the rennie advance . SALES, LISTINGS, & PRICES OVERVIEW FOR THE GREATER VANCOUVER BOARD AREA
published October 2019
rennie intelligence
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 • The 2,344 sales across the Greater Vancouver board area in September 2019 were 46% above the same month last year—the 3 rd consecutive month that year-over- year sales have risen. • This marked the largest year-over-year increase in sales since March 2015 (partly influenced by the low sales count from September 2018), and the 5th consecutive month of 2,000+ sales. • All product types registered year-over-year sales increases in excess of 40%, as well as month-over-month increases during a period that normally sees sales of each product type fall between August and September.
sales THE RENNIE ADVANCE
SEPTEMBER 2019
2,500
September
2,000
vs 10yr Sep Avg 21%
1,500
10yr Sep Avg 953
1,000
DETACHED sales
755
500
vs Sep 2018 47%
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
September
vs 10yr Sep Avg 4%
10yr Sep Avg 371
355
TOWNHOME sales
vs Sep 2018 41%
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
September
2,000
vs 10yr Sep Avg 3%
1,500
10yr Sep Avg 1,129
1,168
1,000
CONDO sales
vs Sep 2018 43%
500
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 October 2, 2019. 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 • For the first time since January 2018, total inventory in the Greater Vancouver board area fell on a year-over-year basis (by 4%). This follows five straight months where the rate of inventory expansion had been slowing. • The overall decline in inventory was due to diminished detached listings, which were down 14% year-over-year. Townhome and condo inventory, on the other hand, rose by 9% and 7%, respectively—though this was the slowest growth since the spring of 2018. • The overall sales-to-listings (S-L) ratio increased from 16% to 18% in September. Detached transitioned from a buyer’s market to a balanced market (11% to 13%), joining townhomes (at 20%). The S-L ratio for condos increased from 20% to 23%, reflecting conditions that are now favourable to sellers.
total listings THE RENNIE ADVANCE
SEPTEMBER 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
vs Sep 2018 14%
10yr Sep Avg 6,674
5,969
vs 10yr Sep Avg 11%
DETACHED listings
September
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
2,000
1,799
10yr Sep Avg 1,779
1,500
vs Sep 2018 9%
1,000
vs 10yr Sep Avg 1.1%
TOWNHOME listings
September
500
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 Sep Avg 5,754
5,183
vs Sep 2018 7%
vs 10yr Sep Avg 10%
CONDO listings
September
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 October 2, 2019. 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 • Overall, the median sales price increased by 1.1% between August and September (the first month-over-month increase since May 2019). For individual product types, the median sales price actually fell for both detached homes and townhomes (by 0.6% and 0.1%, respectively), but increased by 1.0% for condos. • Compared to one year ago, the overall median sales price was down by 0.6% in September. Detached and townhome prices were 7% and 11% lower, respectively, while the median sales price for condos equalled that of one year ago. • After a marginal increase in August, September saw a slight decrease in each of the detached-to-townhome and townhome-to-condo price ratios, settling at 1.74 and 1.25 respectively (versus 1.75 and 1.26 seen in August). This reflects the existence of slightly more favourable up-sizing opportunities.
median prices THE RENNIE ADVANCE
SEPTEMBER 2019
$1,600,000
$1.28 M
September
$1,200,000
vs Aug 2019 0.6% vs Sep 2018 7%
$800,000
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
September
$735,000
$800,000
vs Aug 2019 0.1%
$600,000
$400,000
vs Sep 2018 11%
TOWNHOME median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
September
$588,000
$600,000
vs Aug 2019 1.0%
$400,000
vs Sep 2018 0.0%
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 October 2, 2019. 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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