DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review
published January 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
Each month, we release the rennie review, a detailed look at the real estate marketplace in the Vancouver Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 50 51 54 56
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Burnaby North Burnaby South
Coquitlam
Langley
North Delta
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
New Westminster North Vancouver
Port Moody Richmond Squamish
Surrey
Vancouver East
Vancouver Downtown
Vancouver West West Vancouver
Whistler
59 AREA MAPS
62 CURRENT PROJECTS
Copyright © 2024 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 January 10, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2
the year that wasn’t The Vancouver Region experienced declines in both home sales and listings last year as high interest rates weighed on housing market activity. With above-average inventory to start the year, a change in narrative could be on the horizon.
because new listings don’t fluctuate as much as sales do, last year’s total was not as far off of its respective long-run average as sales were, which was a crucial factor in allowing inventory to grow. As we begin 2024 the most important factor impacting our housing market will undoubtedly be the timing and speed of Bank of Canada interest rate cuts. Once monetary loosening begins, we can reasonably expect some of the sidelined demand to return to the market, boosting sales counts. But in addition, an above- average inventory level to start the year could also prove to be a catalyst for sales counts down the road, as buyers will have relatively more options available to them.
With the new year upon us and 2023 now firmly in the rearview mirror, we can now take the opportunity to review the past 12 months and consider things from an annual perspective. As discussed in many recent editions of the rennie review, 2023 was dominated by the primary theme of high interest rates, in response to high inflation, and the market’s reaction to those rates manifesting in supply- demand dynamics that changed a lot from past years. And as we enter 2024, the Vancouver Region’s housing market is in a different position than it was one year ago. For starters, the number of homes available for sale is much higher than one year ago. There were 12,488 total MLS listings available at the end of December, which was 15% higher than in December 2022, and 8% above the past- decade December average. Even though
inventory has declined over the past three months (as it typically does at the end of each year), it has fallen by less than the typical seasonal pattern, resulting in the total number of listings expanding relative to the long-run average. One determinant of the overall inventory level is, of course, sales, which were understandably impacted by last year’s high interest rates that forced many buyers to the sidelines. To wit, last year’s total MLS sales count was 40,036, which was 8% less than in 2022, was 22% below the past 10-year average, and was the lowest annual total since 2018. Another determinant of the inventory level is the number of new listings coming to market, which totalled 76,824 last year; that’s also down, by 9% from last year, 10% less than the past-decade average and actually the lowest annual total since 2005. But
Copyright © 2024 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 January 10, 2024. 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. 3
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
House
House
House
$10,495,000 | WHISTLER
$5,088,000 | WESTSIDE
