the rennie advance - July 2020

the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published July 2020

THE RENNIE ADVANCE

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it ref lects the very 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 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

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

Bowen Behan Pausey DATA ANALYST bbehan@rennie.com

highlights • The Greater Vancouver board area had close to 2,500 total sales in June; 64% above last month and a 17% increase compared to June 2019. This was the first year-over-year increase in sales since pandemic restrictions came into place in mid-March. • Double-digit year-over-year increases were realized across all home types: up 15% for detached homes, 21% for townhomes, and 17% for condos. • That said, June’s total sales were 23% below the past-decade average: down 30% for detached homes, 14% for townhomes, and 20% for condos.

sales THE RENNIE ADVANCE

JUNE 



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Copyright © 2020 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 July 2, 2020. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • Although total listings saw an increase of 9% versus last month, inventory remained relatively constrained in the Greater Vancouver board area, being 27% below last year. • June was the 9th consecutive month of year-over-year declines in inventory, as detached homes fell by 35%, townhomes by 31%, and condos by 19%. • Increasing to 22%, the Greater Vancouver board area’s overall sales-to-listings (S-L) ratio ref lected seller’s market conditions. Detached homes remained below this, with an S-L ratio of 20% (balanced market territory) while townhomes and condos were at or above the overall S-L ratio (with 22% and 28% respectively).

total listings THE RENNIE ADVANCE

JUNE 

         

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Copyright © 2020 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 July 2, 2020. 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.

highlights • In June, the median sales price increased for all home types compared to last month, rising 0.3% for detached homes, 1.9% for townhomes, and 0.7% for condos. • Compared to last year, the median sales price of detached homes increased 5%, townhomes by 7%, and condos by 3%. This was the largest year-over-year increase in the townhome median sales price since September of 2018, while detached homes and condos saw their largest increase since February and March 2020, respectively. • The detached-to-townhome price ratio fell for a 5th straight month in May, to 1.70—a change favouring up-sizers. Conversely, the townhome-to-condo price ratio rose for a 5th straight month, to 1.35—a change favouring down-sizers in multi-family housing.

median prices THE RENNIE ADVANCE

JUNE 



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Copyright © 2020 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 July 2, 2020. 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.

THE RENNIE ADVANCE

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

REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE

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