the rennie review - May 2019

the rennie review Published May 2019

table of contents

Each month, we release the rennie review, a detailed look at the real estate marketplace in Vancouver and the Lower Mainland. This report examines the market stats by neighbourhood, current rennie projects, and more.

2 INTRO

3 WHAT YOU NEED TO KNOW

4 NEIGHBOURHOOD PROFILE

Andrew Ramlo VP Intelligence aramlo@rennie.com

Ryan Berlin Senior Economist rberlin@rennie.com

7 FEATURED LISTINGS

40 CURRENT PROJECTS

CurrentasofMay3,2019.Alldata from theRealEstateBoardofGreaterVancouverandFraserValley.The information setoutherein (the “Information”) is intended for informationalpurposesonly.RAR&RMShasnotverified the informationanddoesnot represent,warrantorguarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipientof the information should take stepsas the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information may change and any property described in the information may be withdrawn from the market at any time without notice or obligation to the recipient from RAR & RMS.

“Vancouver’s Housing Market is Dismal”; “From Boom to Bust”; and “The Losses Get Larger”. These media headlines following the release of the latest MLS real estate data for the Lower Mainland are both dramatic and certain in their assessments-- but do they truly and accurately reflect the current dynamics in today’s market? In short, and with all due respect, no. Before explaining why, it’s always constructive to frame the Lower Mainland’s housing market with some basic truths based on empirical evidence. First, demand (sales) is lower than it was last year and compared to the past-decade average for April as buyers have remained patient and cautious. More specifically, the 3,141 total sales in the Lower Mainland (the area comprised by the Greater Vancouver and Fraser Valley real estate boards) in April 2019 was 25% lower than one year ago, and 37% below the past-decade average for April. Second, supply (inventory) has expanded rapidly over the past year: the 21,324 listings in April were 36% higher than in April one year ago. An important note to make here is that despite the relatively steep increase in inventory on a year-over- year basis, today’s inventory is exactly in line with the past- trends in supply and demand, prices have predictably moved downwards, with the all- property-type benchmark price for the Lower Mainland, at $955,400, was 7% below where it was at this time last year. For many market followers, this narrative is already well- established; however, there are a number of key metrics that both provide additional perspective on current dynamics and hint at the medium-term direction of the market. Here are the 4 things you need to know. 1. With a 15% sales-to-listings decade average for April. In response to these clear

sellers still have the upper- hand when it comes to the less expensive ones, the market is, overall, operating in a normal fashion. 2. The region has experienced 4 consecutive months of increasing sales, with April tallying the most sales in any month since July 2018. the sales gap versus 2018 continues to close: year- over-year in April sales were down 25%, the 4th straight month the gap has narrowed (from a high of 45% in December 2018). 4. Benchmark condo prices have now registered 3 consecutive monthly increases (marking the first time this has happened 3. As a result of the above, since the beginning of 2018); meanwhile, benchmark townhome prices registered their first month-over-month increase since June 2018. While many would-be buyers continued to weigh their options in April (and with good reason: inventory was up for the 4th straight month), there is growing evidence that Metro Vancouver has reached, or is closing in on, an inflection point. In other (less nerdy) words, buyer patience may begin to wane in the near- term as activity picks up across the region.

positive signs beyond the headlines While year-over-year sales were down 25% in the Lower Mainland last month, April marked the 4th consecutive month of the sales gap narrowing, with prices beginning to move upwards.

ratio, Metro Vancouver’s market is balanced. While conditions favour buyers when it comes to more expensive homes, and

greater vancouver board area

DETACHED APRI L

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 11 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

1.2 % DOWN

28 % DOWN

4 % UP

BUYER’S 9 %

Detached listings in the REBGV increased to 6,507 in April, 7% above March and 4% higher than in April 2018. Detached sales, at 588, increased 11% compared to March but were 28% lower than in April 2018. The sales-to-listings ratio was unchanged at 9%, as the REBGV detached market remained favourable to buyers. The detached benchmark price in April was $1.43M, down 0.8% month-over-month and an 11% decline year-over-year. The average sold price was $1.64M, increasing 3% from the previous month but a 1.2% dip from the previous year.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

6,507

6,091

6,255

TOTAL SALES

588

532

11%

816 13%

-28% -31%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$1,425,200 $1,437,100 -0.8% $1,602,800 -11%

