buyers have more options to choose from than at any point in the past four years, making them a rather discerning group. This patience has yielded, among other things, more opportunities to move up-market or to up-size as the pricing gap between multi- family homes and single-family homes closes. As noted in last month’s rennie review, the price gap has been narrowing for some time and, in fact, the ratio of townhome-to-condo benchmark prices reached its second-lowest level in the past 15 years in February. The detached-to- townhome benchmark price ratio has also narrowed, albeit to a lesser extent, though February marked the lowest ratio since early 2011. While downsizing is less of an obvious value play for those looking to cash in the equity they have built up in their homes over many years, strategic buyers looking for more space or a new product type are benefitting from these current conditions. Looking ahead, March is shaping up to be a bellwether of the

market for the remainder of 2019. While the year-over- year change in sales has been negative for the past 12 months (in layman’s terms, sales in each of the past 12 months were lower than those in the same months one year previous), there has been some evidence of this trend abating, with the trajectory of the market in early 2019 converging with that of early 2018. We don’t see sales bouncing back to 2017 levels in the near-term, but after 12 consecutive months of negative changes in year-over-year sales, and based on past periods of sales slowdowns, we expect to see the number of sales in March 2019 down only 20% versus those in March 2018. To the extent that this is how the market evolves, it could portend a soft landing in the medium- term, with the year-over-year declines in prices slowing as well. Of course, there’s a saying that the purpose of market forecasting is to make astrology look respectable. Maybe, but regardless of which way the data point next month, they will likely paint a clearer picture of where we’re headed for the rest of the year.

Patience, Prices, & Predictions . As it continues to normalize, Metro Vancouver’s dynamic housing market is presenting opportunities for discerning buyers and strategic sellers. Where are things headed as we look ahead to the rest of 2019?

CurrentasofMarch5,2019.Alldata from theRealEstateBoardofGreaterVancouverandFraserValley.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 recipientof the information should take stepsas the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information may change and any property described in the information may be withdrawn from the market at any time without notice or obligation to the recipient from RAR & RMS.

detached

G R E A T E R V A N C O U V E R B O A R D A R E A - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 10 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

28 % DOWN

15 % DOWN

7 % UP

8 %

Detached listings in the REBGV increased to 5,628 in February, 3% above January and 7% higher than in February 2018. Detached sales, at 453, increased 32% compared to January but were 28% lower than in February 2018. The sales-to-listings ratio increased to 8% as the REBGV detached market remained favourable to buyers. The detached benchmark price in February was $1.44M, a 0.7% dip month-over-month and 10% decline year-over-year. The average sold price was $1.47M, decreasing 10% from the previous month and a 15% decline from the previous year.

VS 2018

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

5,628

5,457

5,276

TOTAL SALES

453

344

32% 28%

626 12%

-28% -32%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$1,443,100 $1,453,400 -0.7% $1,599,000 -10% $1,472,601 $1,633,200 -10% $1,736,258 -15%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.60

$1.56

$1.52

$1.48

2.33

$1.44

2.21

2.19

7,105

6,944

6,902

1.96

6,255

1.83

1.82

5,628

5,276

4,992

816

774

639

626

576

453

353

Feb-18

Jan-19

Feb-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

townhome

G R E A T E R V A N C O U V E R B O A R D A R E A - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 3 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

7 % DOWN

13 % DOWN

30 % DOWN

67 % UP

BALANCED 16 %

The number of townhome listings in the REBGV rose to 1,506 in February, 3% above January and 67% higher year-over-year. Townhome sales in February, at 240, were up 34% vs January but were 30% below last year. The sales-to-listings ratio increased to 16% as the REBGV townhome segment remained in balanced market conditions. The townhome benchmark price in February was $789,300, 1.4% below January and 3% lower than in February 2018. The average sold price was $822,474, with an average PSF sales price of $564 (up 6% and 3%, respectively, from January).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No. 904 342 38%

% Change

TOTAL LISTINGS

1,506

1,458

67% -30% -58%

TOTAL SALES

240 16%

179 12%

34% 30%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$789,300 $800,600 $822,474 $776,018

-1.4% $816,300 6% $881,825

-3% -7%

$564

$548

$650

-13%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$816,300 $846,400 $854,900 $846,100 $829,200 $809,700 $789,300

