the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published April 2020
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
2 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • Despite the economic turmoil and broader uncertainty caused by the response to the spread of COVID-19, MLS sales in the Greater Vancouver board area in March 2020 were up 47% on a year-over-year basis. Detached sales increased by 62%, townhomes by 46%, and condos by 36%. This was the 9 th consecutive month of double-digit year- over-year increases in sales. • The March sales count was also up by 18% versus February, and although this was below the past-decade average February-to-March change of 25%, increases were seen for all home types: 26% for detached, 20% for townhomes, and 11% for condos. • Sales during the first half of March 2020 accounted for 54% of total sales in the month, while the second half accounted for 46%. Given the context of COVID-19, this was notably similar to the split seen in March 2019 (48%/52%) and March 2018 (51%/49%).
sales THE RENNIE ADVANCE
MARCH 2020
2,500
March
vs 10yr Mar Avg 32%
2,000
vs Mar 2019 62%
1,500
10yr Mar Avg 1,267
1,000
862
DETACHED sales
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 100 200 300 400 500 600 700 800
March
vs 10yr Mar Avg 13%
10yr Mar Avg 469
409
TOWNHOME sales
vs Mar 2019 46%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2,500
March
vs 10yr Mar Avg 16%
2,000
1,500
10yr Mar Avg 1,411
1,184
1,000
vs Mar 2019 36%
CONDO sales
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 April 2, 2020. 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 • On a year-over-year basis, total listings in the Greater Vancouver board area were down 28% in March. Detached, townhome, and condo inventory was all down by double- digits compared to March 2019, at 30%, 29%, and 24%, respectively. • March’s total listings were relatively unchanged compared to February’s. When considering the month-over-month change by home type, inventory decreased for detached homes and townhomes (by 1.9% and 2%, respectively), while it increased for condos (by 5%). • The sales-to-listings (S-L) ratio rose for all three home types in March, with all segments of the market favouring sellers. The detached segment currently has an S-L ratio of 21%, townhomes 33%, and condos 29%.
total listings THE RENNIE ADVANCE
MARCH 2020
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Mar Avg 5,716
4,156
vs Mar 2019 30%
vs 10yr Mar Avg 27%
DETACHED listings
March
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
3,000
2,500
2,000
10yr Mar Avg 1,544
1,500
1,242
vs Mar 2019 29%
1,000
TOWNHOME listings
vs 10yr Mar Avg 20%
March
500
0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
10yr Mar Avg 5,300
4,016
vs Mar 2019 24%
vs 10yr Mar Avg 24%
CONDO listings
March
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 April 2, 2020. 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 • Median sales prices for all home types across the Greater Vancouver board area were higher in March 2020 on both a year-over-year basis and on a month-over-month basis. This reflects the continued tightening of the Greater Vancouver resale market, insofar as supply and demand is concerned, through last month. • Compared to March 2019, last month’s median detached sales price was 5% higher, while for townhomes and condos it was up by 7%. Compared to February 2020, the median sales price of detached homes was up 2%, while for townhomes it was up 6% and condos it was up 1.5%. • The detached-to-townhome price ratio moved down to 1.78 in March from 1.84 in February (a change favouring up-sizers), while the townhome-to-condo price ratio stepped up to 1.29 from 1.23 (a change favouring down-sizers).
median prices THE RENNIE ADVANCE
MARCH 2020
$1,600,000
$1.40 M
March
$1,200,000
vs Feb 2020 2%
$800,000
vs Mar 2019 5%
DETACHED median sales price
$400,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$1,000,000
$790,000
March
$800,000
$600,000
vs Feb 2020 6%
$400,000
vs Mar 2019 7%
TOWNHOME median sales price
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
$800,000
$614,000
March
$600,000
vs Feb 2020 1.5%
$400,000
vs Mar 2019 7%
CONDO median sales price
$200,000
$0
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Copyright © 2020 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 April 2, 2020. 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.
THE RENNIE ADVANCE
the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they 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 achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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