the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 13 SUB-MARKETS IN THE VANCOUVER REGION
published March 2021
table of contents
02 INTRO
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.
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
NEIGHBOURHOOD PROFILES
05 08 11 14 17 20 23 26 29 32 35 38 41 44
Vancouver Region
Greater Vancouver Board Area Fraser Valley Board Area
Burnaby North Burnaby South
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST bbehan@rennie.com
Coquitlam
Langley
North Vancouver
Richmond Squamish
Surrey
Vancouver East Vancouver West West Vancouver
49 CURRENT PROJECTS
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 March 3, 2021. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
historically-high buying activity continues, but for how long? The demand for detached homes, townhomes, and condos persisted at an elevated level in February across every area in the Vancouver Region; against the backdrop of limited listings, prices have been driven up. Expect conditions to change later this year.
noting that total condo listings were 3% higher last month than they were a year ago, they remain 13% below the long-run average. As is always the case, the product of the dynamic between supply and demand is prices, which—in our current context— are rising at an unsustainable pace. Most notably, the benchmark detached home price was up 17% in February on a year-over-year basis, having risen 4% over the past month. These conditions will not persist indefinitely. More pointedly, while we do not see any real reason that supply will expand any time soon (rising prices do not constitute a sufficient condition for expanded listings, as someone who sells their home typically must then buy their next home), demand is likely to recede somewhat as the year progresses, with all of early-2020’s pent-up demand now unpent and mortgage rates beginning to rise from rock-bottom lows. This is the heretofore untold story of our market, but one we will be watching closely as it reveals itself over the coming months.
It is often said there are two sides to every story. This notion can be expanded on when applied to stories told using data, as data is not inherently truthful; indeed, a single data set can reasonably be used by one story- teller to share their particular perspective on an issue, while simultaneously being used by another to promote an opposing view. With this in mind, it is notable that the latest MLS sales data for the Vancouver Region leave little room for divergent views on our current market dynamics. In summary, the 6,426 sales through the Greater Vancouver and Fraser Valley board areas in February 2021 were the second-most in any February in the region’s history, only 2% shy of the all- time February high achieved during the days of marked market exuberance back in 2016. February’s sales were also 89% higher than those from one year ago, and they were 69% higher than the past-decade February
average. Furthermore, and again compared to long-run averages, detached homes sales last month were up 47%, condo sales were up 73%, and townhome sales were more than double their typical level—up 110%. But surely there must have been areas within the Vancouver Region whose experience was different from the region’s as a whole, yes? Not really. With the exception of Burnaby East, where the number of townhome sales fell from 12 in February 2020 to 9 in February 2021, year-over-year and month- over-month sales counts increased for every home type in every area in the region. The notion of elevated demand is real, and spectacularly true. With new listings not keeping pace with sales, resale inventory remains suppressed, down 19% in February versus one year earlier, and down 32% versus the past-decade February average. And while it’s worth
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 March 3, 2021. 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
Townhome $3,880,000 | FAIRVIEW 1176 W 7th Avenue 2 Bed, 2,816 SF Phil Chang PREC* 604.754.6678
House $3,358,000 | SQUAMISH 989 Copper Drive 4 Bed, 5,614 SF Shawn Wentworth PREC* 604.379.6731
House $2,868,000 | SOUTH VAN 6828 Ontario Street 5 Bed, 2,128 SF Matt Stone 604.782.2614
Yacht Harbour
House
House
$2,490,000 | YALETOWN 405-1600 Hornby Street 2 Bed, 1,721 SF
$1,998,000 | SQUAMISH
$1,768,000 | MT. PLEASANT 2740 St. Catherines Street 6 Bed, 3,432 SF
1140 Wilson Crescent 5 Bed, 3,263 SF
Danny Chow PREC* 604.765.2469
Jeevan Gill 604.617.2159
Brandan Price PREC* 604.765.9555
Townhome
Cooper’s Lookout 1,299,000 | YALETOWN 2203-33 Smithe Street 2 Bed, 1,105 SF
