the rennie advance - June 2023

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

published June 2023

highlights • Therewere5,038M LS salesin theVancouverRegion lastm onth,them ostin anym onth sincewe surpas ed 6,000salesin M arch 2022.Lastm onth’ssaleswerealso20% m orethan in April–a significantly biggerbum p than thetypical4% A pril-to-M ay increase.D espitethis,lastm onth’s salestotalw asstil 2% below thepast-decadeaverage. • O n am onth-over-m onth basis,detached hom esalesincreased them ost(by22%),closelyfolowed bytownhom esales(up by21%),and condosales(up by18%).Each ofthesechangesexceeded its typicalrespectivem onth-over-m onth increase. • O n ayear-over-yearbasis,salescountswereup foreach hom etype:detached hom esby33%, townhom esby16%,and condosby10%.

THERENNIEADVANCE sales

MAY 2023

4,000

+ 33% vsM ay2022

3,500

3,000

2,500

1,699

2,000

2,173 10 yrM ayAvg

1,500

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 22% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 16% vsM ay2022

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

945

945 10 yrM ayAvg

200 400 600 800

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

3,500

+ 10% vsM ay2022

3,000

2,252

2,500

2,000

1,939 10 yrM ayAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

+ 16% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Copyright© June1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune1,2023.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 • M LS listingstotaled 13,268 lastm onth,with the11% increaseoverApril’sinventoryexceeding them oretypical6% expansion observed betw een A priland M ay.D espitethis,activelistings rem ained 26% below thepast-decadeaverageforthem onth,and 14% lowerthan in M ay2022. Lastm onth’sinventorywasalsothethird-lowestM aycounteverrecorded (goingback to1990). • O n am onth-over-m onth basis,detached hom elistingswereup them ost(by17%),folowed by townhom es(up by13%),and condo listings(up by3%).O n ayear-over-yearbasis,listingcounts foralhom etypesweredown— them ostfortownhom es(26%),folowed bydetached hom es (down 15%),and then condos(down 9%). • O veral,therewere2.6 m onthsofinventory(M O I)in M ay,thefourth consecutivem onth to favourselers.Thisrem ained trueforeach ofthehom e-typem arketsegm ents,with adetached M OIof3.6,atownhom eM OIof1.9,andacondoM OIof2.2.

THERENNIEADVANCE total listings

MAY 2023

14,000

- 15% vsM ay2022

12,000

10,000

8,000

6,114

8,749 10 yrM ayAvg

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 30% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

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

- 26% vsM ay2022

2,586 10 yrM ayAvg

1,789

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 31% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

12,000

- 9% vsM ay2022

10,000

8,000

6,000

6,204 10 yrM ayAvg

4,000

4,924

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 21% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

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highlights • O n am onth-over-m onth basis,lastm onth’sm edian prices,when averaged acros al hom etypes, increased by 1.0% in theG reaterVancouverboard areaand 4% in theFraserValey board area. Com pared toM ay2022,m edian priceswereactualyup by1.0% in G reaterVancouver,though they rem ained 2% low erin theFraserValey. • Com pared to April,m edian sold pricesin G reaterVancouverroseforeach hom etype.For detached hom es,theincreasewas1.3%,folowed bycondosat1.1%,and townhom esat0.4%. Com pared toM ay2022,them edian condopriceand townhom epricewas1.7% and 1.4% higher, respectively,w hilem edian detached hom epricesw ereeven w ith lastyear. • In theFraserValey,them edian detached hom epriceand condopriceroseby5% overthepast m onth,outpacingthe1.4% riseoftownhom eprices.Com pared tolastyear,them edian priceof each hom etype(detached,townhom e,and condo)wasdown by2%.

THERENNIEADVANCE median prices

MAY 2023

$2,000,000

- vsM ay2022 Greater Vancouver

$1.90M

$1,600,000

$1.50M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 2% vsM ay2022

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

━ G reaterVancouver ━ FraserValey

● May

$1,200,000

Greater Vancouver

$1,000,000

$1,050,000

+ 1.4% vsM ay2022

$800,000

$850,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 2% vsM ay2022

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

━ G reaterVancouver ━ FraserValey

● May

$1,000,000

+ 1.7% vsM ay2022 Greater Vancouver

$800,000

$728,000

$600,000

$535,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 2% vsM ay2022

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

━ G reaterVancouver ━ FraserValey

● May

●

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