the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 13 SUB-MARKETS IN THE VANCOUVER REGION
published April 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 April 6, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
8,895 homes sales in March: a new record Buyers’ thirst for housing remains unquenchable throughout the Vancouver Region and across all home types. Supply is not responding fast enough, pushing prices up at a rate last seen in 2016.
sales were slightly below their respective all- time monthly highs. In Greater Vancouver, the 2,698 condo sales set a monthly record by a margin of 20%, while the 896 townhome transactions were an all-time high by a whopping 30% (the 1,973 detached sales were 8% below March 2016’s high). While inventory in the Vancouver Region has expanded by 9% between February and March 2021, it did so after contracting during the previous month (by 3%); in short, supply has not been keeping up with demand. Unsustainable price increases have been the predictable result, with tales of multiple offers in the dozens and sold prices exceeding list prices by hundreds of thousands of dollars being supported by market-wide aggregate price data. Leading the way have been detached home benchmark prices, up 21% on a year-over- year basis, followed by townhomes up 12% and condos up 4%. Notably, these rates of appreciation are far from the peaks seen in past years, with benchmark detached prices rising by 41% year-over-year in mid-2016, and townhomes rising by 22%, and condos by 31%, in mid-2018. Regardless, almost everyone would welcome more balance in our current market, though when that will be achieved remains to be determined.
As if it were necessary to begin by noting the record number of homes that transacted in the Vancouver Region in March 2021, with all of the reporting on this topic that has occurred in the first week of April, we hereby acknowledge last month’s incredible 8,895 sales. This new all-time monthly record for this region wasn’t just barely set, it trounced the previous high of 8,035 from March 2016 by 860, a margin of 11%. Based on previous months’ data and anecdotes from the marketplace, it’s not much of a surprise that were more detached homes sold in March (3,527) than each of the other products (1,668 townhomes and 3,509 condos; note that the board-published sales data for home types does not sum to the grand total, as some properties that transacted are not included in the standard trifecta of home type definitions).
What might catch some people by surprise, however, is that the detached sales total wasn’t an all-time record, as it was 9% below the record set back in March 2016. Instead, it was each of the townhome segment and the condo segment—yes, condos, the home type that some thought was dead following the advent of Covid-19—that set all-time records. Each of the board areas that the Vancouver Region comprises also experienced record sales counts in March, at 5,720 in Greater Vancouver (10% higher than the previous high) and 3,175 in the Fraser Valley (11% higher than the previous high). In the Fraser Valley, it was the condo segment of the market that was the driving force behind the record number of transactions, with the 811 sales being 19% higher than the previous high from June 2017; March 2021 detached and townhome
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 April 6, 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
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14128 92 Avenue 5 Bed, 2,578 SF Diana Wang PREC* 604.518.8578
House
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Laura Benitez 604.351.2002
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The Carleton
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Jane Chu PREC* 778.886.3303
Reggie Tanzola PREC* 778.917.6889
Disa Lim 604.880.8604
Townhome
Yaletown Park $659,900 | YALETOWN 1209-977 Mainland Street 1 Bed, 500 SF
Townhome
$679,900 | PORT MOODY
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20-50 Panorama Place 2 Bed, 1,031 SF Deanna Lythgo PREC* 778.840.3170
24-1708 King George Boulevard 2 Bed, 1,039 SF
Charlie Kim PREC* 604.767.1531
Sean Gill 778.927.9145
Addition $599,000 | DOWNTOWN 1103-1133 Hornby Street
Kits 360 $569,000 | KITSILANO 312-1777 W 7th Avenue Studio, 478 SF Brandan Price PREC* 604.765.9555
Cora Towers $549,000 | COQUITLAM 805-555 Delestre Avenue 2 Bed, 700 SF
1 Bed, 506 SF Paul Wong 604.716.0483
Ryan O’Hearn 778.384.2667
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 April 6, 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 MARCH vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 21 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
13 % DOWN
21 % UP
-
136 % UP
56 %
The number of detached listings in the Vancouver Region in March, at 6,320, was 24% higher month- over-month but 13% lower year-over-year. The 3,527 detached sales in March were 45% higher vs last month and 136% higher vs last year. The sales-to-listings ratio increased to 56%, as the Vancouver Region’s detached market remained in seller’s market territory. The benchmark price in March was $1.51M, 6% above February and 21% higher vs March 2020. The average sold price was $1.74M, 5% above the previous month and 21% higher vs March 2020.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
6,320 3,527
5,088 2,438
24% 45% 16%
7,224 1,496
-13% 136% 169%
TOTAL SALES
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
56%
48%
21%
$1,508,000 $1,428,300 $1,738,207 $1,648,351
6% $1,243,000 5% $1,440,880
21% 21%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.51
$1.37
$1.33
$1.30
1.97
1.94
$1.27
$1.25
$1.24
1.82
8,105
8,276
1.11
1.09
7,349
7,224
1.03
6,839
6,320
4,969
3,527
2,346
2,126
2,122
1,496
1,498
891
Mar-20
Feb-21
Mar-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 April 6, 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 MARCH vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 12 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
29 % DOWN
17 % UP
18 % UP
111 % UP
SELLER’S 97 %
