the vancouver rennie review | June 2024

DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review

published June 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 51 52 56 58

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

63 AREA MAPS

66 GLOSSARY

68 CURRENT PROJECTS

2 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 June 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

a rate cut and inventory as a shock absorber Sales activity in the Vancouver Region slumped in May, marking an early end to the spring housing market. However, the first cut from the Bank of Canada is a signal that more favourable mortgage rates are on the horizon—and when they arrive, there will be plenty of inventory to absorb demand.

people in May (27,700) outpaced the number of new employed people (26,700). The pace of population growth has been masking softness elsewhere too. Despite overall growth in gross domestic product (GDP), per-capita GDP has declined in six of the last seven quarters and is now at 2016 levels. This paired with the fact that all measures of inflation (headline, median, and trim) are trending below 3% is fodder for further interest rate cuts. One reason the BoC might take a more cautious approach to future cuts is the risk of overstimulating housing demand and sending home prices higher. Remember: in January 2023, the mere signal by the Bank that it would hold its policy rate at 4.5% prompted a flurry of housing demand and price appreciation in the months following. As a result, the policy rate would rise to 5% via two more 25 basis point hikes in June and July. What’s different this time, however, is that inventory levels are no longer strapped near historic lows. Active listings in the Vancouver Region reached 19,830 in May, up 50% from May 2023 (13,199 listings) to reach the highest level since September 2019 (19,840 listings). This more healthy balance of inventory will help absorb upward pressure on home prices as more buyers engage with the market in response to future interest rate cuts by the BoC—whatever the pace of those cuts may be.

The Vancouver Region saw 4,143 MLS sales in May, a 1.8% decline month-over-month in contrast to the usual 5% April-to-May increase. To see momentum slip in what is typically one of the most active months for the region—the peak of the spring housing market—is yet another sign of the times. Housing affordability constraints (i.e., elevated interest rates and home prices) are putting substantial pressure on homebuyers. It is even more notable considering that the spring housing market never really gathered much momentum at all. Monthly sales activity has been trending well-below historical levels through 2024, with year-to-date sales 21% below the prior 10-year average through the end of May (17,566 sales versus an average of 22,265). However, perhaps more important was the news that came out of the Bank of Canada (BoC) after May’s close and the implications for future sales activity. On June 5th, the Bank reduced its policy interest rate by 25 basis points to 4.75%, officially turning the page on one of the most aggressive monetary

tightening cycles in Canadian history. The cut itself will do little to alleviate borrowing costs. Rather, it closes months (and perhaps years) of speculation around when interest rates might begin to decline. For borrowers, it is a clear signal that the trajectory for interest rates is downwards. What remains unclear is the pace of that downward trajectory. Tiff Macklem, the Governor of the BoC, stated in his press conference that “it is reasonable to expect further cuts to our policy interest rate” should the economy and inflation evolve as expected. However, he reinforced that the timing of those cuts is unknown and that decisions will be made one meeting at a time. So far, the economic data is looking conducive to further interest rate cuts. One day after the announcement, the May Labour Force Survey showed the unemployment rate ticking higher to 6.2%. Rampant population growth means that the working-age population continues to grow faster than the economy can create jobs. As such, the number of new unemployed

3 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 June 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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.

featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM

House For Sale $3,650,000 | DUNBAR 5537 Holland Street 6 Bed, 2,677 SF Janette Fricker 604.787.2862

House For Sale

$3,488,000 | WEST VAN

$4,298,000 | WEST VAN

6011 Eagleridge Drive 4 Bed, 2,826 SF Jason Soprovich 604.817.8812

8579 Ansell Place 4 Bed, 2,806 SF Kim Taylor 604.315.2645

House For Sale

House for Sale $2,500,000 | MAIN 112 E. 19th Avenue 6 Bed, 2,822 SF Bien Matute 604.603.2700

House For Sale

$2,599,000 | NORTH VAN 4221 St. Pauls Avenue 4 Bed, 3,656 SF Caylee Sampson PREC* 604.353.2816

