the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published March 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 BUSINESS DATA ANALYST, HOUSING 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 • The 6,428 sales in the Vancouver Region in February 2021 were the second-most in any February on record; they were also 89% above January’s sales count and 69% higher than in February 2020. • Detached home and condo sales rose by double-digits compared to one year ago, up 93% and 77% respectively, while townhome sales rose by triple-digits (107%) on a year-over-year basis for the first time since January 2010. • Compared to the past-decade average, sales in February 2021 were higher for all home types: by 47% for detached homes, by 110% for townhomes, and by 73% for condos.
THE RENNIE ADVANCE
sales
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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 March 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Total listings (inventory) across the Vancouver Region fell to 11,900 in February 2021, its lowest level in any month since January 2018. • Overall, last month’s inventory was 20% below that of February 2020. It was particularly constrained for ground-oriented homes, with year-over-year inventory down 31% for detached homes and 36% for townhomes. Condo inventory, though down 13% versus January, was up 3% versus February of last year. • The Vancouver Region remained in seller’s market territory for the 9 th consecutive month in February, with the sales-to-listings (S-L) ratio rising to 54% (the highest S-L ratio since April 2016). Conditions continue to favour sellers across all segments of the market, with the S-L ratio for detached at 50%, townhomes at 94%, and condos at 45%.
total listings THE RENNIE ADVANCE
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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 March 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 • The median sales price rose for all home types in the Greater Vancouver and Fraser Valley board areas in February 2021. • Compared to February of last year, prices were up 16% for detached homes, 20% for townhomes, and 2% for condos across the Greater Vancouver board area. South of the Fraser, prices were 31% higher for detached homes, 14% higher for townhomes, and 11% higher for condos versus last year. • Compared to last month, median sales prices in the Greater Vancouver board area rose 6% for detached homes, 14% for townhomes, and 3% for condos. In the Fraser Valley board area detached prices rose 5%, townhomes 3%, and condos 4%.
THE RENNIE ADVANCE median prices
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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 March 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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