the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published September 2022
table of contents
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.
2 INTRO
3 SALES
4 TOTAL LISTINGS
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
5 PRICES
6 RENNIE INTELLIGENCE
highlights • N ovem berm arked the8th straightm onth ofdecliningsalescountsin theVancouverRegion,with the2,409 salesfalingshortofthe3,000-threshold forthe5th consecutivem onth.Lastm onth was alsothesecond-lowestcountofsalesin anyN ovem berin 20 years(2008 beingtheexception), w ith saleslow erby 39% versusthepast-decadeaverage. • M uch,butnotal,oftheO ctober-to-N ovem berdeclinewasseasonal,with the13% drop-of in salesthisyearcom paring to am oretypical10% decline.M onth-to-m onth townhom esalesfel the m ostam onghom etypes,at20% (to415),com pared toO ctober.Condosalesdropped by12% (to 1,124),whiledetached hom essalesdeclined by11% (to804). • Com pared toN ovem ber2021–when theregion talied m orethan 5,300 (thesecond-highestever recorded)sales,lastm onth’scountswereseverelydepres ed.Townhom essalesweredown the m ost,at57%,versuslastyear,folowed bydetached hom es(55% down)and condos(54% down).
THERENNIEADVANCE sales
NOVEMBER 202
4,000
- 55% vsN ov2021
3,500
3,000
2,500
2,000
1,562 10 yrNovAvg
1,500
1,000
DETACHED sales
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500 804
- 49% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
- 57% vsN ov2021
1,000 1,200 1,400 1,600
730 10 yrNovAvg
200 400 600 800
TOWNHOME sales
415
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0
- 43% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
3,500
- 54% vsN ov2021
3,000
2,500
2,000
1,555 10 yrNovAvg
1,500
1,000
CONDO sales
1,124
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500
- 28% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
Copyright© Decem ber1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • A continued strong labourm arket,elevated listing cancelations,and aslow -flow ofnew listings haskeptalid on inventoryin theVancouverRegion:com pared tothepast10-yearN ovem ber average,lastm onth’slistingscountof13,686 was17% lower. • Com pared to O ctober,N ovem ber’slistingsfel by7%,which ism ainlyin linewith thetypical seasonaldeclineof8%.Townhom eand detached hom elistingsfelby8% (to1,995and 5,944, respectively),whilecondosdeclined by5% (to 5,276).Com pared to ourhistoricaltightm arketlast year,cur enttownhom einventoryis97% higher,detached hom elistingsareup 41%,and condos areup 29%. • In N ovem ber,therewere5.7 m onthsofinventory(M O I),indicating overal balanced conditions. Thedetached hom esegm ent(7.4 M O I)sitsatthehigh end ofbalanced,whileselers’m arket conditionsprevailin thetownhom e(4.8 M O I)and condo(4.7 M O I)segm ents.
THERENNIEADVANCE total listings
NOVEMBER 202
14,000
+ 41% vsN ov2021
12,000
10,000
8,000
7,829 10 yrNovAvg
6,000
5,944
4,000
DETACHED listings
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000
- 24% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
+ 97% vsN ov2021
2,341 10 yrNovAvg
1,995
TOWNHOME listings
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500
- 15% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
12,000
+ 29% vsN ov2021
10,000
8,000
6,000
5,893 10 yrNovAvg
5,276
4,000
CONDO listings
2,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0
- 10% vs10yrN ovAvg
● November ﹍ 10 yrN ovem berAverage
Copyright© Decem ber1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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highlights • TheG reaterVancouverand FraserValeyboard areasexperienced both m onth-over-m onth declinesin m edian sold prices(averaging 3% and 1.9% acros hom etypes,respectively)and year-over-yeardeclines(averaging 4% and 9% ,respectively). • Com pared to O ctober,them edian salespriceofdetached hom esfel in both board areasin N ovem ber— by1.7% in GreaterVancouverand by6% in theFraserValey.Townhom em edian pricesdeclined by8% in G reaterVancouver,butroseby4% in theFraserValey.M edian condo pricesroseby0.4% in G reaterVancouver,and fel by3% in theFraserValey. • Com pared to lastyear,detached hom eand townhom em edian priceswerelowerin G reater Vancouver(by9% and 5%,respectively)aswel asin theFraserValey(by5% and 3%, respectively).Condo priceswerehigherin G reaterVancouverby1.9%,butwerelowerby4% in theFraserValey.
THERENNIEADVANCE median prices
NOVEMBER 202
$2,000,000
- 9% vsN ov2021 Greater Vancouver
$1,600,000
$1.69M
$1,200,000
$1.24M
$800,000
DETACHED median salesprice
FraserValey
$400,000
- 20% vsN ov2021
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● November
$1,200,000
Greater Vancouver
$1,000,000
$948,000 $798,000
- 5% vsN ov2021
$800,000
$600,000
$400,000
TOWNHOME median salesprice
FraserValey
$200,000
- 3% vsN ov2021
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● November
$1,000,000
+ 1.9% vsN ov2021 Greater Vancouver
$800,000
$680,000
$600,000
$490,000
$400,000
CONDO median salesprice
FraserValey
$200,000
- 4% vsN ov2021
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0
━ G reaterVancouver ━ FraserValey
● November
Copyright© Decem ber1,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.
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the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
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