$3,198,000 | NORTH VAN

375 W. Balmoral Road 6 Bed, 3,818 SF Geoff Taylor PREC* 604.908.0800

House For Sale

$1,799,900 | COQUITLAM

$2,098,000 | NORTH VAN

$2,099,000 | NORTH VAN

1342 Cimarron Drive 3 Bed, 3,039 SF Jordan Wong PREC* 778.378.6888

1001 W. 19th Street 3 Bed, 1,668 SF Eric Zamora PREC* 778.389.4556

2373 Badger Road 4 Bed, 3,143 SF Ryan Wong PREC* 604.551.7966

Tate $1,599,900 | DOWNTOWN 516 - 1283 Howe Street 2 Bed, 1,182 SF Ester Hsieh PREC* 778.552.4921

The Viewpoint

Townhome For Sale $1,499,000 | MT. PLEASANT

$1,350,000 | PORT MOODY

388 E. 15th Avenue 3 Bed, 1,408 SF Brandon Blue PREC* 604.999.7792

20 - 181 Ravine Drive 4 Bed, 2,785 SF Phil Chang PREC* 604.754.6678

Highline Sky Estates $1,189,900 | BURNABY SOUTH 2208 - 6511 Sussex Avenue 3 Bed, 933 SF Samantha Cairns 604.760.6494

Maplewood Place

1500 Alberni

$1,235,000 | WEST END 4D - 1500 Alberni Street 2 Bed, 1,225 SF

$1,299,999 | NORTH VAN 14 - 433 Seymour River Place 3 Bed, 1,455 SF

Karim Kamrani 604.789.6461

Brian Young 604.250.3662

Gold House

Altus

618 Carnarvon

$1,138,000 | BURNABY SOUTH 705 - 6288 Cassie Avenue 3 Bed, 1,092 SF

$999,900 | WHITE ROCK 515 - 1526 Finlay Street 2 Bed, 1,096 SF

$949,900 | NEW WEST 2303 - 618 Carnarvon Street 2 Bed, 931 SF

Simon Lai PREC* 778.881.3603

Rachel Blades 778.834.6666

Daniel O’Hearn PREC* 778.384.2665

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 June 10, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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.

vancouver region DETACHED - MAY 2 0 2 4

SALES TO LISTINGS RATIO 16% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 43% VS 2023

▼ 0.3% VS 2023

▼ 1.6% VS 2023

▼ 15% VS 2023

There were 8,508 detached listings in the Vancouver Region in May, 9% above April and 43% higher than May 2023. May detached home sales increased by 8% month-over-month, to 1,394, and were 15% below May 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 16%, re)ected a balanced market.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

1,394 8,508

1,641 5,956

-0.3% -1.6% -41% -15% 43%

1,293 7,809

8% 9%

The detached median price in May was $1,716,250, a 0.8% decrease from April and 1.6% below May 2023.

$2,009,004 $1,716,250 16%

$1,997,396 $1,730,000 17%

0.6% -0.8% -1%

$2,015,273 $1,745,000 28%

The average sold price was $2,009,004, 0.6% above last month and down 0.3% to May 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

8,508

7,809

7,562

7,489

6,863

6,807

6,608

1.90

1.87

6,946

1.85

5,956

6,488

5,784

5,565

5,207

1.42

1.39

1,561

1,293

1,641

986

911

1,394

809

712

651

1,141

1,101

993

903

$1.75M $1.69M $1.64M $1.70M $1.71M $1.73M

$1.66M $1.69M $1.73M $1.72M

$1.61M $1.53M $1.60M

23-May

24-Apr

24-May

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

2,000

1,500

1,000

28%

26%

20%

19%

17%

500

14%

10%

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

426 84 20%

490 137 28%

1,031 270 26%

2,137 406 19%

1,206 202 17%

933 127 14%

1,042 108 10%

466 29 6%

259 16 6%

518 15 3%

vancouver region TOWNHOME - MAY 2 0 2 4

SALES TO LISTINGS RATIO 29% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 0.0% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.8% VS 2023

▲ 55% VS 2023

▼ 0.1% VS 2023

▼ 14% VS 2023

There were 2,779 townhome listings in the Vancouver Region in May, 13% above April and 55% higher than May 2023. May townhome sales decreased by 6% month-over-month, to 808, and were 14% below May 2023.

