the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published June 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 • Despite slowing for the second consecutive month, MLS sales in the Vancouver Region topped 7,000 in May 2021, marking the second-highest sales count in any May on record. Last month’s sales were also 44% above the past-decade average for May. • Demand for all home types remains robust, with last month’s sales counts exceeding historical May averages by 23% for detached homes, by 60% for townhomes, and by 63% for condos. • Compared to May 2020, last month’s sales were higher by 217% across the Vancouver Region. As in April, this triple-digit increase is partly a function of a “base-year” effect, with the onset of the pandemic at the beginning of last year significantly suppressing sales counts last spring.
THE RENNIE ADVANCE
sales
MAY
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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 June 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 • Overall, housing inventory remained constrained throughout the Vancouver Region in May. For example, on a year-over-year basis, total listings were lower by 0.3%, with this decrease being driven by the townhome and condo segments of the market (with listings down 18% and 4%, respectively). In comparison, detached inventory expanded by 9% compared to May 2020. • Last month’s inventory remained well below the historical May average for all home types, with detached listings down 24%, townhomes down 32%, and condos down 18%. • The sales-to-listings (S-L) decreased for a 3 rd consecutive month, falling from 48% in April 2021 to 44% in May 2021. That said, conditions continue to favour sellers across the Vancouver Region with the S-L ratio for detached homes sitting at 35%, townhomes at 69%, and condos at 47%.
total listings THE RENNIE ADVANCE
MAY
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DETACHED listings
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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 June 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 • For the first time since the onset of the pandemic in April 2020, median sales prices decreased on a month-over-month basis across all home types in the Greater Vancouver and Fraser Valley board areas. • In the Greater Vancouver board area, the median sales price of a detached home fell 4% from last month while falling 1.1% for townhomes and 0.5% for condos. In the Fraser Valley board area, the median sales price decreased similarly across all home types: down 0.7% for both detached homes and townhomes and down 0.9% for condos. • Compared to May of last year, median sales prices were up in both Greater Vancouver (by 21% for detached homes, 16% for townhomes, and 9% for condos) and the Fraser Valley (by 39% for detached homes, 26% for townhomes, and 15% 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 June 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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