the rennie advance . SALES, LISTINGS, & PRICES OVERVIEW FOR THE GREATER VANCOUVER BOARD AREA
published July 2019
rennie intelligence
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 • With 2,098 sales in June 2019, the Greater Vancouver Board Area tallied its second consecutive month of more than 2,000 sales following 9 straight months of sub-2,000 sales. • However, sales fell by 21% on a month-over-month basis versus a past-decade average seasonal change of only -3%. • Compared to the past 10-year June average, sales were also 38% lower in June 2019, while compared to June 2018, they were down 14%. Having said that, sales of detached homes and townhomes were down only 1.7% and 8%, respectively, versus one year ago; condo sales, on the other hand, were 24% lower.
sales THE RENNIE ADVANCE
JUNE 2019
2,500
June
vs 10yr Jun Avg 43%
2,000
1,500
10yr Jun Avg 1,334
1,000
DETACHED sales
761
500
vs Jun 2018 1.7%
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 100 200 300 400 500 600 700 800
June
vs 10yr Jun Avg 33%
10yr Jun Avg 510
341
vs Jun 2018 8%
TOWNHOME sales
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2,500
June
vs 10yr Jun Avg 36%
2,000
10yr Jun Avg 1,474
1,500
1,000
946
vs Jun 2018 24%
CONDO sales
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJuly2,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (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 recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
highlights • While overall inventory was 17% higher in June 2019 compared to June 2018, this was the 3rd consecutive month where year-over-year increases in inventory lessened. • This was led by detached inventory, down by 5% versus last year, while townhome and condo inventory was higher by 40% and 47%, respectively. This put June’s inventory of detached homes and condos almost right at the long-run June average (lower by 0.4% and 0.6%, respectively), while townhomes were up 13%. • The sales-to-listings (S-L) ratio in June decreased across all product types, with the detached market sliding back into buyer’s territory (with a S-L ratio of 11%), while the markets for townhomes and condos became balanced (with S-L ratios of 17% and 16%, respectively).
total listings THE RENNIE ADVANCE
JUNE 2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
vs Jun 2018 5%
10yr Jun Avg 6,773
6,747
vs 10yr Jun Avg 0.4%
DETACHED listings
June
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3,000
2,500
vs Jun 2018 40%
2,042
2,000
10yr Jun Avg 1,807
1,500
vs 10yr Jun Avg 13%
1,000
TOWNHOME listings
June
500
0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000
vs Jun 2018 47%
10yr Jun Avg 5,933
5,899
vs 10yr Jun Avg 0.6%
CONDO listings
June
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJuly2,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (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 recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
highlights • On a month-over-month basis, median sales prices fell for all product types in June 2019: by 1.9% for detached, 1.1% for townhomes, and 1.7% for condos. • On a year-over-year basis, median sales prices were down by 9% for detached, 10% for townhomes, and 7% for condos. Compared to their respective peaks, median prices in June 2019 were 14% lower for detached, 11% lower for townhomes, and 10% lower for condos. • In declining marginally to 1.75 in June 2019 from 1.76 in May, the ratio of detached-to-townhome prices trended in a direction favouring upsizers. In contrast, it became marginally more difficult to upsize from a condo to a townhome in June, with the price ratio increasing to 1.30 from 1.29.
median prices THE RENNIE ADVANCE
JUNE 2019
$1,600,000
$1.28 M
June
$1,200,000
vs May 2019 1.9%
$800,000
vs Jun 2018 9%
DETACHED median sales price
$400,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1,000,000
June
$735,000
$800,000
vs May 2019 1.1%
$600,000
$400,000
vs Jun 2018 10%
TOWNHOME median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$800,000
June
$565,000
$600,000
vs May 2019 1.7%
$400,000
vs Jun 2018 7%
CONDO median sales price
$200,000
$0
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CurrentasofJuly2,2019.Alldata from theRealEstateBoardofGreaterVancouver.The informationsetoutherein (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 recipient of the informationshould takestepsas the recipientmaydeemnecessary toverify the informationprior toplacingany relianceupon the information.The informationmaychangeany timewithoutnoticeorobligation to the recipient fromRAR&RMS.
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
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6Made with FlippingBook - professional solution for displaying marketing and sales documents online