THIS MONTH No. $671 $1,015,414 $921,161 29% 808 2,779

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for townhomes in the Vancouver Region, at 29%, re)ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$671 $1,007,399 $922,000 53% 944 1,788

0% 0.8% -0.1% -45% -14% 55%

$671 $1,026,258 $935,000 35% 859 2,459

-0.1% -1.1% -1.5% -17% -6% 13%

The townhome median price in May was $921,161, a 1.5% decrease from April and 0.1% below May 2023. The average sold price was $1,015,414, 1.1% below last month; the average PSF sale price was $671, down 0.1% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,779

2,459

2,148

2,084

1,997

1,883

1,856

1,838

2,022

1,788

1,879

1,585

1,543

947

859

783

944

808

481

767

669

600

580

518

452

364

$950K

$938K

$935K

$922K

$915K

$920K

$910K

$920K

$910K

$921K

$900K

$889K

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

156

800

4+ bdrms

591

600

443

3 bdrms

1,476

400

36% 34%

31%

25%

204

21%

2 bdrms

200

14% 12%

667

10%

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

113 24 21%

488 176 36%

869 298 34%

494 154 31%

397 100 25%

276 40 14%

65 8 12%

77 8 10%

vancouver region CONDO - MAY 2 0 2 4

SALES TO LISTINGS RATIO 23% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.2% VS 2023

▲ 58% VS 2023

▼ 0.6% VS 2023

▼ 21% VS 2023

There were 7,730 condo listings in the Vancouver Region in May, 9% above April and 58% higher than May 2023.

May condo sales decreased by 5% month-over-month, to 1,785, and were 21% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Vancouver Region, at 23%, re)ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

1,785 7,730

2,251 4,905

-1.3% 0.2% -0.6% -50% -21% 58%

1,881 7,102

0.4% 0.8% 0.1% -13% -5% 9%

The condo median price in May was $671,000, a 0.1% increase from April and 0.6% below May 2023. The average sold price was $763,927, 0.8% above last month; the average PSF sale price was $884, up 0.4% to last month.

$884 $763,927 $671,000 23%

$896 $762,381 $675,000 46%

$880 $757,757 $670,000 26%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

7,730

7,102

6,238

6,048

5,966

5,387

5,184

6,037

5,456

4,905

5,248

4,851

4,758

2,140

1,881

2,251

1,690

1,517

1,363

1,785

1,742

1,618

1,329

1,142

1,060

999

$675K

$678K

$670K

$671K

$665K

$662K

$650K

$652K

$650K

$645K

$630K

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

2,500

55 7

4+ bdrms

2,000

1,500

105

3 bdrms

714

1,000

28% 27%

22%

1,022

16% 14%

2 bdrms

500

12% 11%

4,206

651

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

<2 bdrms

S-L RATIO SALES INVENTORY

2,160 612 28%

2,359 641 27%

1,329 297 22%

637 101 16%

438 60 14%

388 45 12%

136 15 11%

283 14 5%

2,755

greater vancouver board area DETACHED - MAY 2 0 2 4

SALES TO LISTINGS RATIO 16% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 3% VS 2023

▲ 44% VS 2023

▼ 18% VS 2023

There were 5,046 detached listings in the Greater Vancouver board area in May, 9% above April and 44% higher than May 2023. May detached home sales increased by 4% month-over-month, to 829, and were 18% below May 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 16%, re)ected a balanced market. The detached median price in May was $1,970,000, a 1.3% increase from April and 3% above May 2023.

