the rennie advance - July 2023

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

published July 2023

highlights • Therewere4,824 M LS salesin theVancouverRegion in June,m arkingthe4th consecutivem onth ofm orethan 4K sales.Lastm onth’ssaleswere32% higherthan in Juneoflastyear,though they were3% below thepast-decadeJuneaverage(of4,977).Saleslastm onth were4% les than in M ay 2023,which isin linewith thetypicalM ay-to-Junechange. • O n am onth-over-m onth basis,detached and condosalesboth fel by5% (to1,619 and 2,146, respectively),w hiletow nhom esalesincreased ever-so-m arginaly (by 2 sales,to 947). • O n ayear-over-yearbasis,saleswerehigherforal hom etypes:detached hom esby49%,condos by24%,and townhom esby21%.

THERENNIEADVANCE sales

JUNE 2023

4,000

+ 49% vsJun 2022

3,500

3,000

2,500

2,000

2,076 10 yrJun Avg

1,619

1,500

1,000

DETACHED sales

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

- 22% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 21% vsJun 2022

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

947

936 10 yrJun Avg

200 400 600 800

TOWNHOME sales

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

+ 1.2% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

3,500

+ 24% vsJun 2022

3,000

2,500

2,146

2,000

1,874 10 yrJun Avg

1,500

1,000

CONDO sales

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

+ 15% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

Copyright© July5,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly5,2023.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 14,297lastm onth— thelowesttalyforanyJunesince2017.D espitethe8% supply expansion betw een M ay and June(exceeding them oretypical2% increase),totallistings were22% below thepast-decadeJuneaverage(of18,288),and 12% below June2022. • O n am onth-over-m onth basis,inventorywashigherforal hom etypesin June,with detached listingsincreasingthem ost(by11%),folowed bycondos(by6%),and townhom es(by3%).O n a year-over-yearbasis,inventorywaslowerforal hom etypes:townhom esby26%,detached hom es by11%,and condosby8%. • O veral,therewere3.0 m onthsofinventory(M O I)in June,thefifth consecutivem onth where conditionsfavoured selers.This(onceagain)rem ained trueforal hom e-typem arketsegm ents, withadetached M OIof4.2,acondoM OIof2.4,and atownhom eM OIof1.9.

THERENNIEADVANCE total listings

JUNE 2023

14,000

- 11% vsJun 2022

12,000

10,000

8,000

6,761

8,901 10 yrJun Avg

6,000

4,000

DETACHED listings

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

- 24% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

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

- 26% vsJun 2022

1,836

2,637 10 yrJun Avg

TOWNHOME listings

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

- 30% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

12,000

- 8% vsJun 2022

10,000

8,000

6,000

6,309 10 yrJun Avg

5,203

4,000

CONDO listings

2,000

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

- 18% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • O n am onth-over-m onth basis,m edian detached hom eand condosold pricesdeclined by2% and 0.4% ,respectively,in theG reaterVancouverboard area.In contrast,them edian tow nhom eprice increased by4%.Fordetached hom es,thiswasthefirstm onth-to-m onth m edian pricedeclinein fivem onths. • In theFraserValeyboard area,them edian condo pricefel by1.5% ,contrasted bya0.2% risein them edian townhom eprice.June’sm edian detached hom epricewasunchanged from M ay. • O n ayear-over-yearbasis,m edian pricesin G reaterVancouverwerehigherin Juneforal hom e types:townhom esby5%,condosby4%,and detached hom esby3%.In theFraserValey,the m edian detached hom epricewashigherby1.7%,whilecondoand townhom epriceswerelower by2% and 0.4% ,respectively.

THERENNIEADVANCE median prices

JUNE 2023

$2,000,000

+ 3% vsJun 2022 Greater Vancouver

$1.86M

$1,600,000

$1.50M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 1.7% vsJun 2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

$1,200,000

+ 5% vsJun 2022 Greater Vancouver

$1,090,000

$1,000,000

$800,000

$851,300

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 0.4% vsJun 2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

$1,000,000

+ 4% vsJun 2022 Greater Vancouver

$800,000

$725,000

$600,000

$527,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 2% vsJun 2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

●

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