1,731

1,538

1,506

1,456

1,326

1,100

904

395

370

342

311

294

240

167

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

263

130

3 bdrms

834

<3 bdrms

. . . . 0 0 0 0

409

S-L RATIO SALES INVENTORY

condo

G R E A T E R V A N C O U V E R B O A R D A R E A - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 4 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

103 % UP

36 % DOWN

BALANCED 17 %

9 % DOWN

7 % DOWN

The number of condo listings in the REBGV increased to 4,489 in February, 4% above January and 103% above February 2018. At 760, condo sales were 36% above January but 36% lower than in February 2018. The sales-to-listings ratio increased to 17%, as the REBGV condo market was balanced. The condo benchmark price in February was $660,300, virtually unchanged from January and 4% lower than in February 2018. The average sold price was $678,834 (virtually unchanged from January) with an average PSF sales price of $785 (up from January by 2%).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

4,489

4,318

2,215 1,184

103% -36% -68%

TOTAL SALES

760 17%

559 13%

36% 31%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

53%

$660,300 $658,600 $678,834 $677,731

0.3% $687,500 0.2% $746,182

-4% -9% -7%

$785

$768

$846

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$687,500 $705,700 $709,200 $695,500 $683,500 $664,100 $660,300

5,091

4,489

4,248

4,026

3,912

3,019

2,215

1,313

1,243

1,184

1,028

983

760

538

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

438

411

2 bdrms

2,618

318

<2 bdrms

. . . . 0 0 0 0

1,433

S-L RATIO SALES INVENTORY

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Current as of March 5, 2019. All data from the Real Estate Board of Greater Vancouver and Fraser Valley. The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipientof the information should take stepsas the recipientmaydeemnecessary toverify the informationprior toplacinganyrelianceupon the information.The informationmaychangeandanypropertydescribed in the informationmaybewithdrawn from themarketatany timewithoutnoticeorobligation to therecipient fromRAR&RMS.

detached

B U R N A B Y E A S T - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 9 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

9 % DOWN

29 % DOWN

38 % DOWN

BUYER’S 9 %

The number of detached listings in Burnaby East in February, at 55, was 6% lower vs the previous month and 29% lower than in February 2018. There were 5 detached sales in February, 2 more than the previous month but 3 below February 2018. The sales-to-listings ratio increased to 9%, as Burnaby East’s detached segment remained a buy- er’s market. The benchmark price for detached homes in Burnaby East in February was $1.17M—virtually unchanged from last month and 9% below last year. The average sold price was $1.49M, a 3% increase vs last month but a 9% drop vs last year.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

-29% -38% -13%

TOTAL SALES

67% 58%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

$1,172,100 $1,167,600 0.4% $1,281,200

-9% -9%

$1,489,000 $1,443,333

3% $1,634,333

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.34

$1.33

$1.28

$1.27

$1.25

1.87

$1.17

$1.16

1.72

1.71

1.63

1.61

1.57

Feb-18

Jan-19

Feb-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

townhome

B U R N A B Y E A S T - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 0.3 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

27 % UP

45 % DOWN

SELLER’S 32 %

14 % DOWN

2 % DOWN

The number of townhome listings in Burnaby East decreased to 19 in February, 21% below January but 27% higher than in February 2018. Townhome sales, at 6, were 4 above last month and but 5 lower than last year. The sales-to-listings ratio jumped to 32%, as Burnaby East’s townhome market transitioned to a seller’s market. The benchmark price in February was $687,100, 1.0% above the previous month and virtually unchanged vs February 2018. The average sold price was $683,650 (virtually unchanged from last month) with an average PSF sales price of $569 (8% below last month).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

-21% 200% 279%

15 11

27% -45% -57% 0.3% -14%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

32%

73%

$687,100 $680,300 $683,650 $681,500

1.0% $684,900 0.3% $794,390

$569

$619

-8%

$582

-2%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$684,900 $699,300 $717,400 $712,800 $712,300 $696,300 $687,100

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

condo

B U R N A B Y E A S T - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 10 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

6 % DOWN

45 % DOWN

37 % UP

SELLER’S 23 %

The number of condo listings in Burnaby East in February decreased 19% month-over-month but increased 37% year-over-year. At 6, condo sales remained the same month-over- month and fell by 5 year-over-year. The sales-to-listings ratio increased to 23% in February as the Burnaby East condo market became favourable to seller’s. The condo benchmark price in February was $718,900, 3% below last month and 10% lower year-over-year. The average sold price for condos decreased 18% month-over-month (to $543,583) while the average PSF sales price dropped 3% (to $707).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

