rennie_advance- March 2023

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

published March 2023

highlights • Therewere2,677 M LS salesin theVancouverRegion in February,an increaseof65% com pared to January,and thefirstincreasein salescountsin fourm onths.D espitethis,totalsalesrem ained 36% below thepast10-yearaverageforthem onth,with lastm onth’scountbeingthethird-lowest foranyFebruaryin thepast10 years. • The65% m onth-over-m onth jum p in saleswasm orethan thetypicalseasonalincreaseof48%, and islargely afunction ofJanuary having talied thesecond-few estsalesforthatm onth since 2001.Townhom esalesincreased by89%,folowed bydetached hom es(+63%),and condos(+58%). • Com pared toFebruary2022,lastm onth’ssalesweredown by48%.D etached hom esweredown them ost(by52%),folowed bycondos(down 49%),and townhom es(down 41%).

THERENNIEADVANCE sales

FEBRUARY 2023

4,000

- 52% vsFeb2022

3,500

3,000

2,500

2,000

1,681 10 yrFebAvg

1,500

839

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 50% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

- 41% vsFeb2022

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

773 10 yrFebAvg

200 400 600 800

548

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 29% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

3,500

- 49% vsFeb2022

3,000

2,500

2,000

1,622 10 yrFebAvg

1,220

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 25% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

Copyright© March1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch1,2023.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.

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highlights • TotalM LS listingsin theVancouverRegion roseto11,362 bytheend ofFebruary,up 6% versusa m onth earlier;thatsaid,inventorywas22% below thepast10-yearFebruaryaverage.Last m onth’sinventorywas,in fact,16% higherthan thatofFebruary2022,howeverlastFebruary’s listingscountwasthelowesteverrecorded forthem onth. • O n am onth-to-m onth basis,theinventoryofdetached hom eswasup by8%,condosby6%,and townhom esby0.2%.O n ayear-over-yearbasis,condoinventorywasup them ostat27%,folowed bytownhom einventory(+20%),and detached hom einventory(+4%). • W ith only4.2 m onthsofinventory(M O I)in February,theoveral m arketfavoured selers.There were3.8 and 2.8 M O Iforthecondoand townhom esegm ents,respectively(with conditions thereforefavouring selers),w hiletherew ere5.7 M O Ifordetached hom es(reflecting balanced conditions).

THERENNIEADVANCE total listings

FEBRUARY 2023

14,000

+ 4% vsFeb2022

12,000

10,000

8,000

6,946 10 yrFebAvg

6,000

4,000

4,816

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

- 31% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

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

+ 20% vsFeb2022

2,058 10 yrFebAvg

1,525

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 25.9% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

12,000

+ 27% vsFeb2022

10,000

8,000

6,000

5,222 10 yrFebAvg

4,000

4,606

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 11.8% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

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highlights • O n am onth-over-m onth basis,January’sm edian sold prices,on average,increased by5% in the G reaterVancouverboard areaand by2% in theFraserValeyboard area.Com pared to lastyear, m edian pricesweredown by10% and 20% in therespectiveboard areas. • Com pared toJanuary,G reaterVancouver’sm edian priceswereup 8% fordetached hom esand 7% fortownhom es,whilecondopricesweredown 1.4%.In theFraserValey,m edian priceswereup acros alhom etypes:townhom esby3%,detached hom esby2%,and condosby0.8%. • O n ayear-over-yearbasis,m edian pricesw erelow eracros al hom etypes,in both board areas. D etached hom esweredown them ost— by15% in GreaterVancouverand by27% in theFraser Valey— whiletownhom esweredown by7% and 21% (respectively),and condosweredown 7% and 13% (respectively).

THERENNIEADVANCE median prices

FEBRUARY 2023

$2,000,000

- 15% vsFeb2022 Greater Vancouver

$1,600,000

$1.71M

$1,200,000

$1.31M

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 26% vsFeb2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● February

$1,200,000

- 7% vsFeb2022 Greater Vancouver

$1,000,000

$1,039,000

$800,000

$770,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 21% vsFeb2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● February

$1,000,000

- 7% vsFeb2022 Greater Vancouver

$800,000

$680,000

$600,000

$499,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 13% vsFeb2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● February

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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.

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