House
$1,680,000 | MT. PLEASANT
$1,250,000 | PORT MOODY
1030 E 13th Avenue 3 Bed, 1,707 SF Jenna Van Alstine 778.558.3355
650 Thurston Close 3 Bed, 1,981 SF
Salina Kai PREC* 604.773.7013
Howard Don 604.786.9998
House
Seasons
The Met
$910,000 | NORTH VAN 510-580 Raven Woods Drive 2 Bed, 1,243 SF
$1,188,000 | COQUITLAM
$868,000 | BURNABY 3609-6588 Nelson Avenue 2 Bed, 818 SF
3162 Bute Crescent 4 Bed, 1,877 SF Tony Liang PREC* 604.781.9988
Tony Liang PREC* 604.781.9988
Dale McGauran 778.881.8392
Paris Place
House
Townhome
$729,000 | DOWNTOWN 413-555 Abbott Street 2 Bed, 852 SF Jeremy Sellmer PREC* 778.984.4028
$689,900 | CHILLIWACK
$645,000 | SURREY 77-19455 65 Avenue 3 Bed, 1,468 SF Brandon Blue PREC* 604.999.7792 The Pendrell $467,900 | WEST END 302-1234 Pendrell Street 1 Bed, 632 SF
8516 Cramer Drive 4 Bed, 1,921 SF
Clarke Mallory PREC* 604.316.9917
Yorkdale Villa $596,000 | KITSILANO 102-2335 York Avenue
Townhome $524,999 | COQUITLAM 34-2978 Walton Avenue 2 Bed, 963 SF
1 Bed, 633 SF Vesna Todic 604.728.6331
Ryan O’Hearn 778.384.2667
Sarah Reimer 778.968.5247
Copyright © 2021 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 March 3, 2021. 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
DETACHED FEBRUARY vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 17 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
30 % DOWN
21 % UP
-
93 % UP
50 %
The number of detached listings in the Vancouver Region in February, at 4,883, was 0.9% higher month-over-month but 30% lower year-over-year. The 2,439 detached sales in February were 63% higher vs last month and 93% higher vs last year. The sales-to-listings ratio increased to 50%, as the Vancouver Region’s detached market remained in seller’s market territory. The benchmark price in February was $1.43M, 4% above January and 17% higher vs February 2020. The average sold price was $1.65M, 3% above the previous month and 21% higher vs February 2020.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
4,883 2,439
4,839 1,499
0.9% 63% 61%
7,019 1,262
-30% 93% 178%
TOTAL SALES
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
50%
31%
18%
$1,428,300 $1,374,900 $1,648,165 $1,599,128
4% $1,226,000 3% $1,361,214
17% 21%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.43
$1.35
$1.32
$1.29
$1.26
$1.25
$1.23
1.94
1.93
1.81
8,340
7,845
7,815
1.09
1.09
7,003
7,019
1.04
4,883 2,439
4,750
2,428
2,080
2,009
1,600
1,262
687
Feb-20
Jan-21
Feb-21
TOTAL LISTINGS & SALES BY PRICE RANGE ›
SALES
TOTAL INVENTORY
S L RATIO
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
TOWNHOME FEBRUARY vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 9 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
35 % DOWN
14 % UP
13 % UP
107 % UP
SELLER’S 94 %
The number of townhome listings in the Vancouver Region decreased 12% from last month, settling at 1,489, and were 35% below February 2020. Townhome sales, at 1,398, were 68% higher vs last month and 107% above February 2020. The sales-to-listings ratio increased to 94% in February, as the Vancouver Region’s townhome segment remained in a seller’s market. The benchmark price in February was 3% above January, at $734,700, and was 9% higher year-over-year. The average sold price was $799,108 in February, (increasing 5% vs January) while the average PSF sales price was $529 (increasing 5%).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,489 1,398
1,698
-12% 68% 91%
2,301
-35% 107% 220%
TOTAL SALES
834 49%
676 29%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
94%
$734,700 $712,400 $799,108 $763,039
3% $676,500 5% $699,075
9%
14% 13%
$529
$505
5%
$470
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$734,700
$676,500 $684,500 $688,400 $697,800 $703,800 $708,800
3,035
2,835
2,795
2,369
2,301
1,611 1,005
1,489
1,286
1,055
863
676
1,398
393
VANCOUVER REGION REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
256 279
4+ bdrms
BUYER'S MARKET
757
3 bdrms
796
362
<3 bdrms
. . . . 0 0 0 0
437
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
CONDO FEBRUARY vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 3 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO 45 %
MARKET SUMMARY ›
3 % UP
1.4 % UP
3 % UP
77 % UP
There were 5,354 condo listings in the Vancouver Region in February, 8% below January but 3% higher vs February 2020. February condo sales increased by 55% month-over- month and were 77% above February 2020. The sales-to-listings ratio for condos in the Vancouver Region increased to 45%, remaining a seller’s market. The condo benchmark price in February was $671,800, increasing 3% from January and 3% higher vs February 2020. The average sold price was $625,178, 0.6% below last month; the average PSF sales price was $733, up 0.8% from last month.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
