the rennie advance - August 2022

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

published August 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 INTRO

3 SALES

4 TOTAL LISTINGS

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

5 PRICES

6 RENNIE INTELLIGENCE

highlights • M LS salesdeclined in July,to 2,850,w hich w asthefourth-consecutivem onthly decrease.Sales were23% lowerthan Juneand exceeded thetypicalseasonaldecline(of8% ).D ailysaleslastm onth averaged 140,40% below July’s2021 dailyaveragesales.Lastm onth’ssaleswerealso thelowest ofanym onth sinceM ay2020,and were38% below thedecade-averageforJuly. • Salesdeclined acros al hom etypesvsJune,with townhom esalesfalingthem ostat39% (to480), folowed bydetached hom eand condosalesdecliningby20% (to877)and 18% (to1,421), respectively.Liketotalsales,lastm onth’ssalesacros al hom etypesw erethelow estofany m onth sinceM ay2020. • O n ayear-over-yearbasis,salesacros al hom etypeswere(expectedly)down acros al hom e types.D etached salesexperienced thelargestdeclineof54% ,closely folow ed by tow nhom esales at52%,and condosalesfelby36%.

THERENNIEADVANCE sales

JULY 202

4,000

- 54% vsJul2021

3,500

3,000

2,500

2,000

1,926 10 yr JulAvg

1,500

1,000

DETACHED sales

877

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 54% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

- 52% vsJul2021

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

859 10 yr JulAvg

200 400 600 800

TOWNHOME sales

480

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 44% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

3,500

- 36% vsJul2021

3,000

2,500

2,000

1,721 10 yr JulAvg

1,500

1,421

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 17% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

Copyright© August2,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,202 .Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Totalinventorydeclined forthefirsttim ein 6 m onths,to15,975 listingswhich was1.8% lower than June.Inventorycontinuesto rem ain constrained asitlies17% below theJulypast decade-averagelistingscount. • O n am onth-to-m onth basis,listingsfel acros al hom etypes.D etached hom elistingsdeclined by 3% (to7,418),condolistingsfelby1.5% (to5,591),and townhom elistingsweredown by0.5% (to 2,499).Com pared toJuly2021,detached hom eand townhom elistingswereup by18% and 43% respectively;whereascondo listingsweredown 0.8% . • July’stotalsales-to-listingsratio declined betw een Juneand July to 17% ,creating balanced m arket conditionsforthefirsttim esinceM ay2020.Sales-to-listingsratiosfel to12%,19%,and 25% for detached hom es,townhom esand condos,respectively.Thism adethedetached hom em arketa buyer’sm arketin July,conditionslastexperienced in April2020.

THERENNIEADVANCE total listings

JULY 202

14,000

+ 18% vsJul2021

12,000

10,000

8,000

9,389 10 yr JulAvg

7,418

6,000

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 21% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

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

+ 43% vsJul2021

2,499

2,780 10 yr JulAvg

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 10% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

12,000

-1% vsJul2021

10,000

8,000

6,000

6,705 10 yr JulAvg

5,591

4,000

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 17% vs10yrJulAvg

﹍ 10 yrJulyAverage

● July

●

highlights • O n am onth-to-m onth basis,m edian M LS salespricesin theG reaterVancouverand theFraser Valey board areasdeclined acros al hom etypes.In theG reaterVancouverboard area,detached hom esm edian pricesdeclined by3%,townhom esby4%,and condosby0.8%.In theFraserValey board area,m edian pricesdeclined by4%,1.8%,and 0.9% fordetached hom es,townhom es,and condos,respectively. • In spiteofthem onthlydeclines,m edian M LS salespricesin both theG reaterVancouverand FraserValeyBoard areas’rem ained aboveJuly2021 acros al hom etypes.D etached hom e m edian priceswere9% and 8% higher,whiletownhom eswereup 11% and 15%;and condos7% and 19% ,fortheG reaterVancouverboard areaand theFraserValey board area,respectively. •

THERENNIEADVANCE median prices

JULY 202

$2,000,000

+ 9% vsJul2021 Greater Vancouver

$1.75M

$1,600,000

$1.42M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+ 8% vsJul2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● July

$1,200,000

+ 11% vsJul2021 Greater Vancouver

$1,000,000

$995,000 $840,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+ 15% vsJul2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● July

$1,000,000

+ 7% vsJul2021 Greater Vancouver

$800,000

$692,500 $535,000

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 19% vsJul2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● July

●

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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