the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published November 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
2 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 November 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
highlights • Resaleactivitypicked up considerablyin theVancouverRegion with 3,872 M LS salesin O ctober, thethird-m ostofanym onth in 2024.Salesof4,209 in Aprilrem ainsthepeak thisyear,folowed by4,135in M ay. • The40% m onth-over-m onth increasewasm orethan fivetim esgreaterthan thetypical8% Septem ber-to-O ctobergain.Clearly,thisism orethan justafunction ofseasonality,w ith low er interestrates,pent-up dem and,and elevated inventorypuling m orebuyersof thesidelines. • Totalsalesrem ained 8% below theprior10-yearO ctoberaverage(of4,201).Condo saleswere aboveaverage(+4%,to1,787),whilesalesfortownhom es(-10%,to732)and detached hom es (-26%,to1,204)wereboth below average.
VANCOUVERREGION THERENNIEADVANCE sales
OCTOBER 2024
4,000
+ 32% vsOct2023
3,500
3,000
2,500
2,000
1,618 10 yrOctAvg
1,500
1,000
DETACHED sales
1,204
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
- 26% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 41% vsOct2023
1,000 1,200 1,400 1,600
815 10 yrOctAvg
200 400 600 800
732
TOWNHOME sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 10% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
3,500
+ 31% vsOct2023
3,000
2,500
2,000
1,712 10 yrOctAvg
1,500
1,787
1,000
CONDO sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
+ 4% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,2024.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 • Therewere8,098 new M LS listingsin O ctober,adeclineof14% m onth-over-m onth thatwasin linew ith thetypical14% Septem ber-to-O ctoberdecrease. • N ew listingsactivity rem ained historicaly elevated at23% abovetheprior10-yearO ctober average(of6,568).Al hom etypessaw aboveaveragenew listingsled bycondos(+36%,to3,677), and folowed bytownhom es(+26%,to1,446)and detached hom es(+0.4%,to2,627). • N ew listingswereup 15% year-over-year(from 7,057 lastO ctober)led bytownhom es(+22%),and folowed bycondos(+18%)and detached hom es(+6%).
VANCOUVERREGION THERENNIEADVANCE new listings
OCTOBER 2024
7,000
+ 6% vsOct2023
6,000
5,000
4,000
2,615 10 yrOctAvg
3,000
2,000
2,627
DETACHED new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000
+ 0.4% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 22% vsOct2023
2,500
2,000
1,500
1,147 10 yrOctAvg
1,446
1,000
TOWNHOME new listings
500
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 26% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
5,000
+ 18% vsOct2023
4,000
3,677
3,000
2,705 10 yrOctAvg
2,000
CONDO new listings
1,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 36% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© Novem ber1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,2024.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 3% m onth-over-m onth to 21,698,alitleles than thetypical5% Septem ber-to-O ctoberdecline.Totalinventorywasup 31% from lastO ctoberand m arked the m ostin anyO ctobersince2013 (22,488 listings). • Totalinventorywas33% aboveitsprior10-yearaverage(of16,296).Condoinventory(8,526 listings)wasthefurthestaboveaverageat47%,folowed bytownhom es(+35%,to3,077)and detached hom es(+19%,to9,205). • H ighersalesand lowerinventoryled toasharp drop in m onthsofinventory(M O I)to5.6 from 8.1 in Septem ber.Both thetownhom eand condosegm entsfel intoselers’m arketswith M O Isof4.2 and 4.8,respectively,whilethedetached segm entwasin balancewith an M O Iof7.6.
VANCOUVERREGION THERENNIEADVANCE inventory
OCTOBER 2024
14,000
+ 23% vsOct2023
12,000
10,000
8,000
9,205
7,712 10 yrOctAvg
6,000
4,000
DETACHED inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000
+ 19% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
+ 43% vsOct2023
3,077
2,279 10 yrOctAvg
TOWNHOME inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500
+ 35% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
12,000
+ 37% vsOct2023
10,000
8,000
8,526
6,000
5,820 10 yrOctAvg
4,000
CONDO inventory
2,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 47% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,2024.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. 5 ●
highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof3% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adecreaseof0.8% . In G reaterVancouver,m edian detached priceswereup 0.5%,townhom epriceswereup 8%,and condopriceswereup 1.4%.In theFraserValey,m edian detached pricesweredown 2.8%, townhom epricesweredown 1.3%,and condopriceswereup 1.7%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw eredow n 1.0% (averaged acros hom etypes),whilein theFraserValeyboard theywereup 1.0%.In G reaterVancouver, m edian detached hom epriceswere5% lower,townhom epriceswere4% higher,and condosprices weredown 2%.In theFraserValey,detached hom epricesweredown 1.3%,townhom esprices weredown 0.5%,and condopriceswereup 5%.
VANCOUVERREGION THERENNIEADVANCE median prices
OCTOBER 2024
•
$2,000,000
- 5% vsOct2023 Greater Vancouver
$1.84M
$1,600,000
$1.40M
$1,200,000
$800,000
DETACHED median salesprice
FraserValey
$400,000
- 1.3% vsOct2023
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
━ G reaterVancouver ━ FraserValey
● October
$1,200,000
+ 4% vsOct2023 Greater Vancouver
$1,088,000
$1,000,000
$800,000
$819,000
$600,000
$400,000
TOWNHOME median salesprice
FraserValey
$200,000
- 0.5% vsOct2023
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
━ G reaterVancouver ━ FraserValey
● October
$1,000,000
- 2% vsOct2023 Greater Vancouver
$800,000
$700,000 $539,000
$600,000
$400,000
CONDO median salesprice
FraserValey
$200,000
+ 5% vsOct2023
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
━ G reaterVancouver ━ FraserValey
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber1,2024.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. 6 ●
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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 September 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. 7
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