the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published March 2020
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 • Total sales in the Greater Vancouver board area increased to 2,156 in February 2020, up 37% versus January 2020. This month-over-month increase was achieved across all home types: detached sales were up by 55%, townhomes by 25%, and condos by 31%. • Year-over-year sales rose by 45% overall in February 2020, with detached homes increasing by 52%, townhomes by 42%, and condos by 40% versus February 2019. • This being said, February’s sales in 2020 were 16% lower than the 10-year February average of 2,580. This was consistent across all home types, with detached 32% below the 10-year February average, townhomes 8% below, and condos 6% below.
sales THE RENNIE ADVANCE
FEBRUARY 2020
2,500
February
2,000
vs 10yr Feb Avg 32%
vs Feb 2019 52%
1,500
10yr Feb Avg 1,012
1,000
DETACHED sales
686
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 100 200 300 400 500 600 700 800
February
vs 10yr Feb Avg 8%
10yr Feb Avg 371
340
TOWNHOME sales
vs Feb 2019 42%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2,500
February
2,000
vs 10yr Feb Avg 6%
1,500
10yr Feb Avg 1,135
1,064
1,000
CONDO sales
vs Feb 2019 40%
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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, 2020. 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 • On a year-over-year basis, the region’s total inventory dropped by 24% in February 2020. Decreases of over 20% were seen across all home types, with detached down 27%, townhomes down 21%, and condos down 20%. • There was a month-over-month increase in inventory across all product-types in February, with detached up 0.5%, townhomes up 6%, and condos up 5%. These increases were, however, below the typical January-February change (which is an increase of 10% for detached and 9% for each of townhomes and condos). • The sales-to-listings ratio rose for all three home types in January. Detached increased from 11% to 17% (transitioning from a buyers’ to balanced market), 24% to 28% for townhomes (remaining a sellers’ market), and 23% to 29% for condos (remaining a sellers’ market).
total listings THE RENNIE ADVANCE
FEBRUARY 2020
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Feb Avg 5,326
4,107
vs Feb 2019 27%
vs 10yr Feb Avg 23%
DETACHED listings
February
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
2,500
2,000
10yr Feb Avg 1,428
1,500
1,220
vs Feb 2019 21%
1,000
TOWNHOME listings
February
vs 10yr Feb Avg 15%
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Feb Avg 4,940
3,699
vs Feb 2019 20%
vs 10yr Feb Avg 25%
CONDO listings
February
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright© 2020 renniegroupof companies.All rights reserved. Thismaterialmaynotbe reproducedordistributed, inwholeor inpart,without thepriorwrittenpermissionof the renniegroupof companies.CurrentasofMarch 2, 2020.Alldata fromRealEstateBoardofGreaterVancouver andFraserValley&Rennie.While the informationanddatacontainedhereinhasbeenobtained from sourcesdeemed reliable,accuracycannotbeguaranteed. renniegroupofcompaniesdoesnotassume responsibilityor liability forany inaccuracies. The recipientof 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 • Across the Greater Vancouver board area, February’s median sale price rose by 4% month-over-month for both detached and condos, yet fell by 0.4% for townhomes. • The detached median price was up by 8% in February on a year-over-year basis, marking the largest such increase since January 2018. Both condo and townhome prices increased as well, with the former rising 4% and the latter increasing by 0.9%, year-over-year. • Reflecting more favourable conditions for households looking to down-size, the detached-to-townhome price ratio jumped from 1.76 to 1.85 (its highest level since January 2018). The townhome-to-condo price ratio fell to 1.23 in February (its lowest level since June 2013), reflecting greater opportunities for those looking to up-size their home.
median prices THE RENNIE ADVANCE
FEBRUARY 2020
$1,600,000
$1.38 M
February
$1,200,000
vs Jan 2020 4%
$800,000
vs Feb 2019 8%
DETACHED median sales price
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
February
$747,000
$800,000
$600,000
vs Jan 2020 0.4%
$400,000
TOWNHOME median sales price
vs Feb 2019 0.9%
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$800,000
February
$605,000
$600,000
vs Jan 2020 4%
$400,000
vs Feb 2019 4%
CONDO median sales price
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright© 2020 renniegroupof companies.All rights reserved. Thismaterialmaynotbe reproducedordistributed, inwholeor inpart,without thepriorwrittenpermissionof the renniegroupof companies.CurrentasofMarch 2, 2020.Alldata fromRealEstateBoardofGreaterVancouver andFraserValley&Rennie.While the informationanddatacontainedhereinhasbeenobtained from sourcesdeemed reliable,accuracycannotbeguaranteed. renniegroupofcompaniesdoesnotassume responsibilityor liability forany inaccuracies. The recipientof 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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