the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published October 2023
The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
table of contents
02 INTRO
03 SALES
04 NEW LISTINGS
05 INVENTORY
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
06 MEDIAN PRICES
07 RENNIE INTELLIGENCE
Copyright © of October 3, 2023 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 October 3, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
THE RENNIE ADVANCE sales
highlights • The Vancouver Region tallied 2,918 MLS sales in September, which was down 17% from August’s 3,500 sales and was the lowest monthly total since February. This was a much steeper dropoff than the typical August-to-September decline in sales (of 3%), with the region’s sales sitting 27% below the long-run September average. • Compared to August, September’s detached home sales were down by 41% (to 935), townhome sales were down by 22% (to 581), and condo sales were down by 16% (to 1,333). • In spite of the drop off in sales last month, September’s sales for all home types were still higher compared to last year’s historically low count: by 9% for detached homes, by 24% for townhomes, and by 14% for condos.
SEPTEMBER 2023
1,000 1,500 2,000 2,500 3,000 3,500 4,000
+ 9% vs Sep 2022
1,597 10 yr Sep Avg
DETACHED sales
935
0 500
- 41% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
1,000 1,200 1,400 1,600
+ 24% vs Sep 2022
0 200 400 600 800
743 10 yr Sep Avg
581
TOWNHOME sales
- 22% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
3,500
+ 14% vs Sep 2022
3,000
2,500
2,000
1,593 10 yr Sep Avg
1,500
1,000
1,333
CONDO sales
0 500
- 16% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 3, 2023 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 October 3, 2023. 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.
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3
THE RENNIE ADVANCE new listings
highlights • There were 8,005 new MLS listings last month, which was a 28% increase compared to August. This is over and above the typical August-to-September increase of 18%, with last month’s new listings coming in at 5% more than the past-decade September average (of 7,639), and 24% higher than one year ago. • On a month-over-month basis, new listings for all home types were higher: detached listings were up by 27% (to 3,046), townhome listings were up by 26% (to 1,568) and condo listings were up 31% (to 3,391). • September’s new listings were up on a year-over-year basis for all home types as well, with detached listings 28% higher than last September, while townhome and condo listings were 20% and 23% higher, respectively.
SEPTEMBER 2023
7,000
+ 28% vs Sep 2022
6,000
5,000
4,000
3,242 10 yr Sep Avg
3,000
3,046
2,000
DETACHED new listings
0 1,000
- 6% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
+ 16% vs Sep 2022
2,500
2,000
1,500
1,260 10 yr Sep Avg
1,305
1,000
TOWNHOME new listings
500
0
+ 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
5,000
+ 22.8% vs Sep 2022
4,000
3,000
3,391
2,954 10 yr Sep Avg
2,000
CONDO new listings
1,000
0
+ 15% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 3, 2023 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 October 3, 2023. 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.
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4
THE RENNIE ADVANCE
highlights • There were 16,338 active MLS listings last month—the highest of any month since October 2020. Compared to August, inventory increased substantially in September (by 11%), which was much more than the typical 1.2% increase. Total listings at the end of last month, however, were still 9% below the past-decade September average (of 17,865), though they were 9% higher than one year ago. • On a month-over-month basis, inventory for all home types was higher: detached inventory was up by 9%, townhome inventory by 11%, and condo inventory by 14%. On a year-over-year basis, detached and condo inventory were higher by 13% and 9%, respectively, while townhome inventory was 7% lower. • The overall market moved into balanced territory in September, with 5.6 months of inventory (MOI). The townhome and condo markets still favoured sellers, with MOIs of 3.6 and 4.5, respectively, while the detached market favoured buyers, with an MOI of 8.3. All home types saw an expansion of MOI in September versus August.
inventory
SEPTEMBER 2023
14,000
+ 13% vs Sep 2022
12,000
10,000
8,000
8,629 10 yr Sep Avg
7,737
6,000
4,000
DETACHED inventory
0 2,000
- 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
- 7% vs Sep 2022
2,552 10 yr Sep Avg
2,081
TOWNHOME inventory
0 500
+ 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
12,000
+ 8.7% vs Sep 2022
10,000
8,000
6,000
6,235 10 yr Sep Avg
5,980
4,000
CONDO inventory
2,000
0
- 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 3, 2023 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 October 3, 2023. 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.
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5
THE RENNIE ADVANCE median prices
highlights • On a month-over-month basis, the Greater Vancouver board area saw a decrease in median sold prices by 0.4% (on average across home types), while the Fraser Valley experienced a decline of 0.1%. In Greater Vancouver, detached home and condo median prices fell by 2% and 1.1%, respectively, whereas townhome median prices rose by 2%. In the Fraser Valley, detached home and townhome median prices rose by 1.0% and 1.3%, respectively, while condo median prices fell by 3%. • On a year-over-year basis, median sold prices in both the Greater Vancouver and Fraser Valley board areas were higher—respectively, by 10% and 8% (on average across types). In Greater Vancouver, townhome median prices were 14% higher, detached homes were 10% higher, and condos were 6% higher. In the Fraser Valley, detached home median prices were 10% higher, condos were 8% higher, and townhomes were 5% higher.
SEPTEMBER 2023
•
$2,000,000
Greater Vancouver
$1.85M
$1,600,000
+ 10% vs Sep 2022
$1.46M
$1,200,000
$800,000
DETACHED median sales price
Fraser Valley
$400,000
+ 10% vs Sep 2022
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● September
$1,200,000
Greater Vancouver
$1,163,500
$1,000,000
+ 14% vs Sep 2022
$800,000
$845,000
$600,000
$400,000
TOWNHOME median sales price
Fraser Valley
$200,000
$0
+ 8% vs Sep 2022
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● September
$1,000,000
Greater Vancouver
$800,000
+ 6% vs Sep 2022
$711,800
$600,000
$525,000
$400,000
CONDO median sales price
Fraser Valley
$200,000
+ 5% vs Sep 2022
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● September
Copyright © October 3, 2023 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 October 3, 2023. 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.
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The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we 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 help them achieve their goals. the data behind rennie
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
Copyright © of October 3, 2023 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 October 3, 2023. 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
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