THIS MONTH No. $2,255,550 $1,970,000 16% 829 5,046

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

1,013 3,502

-43% -18% 44%

$2,221,214 $1,944,500 17% 796 4,631

4% 9%

1.5% 1.3% -4%

$2,200,301 $1,912,000 29%

The average sold price was $2,255,550, 1.5% above last month and up 3% to May 2023.

3% 3%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,046

4,631

4,427

4,343

4,011

3,946

3,884

1.84

1.78

4,001

3,846

3,502

3,488

3,289

3,178

1.51

1.49

1.45

796

710

1,013

567

556

504

829

368

383

821

651

580

545

$1.93M $1.88M $1.80M $1.81M

$1.93M $1.92M $1.94M $1.97M

$1.91M $1.88M

$1.78M $1.91M $1.86M

23-May

24-Apr

24-May

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,000

800

600

400

28%

27%

20%

18%

17%

12%

200

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

264 47 18%

187 51 27%

381 108 28%

1,070 217 20%

767 151 20%

627 108 17%

790 92 12%

371 28 8%

191 14 7%

398 13 3%

greater vancouver board area TOWNHOME - MAY 2 0 2 4

SALES TO LISTINGS RATIO 29% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.9% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 3% VS 2023

▲ 55% VS 2023

▼ 0.3% VS 2023

▼ 12% VS 2023

There were 1,536 townhome listings in the Greater Vancouver board area in May, 10% above April and 55% higher than May 2023. May townhome sales decreased by 4% month-over-month, to 439, and were 12% below May 2023.

THIS MONTH No. $775 $1,141,480 $1,080,000 29% 439 1,536

PREVIOUS MONTH

PREVIOUS YEAR

No. 499 991

% Change

No.

% Change

The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 29%, re)ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

-1.9% -0.3% 3% -43% -12% 55%

$784 $1,164,761 $1,089,900 33% 455 1,391

-1.1% -2% -0.9% -13% -4% 10%

The townhome median price in May was $1,080,000, a 0.9% decrease from April and 3% above May 2023. The average sold price was $1,141,480, 2.0% below last month; the average PSF sale price was $775, down 1.1% to last month.

$790 $1,145,193 $1,050,000 50%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,536

1,391

1,218

1,173

1,116

1,031

1,033

1,028

1,143

991

1,020

874

863

470

455

499

399

351

439

319

298

267

391

302

220

179

$1.05M $1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.05M $1.07M $1.08M $1.10M $1.09M $1.08M

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

350

4+ bdrms

300

249

250

254

200

3 bdrms

852

44%

40% 37%

150

25%

115

100

2 bdrms

14% 13%

13%

396

11%

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

45 6 13%

142 63 44%

312 124 40%

289 107 37%

339 85 25%

269 38 14%

64 8 13%

76 8 11%

greater vancouver board area CONDO - MAY 2 0 2 4

SALES TO LISTINGS RATIO 23% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.0% VS 2023

▲ 58% VS 2023

▼ 0.2% VS 2023

▼ 23% VS 2023

There were 5,873 condo listings in the Greater Vancouver board area in May, 9% above April and 58% higher than May 2023. May condo sales decreased by 6% month-over-month, to 1,338, and were 23% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Greater Vancouver board area, at 23%, re)ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

1,338 5,873

1,734 3,718

-1.3% 1% -0.2% -51% -23% 58%

1,426 5,376

0.9% 2% -0.3% -14% -6% 9%

The condo median price in May was $727,750, a 0.3% decrease from April and 0.2% below May 2023. The average sold price was $831,618, 2% above last month; the average PSF sale price was $956, up 0.9% to last month.