-19% 0.0% 23%

19 11

37% -45% -60% -10% -13%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

23%

19%

58%

$718,900 $743,900 $543,583 $660,433

-3% $795,500 -18% $624,082

$707

$727

-3%

$755

-6%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$795,500 $805,700 $802,600 $782,800 $761,400 $770,300

$718,900

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD QD QD

S-L RATIO SALES INVENTORY

detached

B U R N A B Y N O R T H - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 9 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

8 % DOWN

3 % DOWN

10 % DOWN

10 %

The number of detached listings in Burnaby north in February, at 192, was 2% higher than last month but 3% below February 2018. With 19 in February, detached sales were up 4 month-over-month but 2 below last year. The sales-to-listings ratio increased to 10%, remaining a buyer’s market for detached product in Burnaby North. The benchmark price in February was $1.40M, 1.0% below January 2019 and 9% lower than in February 2018. The average sold price was $1.57M, up 10% from the previous month but 8% below February 2018.

VS 2018

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 188

% Change

No. 197

% Change

TOTAL LISTINGS

192

-3%

TOTAL SALES

15 8%

27% 24%

-10%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

11%

-7% -9% -8%

$1,400,800 $1,415,300 -1.0% $1,532,700

$1,565,105 $1,421,380

10% $1,702,882

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.60

$1.54

$1.53

$1.50

$1.49

2.39

$1.45

2.34

2.33

$1.40

2.04

1.96

249

243

232

231

192

197

181

Feb-18

Jan-19

Feb-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

. . . 0 0 0 0 0 QD QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

townhome

B U R N A B Y N O R T H - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 5 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

0.5 % UP

74 % UP

8 % DOWN

BALANCED 20 %

The number of townhome listings in Burnaby North decreased 10% from last month, settling at 54, but was 74% above February 2018. Townhome sales, at 11, were down 15% vs last February and 8% below January 2019. The sales-to-listings ratio for townhomes dipped to 20% in February, as Burnaby North’s townhome segment transitioned to balanced market conditions. The benchmark price in February was $715,300, 1.2% lower than January and 5% below February 2018. The average sold price was $672,341 in February, (increasing 10% vs January) while the average PSF sales price was $517 (increasing 8%).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

54 11

60 13

-10% -15%

31 12

74% -8% -47%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

20%

22%

-6%

39%

$715,300 $723,900 $672,341 $609,808

-1.2% $752,000 10% $669,083

-5%

0.5%

$517

$479

$560

-8%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$752,000 $757,700 $777,000 $766,200 $761,100 $724,400 $715,300

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

condo

B U R N A B Y N O R T H - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

1.3 % DOWN

4 % DOWN

SELLER’S 25 %

1.0 % UP

162 % UP

There were 220 condo listings in Burnaby North in February, 7% below January but 162% higher than in February 2018. February condo sales increased by 20 (to 54) month- over-month but were 2 below February 2018. The sales-to-listings ratio for condos in Burnaby North increased to 25%, transitioning to a seller’s market. The condo benchmark price in February was $599,900, 1.1% below January and 7% lower than in February 2018. The average sold price was $580,857, up 7% from last month; the average PSF sales price was $702, 3% above last month.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 237

% Change

No.

% Change

TOTAL LISTINGS

220

-7% 59% 71%

84 56

162%

TOTAL SALES

-4%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

25%

14%

67%

-63%

$599,900 $606,400 $580,857 $541,373

-1.1% $642,500 7% $588,603

-7%

-1.3% 1.0%

$702

$683

$695

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$642,500 $640,400 $656,100 $650,900 $631,200 $619,100 $599,900

257

220

211

181

115

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

146

<2 bdrms

. . . . 0 0 0 0 QD QD QD

S-L RATIO SALES INVENTORY

detached

B U R N A B Y S O U T H - F E B R U A R Y 2 0 1 9 8

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

18 % DOWN

71 % DOWN

0.0 %

BUYER’S 3 %

There were 203 detached listings in the Burnaby South market area in February, 9% above last month and unchanged vs February 2018. Detached sales were down by 1 between January and February (at 7), and were down by 17 year-over-year. The sales-to-listings ratio dipped to 3%, as Burnaby South’s detached market remained in buyer’s market territory. The benchmark price in February was $1.54M, up 0.5% from the previous month but an 8% decline vs last year. The average sold price for detached was $1.58M, 4% above January but 18% lower than last year.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 187