$1,641,697 $1,593,650

3% $1,660,950 -1.2%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

MILLIONS

$1.60

$1.56

$1.52

$1.48

2.27

$1.44

$1.43

2.19

2.17

7,105

6,944

6,904

6,507

1.89

1.83

6,255

1.82

5,791

4,994

816

774

639

588

576

452

353

Apr-18

Mar-19

Apr-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

greater vancouver board area

TOWNHOME APRI L

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

4 % DOWN

7 % DOWN

20 % DOWN

76 % UP

BALANCED 16 %

The number of townhome listings in the REBGV rose to 1,938 in April, 11% above March and 76% higher year-over-year. Townhome sales in April, at 316, were up 13% vs March but were 20% below last year. The sales-to-listings ratio remained at 16% as the REBGV townhome market was balanced. The townhome benchmark price in April was $783,300, virtually unchanged from March and 7% lower than in April 2018. The average sold price was $829,845, with an average PSF sales price of $582 (up 2% and 1.2%, respectively, from March).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

1,938

1,751

11% 13%

1,100

76% -20% -55%

TOTAL SALES

316 16%

280 16%

395 36%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$783,300 $783,600 $829,845 $813,919

0.0% $846,400 2% $868,733

-7% -4% -7%

$582

$575

1.2%

$626

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$846,400 $854,900 $846,100 $829,200 $809,700 $789,300 $783,300

1,938

1,731

1,575

1,538

1,456

1,327

1,100

395

370

316

311

294

239

167

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

315

176

3 bdrms

1,099

<3 bdrms

. . . . 0 0 0 0

524

S-L RATIO SALES INVENTORY

greater vancouver board area

CONDO APRI L

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 7 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

32 % DOWN

BALANCED 15 %

12 % DOWN

9 % DOWN

91 % UP

The number of condo listings in the REBGV increased to 5,777 in April, 10% above March and 91% above April 2018. At 888, condo sales were 1.8% above March but 32% lower than in April 2018. The sales-to-listings ratio dipped to 15%, as the REBGV condo market remained balanced. The condo benchmark price in April was $656,900, unchanged from March and 7% lower than in April 2018. The average sold price was $656,853 (0.7% above March) with an average PSF sales price of $770 (up from March by 1.4%).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

5,777

5,240

10% 1.8%

3,019 1,313

91% -32% -65%

TOTAL SALES

888 15%

872 17%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

-8%

43%

$656,900 $656,900 $656,853 $652,153

0.0% $705,700 0.7% $747,553

-7%

-12%

$770

$759

1.4%

$847

-9%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$705,700 $709,200 $695,500 $683,500 $664,100 $660,300 $656,900

5,777

5,091

4,697

4,248

4,026

3,914

3,019

1,313

1,243

1,028

983

888

759

537

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

540

465

2 bdrms

3,356

380

<2 bdrms

. . . . 0 0 0 0

1,881

S-L RATIO SALES INVENTORY

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Current as of February 6, 2019. All data from the Real Estate Board of Greater Vancouver and Fraser Valley. The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee theaccuracy,correctnessandcompletenessof the information.RAR&RMSdoesnotassumeany responsibilityor liabilityofanykind inconnectionwith the informationand the recipient’s relianceupon the information.The recipientof the information should take stepsas the recipientmaydeemnecessary toverify the informationprior toplacinganyrelianceupon the information.The informationmaychangeandanypropertydescribed in the informationmaybewithdrawn from themarketatany timewithoutnoticeorobligation to therecipient fromRAR&RMS.

DETACHED APRI L burnaby east

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 12 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

14 % DOWN

18 % DOWN

33 % DOWN

10 %

The number of detached listings in Burnaby East in April, at 63, were 6% lower vs the previous month and an 18% decrease vs April 2018. There were 6 detached sales in April, 6 more than the previous month but 3 below April 2018. The sales-to-listings ratio increased to 10%, as Burnaby East’s detached segment remained a buy- er’s market. The benchmark price for detached homes in Burnaby East in April was $1.17M—1.6% above last month but 12% lower than last year. The average sold price in Burnaby East in April was $1.38M, down 14% vs April 2018.

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

-6%

-18% -33% -19%

TOTAL SALES

- - - -

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

12%

$1,172,600 $1,154,700 1.6% $1,331,300 -12%

$1,379,167

$1,610,000 -14%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

MILLIONS

$1.34

$1.33

$1.27

$1.25

1.90

$1.17

$1.16

1.79

1.72

1.65

1.60

1.55

Apr-18

Mar-19

Apr-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD QD QD QD QD QD

S-L RATIO SALES INVENTORY

TOWNHOME APRI L burnaby east

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 6 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

191 % UP

BUYER’S 9 %

73 % DOWN

6 % UP

19 % DOWN

The number of townhome listings in Burnaby East rose to 32 in April, 45% above March and 191% higher than in April 2018. Townhome sales, at 3, were 6 below last month and 8 lower than last year. The sales-to-listings ratio dropped to 9%, as Burnaby East’s townhome market transitioned to buyer’s market territory. The benchmark price in April was $656,500, 2% below the previous month and 6% lower vs April 2018. The average sold price was $759,933 (8% higher than last month) with an average PSF sales price of $523 (9% below last month).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