$12,998,000 | WEST VAN
7134 Nesters Road 5 Bed, 5,169 SF Dylan Layzell 604.905.9799
4382 Ross Crescent 5 Bed, 5,956 SF Jason Soprovich 604.817.8812
3059 W. 26th Avenue 4 Bed, 3,497 SF
Chelsea Day 604.785.4024
House
First Shaughnessy $3,730,000 | SHAUGHNESSY
House
$3,149,000 | WHISTLER 2270 Brandywine Way 7 Bed, 2,557 SF
$4,588,000 | WEST VAN
302 - 1009 Laurier Avenue 3 Bed, 1,979 SF
465 Hillcrest Street 6 Bed, 4,867 SF Geoff Taylor PREC* 604.908.0800
Brandon Blue PREC* 604.999.7792
Carleigh Hofman 604.805.5358
Navio At The Creek $2,499,900 | MT. PLEASANT 903 - 1678 Pullman Porter Street 2 Bed, 1,384 SF
House
Ash 28
$2,299,900 | CAMBIE
$2,598,000 | SQUAMISH 5 - 3385 Mamquam Road 6 Bed, 4,080 SF
611 - 607 W. West 28th Avenue 2 Bed, 1,314 SF Christopher Boyd PREC* 604.351.0533
Lorenzo Daminato PREC* 604.657.8121
Brian Young 604.250.3662
Townhome $1,999,900 | RENFREW 2570 E. 8th Avenue 4 Bed, 2,076 SF Calvin Kan PREC* 604.616.8373
Granite Court
The Melville
$1,780,000 | COAL HARBOUR
Arbutus Grove $1,249,000 | SQUAMISH 10 - 38447 Buckley Avenue 3 Bed, 1,721 SF Shawn Wentworth PREC* 604.379.6731 $1,749,000 | WHISTLER 203 - 4405 Blackcomb Way 2 Bed, 1,107 SF Caronne Marino PREC* 604.905.8324
4004 - 1189 Melville Street 2 Bed, 1,395 SF
Colby Hennessy 604.616.8288
Bayshores
The Pacific By Grosvenor
$1,579,900 | DOWNTOWN 3604 - 889 Pacific Street 2 Bed, 1,044 SF
$1,699,000 | WHISTLER
2319 Cheakamus Way 4 Bed, 1,486 SF
Phil Chang PREC* 604.754.6678
Rob Palm PREC* 604.905.8833
Capitol Residences $949,900 | DOWNTOWN 502 - 833 Seymour Street 2 Bed, 998 SF
Chancellor
Terminal City Club $878,000 | DOWNTOWN 1704 - 837 W Hastings Street 1 Bed, 776 SF
$898,000 | BURNABY SOUTH 1502 - 4880 Bennett Street 2 Bed, 915 SF
Danny Chow PREC* 604.765.2469
Natalie Genest PREC* 604.928.7330
Conor Proc PREC* 604.365.0647
Copyright © 2024 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 January 10, 2024. 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.
4
vancouver region DETACHED - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 12% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 0.1% VS 2022
▲ 19% VS 2022
▲ 7% VS 2022
There were 5,645 detached listings in the Vancouver Region in December, 19% below November and 19% higher than December 2022. December detached home sales decreased by 19% month-over-month, to 671, and were 7% above December 2022. The sales-to-listing ratio for detached in the Vancouver Region, at 12%, reflected a buyers' market. The detached median price in December was $1,502,000, a 6% decrease from November and 0.1% above December 2022. The average sold price was $1,785,950, 5% below last month and up 3% to December 2022.
THIS MONTH No. $1,785,950 $1,502,000 12% 671 5,645
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,739,662 $1,500,000 13% 629 4,743
3% 0.1% -10% 7% 19%
$1,888,084 $1,599,950 12% 832 6,958
-5% -6% -0.6% -19% -19%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,586
6,958
6,915
6,703
7,664
6,058
7,046
1.79
1.77
1.69
4,779
5,645
4,743
5,175
4,969
4,519
1.43
1.42
1.38
1,683
1,605
1,320
1,037
947
832
511
1,387
1,124
671
629
929
834
$1.65M $1.71M $1.68M $1.65M $1.67M $1.69M $1.70M
$1.60M $1.50M
$1.50M $1.45M $1.55M $1.56M
22-Dec
23-Nov
23-Dec
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1500
1000
31%
31%
500
28%
22%
18%
13%
9%
5%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+ 1,637 68 4%
S-L RATIO SALES INVENTORY
102 18 18%
62 19 31%
176 50 28%
335 105 31%
618 135 22%
1,267 171 13%
782 71 9%
666 34 5%
Copyright © 2024 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 January 10, 2024. 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.
