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