the rennie review - March 2021

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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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

SL 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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