●
5
vancouver region TOWNHOME - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 24% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 6% VS 2022
▲ 8% VS 2022
▼ 1.5% VS 2022
There were 1,543 townhome listings in the Vancouver Region in December, 23% below November and 1.5% lower than December 2022. December townhome sales decreased by 24% month-over-month, to 366, and were 8% above December 2022. The sales-to-listing ratio for townhomes in the Vancouver Region, at 24%, reflected a sellers' market. The townhome median price in December was $889,450, a 2% decrease from November and 6% above December 2022. The average sold price was $989,182, 1.3% below last month; the average PSF sale price was $657, down 1.9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$657 $989,182 $889,450 24% 366 1,543
$630 $931,307 $840,000 22% 339 1,566
4% 6% 6% 10% 8% -1.5%
$669 $1,001,997 $910,000 24% 481 1,997
-1.9% -1.3% -2% -1.5% -24% -23%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,148
1,997
1,883
1,838
2,084
1,788
1,879
1,570
1,566
1,588
1,543
1,528
1,505
944
947
757
548
784
767
481
669
580
518
366
339
289
$922K
$920K
$920K
$915K
$910K
$910K
$899K
$900K
$889K
$860K
$865K
$840K
$810K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
500
77
4+ bdrms
400
342
300
197
3 bdrms
833
41%
200
29%
27%
88
2 bdrms
19% 18%
100
336
13%
11%
9%
0
4
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
32
S-L RATIO SALES INVENTORY
27 3 11%
62 18 29%
247 101 41%
472 128 27%
295 56 19%
177 31 18%
159 20 13%
104 9 9%
Copyright © 2024 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 January 10, 2024. 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. 6 ●
vancouver region CONDO - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 21% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 0.8% VS 2022
▲ 15% VS 2022
▲ 8% VS 2022
There were 4,757 condo listings in the Vancouver Region in December, 21% below November and 15% higher than December 2022. December condo sales decreased by 13% month-over-month, to 999, and were 8% above December 2022. The sales-to-listing ratio for condos in the Vancouver Region, at 21%, reflected a sellers' market. The condo median price in December was $630,000, a 3% decrease from November and 0.8% above December 2022. The average sold price was $728,701, 1.0% below last month; the average PSF sale price was $858, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$858 $728,701 $630,000 21% 999 4,757
$813 $700,945 $625,000 22% 922 4,123
5% 4% 0.8% -6% 8% 15%
1,143 6,047
-2% -1% -3% 11% -13% -21%
$875 $736,085 $650,000 19%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,966
6,237
5,387
6,047
5,184
4,738
4,587
5,248
4,905
4,754
4,757
4,123
4,350
2,251
2,140
1,808
1,690
1,363
1,899
1,743
999
1,329
922
1,217
1,143
770
$675K
$665K
$670K
$661K
$652K
$650K
$652K
$650K
$640K
$630K
$630K
$630K
$625K
Vancouver Region
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1400
1
4+ bdrms
1200
43
1000
62
800
3 bdrms
519
600
34%
31%
559
400
23%
2 bdrms
17%
2,546
13% 12%
200
8%
4%
0
377
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
170 52 31%
1,079 368 34%
1,405 319 23%
831 139 17%
437 57 13%
282 33 12%
248 19 8%
305 12 4%
1,649
Copyright © 2024 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 January 10, 2024. 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. 7 ●
greater vancouver board area DETACHED - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 11% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 6% VS 2022
▲ 15% VS 2022
▲ 0.5% VS 2022
There were 3,307 detached listings in the Greater Vancouver board area in December, 18% below November and 15% higher than December 2022. December detached home sales decreased by 27% month-over-month, to 373, and were 0.5% above December 2022. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 11%, reflected a buyers' market. The detached median price in December was $1,800,000, a 3% decrease from November and 6% above December 2022. The average sold price was $2,060,257, 4% below last month and up 4% to December 2022.