5,354 2,432
5,789 1,565
-8% 55% 68%
5,215 1,374
3%
TOTAL SALES
77% 72%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
45%
27%
26%
$671,800 $655,400 $625,178 $628,772
3% $651,000 -0.6% $606,420
3% 3%
$733
$727
0.8%
$722
1.4%
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$651,000 $660,500 $654,000 $658,200 $655,400 $651,900 $671,800
8,510
8,326
7,018
5,844
5,825
5,354
5,215
2,432
2,070
1,933
1,756
1,512
1,374
657
VANCOUVER REGION REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
145
3+ bdrms
BUYER'S MARKET
632
1,374
2 bdrms
3,067
913
<2 bdrms
. . . . 0 0 0 0
1,655
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
DETACHED FEBRUARY greater vancouver board area
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 14 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
27 % DOWN
17 % UP
-
82 % UP
40 %
Detached listings in the REBGV increased to 3,130 in February, 1.7% above January but 27% lower vs February 2020. Detached sales, at 1,240, increased 65% compared to January and were 82% higher vs February 2020. The sales-to-listings ratio increased to 40%, as the REBGV detached market remained in seller’s market territory. The detached benchmark price in February was $1.62M, up 3% month-over-month and a 14% increase year-over-year. The average sold price was $1.87M, up 3% from the previous month and 17% higher year-over-year.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
3,130 1,240
3,079
1.7% 65% 62%
4,309
-27% 82% 150%
TOTAL SALES
751 24%
682 16%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
40%
$1,621,200 $1,576,800 $1,869,377 $1,814,181
3% $1,425,800 3% $1,603,128
14% 17%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.62
$1.55
$1.52
$1.49
$1.46
$1.45
$1.43
1.93
1.93
1.82
4,985
1.20
4,721
1.20
4,654
1.15
4,309
4,232
3,057
3,130
1,350
1,240
1,107
1,033
869
682
392
Feb-20
Jan-21
Feb-21
TOTAL LISTINGS & SALES BY PRICE RANGE ›
SALES
TOTAL INVENTORY
S L RATIO
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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 FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
27 % DOWN
19 % UP
17 % UP
7 % UP
80 % UP
SELLER’S 63 %
The number of townhome listings in the REBGV decreased to 963 in February, 2% below January and 27% lower year-over-year. Townhome sales in February, at 610, were up 63% vs January and 80% above last year. The sales-to-listings ratio increased to 63% as the REBGV townhome market remained a seller’s market. The townhome benchmark price in February was $839,800, 3% above January and 7% higher than in February 2020. The average sold price was $967,053, with an average PSF sales price of $654 (up 7% and 5%, respectively, vs January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 983 374 38%
% Change
No.
% Change
TOTAL LISTINGS
963 610 63%
-2% 63% 66%
1,315
-27% 80% 146%
TOTAL SALES
339 26%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$839,800 $815,800 $967,053 $901,260
3% $783,400 7% $810,527
7%
19% 17%
$654
$621
5%
$560
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$839,800
$783,400 $791,200 $790,800 $806,400 $813,000 $813,900
1,708
1,577
1,529
1,349
1,315
963
931
677
610
540
504
412
339
193
REBGV
FVREB
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
104
4+ bdrms
BUYER'S MARKET
145
321
3 bdrms
507
185
<3 bdrms
. . . . 0 0 0 0
311
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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 FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 3 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
4 % UP
2 % UP
5 % UP
66 % UP
SELLER’S 42 %
The number of condo listings in the REBGV decreased to 4,168 in February, 6% below January but 5% higher vs February 2020. At 1,765, condo sales were 48% higher month-over- month and 66% higher year-over-year. The sales-to-listings ratio rose to 42%, as the REBGV condo market remained favourable to sellers. The condo benchmark price in February was $697,500, 2% above January and up 3% compared to February 2020. The average sold price was $693,760 (increasing 0.5% from January) with an average PSF sales price of $817 (2% higher vs January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
4,168 1,765
4,447 1,194
-6% 48% 58%
3,955 1,061
5%
TOTAL SALES
66% 58%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
42%
27%
27%
$697,500 $680,800 $693,760 $690,548
2% $680,300 0.5% $667,363
3% 4% 2%