$956 $831,618 $727,750 23%

$968 $823,607 $729,000 47%

$947 $814,423 $730,000 27%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,873

5,376

4,772

4,593

4,556

4,102

4,612

4,153

3,718

3,913

3,909

3,672

3,593

1,573

1,426

1,734

1,276

1,095

1,044

1,338

1,284

1,210

986

853

752

721

$735K

$729K

$726K

$725K

$730K

$728K

$721K

$717K

$720K

$711K

$706K

$690K

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

2,000

4+ bdrms

1,500

3 bdrms

1,000

622

33%

31% 30%

26% 26%

22%

747

500

18%

2 bdrms

12%

3,082

503

<$400K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M+

<2 bdrms

S-L RATIO SALES INVENTORY

107 24 22%

283 88 31%

674 199 30%

899 299 33%

848 224 26%

675 177 26%

562 101 18%

1,825 226 12%

2,115

fraser valley board area DETACHED - MAY 2 0 2 4

SALES TO LISTINGS RATIO 16% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 41% VS 2023

▼ 4% VS 2023

▼ 2% VS 2023

▼ 10% VS 2023

There were 3,462 detached listings in the Fraser Valley board area in May, 9% above April and 41% higher than May 2023. May detached home sales increased by 14% month-over-month, to 565, and were 10% below May 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 16%, re'ected a balanced market.

THIS MONTH No. $1,647,257 $1,495,000 16% 565 3,462

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,716,811 $1,528,000 26% 628 2,454

-36% -10% 41%

$1,638,926 $1,495,000 16% 497 3,178

0.5% 0% 4% 14% 9%

The detached median price in May was $1,495,000, a 0% change from April and 2% below May 2023.

The average sold price was $1,647,257, 0.5% above last month and down 4% to May 2023.

-4% -2%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,462

3,178

3,146

3,135

2,861

2,852

2,724

2,945

1.80

1.76

1.75

2,454

2,642

1.59

2,296

1.55

1.56

2,276

2,029

740

430

628

413

344

565

329

305

283

497

450

431

358

$1.53M

$1.52M $1.48M $1.48M $1.48M $1.42M

$1.45M $1.45M $1.49M $1.50M $1.50M

$1.38M $1.30M

23-May

24-Apr

24-May

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,000

800

600

400

28%

25%

23%

18%

12%

200

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

162 37 23%

303 86 28%

650 162 25%

1,067 189 18%

439 51 12%

306 19 6%

252 16 6%

95 1 1%

68 2 3%

120 2 2%

fraser valley board area TOWNHOME - MAY 2 0 2 4

SALES TO LISTINGS RATIO 30% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.8% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.5% VS 2023

▲ 56% VS 2023

▼ 17% VS 2023

- VS 2023

There were 1,243 townhome listings in the Fraser Valley board area in May, 16% above April and 56% higher than May 2023. May townhome sales decreased by 9% month-over-month, to 369, and were 17% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 445 797

% Change

No.

% Change

The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 30%, re'ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$547 $865,433 $850,000 30% 369 1,243

1.8% 1.5% 0% -47% -17% 56%

$545 $870,270 $855,000 38% 404 1,068

0.3% -0.6% -0.6% -22% -9% 16%

The townhome median price in May was $850,000, a 0.6% decrease from April and no change to May 2023. The average sold price was $865,433, 0.6% below last month; the average PSF sale price was $547, up 0.3% to last month.

$537 $852,883 $850,000 56%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,243

1,068

930

911

881

852

823

879

797

859

810

711

680

477

404

384

445

369

278

376

214

318

281

232

220

185

$866K

$851K

$855K

$850K

$849K

$842K

$850K

$832K

$830K

$825K

$824K

$823K

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

500

4+ bdrms

342

400

189

3 bdrms

300

624

33% 31%

200

26%

26% 29%

23%

2 bdrms

271

100

6 1

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

68 18 26%

346 113 33%

557 174 31%

205 47 23%

58 15 26%

7 2 29%

1 0 n/a

fraser valley board area CONDO - MAY 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 2% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.8% VS 2023