THIS MONTH No. $2,060,257 $1,800,000 11% 373 3,307
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,983,783 $1,700,000 13% 371 2,887
-12% 0.5% 15%
$2,140,690 $1,850,000 13% 513 4,037
-11% -27% -18%
-4% -3%
4% 6%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,368
4,037
3,910
4,448
4,024
3,971
1.76
1.73
1.70
3,526
2,932
3,307
2,887
3,177
1.56
3,031
1.49
2,769
1.47
1,026
730
574
513
298
833
797
676
371
373
590
554
512
$1.88M $1.90M $1.87M $1.81M $1.90M $1.85M $1.91M $1.85M $1.80M
$1.70M $1.60M
$1.71M $1.82M
22-Dec
23-Nov
23-Dec
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1400
1200
1000
800
600
400
27%
24%
24%
21%
14%
12%
12%
200
5%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+ 1,284 55 4%
S-L RATIO SALES INVENTORY
51 6 12%
37 5 14%
85 20 24%
139 37 27%
204 49 24%
575 119 21%
472 57 12%
460 25 5%
Copyright © 2024 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 January 10, 2024. 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.
●
8
greater vancouver board area TOWNHOME - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 21% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 7% VS 2022
▲ 6% VS 2022
▼ 3% VS 2022
There were 863 townhome listings in the Greater Vancouver board area in December, 23% below November and 6% higher than December 2022. December townhome sales decreased by 33% month-over-month, to 180, and were 3% below December 2022. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 21%, reflected a balanced market. The townhome median price in December was $1,056,000, a 0.5% increase from November and 7% above December 2022. The average sold price was $1,165,673, 1.9% above last month; the average PSF sale price was $791, up 0.7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 185 815
% Change
No.
% Change 0.7% 1.9% 0.5% -13% -33% -23%
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
180 863
-8% -3% 6%
$785 $1,143,777 $1,050,900 24% 267 1,116
$791 $1,165,673 $1,056,000 21%
$754 $1,088,670 $985,000 23%
5% 7% 7%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,218
1,116
1,028 1,031
1,173
991
909
1,020
909
815
863
844
821
499
470
368
351
306
298
267
396
391
302
185
180
120
$1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.06M
$1000K $1.05M $1.05M
$985K $979K $1.04M
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
200
35
4+ bdrms
144
150
98
57%
3 bdrms
100
498
44
24%
23%
50
2 bdrms
19%
195
13%
9%
9%
0
3
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
26
S-L RATIO SALES INVENTORY
13 0 n/a
22 2 9%
67 38 57%
170 41 24%
190 43 23%
145 28 19%
152 19 13%
104 9 9%
Copyright © 2024 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 January 10, 2024. 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. 9 ●
greater vancouver board area CONDO - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 20% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 0.7% VS 2022
▲ 14% VS 2022
▲ 2% VS 2022
There were 3,592 condo listings in the Greater Vancouver board area in December, 22% below November and 14% higher than December 2022. December condo sales decreased by 16% month-over-month, to 721, and were 2% above December 2022. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 20%, reflected a balanced market. The condo median price in December was $690,000, a 4% decrease from November and 0.7% above December 2022. The average sold price was $800,294, 0.7% above last month; the average PSF sale price was $930, down 1.3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$930 $800,294 $690,000 20% 721 3,592
$882 $764,022 $685,000 22% 705 3,150
0.7% -10% 2% 14%
$942 $795,001 $717,250 19% 854 4,592
-1.3% 0.7% -4% 8% -16% -22%
5% 5%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,556
4,771
4,102
4,592
3,681
3,913
3,909
3,718
3,694
3,592
3,517
3,150
3,335
1,734
1,573
1,317
1,276
1,044
932
1,412
1,284
721
705
986
854
572
$729K
$726K
$725K
$720K
$721K
$717K
$717K
$711K
$705K
$690K
$690K
$685K
$680K
REBGV
FVREB
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
1000
4+ bdrms
40
800
46
600
3 bdrms
445
400
38%
29%
386
25%
2 bdrms
17%
200
1,856
13% 12%
8%
4%
0
289
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
72 21 29%
521 197 38%
1,007 254 25%
772 131 17%
416 56 13%
267 31 12%
241 19 8%
296 12 4%
1,251
Copyright © 2024 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 January 10, 2024. 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. 10 ●
fraser valley board area DETACHED - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 13% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 1.0% VS 2022
▲ 26% VS 2022
▲ 16% VS 2022
There were 2,338 detached listings in the Fraser Valley board area in December, 20% below November and 26% higher than December 2022. December detached home sales decreased by 7% month-over-month, to 298, and were 16% above December 2022. The sales-to-listing ratio for detached in the Fraser Valley board area, at 13%, reflected a balanced market. The detached median price in December was $1,292,500, a 4% decrease from November and 1.0% above December 2022. The average sold price was $1,442,605, 3% below last month and up 4% to December 2022.
