the rennie advance - May 2022

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

published May 2022

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

Ryan Wyse SENIOR ANALYST rwyse@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 • Asexpected,MLSsalesintheVancouverRegiondeclinedinAprilfromMarch’selevatedlevel, thoughthedrop(of30%,to4,826sales)wasmarkedlyhigherthanthetypicalseasonaldeclineof 4%.Lastmonth’ssaleswerealsodownby38%from2021’srecordAprilsales(of7,793);they were,however,only1.1%lowerthanthepast10-yearAprilaverageof4,877. • Salesdecreasedonamonth-to-monthbasisacrosalhometypesinApril,withdetachedhome salesfalingthemost,at32%,folowedbytownhomeandcondosales,whichweredown29%and 28%,respectively.Notsurprisingly,salesofeachhometypeweredowncomparedtothistimelast year,ledbydetachedhomes(down48%)andfolowedbytownhomes(down44%)andcondos (down25%). • Thebiggestdriveroftherelativelysignificantyear-over-yeardeclinesinsalesintoApril2022is therecordleveloftransactionsrealizedinApril2021.

THERENNIEADVANCE sales

APRIL 202

4,000

-48% vsApr2021

3,500

3,000

2,500

2,000

2,135 10 yrAprAvg

1,500

1,578

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

-26% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

-44% vsApr2021

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

897 10 yrAprAvg

200 400 600 800

903

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

+0.6% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

3,500

-25% vsApr2021

3,000

2,500

2,000

2,249

1,749 10 yrAprAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

+29% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright©May2,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofMay2,202.AldatafromRealEstateBoardof GreaterVancouverandFraserValey&Rennie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.renniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.Therecipient oftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained fromarenieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • Despitetotalinventoryexpandingforthe5th-consecutivemonth(withApril’sstockmost recentlyup16%vsMarch),the13,475MLSlistingsacrostheregionlastmonthwerethe 3rd-lowestAprilinventoryonrecord.Inventorywasalso25%lowerthanthe10-yearApril average,and14%belowthelevelinApril2021. • Onamonth-over-monthbasis,inventoryincreasedthemostfortownhomes,at19%,butalso increasedforbothdetachedhomesandcondos(by15%each).ComparedtoApril2021, townhomelistingswererelativelyunchanged(upbyonly0.8%),whereascondolistingswere19% lowerandthecountofavailabledetachedhomeswasdown14%. • April’ssales-to-listings(S-L)ratiosweresubstantialylowerthaninMarch,thoughoveral conditionscontinuetofavourselers,withS-Lratiosof48%,44%,and25%forcondos, townhomes,anddetachedhomes,respectively.

THERENNIEADVANCE total listings

APRIL 202

14,000

-14% vsApr2021

12,000

10,000

8,000

6,331

8,675 10 yrAprAvg

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

-27% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

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

+0.8% vsApr2021

2,048

2,580 10 yrAprAvg

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

-21% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

12,000

-19% vsApr2021

10,000

8,000

6,000

6,319 10 yrAprAvg

4,704

4,000

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

-26% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Overal,homepricessoftenedsomewhatinApril,witheachproducttypeinboththeGreater VancouverboardareaandFraserValeyboardareaseeingdeclinesfromMarch.IntheGreater Vancouverboardarea,themediantownhomepricefelby4%vsMarch(whilemediancondoand detachedhomepricesweredownbylesthan1%).IntheFraserValeyboardarea,themedian priceofadetachedhomefelby5%,thatoftownhomeswasdown4%,andforcondosthemedian pricedippedby0.7%. • Despitetherecentmonth-over-monthchanges,medianpricesinAprilremainedsignificantly abovethoseofoneyearago,foralhometypesandinbothboardareas.Furthermore,median priceswereupbymoreintheFraserValeyboardareathanintheGreaterVancouverboardarea foralproducttypes.OfnoteisthatthemediantownhomepriceintheFraserValeywasupthe most,at26%(comparedtoanincreaseof21%forthesametypeofhomeinGreaterVancouver). • -

THERENNIEADVANCE median prices

APRIL 202

$2,000,000

+17% vsApr2021 Greater Vancouver

$1.99M

$1,600,000

$1.61M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+20% vsApr2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● April

$1,200,000

Greater Vancouver

$1,100,000 $913,000

$1,000,000

+21% vsApr2021

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+26% vsApr2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● April

$1,000,000

+15% vsApr2021 Greater Vancouver

$800,000

$735,000

$600,000

$566,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+26% vsApr2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0

━ GreaterVancouver ━ FraserValey

● April

●

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

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