the vancouver rennie advance | June 2024

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

published June 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 June 3, 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 June 3, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere4,144 M LS salesin theVancouverRegion in M ay,down 1.8% m onth-over-m onth versusthetypical5% April-to-M ayincrease.Townhom eand condosalesdrovethem onthly decline(down 6% and 5%,respectively),whilesalesofdetached hom eswereup 8%. • Salescountsin M aywere20% below theprior10-yearM ayaverage(of5,175 sales)led by detached hom es(-34% to1,395)and folowed bytownhom es(-16% to808)and condos(-12% to 1,785).Thiswasjustthethird tim ein 11yearsthatM aysalescam ein below the4,200m ark. • O n ayear-over-yearbasis,salesweredown 17% with al hom etypesseeing double-digit percentagedeclines:condosweredown them ostat21%,detached hom esweredown 15%,and townhom esweredown14%.

VANCOUVERREGION THERENNIEADVANCE sales

MAY 2024

4,000

- 15% vsM ay2023

3,500

3,000

2,500

2,000

2,123 10 yrM ayAvg

1,500

1,395

1,000

DETACHED sales

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

- 34% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

- 14% vsM ay2023

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

966 10 yrM ayAvg

200 400 600 800

808

TOWNHOME sales

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

- 16% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

3,500

- 21% vsM ay2023

3,000

2,500

2,000

2,027 10 yrM ayAvg

1,500

1,785

1,000

CONDO sales

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

- 12% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Copyright© June3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune3,2024.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 • N ew M LS listingsfel 12% m onth-over-m onth to9,629,providingm oresupporttothenotion thatA pril’ssharp increase(of10,893 new listings)w asdriven by thenew provinciallegislation on short-term rentalsthatcam einto efecton M ay 1st.N ew listingshavehistoricaly risen 7% between Apriland M ay. • Al hom etypessaw declinesin new listingsm onth-over-m onth:detached hom esand condoswere bothdown 12%,whiletownhom esweredown 9%. • N ew listingswerestil 6% higherthan theprior10-yearM ayaverage.Condoswerefurthestabove thenorm ,up 20% (at3,980),whiletownhom eswere11% higher(at1,727);detached hom eswere 13% lower(at3,538).

VANCOUVERREGION THERENNIEADVANCE new listings

MAY 2024

7,000

- 4% vsM ay2023

6,000

5,000

4,000

4,052 10 yrM ayAvg

3,000

3,538

2,000

DETACHED new listings

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

- 13% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 13% vsM ay2023

2,500

2,000

1,500

1,727

1,552 10 yrM ayAvg

1,000

TOWNHOME new listings

500

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

+ 11% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

5,000

+ 12% vsM ay2023

4,000

3,980

3,000

3,320 10 yrM ayAvg

2,000

CONDO new listings

1,000

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

+ 20% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • Therewere19,818activeM LS listingslastm onth,which wasup 10% m onth-over-m onth and 18% abovetheprior10-yearM ayaverageof16,734 activelistings.Thiswasthehighestlevelin anym onth sinceAugust2019 (20,129 listings)and thehighestlevelforthem onth ofM aysince 2019(21,474listings). • Inventorywasfurthestabovethepast10-yearM ayaverageforcondos(+33% to7,730),folowed bytownhom es(+17% to2,776)and detached hom es(+5% to8,482). • Theoveral m arketcontinued tofavourselersin M aywith 4.8 m onthsofinventory(M O I),up from 4.3 in April.N otably,thecondoand townhom esegm entscontinued tofavourselers,with M O Isof4.3 and 3.4,respectively;thedetached m arketwasbalanced,with an M O Iof6.1.

VANCOUVERREGION THERENNIEADVANCE inventory

MAY 2024

14,000

+ 42% vsM ay2023

12,000

10,000

8,000

8,482

8,078 10 yrM ayAvg

6,000

4,000

DETACHED inventory

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

+ 5% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

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

+ 55% vsM ay2023

2,776

2,382 10 yrM ayAvg

TOWNHOME inventory

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

+ 17% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

12,000

+ 58% vsM ay2023

10,000

8,000

7,730

6,000

5,812 10 yrM ayAvg

4,000

CONDO inventory

2,000

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

+ 33% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.1% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof 0.5%.In G reaterVancouver,townhom eand condo pricesfel by0.9% and 0.3% respectively,while detached hom epricesroseby 1.5% .In theFraserValey detached pricesw ereflat,w hile townhom epricesfelby0.6% and condopricesdeclined 0.9%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw ereup 1.9% (averaged acros hom etypes)whiletheFraserValeyboard saw aslight0.1% decline.In G reaterVancouver, detached hom epriceswere3% higher,townhom epriceswere3% higher,whilecondoswere0.1% lower.In theFraserValey,detached hom epriceswere2% lower,townhom espriceswereflat, whilecondopriceswere1.9% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

MAY 2024

•

$2,000,000

+ 3% vsM ay2023 Greater Vancouver

$1.97M

$1,600,000

$1.50M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 2% vsM ay2023

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

━ G reaterVancouver ━ FraserValey

● May

$1,200,000

Greater Vancouver

$1,080,000

$1,000,000

+ 3% vsM ay2023

$800,000

$850,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- vsM ay2023

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

━ G reaterVancouver ━ FraserValey

● May

$1,000,000

- vsM ay2023 Greater Vancouver

$800,000

$727,500

$600,000

$545,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 2% vsM ay2023

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

━ G reaterVancouver ━ FraserValey

● May

●

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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