THIS MONTH No. $1,442,605 $1,292,500 13% 298 2,338
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,388,620 $1,279,500 14% 258 1,856
4% 1% -8% 16% 26%
$1,481,855 $1,350,000 11% 319 2,921
-3% -4% 17% -7% -20%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,944
2,921
3,216
3,218
2,793
3,022
2,532
1.72
1.63 1.58
1,938
2,338
1.571.57
1.54
1,856
1,998
1,847
1,750
772
590
447
373
657
213
590
298
258
448
375
322
319
$1.43M $1.50M $1.50M $1.46M $1.43M $1.46M
$1.40M $1.35M $1.29M
$1.28M $1.28M $1.32M $1.35M
22-Dec
23-Nov
23-Dec
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
700
600
500
400
56%
300
35%
33%
200
24%
21%
100
8%
5%
4%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
51 12 24%
25 14 56%
91 30 33%
196 68 35%
414 86 21%
692 52 8%
310 14 5%
206 9 4%
353 13 4%
Copyright © 2024 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 January 10, 2024. 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.
●
11
fraser valley board area TOWNHOME - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 27% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2022
▲ 11% VS 2022
▲ 21% VS 2022
▼ 9% VS 2022
There were 680 townhome listings in the Fraser Valley board area in December, 23% below November and 9% lower than December 2022. December townhome sales decreased by 13% month-over-month, to 186, and were 21% above December 2022. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 27%, reflected a sellers' market. The townhome median price in December was $824,000, a 0.7% decrease from November and 11% above December 2022. The average sold price was $818,384, 0.8% below last month; the average PSF sale price was $527, up 0.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 154 751
% Change
No. 214 881
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
186 680
10% 10% 11% 33% 21% -9%
0.5% -0.8% -0.7% 13% -13% -23%
$527 $818,384 $824,000 27%
$480 $742,267 $745,000 21%
$524 $825,104 $830,000 24%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
881
852
930
797
911
859
751
810
684
684
679
680
661
477
445
389
278
388
376
214
318
242
186
220
154
169
$850K
$851K
$849K
$839K
$832K
$830K
$825K
$824K
$824K
$808K
$770K
$745K
$745K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
300
42
4+ bdrms
198
250
200
99
3 bdrms
335
150
40%
35%
29%
100
44
21%
2 bdrms
14%
141
12%
9%
50
0
1
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
6
S-L RATIO SALES INVENTORY
14 3 21%
40 16 40%
180 63 35%
302 87 29%
105 13 12%
32 3 9%
7 1 14%
Copyright © 2024 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 January 10, 2024. 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. 12 ●
fraser valley board area CONDO - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 24% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 14% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 8% VS 2022
▲ 20% VS 2022
▲ 28% VS 2022
There were 1,165 condo listings in the Fraser Valley board area in December, 20% below November and 20% higher than December 2022. December condo sales decreased by 4% month-over-month, to 278, and were 28% above December 2022. The sales-to-listing ratio for condos in the Fraser Valley board area, at 24%, reflected a sellers' market. The condo median price in December was $525,000, a 0% change from November and 8% above December 2022. The average sold price was $543,023, 3% below last month; the average PSF sale price was $670, down 1.1% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 217 973
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$670 $543,023 $525,000 24% 278 1,165
14% 9% 8% 7% 28% 20%
$677 $561,989 $525,000 20% 289 1,455
-1.1% -3% 0% 20% -4% -20%
$589 $496,019 $485,000 22%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,466
1,271
1,455
1,410
1,187
1,339
1,285
1,070
1,165
973
1,060
1,057
1,015