▲ 1.9% VS 2023

▲ 56% VS 2023

▼ 14% VS 2023

There were 1,857 condo listings in the Fraser Valley board area in May, 8% above April and 56% higher than May 2023. May condo sales decreased by 1.8% month-over-month, to 447, and were 14% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Fraser Valley board area, at 24%, re'ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$668 $561,310 $545,000 24% 447 1,857

$654 $557,029 $535,000 44% 517 1,187

2% 0.8% 1.9% -45% -14% 56%

$669 $580,159 $549,900 26% 455 1,726

-0.1% -3% -0.9% -9% -1.8% 8%

The condo median price in May was $545,000, a 0.9% decrease from April and 1.9% above May 2023. The average sold price was $561,310, 3% below last month; the average PSF sale price was $668, down 0.1% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,857

1,726

1,466

1,455

1,410

1,271

1,425

1,339

1,187

1,303

1,285

1,179

1,165

567

455

422

414

517

447

458

408

343

319

308

289

278

$550K

$545K

$535K

$538K

$540K

$527K

$530K

$531K

$525K

$514K

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

500

4+ bdrms

400

300

3 bdrms

36%

200

26% 26%

23%

275

21%

15% 16%

2 bdrms

15%

100

1,124

148

<$400K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M+

<2 bdrms

S-L RATIO SALES INVENTORY

144 52 36%

444 115 26%

508 134 26%

438 92 21%

174 26 15%

66 15 23%

26 4 15%

57 9 16%

640

burnaby north DETACHED - MAY 2 0 2 4

SALES TO LISTINGS RATIO 28% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 10% VS 2023

▲ 6% VS 2023

▲ 51% VS 2023

▼ 14% VS 2023

There were 130 detached listings in Burnaby North in May, 14% above April and 51% higher than May 2023.

May detached home sales increased by 50% month-over-month, to 36, and were 14% below May 2023.

THIS MONTH No. $2,339,156 $2,182,500 28% 36 130

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for detached in Burnaby North, at 28%, re(ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

42 86

10% 6% -43% -14% 51%

$2,377,582 $2,222,535 21% 24 114

32% 50% 14%

The detached median price in May was $2,182,500, a 1.8% decrease from April and 6% above May 2023.

$2,120,351 $2,049,400 49%

The average sold price was $2,339,156, 1.6% below last month and up 10% to May 2023.

-1.6% -1.8%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

130

114

107

104

2.59

2.53

104

2.48

1.32

1.26

1.14

$2.21M $2.22M $2.18M $2.14M $2.03M

$2.05M $2.05M

$1.95M $2.07M

$1.89M $1.99M $1.93M

$1.85M

23-May

24-Apr

24-May

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

65%

38%

17%

13%

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

21 8 38%

26 17 65%

29 5 17%

45 6 13%

5 0 n/a

1 0 n/a

3 0 n/a

burnaby north TOWNHOME - MAY 2 0 2 4

SALES TO LISTINGS RATIO 38% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 8% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 9% VS 2023

▲ 11% VS 2023

▲ 65% VS 2023

▼ 32% VS 2023

There were 56 townhome listings in Burnaby North in May, 30% above April and 65% higher than May 2023.

May townhome sales increased by 40% month-over-month, to 21, and were 32% below May 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for townhomes in Burnaby North, at 38%, re(ected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

21 56

31 34

8% 9% 11% -59% -32% 65%

15 43

-2% 4% 0.1% 7% 40% 30%

The townhome median price in May was $880,000, a 0.1% increase from April and 11% above May 2023. The average sold price was $960,162, 4% above last month; the average PSF sale price was $742, down 2% to last month.

$742 $960,162 $880,000 38%

$688 $878,387 $790,000 91%

$761 $920,692 $879,000 35%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● MAY 2023 ● MAY 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

$950K

$915K

$890K

$879K

$880K

$870K

$852K

$830K

$810K

$790K

$765K

$743K

$727K

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

100%

4+ bdrms

3 bdrms

35% 35%

33% 31%

2 bdrms

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

3 1 33%

16 5 31%

17 6 35%

3 3 100%

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