the rennie advance - March 2022

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

published March 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 • ThenumberofmonthlyMLSsalesintheVancouverRegionsurpasedthe5,000-marklastmonth (5,199salesinFebruary2022,tobeprecise)forthefirsttimesinceNovember2021.Thisalso representedthe3rd-mostsalesinaFebruaryinthepastdecade.Andwhilelastmonth’ssaleswere down19%fromtheFebruary2021’snear-recordcount,theywereup47%versusJanuary2022. • Onamonth-over-monthbasis,salesincreasedacrosalhometypes.Townhomesexperiencedthe greatestincrease,at60%,folowedbydetachedhomesandcondosat53%and37%,respectively. ComparedtoFebruary2021,salesacrosalhometypesdeclined,withtownhomesdownthe most,at34%,folowedbydetachedhomes(down27%)andthencondos(down2%). • Themarketmomentumthatemergedinlate-JanuarycontinuedintoFebruary,withdailysales averaging240inthefirsthalfofthemonthbeforeincreasingtoadailyaverageof310salesinthe secondhalfofFebruary.

THERENNIEADVANCE sales

FEBRUARY 202

4,000

-27% vsFeb2021

3,500

3,000

2,500

1,768

2,000

1,688 10 yrFebAvg

1,500

1,000

DETACHED sales

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

+5% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

-34% vsFeb2021

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

928

743 10 yrFebAvg

200 400 600 800

TOWNHOME sales

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

+25% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

3,500

-2% vsFeb2021

3,000

2,385

2,500

2,000

1,507 10 yrFebAvg

1,500

1,000

CONDO sales

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

+58% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

Copyright©March1,202renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofMarch1,202.AldatafromRealEstateBoardof GreaterVancouverandFraserValey&Rennie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycannotbeguaranted.renniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.Therecipient oftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained fromarenieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • HousinginventoryremainedhistoricalylowinFebruary:the9,805listingsrepresentedthe 7th-lowestmonthlycountofinventoryinthepast10yearsintheVancouverRegion.Comparedto oneyearago,listingsweredown17%,withcondosandtownhomesdownby33%and15%, respectively.(Incontrast,detachedinventoryroseby1.3%.) • Overal,listingsactualyroseforasecondstraightmonthinFebruary(by33%vsJanuary). Townhomesupplyexpandedthemost,at59%,folowedbydetachedhomes(38%)andcondos (23%). • Selers’marketscontinuetoprevailforalhometypes,withsales-to-listingsratiossitingat38%, 73%,and65%fordetachedhomes,townhomes,andcondos,respectively.

THERENNIEADVANCE total listings

FEBRUARY 202

14,000

+1.3% vsFeb2021

12,000

10,000

8,000

7,432 10 yrFebAvg

4,609

6,000

4,000

DETACHED listings

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

-38% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

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

-15% vsFeb2021

2,240 10 yrFebAvg

1,270

TOWNHOME listings

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

-43% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

12,000

-33% vsFeb2021

10,000

8,000

6,000

5,629 10 yrFebAvg

3,642

4,000

CONDO listings

2,000

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

-35% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • TheGreaterVancouverBoardAreaexperiencedmonth-over-monthandyear-over-yearincreases inmedianhomepricesacrosalhometypesinFebruary.ComparedtoJanuary2022,detached homepricesincreasedby2%,townhomepricesby1.8%,andcondopricesby1.3%.Comparedto February2021,townhome,detachedhome,andcondopricesincreasedby24%,26%,and19% respectively. • TheFraserValeyBoardalsoexperiencedmonth-over-monthandyear-overyearincreases,acros alhometypes.Month-over-monthincreasesfortownhomes,detachedhomes,andcondoswere 1.7%,4%,and1.4%respectively.Year-over-yearincreasesintheFraserValeyexceededthoseof theGreaterVancouverBoardArea,withjumpsof47%,39%,and33%fortownhomes,detached homes,andcondos,respectively.

THERENNIEADVANCE median prices

FEBRUARY 202

• -

$2,000,000

+26% vsFeb2021 Greater Vancouver

$2.02M $1.78M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+39% vsFeb2021

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

━ GreaterVancouver ━ FraserValey

● February

$1,200,000

+24% vsFeb2021 Greater Vancouver

$1,119,900 $970,000

$1,000,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+47% vsFeb2021

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

━ GreaterVancouver ━ FraserValey

● February

$1,000,000

+19% vsFeb2021 Greater Vancouver

$800,000

$735,000 $572,000

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+33% vsFeb2021

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

━ GreaterVancouver ━ FraserValey

● February

●

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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