567
491
414
517
319
487
459
278
343
217
289
285
198
$538K
$540K
$535K
$527K
$525K
$525K
$525K
$514K
$510K
$510K
$497K
$499K
$485K
FVREB
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
600
3 1
500
4+ bdrms
400
16
3 bdrms
300
74
200
32% 31%
173
2 bdrms
16% 14%
100
690
13%
5%
0
88
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
<2 bdrms
S-L RATIO SALES INVENTORY
98 31 32%
558 171 31%
398 65 16%
59 8 14%
21 1 5%
15 2 13%
7 0 n/a
9 0 n/a
398
Copyright © 2024 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 January 10, 2024. 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. 13 ●
burnaby north DETACHED - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 23% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 7% VS 2022
▲ 6% VS 2022
▼ 5% VS 2022
There were 81 detached listings in Burnaby North in December, 22% below November and 5% lower than December 2022. December detached home sales remained the same month-over-month, at 19, and were 6% above December 2022. The sales-to-listing ratio for detached in Burnaby North, at 23%, reflected a sellers' market. The detached median price in December was $1,925,000, a 3% decrease from November and 7% above December 2022. The average sold price was $2,033,105, 9% below last month and up 4% to December 2022.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
19 81
18 85
4% 7% 11% 6% -5%
$2,231,015 $1,985,000 18% 19 104
-9% -3% 28% 0% -22%
$2,033,105 $1,925,000 23%
$1,956,173 $1,792,000 21%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
104
104
90
87
86
85
85
2.59
87
87
86
81
79
2.21
2.06
42
35
31
26
26
31
19
18
22
19
18
18
1.30
1.23
10
1.06
$2.09M $2.05M $2.05M
$1.96M $1.93M $1.89M
$1.95M $2.07M
$1.89M $1.99M $1.93M
$1.85M
$1.79M
22-Dec
23-Nov
23-Dec
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
25
85%
20
15
10
23%
5
6%
4%
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
S-L RATIO SALES INVENTORY
13 11 85%
26 6 23%
16 1 6%
26 1 4%
Copyright © 2024 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 January 10, 2024. 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.
●
14
burnaby north TOWNHOME - DECEMBER 2 0 2 3
SALES TO LISTINGS RATIO 16% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 14% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.8% VS 2022
▲ 0.2% VS 2022
▲ 28% VS 2022
▼ 29% VS 2022
There were 32 townhome listings in Burnaby North in December, 16% below November and 28% higher than December 2022. December townhome sales decreased by 67% month-over-month, to 5, and were 29% below December 2022. The sales-to-listing ratio for townhomes in Burnaby North, at 16%, reflected a balanced market. The townhome median price in December was $870,000, a 14% increase from November and 0.2% above December 2022. The average sold price was $896,100, 5% above last month; the average PSF sale price was $682, up 6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$682 $896,100 $870,000 16% 5 32
$600 $888,929 $868,000 28% 7 25
14% 0.8% 0.2% -44% -29% 28%
15 38
6% 5% 14% -60% -67% -16%
$645 $854,133 $765,000 39%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● DEC 2022 ● DEC 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45 45
34
34
33
38
32
32
31
31
28
25
25
25
23
21
15
13
15
14
11
11
7
8
8
5
$950K
$915K
$900K
$880K
$885K
$868K
$870K
$830K
$810K
$790K
$765K
$748K
$743K
BURNABY NORTH
REBGV
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● S-L RATIO
2 2
8
4+ bdrms
6
2
3 bdrms
17
4
40%
1
22%
2 bdrms
2
14%
9
0
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
4
S-L RATIO SALES INVENTORY
4 0 n/a
9 2 22%
5 2 40%
7 1 14%
6 0 n/a
1 0 n/a
Copyright © 2024 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 January 10, 2024. 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. 15 ●
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