45% -67% -77%

11 11

191% -73% -91%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

41%

100%

$656,500 $671,400 $759,933 $702,667

-2% $699,300 8% $718,909

-6%

$523

$575

-9%

$649

-19%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$699,300 $717,400 $712,800 $712,300 $696,300 $687,100 $656,500

11 11

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO APRI L burnaby east

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 6 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

55 % DOWN

1.1 % UP

25 % UP

BALANCED 14 %

The number of condo listings in Burnaby East in April was unchanged month-over-month (at 35) and jumped 25% year-over-year. At 5, condo sales increased by 2 month-over-month but dropped by 6 year-over-year. The sales-to-listings ratio increased to 14% in April as Burnaby East’s condo market became balanced. The condo benchmark price in April was $754,900, 4% above last month but 6% lower year-over-year. The average sold price for condos increased 14% month-over-month (to $561,000) while the average PSF sales price jumped 16% (to $690).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

0.0% 67% 67%

28 11

25% -55% -64% 1.1% -13% -6%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

14%

39%

$754,900 $722,500 $561,000 $493,000

4% $805,700 14% $554,794

$690

$597

16%

$794

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$805,700 $802,600 $782,800 $761,400 $770,300

$718,900 $754,900

BURNABY EAST

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD QD QD

S-L RATIO SALES INVENTORY

DETACHED APRI L burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 13 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

4 % DOWN

0.9 % UP

10 %

The number of detached listings in Burnaby North in April, at 234, was 9% higher than last month and 0.9% above April 2018. With 24 in April, detached sales were up 60% month-over-month but 4% below last year. The sales-to-listings ratio increased to 10%, remaining a buyer’s market for detached product in Burnaby North. The benchmark price in April was $1.39M, 1.5% below March 2019 and 13% lower than in April 2018. The average sold price was $1.46M, up 5% from the previous month but 13% below April 2018.

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 215

% Change

No. 232

% Change

TOTAL LISTINGS

234

0.9%

TOTAL SALES

15 7%

60% 47%

-4% -5%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

11%

$1,391,000 $1,411,700 -1.5% $1,595,800 -13%

$1,458,500 $1,393,274

5% $1,683,644 -13%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

MILLIONS

$1.60

$1.54

$1.50

$1.49

2.49

$1.45

$1.40

$1.39

2.34

2.27

2.11

249

243

1.96

1.94

232

231

234

198

181

Apr-18

Mar-19

Apr-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY SL RATIO

. . . 0 0 0 0 0 QD QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

TOWNHOME APRI L burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 6 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

1.0 % UP

89 % UP

24 % DOWN

7 % DOWN

BALANCED 18 %

The number of townhome listings in Burnaby North increased 22% from last month, settling at 72, and was 89% above April 2018. Townhome sales, at 13, were down by 4 vs last April but up by 1 from March 2019. The sales-to-listings ratio for townhomes dipped to 18% in April, as Burnaby North’s townhome seg- ment remained in balanced market conditions. The benchmark price in April was $708,900, 2% lower than in March and 6% below April 2018. The average sold price was $666,385 in April, (decreasing 10% vs March) while the average PSF sales price was $488 (decreasing 7%).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

72 13

59 12

22%

38 17

89% -24% -60%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

18%

20%

-11%

45%

$708,900 $726,000 $666,385 $740,125

-2% $757,700 -10% $714,659

-6% -7%

$488

$524

-7%

$483

1.0%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$757,700 $777,000 $766,200 $761,100 $724,400 $715,300 $708,900

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO APRI L burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 4 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

7 % UP

6 % DOWN

50 % DOWN

BALANCED 13 %

165 % UP

There were 305 condo listings in Burnaby North in April, 16% above March and 165% higher than in April 2018. April condo sales decreased by 13% month-over- month and were 50% below April 2018. The sales-to-listings ratio for condos in Burnaby North decreased to 13%, remaining in a balanced market. The condo benchmark price in April was $611,800, 1.5% above March but 4% lower than in April 2018. The average sold price was $625,942, up 5% from last month; the average PSF sales price was $670, 3% below last month.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 263

% Change

No. 115

% Change

TOTAL LISTINGS

305

16% -13% -25%

165% -50% -81%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

13%

18%

71%

$611,800 $602,900 $625,942 $595,966

1.5% $640,400 5% $586,181

-4%

$670

$693

-3%

$709

-6%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$640,400 $656,100 $650,900 $631,200 $619,100 $599,900 $611,800

305

257

232

211

181

115

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

3+ bdrms

SELLER'S MARKET

BALANCED

2 bdrms

204

BUYER'S MARKET

<2 bdrms

. . . . 0 0 0 0 QD QD

S-L RATIO SALES INVENTORY

DETACHED APRI L burnaby south

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 9 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

9 % DOWN

28 % UP

10 %

There were 228 detached listings in the Burnaby South market area in April, 1.8% above last month but 9% below April 2018. Detached sales were up by 2 between March and April (to 23), and were 5 higher year-over-year. The sales-to-listings ratio increased to 10%, as Burnaby South’s detached market remained in buy- er’s market territory. The benchmark price in April was $1.53M, 0.8% below the previous month and a 9% decline vs last year. The average sold price for detached homes was $1.56M, 1.1% below March and 9% lower than this time last year.