$817
$800
2%
$799
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$680,300 $688,800 $680,800 $685,800 $683,500 $676,500 $697,500
6,649
6,407
5,332
4,582
4,364
4,168
3,955
1,765
1,570
1,476
1,335
1,105
1,061
507
REBGV
FVREB
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
107
3+ bdrms
BUYER'S MARKET
513
939
2 bdrms
2,307
719
<2 bdrms
. . . . 0 0 0 0
1,348
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
DETACHED FEBRUARY fraser valley board area
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 20 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
35 % DOWN
32 % UP
-
107 % UP
68 %
The number of February detached listings in the Fraser Valley board area was 0.4% lower vs January (at 1,753) and 35% below February 2020. Detached sales increased 60% from January, to 1,199, and were up 107% vs February 2020. The sales-to-listings ratio increased to 68%, as the board area’s condo market remained in seller’s market territory. The benchmark price in February was $1.16M, up 5% vs January and 20% higher year-over-year. The average sold price in February was $1.42M, 3% higher month-over-month and 32% higher year-over-year.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,753 1,199
1,760
-0.4% 2,710
-35% 107% 220%
TOTAL SALES
748 43%
60% 61%
580 21%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
68%
$1,163,400 $1,106,500 $1,419,389 $1,383,212
5% $970,200 3% $1,076,756
20% 32%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$1,163,400
$1,046,900 $1,079,500
1.94
1.91
$970,200 $992,300 $994,500 $1,019,600
1.78
3,355
3,191
3,094
2,771
2,710
1.33
1.32
1.27
1,753
1,693
1,078
973
976
731
580
295
1,199
Feb-20
Jan-21
Feb-21
TOTAL LISTINGS & SALES BY PRICE RANGE ›
SALES
TOTAL INVENTORY
S L RATIO
. . . 0 0 0 0 0 S-L RATIO SALES INVENTORY SELLER'S MARKET BALANCED BUYER'S MARKET
Copyright © 2021 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 March 3, 2021. 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
TOWNHOME FEBRUARY fraser valley board area
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 10 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
14 % UP
47 % DOWN
14 % UP
134 % UP 150 %
The number of townhome listings in the Fraser Valley board area decreased to 526 in February, 26% below last month and 47% lower than last year. At 788, townhome sales were up 71% vs January and 134% above last year. The sales-to-listings ratio, at 150%, remained favourable market for sellers. The benchmark price in February was $600,300, up 3% from last month and 10% higher vs last year. The average sold price, at $669,099, was 3% higher between January and February while the average PSF sales price was 5% higher (at $432).
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 715 460 64%
% Change
No. 986 337 34%
% Change
TOTAL LISTINGS
526 788
-26% 71% 133%
-47% 134% 338%
TOTAL SALES
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
150%
$600,300 $580,800 $669,099 $650,659
3% $545,300 3% $586,961
10% 14% 14%
$432
$410
5%
$379
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$600,300
$545,300 $552,800 $559,600 $563,900 $569,200 $576,200
1,327
1,258
1,266
1,020
986
788
680
609
515
451
337
526
501
200
FVREB
REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
175
4+ bdrms
111
SELLER'S MARKET
BALANCED
436
BUYER'S MARKET
3 bdrms
289
177
<3 bdrms
. . . . 0 0 0 0 QD QD
126
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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 FEBRUARY
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 5 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
10 % UP
6 % DOWN
11 % UP
113 % UP
SELLER’S 56 %
There were 1,186 condo listings in the Fraser Valley board area in February, 12% below last month and 6% lower vs February of last year. At 667, condo sales were 80% higher month-over- month and 113% above February 2020. Increasing to 56%, the board area’s condo sales-to- listings ratio reflected seller’s market conditions. The condo benchmark price in February was $450,900, 3% above January and 5% higher vs February 2020. The average sold price was $443,698 (3% above January), while the average PSF sales price was $509 (4% above January).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,186
1,342
-12% 80% 103%
1,260
-6%
TOTAL SALES
667 56%
371 28%
313 25%
113% 126%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$450,900 $439,800 $443,698 $429,955
3% $428,400 3% $399,835
5%
11% 10%
$509
$490
4%
$463
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$450,900
$428,400 $438,000 $435,300 $437,300 $434,600 $438,300
1,919
1,861
1,686
1,461
1,262
