the vancouver rennie advance | December 2024

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

published December 2024

table of contents

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.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 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 December 2, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere3,259 M LS salesin theVancouverRegion in N ovem ber,up 29% from N ovem ber 2023 (2,517 sales).Thiswasthesecond consecutivem onth wheresaleswereup year-over-year,a sign ofrelatively strongersalesactivity in thepasttw o m onths.Year-to-datesalesof37,499 w ere down 0.9% from 2023(37,841sales). • Saleswere14% below theirprior10-yearN ovem beraverageof3,797.Stil,thisisacontrastto m uch of2024 wheresaleshavebeen m uch furtherbelow theiraveragem onthlylevels. Year-to-date,salesw ere21% below theirprior10-yearaverage. • D etached hom esaleswerethefurthestbelow average(-27%,to1,058),folowed bytownhom e sales(-14%,to 618).Condo salesweretheclosestto average(-8%,to 1,457).

VANCOUVERREGION THERENNIEADVANCE sales

NOVEMBER 2024

4,000

+ 31% vsN ov2023

3,500

3,000

2,500

2,000

1,451 10 yrNovAvg

1,500

1,000

DETACHED sales

1,058

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

- 27% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 28% vsN ov2023

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

718 10 yrNovAvg

200 400 600 800

618

TOWNHOME sales

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

- 14% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

3,500

+ 28% vsN ov2023

3,000

2,500

2,000

1,578 10 yrNovAvg

1,500

1,457

1,000

CONDO sales

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

- 8% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber2,2024.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtake stepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 3 ●

highlights • Therewere5,763 new M LS listingsin N ovem ber,adeclineof30% m onth-over-m onth thatwas greaterthan thetypical22% O ctober-to-N ovem berdecrease. • Thatsaid,new listingsactivity rem ained historicaly elevated at12% abovetheprior10-year N ovem beraverageof5,152.N ew condolistingswerethefurthestaboveaverage(+22%,to2,653), folowed bytownhom es(+11%,to1,001).In contrast,new detached hom elistingswerebelow average(-7%,to 1,846). • N ew listingswereup 12% year-over-year(from 5,139 lastN ovem ber)led bytownhom es(+17%), and folowed bycondos(+13%)and detached hom es(+8%).

VANCOUVERREGION THERENNIEADVANCE new listings

NOVEMBER 2024

7,000

+ 8% vsN ov2023

6,000

5,000

4,000

1,991 10 yrNovAvg

3,000

2,000

DETACHED new listings

1,846

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

- 7.3% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 17% vsN ov2023

2,500

2,000

1,500

900 10 yrNovAvg

1,000

1,001

TOWNHOME new listings

500

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

+ 11% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

5,000

+ 13% vsN ov2023

4,000

3,000

2,181 10 yrNovAvg

2,653

2,000

CONDO new listings

1,000

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

+ 22% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© Decem ber2,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber2,2024.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 4 ●

highlights • ActiveM LS listingsfel 8% m onth-over-m onth to 20,021,in-linewith thetypical8% O ctober-to-N ovem berdecline.Totalinventorywasup 28% from lastN ovem berand m arked the m ostin anyN ovem bersince2013 (20,897 listings). • Totalinventorywas34% aboveitsprior10-yearaverageof14,987.Condoinventory(7,965 listings)wasthefurthestaboveaverageat47%,folowed bytownhom es(+34%,to2,778)and detached hom es(+20%,to8,442). • Therewere6.1 m onthsofinventory(M O I)in N ovem ber,up from 5.6 in O ctober.Both the detached hom eand condo segm entswerebalanced with M O Isof8.0 and 5.5,respectively,while thetowhom esegm entfavoured selerswith an M O Iof4.5.

VANCOUVERREGION THERENNIEADVANCE inventory

NOVEMBER 2024

14,000

+ 23% vsN ov2023

12,000

10,000

8,000

8,442

7,018 10 yrNovAvg

6,000

4,000

DETACHED inventory

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

+ 20% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

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

+ 39% vsN ov2023

2,778

2,080 10 yrNovAvg

TOWNHOME inventory

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

+ 34% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

12,000

+ 32% vsN ov2023

10,000

8,000

7,965

6,000

5,424 10 yrNovAvg

4,000

CONDO inventory

2,000

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

+ 47% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw adecreaseof0.9% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced an increase of0.5%.In G reaterVancouver,m edian detached priceswereup 0.1%,townhom epriceswere down 2.8% ,and condo priceswereflat.In theFraserValey,m edian detached priceswereup 3.5%,townhom epriceswereup 0.7%,and condopricesweredown 2.6%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw eredow n 0.9% (averaged acros hom etypes),whilein theFraserValeyboard theywereup 1.6%.In G reaterVancouver, m edian detached hom epriceswere1.1% lower,townhom epriceswere0.8% higher,and condos pricesweredown 2.4%.In theFraserValey,detached hom epriceswereup 5.4%,townhom es pricesweredown 0.6%,and condopriceswereflat.

VANCOUVERREGION THERENNIEADVANCE median prices

NOVEMBER 2024

•

$2,000,000

- 1.1% vsN ov2023 Greater Vancouver

$1.85M

$1,600,000

$1.45M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 5% vsN ov2023

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

━ G reaterVancouver ━ FraserValey

● November

$1,200,000

Greater Vancouver

$1,000,000

$1,059,000

+ 0.8% vsN ov2023

$800,000

$825,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 0.6% vsN ov2023

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

━ G reaterVancouver ━ FraserValey

● November

$1,000,000

- 2% vsN ov2023 Greater Vancouver

$800,000

$699,900

$600,000

$525,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- vsN ov2023

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

━ G reaterVancouver ━ FraserValey

● November

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.

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