BUYER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 224

% Change

No. 250

% Change

TOTAL LISTINGS

228

1.8% 10%

-9% 28% 40% -9% -9%

TOTAL SALES

21 9%

18 7%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

10%

$1,532,100 $1,545,200 -0.8% $1,675,800 $1,562,761 $1,580,590 -1.1% $1,721,767

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

MILLIONS

$1.71

$1.68

$1.63

$1.62

2.34

$1.57

$1.54

$1.53

2.27

2.26

2.01

1.99

1.98

272

268

256

250

228

205

189

Apr-18

Mar-19

Apr-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY SL RATIO

. . . 0 0 0 0 0 QD QD QD S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET

TOWNHOME APRI L burnaby south

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

16 % DOWN

139 % UP

BALANCED 12 %

16 % DOWN

33 % DOWN

Townhome listings in the Burnaby South market area in April (at 98) were up 2% from last month and 139% above last year. The 12 townhome sales were unchanged from March but 6 lower than in April 2018. The sales-to-listings ratio dipped to 12%, as Burnaby South’s townhome segment remained in a balanced market. The benchmark price in April was $769,000, 1.3% below March and 8% lower than in April 2018. The average sold price was $729,958 (down 7% from March) with an average PSF sales price of $630 (up 1.6% from March).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

98 12

96 12

41 18

139% -33% -72%

TOTAL SALES

0.0%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

12%

13%

-2%

44%

$769,000 $779,500 $729,958 $782,750

-1.3% $834,900 -7% $865,233

-8%

-16% -16%

$630

$620

1.6%

$748

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$834,900 $856,400 $841,600 $811,100 $790,800 $807,300 $769,000

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

4+ bdrms

BUYER'S MARKET

3 bdrms

<3 bdrms

. . . . 0 0 0 0 QD QD QD

S-L RATIO SALES INVENTORY

CONDO APRI L burnaby south

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 5 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

13 % DOWN

1.7 % UP

141 % UP

15 % DOWN

BALANCED 14 %

The number of condo listings in Burnaby South, at 422, increased 4% month-over-month and jumped 141% vs last year. April’s condo sales, at 58, were 3 below last month and 10 lower than last year. The sales-to-listings ratio decreased to 14% in April, as Burnaby South’s condo segment remained in balanced market territory. The condo benchmark price in April was $679,200, virtually unchanged from March and a 5% decrease from April 2018. The average sold price was $587,962 (4% lower than in March) with an average PSF sales price of $786 (7% above March).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 404

% Change

No. 175

% Change

TOTAL LISTINGS

422

141% -15% -65%

TOTAL SALES

-5% -9%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

14%

15%

39%

$679,200 $681,400 $587,962 $609,712

-0.3% $715,800 -4% $673,444

-5%

-13% 1.7%

$786

$738

$773

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

$715,800 $737,000 $717,800 $701,400 $685,700 $689,400 $679,200

422

370

352

319

288

240

175

BURNABY SOUTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES TOTAL INVENTORY SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

291

<2 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

coquitlam

DETACHED APRI L

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 11 % DOWN

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

10 % DOWN

12 % UP

BALANCED 12 %

16 % DOWN

The number of detached listings in Coquitlam increased to 523 in April, 6% above March and 12% higher year-over-year. The 65 detached sales in April represented an increase of 35% from March but a 16% decline vs April of last year. Coquitlam’s sales-to-listings ratio increased to 12% as the detached segment transitioned to balanced market territory. The benchmark price in April was $1.16M, 0.5% below March and an 11% decrease year-over-year. The average sold price was $1.21M in April, up 8% from March but 10% below April 2018.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 493

% Change

No. 465

% Change

TOTAL LISTINGS

523

12% -16% -25%

TOTAL SALES

35% 28%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

12%

10%

17%

$1,156,200 $1,161,600 -0.5% $1,304,900 -11%

$1,213,198 $1,119,560

8% $1,353,289 -10%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES TOTAL INVENTORY BENCHMARK PRICE

MILLIONS

$1.31

$1.30

$1.25

$1.21

2.40

$1.18

$1.16

2.26

2.22

582

566

546

523

1.86

1.82

1.75

465

459

395

Apr-18

Mar-19

Apr-19

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES TOTAL INVENTORY SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD

S-L RATIO SALES INVENTORY

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