1,260
1,186
667
500
457
421
407
313
150
FVREB
REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
38
3+ bdrms
BUYER'S MARKET
119
435
2 bdrms
760
194
<2 bdrms
. . . . 0 0 0 0 QD QD
307
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
DETACHED FEBRUARY burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 11 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
35 % DOWN
1.3 % UP
-
48 % UP
SELLER’S 47 %
The number of detached listings in Burnaby North in February, at 72, was 6% lower month-over-month and 35% lower year-over-year. With 34 in February, detached sales were 55% above last month and 48% above last year. The sales-to-listings ratio increased to 47%, as Burnaby North’s detached market remained favour- able to sellers. The benchmark price in February was $1.57M, 1.7% above January and 11% above February 2020. The average sold price was $1.86M, up 9% from the previous month and 1.3% above February 2020.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 111
% Change
TOTAL LISTINGS
72 34
77 22
-6% 55% 65%
-35% 48% 128%
TOTAL SALES
23
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
47%
29%
21%
$1,572,500 $1,546,200 1.7% $1,418,900
11%
$1,862,295 $1,704,836
9% $1,838,826 1.3%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.57
$1.54
$1.50
$1.49
$1.48
$1.47
$1.42
2.04
2.04
1.95
151
144
1.22
1.22
120
1.19
111
105
88
72
58
45
45
34
31
23
14
Feb-20
Jan-21
Feb-21
TOTAL LISTINGS & SALES BY PRICE RANGE ›
SALES
TOTAL INVENTORY
S L RATIO
SELLER'S MARKET
BALANCED
BUYER'S MARKET
. . . 0 0 0 0 0 QD QD QD
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
TOWNHOME FEBRUARY burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 6 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
29 % UP
38 % UP
10 % UP
46 % UP
SELLER’S 36 %
The number of townhome listings in Burnaby North increased 43% from last month, settling at 53, and was up 10% vs February 2020. Townhome sales, at 19, were 36% above last month and 46% above February 2020. The sales-to-listings ratio decreased to 36% in February, as Burnaby North’s townhome segment remained in a seller’s market. The benchmark price in February was up 1.4% month-over-month, to $769,400, and was 6% above February 2020. The average sold price was $834,579 in February, (6% above January) while the average PSF sales price was $610 (increasing 6%).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
53 19
37 14
43% 36% -5%
48 13
10% 46% 32% 38% 29% 6%
TOTAL SALES
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
36%
38%
27%
$769,400 $759,000 $834,579 $783,979
1.4% $727,900 6% $605,470
$610
$577
6%
$474
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$769,400
$727,900 $727,900 $734,600 $732,500 $746,400 $751,000
59
59
58
56
53
48
32
27
22
13
12
26
19
4
BURNABY NORTH REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
1
4+ bdrms
6
SELLER'S MARKET
BALANCED
9
3 bdrms
BUYER'S MARKET
19
9
<3 bdrms
. . . . 0 0 0 0 QD QD QD
28
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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
CONDO FEBRUARY burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE 2 % UP
BENCHMARK PRICE 3 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
4 % UP
50 % UP
141 % UP
SELLER’S 42 %
There were 310 condo listings in Burnaby North in February, 11% below January but 50% higher vs February 2020. February condo sales increased by 35% month- over-month, to 130, and were 141% above February 2020. The sales-to-listings ratio for condos in Burnaby North, at 42%, remained favourable to sellers. The condo benchmark price in February was $629,600, a 1.6% increase from January and 3% above February 2020. The average sold price was $623,128, 4% above last month; the average PSF sales price was $754, up 3% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 348
% Change
No. 207
% Change
TOTAL LISTINGS
310 130 42%
-11% 35% 52%
50%
TOTAL SALES
96
54
141%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
28%
26%
61%
$629,600 $619,800 $623,128 $597,449
1.6% $613,000 4% $599,829
3% 4% 2%
$754
$735
3%
$738
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$613,000 $618,600 $605,500 $614,400 $614,800 $617,700 $629,600
434
425
349
310
305
276
207
130
103
96
92
63
54
19
BURNABY NORTH REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
5
3+ bdrms
BUYER'S MARKET
30
81
2 bdrms
200
44
<2 bdrms
. . . . 0 0 0 0 QD QD
80
S-L RATIO SALES INVENTORY
Copyright © 2021 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 March 3, 2021. 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.
16
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