the rennie advance - August 2021

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published August 2021

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.

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

Ryan Berlin DIRECTOR OF INTELLIGENCE & 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 • For the fourth consecutive month, MLS sales in the Vancouver Region fell, most recently to 5,250 in July 2021. The 12% month-over-month drop was higher than the typical 9% seasonal decline in sales between June and July. That said, the month’s sales tally was 2% higher than in July 2020, and 18% higher than the past-decade July average. • The marginal 2% year-over-year increase in sales in July was driven entirely by condos, with last month’s sales up 22% versus last year. Detached and townhome sales created drag on the overall sales count, with transactions of these home types sitting 10 and 9 percent below last year’s levels, respectively.

THE RENNIE ADVANCE

sales

JULY 

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

July

10yr Jul Avg 1,925

1,904

DETACHED sales

vs Jul 2020 10%

vs 10yr Jul Avg 1.1%

0 500

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

1,000 1,200 1,400 1,600 1,800

July

vs 10yr Jul Avg 22%

996

10yr Jul Avg 819

0 200 400 600 800

vs Jul 2020 9%

TOWNHOME sales

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

July

vs Jul 2020 22%

vs 10yr Jul Avg 37%

2,232

10yr Jul Avg 1,624

CONDO sales

0 500

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Copyright © 2021 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 August 2, 2021. 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 • Inventory in July 2021 was significantly constrained, with the 14,398 listings representing the second-fewest in any July in the past 35 years. Compared to past periods, inventory was down across the board: by 26% versus July 2020, by 34% versus the past-decade July average, and by 13% versus June 2021. The month-over-month decline is particularly notable, with inventory typically rising by 1.2% between June and July. • Listings were down for all home types. The townhome segment of the market is most constrained, with listings down 42% versus last year, by 44% versus the long-run average, and by 16% versus last month. • The sales-to-listings (S-L) ratio continues to trend in seller’s market territory, with July 2021 recording an S-L ratio of 36%. For detached homes the S-L ratio was 28%, for townhomes 58%, and for condos 40%.

total listings THE RENNIE ADVANCE

JULY 

10,000 12,000 14,000 16,000

10yr Jul Avg 10,897

0 2,000 4,000 6,000 8,000

vs 10yr Jul Avg 38%

6,795

DETACHED listings

vs Jul 2020 16%

July

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

10yr Jul Avg 3,090

vs 10yr Jul Avg 44%

1,727

TOWNHOME listings

July

vs Jul 2020 42%

0 500

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

12,000

10,000

10yr Jul Avg 7,419

8,000

6,000

5,614

vs 10yr Jul Avg 24%

4,000

vs Jul 2020 28%

CONDO listings

July

2,000

0

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Copyright © 2021 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 August 2, 2021. 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 • Prices have stagnated in recent months, and this trend largely continued into July. Median sales prices of detached homes and townhomes fell slightly compared to June in the Greater Vancouver board area, while condo prices were up 2.3%. In the Fraser Valley board area, median townhome and condo prices were unchanged in July, while the detached median price moved up by 1.6%. • Median sales prices continued to trend significantly higher than July 2020’s values, as they were up by 18% for detached homes in the Greater Vancouver board area, 15% for townhomes, and 10% for condos. In the Fraser Valley board area, median sales prices for detached homes were up 31%, for townhomes up 24%, and for condos up 12%.

THE RENNIE ADVANCE median prices

JULY 

$2,000,000

vs Jul 2020 18%

July Greater Vancouver Fraser Valley

$1.61 M

$1,600,000

$1,200,000

$1.31 M

$800,000

DETACHED median sales price

vs Jul 2020 31%

$400,000

$0

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

$1,200,000

vs Jul 2020 15%

July Greater Vancouver Fraser Valley

$899,900

$1,000,000

$800,000

$600,000

$725,000

$400,000

TOWNHOME median sales price

vs Jul 2020 24%

$200,000

$0

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

$1,000,000

vs Jul 2020 10%

July Greater Vancouver Fraser Valley

$800,000

$649,900

$600,000

$400,000

$449,900

CONDO median sales price

$200,000

vs Jul 2020 12%

$0

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Copyright © 2021 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 August 2, 2021. 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 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.

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