the rennie advance | November 2023

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

published November 2023

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

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

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © of November 2, 2023 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 2, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • TheVancouverRegion talied 2,910M LS salesin Septem ber,which wasdown 0.2% from Septem ber’s2,916 salesand was(onceagain)thelowestm onthlytotalsinceFebruary.This m onth-to-m onth changein salesalso ran contrary to thetypicalA ugust-to-Septem berincrease(of 8%),with theO ctober’ssalessiting33% below thelong-run averageforthem onth. • Interestingly,saleswerehigherin O ctoberversusSeptem berfordetached hom es(by2% )and condos(by3%),whilethetownhom esegm entofthem arketsputered,with salesdown 11%. • In spiteofthedrop-of in saleslastm onth,O ctober’ssalesforal hom etypeswerestil higher com pared tolastyear’shistoricalylow count:by5% fordetached hom es,by0.4% fortownhom es, and by7% forcondos.

VANCOUVERREGION THERENNIEADVANCE sales

OCTOBER 2023

4,000

+ 5% vsOct2022

3,500

3,000

2,500

2,000

1,712 10 yrOctAvg

1,500

1,000

DETACHED sales

952

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

- 44% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- vsOct2022

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

833 10 yrOctAvg

200 400 600 800

TOWNHOME sales

518

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

- 38% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

3,500

+ 7% vsOct2022

3,000

2,500

2,000

1,710 10 yrOctAvg

1,500

1,366

1,000

CONDO sales

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

- 20% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

Copyright© Novem ber2,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber2,2023.Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere6,905new M LS listingslastm onth— 15% fewerthan in Septem ber.Thisisin line with thetypicalSeptem ber-to-O ctoberdeclineof14%,with lastm onth’snew listingscom ing in at 5% m orethan thepast-decadeO ctoberaverage(of6,574)and 15% higherthan oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by20% (to2,470),townhom elistingsweredown by12% (to1,163and condolistingswere down by11% (to3,043). • O ctober’snew listingswereup on ayear-over-yearbasisforal hom etypes,with detached hom e listings18% higher,townhom elistings12% higher,and condo listings12% higher.

VANCOUVERREGION THERENNIEADVANCE new listings

OCTOBER 2023

7,000

+ 18% vsOct2022

6,000

5,000

4,000

2,660 10 yrOctAvg

3,000

2,000

2,470

DETACHED new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1,000

- 7% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 12% vsOct2022

2,500

2,000

1,500

1,130 10 yrOctAvg

1,000

1,163

TOWNHOME new listings

500

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

+ 3% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

5,000

+ 14.5% vsOct2022

4,000

3,000

3,043

2,632 10 yrOctAvg

2,000

CONDO new listings

1,000

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

+ 16% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • Therewere16,618 activeM LS listingslastm onth— thehighestofanym onth sinceO ctober 2020.Com pared to Septem ber,inventoryincreased in O ctober(by1.7%),which ran counterto thetypical5% contraction.Though totallistingsrem ained 2% below thepast-decadeO ctober average(of16,910)lastm onth,theywerestil 13% higherthan oneyearago. • O n am onth-over-m onth basis,inventorywashigherfortownhom es(by3%)and condos(by4%), howeverdetached hom einventorywas1.1% les .O n ayear-over-yearbasis,detached and condo inventorywerehigherby18% and 13%,respectively,whiletownhom einventorywas0.4% lower. • Theoveral m arketrem ained in balanced ter itoryin Septem berwith 5.7 m onthsofinventory (M O I).Thetownhom eand condosegm entssim ilarlyfavoured selers,with M O Isof4.2 and 4.6, respectively,whilethedetached m arketfavoured buyers,with an M O Iof8.0.

VANCOUVERREGION THERENNIEADVANCE inventory

OCTOBER 2023

14,000

+ 18% vsOct2022

12,000

10,000

8,000

8,077 10 yrOctAvg

7,649

6,000

4,000

DETACHED inventory

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

- 5% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

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

- vsOct2022

2,401 10 yrOctAvg

2,153

TOWNHOME inventory

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

+ 3% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

12,000

+ 13.0% vsOct2022

10,000

8,000

6,000

5,997 10 yrOctAvg

6,247

4,000

CONDO inventory

2,000

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

+ 4% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw am arginalincreasein m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof 3%.In G reaterVancouver,detached hom eand condom edian pricesroseby3% and 0.6%, respectively,w hereastow nhom em edian pricesfel by 3% .In theFraserValey,them edian price ofalhom etypesfel:detached hom esby4%,and each oftownhom esand condosby2%. • O n ayear-over-yearbasis,m edian sold pricesin both theG reaterVancouverand FraserValey board areasw erehigher— respectively,by 6% and 5% (on averageacros types).In G reater Vancouver,detached hom em edian priceswere11% higher,townhom eswere0.3% higher,and condoswere6% higher.In theFraserValey,detached hom em edian priceswere6% higher, townhom eswere6% higher,and townhom eswere2% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

OCTOBER 2023

•

$2,000,000

+ 11% vsOct2022 Greater Vancouver

$1.91M

$1,600,000

$1.40M

$1,200,000

$800,000

DETACHED median salesprice

FraserV aley

$400,000

+ 6% vsOct2022

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

━ G reaterVancouver ━ FraserValey

● October

$1,200,000

- vsOct2022 Greater Vancouver

$1,123,500

$1,000,000

$800,000

$825,000

$600,000

$400,000

TOWNHOME median salesprice

FraserV aley

$200,000

+ 6% vsOct2022

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

━ G reaterVancouver ━ FraserValey

● October

$1,000,000

+ 6% vsOct2022 Greater Vancouver

$800,000

$715,000

$600,000

$514,000

$400,000

CONDO median salesprice

FraserV aley

$200,000

+ 2% vsOct2022

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

━ G reaterVancouver ━ FraserValey

● October

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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