% Change

No. 203

% Change

TOTAL LISTINGS

203

0.0% -71% -71%

TOTAL SALES

-13% -19%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

12%

$1,542,100 $1,533,700 0.5% $1,682,600

-8%

$1,583,720 $1,517,153

4% $1,920,370 -18%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.71

$1.68

$1.63

$1.62

2.37

$1.57

$1.54

2.24

2.23

2.08

1.93

1.91

272

268

256

250

203

189

Feb-18

Jan-19

Feb-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

. . . 0 0 0 0 0 QD QD QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

townhome

B U R N A B Y S O U T H - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

14 % DOWN

0.0 %

150 % UP

71 % DOWN

BUYER’S 9 %

5 % DOWN

Townhome listings in the Burnaby South market area in February (at 80) were up 4% from last month and 150% above last year. The 7 townhome sales were unchanged from January and 17 lower than in February 2018. The sales-to-listings ratio remained at 9%, as Burnaby South’s townhome segment was favourable to buyer’s. The benchmark price in February was $807,300, 1.8% above January and virtually unchanged from February 2018. The average sold price was $746,000 (down 7% from January) with an average PSF sales price of $599 (up 0.8% from January).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

32 24

150% -71% -88% 0.0%

TOTAL SALES

0.0%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

-4%

75%

$807,300 $792,800 $746,000 $802,286

1.8% $807,600 -7% $784,754

-5%

$599

$594

0.8%

$696

-14%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$807,600 $834,900 $856,400 $841,600 $811,100 $790,800 $807,300

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

condo

B U R N A B Y S O U T H - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 3 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

10 % DOWN

7 % DOWN

186 % UP

17 % DOWN

BALANCED 18 %

The number of condo listings in Burnaby South, at 358, decreased 0.6% month-over-month but jumped 186% vs last year. February’s condo sales, at 64, were 60% above last month and 17% below last year. The sales-to-listings ratio increased to 18% in February, as Burnaby South’s condo segment transi- tioned to balanced market territory. The condo benchmark price in February was $689,400, virtually unchanged from January and a 3% decrease from February 2018. The average sold price was $574,369 (0.5% below January) with an average PSF sales price of $722 (virtually unchanged from January).

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 360

% Change

No. 125

% Change

TOTAL LISTINGS

358

-0.6%

186% -17% -71%

TOTAL SALES

60% 61%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

18%

11%

62%

$689,400 $687,900 $574,369 $571,525

0.2% $710,100 0.5% $637,659 -0.3% $774

-3%

-10%

$722

$724

-7%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$710,100 $715,800 $737,000 $717,800 $701,400 $685,700 $689,400

358

352

317

288

240

175

125

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY S-L RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

239

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

detached

C O Q U I T L A M - F E B R U A R Y 2 0 1 9

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

6 % DOWN

18 % UP

BUYER’S 9 %

35 % DOWN

The number of detached listings in Coquitlam increased to 449 in February, 7% above January and 18% above February 2018. The 39 detached sales in February represented an increase of 44% from January but a 35% decline vs February of last year. Coquitlam’s sales-to-listings ratio increased to 9% as the detached market favoured buyer’s. The benchmark price in February was $1.18M, 1.0% below January and a 7% decrease year-over-year. The average sold price was $1.32M in February, up 6% from January but 6% below February 2018.

VS 2018

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 418

% Change

No. 380

% Change

TOTAL LISTINGS

449

18% -35% -45%

TOTAL SALES

39 9%

27 6%

44% 34%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

16%

$1,182,800 $1,195,000 -1.0% $1,277,900

-7% -6%

$1,315,264 $1,244,399

6% $1,403,119

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

(MILLIONS)

$1.31

$1.30

$1.28

$1.25

$1.21

2.43

$1.18

2.32

2.26

582

566

546

1.88

1.80

1.78

465

449

395

380

Feb-18

Jan-19

Feb-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY S-L RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD

S-L RATIO SALES INVENTORY

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