the vancouver rennie advance | April 2024

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

published April 2024

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.

table of contents

02 INTRO

03 SALES

04 TOTAL LISTINGS

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

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

05 MEDIAN PRICES

06 RENNIE INTELLIGENCE

Copyright © of April 2, 2024 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 April 2, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere3,619M LS salesin theVancouverRegion in M arch,which wasthehighestm onthly totalsinceJuly2023 and thefirsttim etheregion saw consecutivem onthsabovethe3,000 threshold sincelastsum m er.Lastm onth’stotalwasup 14% from February,however,thattrailed thetypicalseasonalpat ern ofa30% February-to-M arch increase. • Salescountsin M arch werealso9% below thesam em onth lastyearand 32% les than the past-decade M arch average. • Saleswerelower,on ayear-over-yearbasis,fordetached hom esand condos,by14% and 10% respectively,whiletownhom esaleswere4% higher.O n am onth-over-m onth basis,saleswereup foralhom etypes:detached hom esby13%,townhom esby31%,and condosby8%.

VANCOUVERREGION THERENNIEADVANCE sales

MARCH 2024

4,000

- 14% vsM ar2023

3,500

3,000

2,500

2,000

2,144 10 yrM arAvg

1,500

1,000

DETACHED sales

1,102

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

- 49% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

1,000 1,200 1,400 1,600 1,800

+ 4% vsM ar2023

977 10 yrM arAvg

200 400 600 800

786

TOWNHOME sales

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

- 20% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

3,500

- 10% vsM ar2023

3,000

2,500

2,000

2,144 10 yrM arAvg

1,500

1,620

1,000

CONDO sales

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

- 24% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

Copyright© April2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofApril2,2024.Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere7,615 new M LS listingslastm onth— 8% higherthan in February.Thisincreasewas les than thetypicalFebruary-to-M arch gain of23% ,and lastm onth’snew listingswere11% few erthan thepast-decadeM arch average(of8,504). • Therewererelativelyconsistentchangesin m onth-to-m onth new listingsbyhom etype,with new detached listingsup 9% (to2,721),townhom elistingsup 9% (to1,325),and condolistingsup 6% (to3,301). • O n ayear-over-yearbasis,new listingsin M arch were17% higherand werehigherforeach hom e typesegm ent,with detached hom esand condoseach up 15%,whiletownhom eswereup 23%.

VANCOUVERREGION THERENNIEADVANCE new listings

MARCH 2024

7,000

+ 15% vsM ar2023

6,000

5,000

4,000

3,804 10 yrM arAvg

3,000

2,721

2,000

DETACHED new listings

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

- 28% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 23% vsM ar2023

2,500

2,000

1,500

1,433 10 yrM arAvg

1,325

1,000

TOWNHOME new listings

500

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

- 8% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

5,000

+ 15% vsM ar2023

4,000

3,000

3,301

3,191 10 yrM arAvg

2,000

CONDO new listings

1,000

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

+ 3% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • Therewere15,094activeM LS listingslastm onth,which wasup 11% from Februaryand exceeded thetypicalFebruary-to-M arch inventoryexpansion of8%.Inventoryin theVancouver Region was4% abovethepast-decadeaveragelastm onth. • Inventorywashigherforal hom etypeson am onth-over-m onth basis,with detached hom esup 12%,townhom esup 9%,and condosup 11%. • Theoveral m arketrem ained in selers’ter itoryin M arch,with 4.2 m onthsofinventory(M O I), down from 4.3 in February.N otably,thecondoand townhom esegm entscontinued tofavour selers,with M O Isofonly3.7 and 2.6,respectively;thedetached m arketwasbalanced,with an M OIof5.9.

VANCOUVERREGION THERENNIEADVANCE inventory

MARCH 2024

14,000

+ 33% vsM ar2023

12,000

10,000

8,000

6,938 10 yrM arAvg

6,000

6,465

4,000

DETACHED inventory

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

- 7% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

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

+ 28.7% vsM ar2023

2,042 10 yrM arAvg

2,020

TOWNHOME inventory

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

- 1% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

12,000

+ 27% vsM ar2023

10,000

8,000

6,000

5,188 10 yrM arAvg

6,037

4,000

CONDO inventory

2,000

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

+ 16% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.9% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of1.5%.In G reaterVancouver,townhom eand condopricesroseby1.0% and 2.1% respectively, whiledetached hom epricesfel by0.3%.In theFraserValeydetached and condopricesgrew by 1.2% and 3%,respectively,whiletownhom epricesfel by0.3%. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher,by 5% (on averageacros types)and 8% ,respectively.In G reater Vancouver,detached hom eand townhom em edian priceswereeach 5% higher,whilecondoswere 4% higher.In theFraserValey,detached hom e,townhom e,and condom edian priceswereal 8% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

MARCH 2024

•

$2,000,000

+ 5% vsM ar2023 Greater Vancouver

$1.91M

$1,600,000

$1.49M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 9% vsM ar2023

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

━ G reaterVancouver ━ FraserValey

● March

$1,200,000

+ 10% vsM ar2023 Greater Vancouver

$1,098,500

$1,000,000

$800,000

$867,500

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 7% vsM ar2023

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

━ G reaterVancouver ━ FraserValey

● March

$1,000,000

+ 4% vsM ar2023 Greater Vancouver

$800,000

$735,000

$600,000

$549,800

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 8% vsM ar2023

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

━ G reaterVancouver ━ FraserValey

● March

●

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

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