The number of townhome listings in the Vancouver Region increased 10% from last month, settling at 1,712, but were 29% below March 2020. Townhome sales, at 1,668, were 20% higher vs last month and 111% above March 2020. The sales-to-listings ratio increased to 97% in March, as the Vancouver Region’s townhome seg- ment remained in a seller’s market. The benchmark price in March was 4% above February, at $763,700, and was 12% higher year-over-year. The average sold price was $856,557 in March, (increasing 7% vs February) while the average PSF sales price was $574 (increasing 8%).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,712 1,668
1,563 1,395
10% 20%
2,408
-29% 111% 196%
TOTAL SALES
792 33%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
97%
89%
9%
$763,700 $734,700 $856,557 $798,145
4% $682,000 7% $733,080
12% 17% 18%
$574
$529
8%
$485
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$763,700
$682,000 $686,500 $693,600 $701,000 $705,500 $712,400
3,061
2,985
2,471
2,431
2,408
1,712
1,739
1,189
1,089
1,066
834
792
1,668
486
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
289 306
4+ bdrms
BUYER'S MARKET
951 957
3 bdrms
405
<3 bdrms
. . . . 0 0 0 0
473
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 April 6, 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 MARCH vancouver region
AVERAGE PRICE
AVERAGE PSF PRICE 3 % UP
BENCHMARK PRICE 4 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO 66 %
MARKET SUMMARY ›
9 % DOWN
4 % UP
132 % UP
There were 5,293 condo listings in the Vancouver Region in March, 6% below February and 9% lower vs March 2020. March condo sales increased by 44% month-over- month and were 132% above March 2020. The sales-to-listings ratio for condos in the Vancouver Region increased to 66%, remaining a seller’s market. The condo benchmark price in March was $690,200, increasing 3% from February and 4% higher vs March 2020. The average sold price was $657,509, 5% above last month; the average PSF sales price was $759, up 4% from last month.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
5,293 3,509
5,621 2,431
-6% 44% 53%
5,785 1,512
-9%
TOTAL SALES
132% 154%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
66%
43%
26%
$690,200 $671,800 $657,509 $625,344
3% $661,000 5% $632,406
4% 4% 3%
$759
$733
4%
$734
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$661,000 $657,300 $656,000 $656,600 $651,000 $655,400 $690,200
8,626
7,915
7,790
6,214
5,961
5,785
5,293
3,509
2,078
1,826
1,795
1,563
1,512
836
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
214
3+ bdrms
BUYER'S MARKET
625
2,002
2 bdrms
3,049
1,293
<2 bdrms
. . . . 0 0 0 0
1,619
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 April 6, 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 MARCH greater vancouver board area
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 18 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
12 % DOWN
15 % UP
-
130 % UP
SELLER’S 51 %
Detached listings in the REBGV increased to 3,886 in March, 20% above February but 12% lower vs March 2020. Detached sales, at 1,973, increased 59% compared to February and were 130% higher vs March 2020. The sales-to-listings ratio increased to 51%, as the REBGV detached market remained in seller’s market territory. The detached benchmark price in March was $1.70M, up 5% month-over-month and a 18% increase year-over-year. The average sold price was $1.96M, up 5% from the previous month and 15% higher year-over-year.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
3,886 1,973
3,251 1,240
20% 59% 33%
4,406
-12% 130% 160%
TOTAL SALES
859 19%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
51%
38%
$1,700,200 $1,621,200 $1,958,310 $1,869,275
5% $1,441,500 5% $1,704,592
18% 15%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.70
$1.58
$1.54
$1.51
$1.48
1.95
$1.46
1.93
$1.44
1.82
1.22
1.20
4,979
4,823
1.15
4,406
4,363
4,264
3,886
3,155
1,973
1,319
1,130
1,071
859
750
544
Mar-20
Feb-21
Mar-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 April 6, 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 MARCH
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 10 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
22 % DOWN
15 % UP
15 % UP
119 % UP
SELLER’S 84 %
The number of townhome listings in the REBGV decreased to 1,073 in March, 7% above February but 22% lower year-over-year. Townhome sales in March, at 896, were up 47% vs February and 119% above last year. The sales-to-listings ratio increased to 84% as the REBGV townhome market remained a seller’s market. The townhome benchmark price in March was $872,200, 4% above February and 10% higher than in March 2020. The average sold price was $979,916, with an average PSF sales price of $678 (up 1.6% and 4%, respectively, vs February).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,073
1,000
7%
1,373
-22% 119% 180%
TOTAL SALES
896 84%
609 61%
47% 37%
409 30%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$872,200 $839,800 $979,916 $964,544
4% $790,200 1.6% $855,717
10% 15% 15%
$678
$654
4%
$591
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$872,200
$790,200 $792,700 $797,700 $809,900 $814,800 $815,800
1,679
1,690
1,373
1,369
1,356
1,073
1,003
634
535
534
409
896
374
263
REBGV
FVREB
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
129
4+ bdrms
BUYER'S MARKET
151
520
3 bdrms
599
247
<3 bdrms
. . . . 0 0 0 0
323
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 April 6, 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 MARCH
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 4 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
6 % DOWN
2 % UP
2 % UP
128 % UP
SELLER’S 66 %
The number of condo listings in the REBGV decreased to 4,115 in March, 6% lower month-over- month and year-over-year. At 2,698, condo sales were 53% higher month-over- month and 128% higher year-over-year. The sales-to-listings ratio rose to 66%, as the REBGV condo market remained favourable to sellers. The condo benchmark price in March was $715,800, 3% above February and up 4% compared to March 2020. The average sold price was $715,993 (increasing 3% from February) with an average PSF sales price of $828 (1.3% higher vs February).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
4,115 2,698
4,386 1,765
-6% 53% 63%
4,359 1,181
-6%
TOTAL SALES
128% 142%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
66%
40%
27%
$715,800 $697,500 $715,993 $693,759
3% $690,000 3% $698,925
4% 2% 2%
$828
$817
1.3%
$808
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$690,000 $686,500 $682,500 $683,500 $676,500 $680,800 $715,800
6,687
6,189
5,928
4,584
4,665
4,359
4,115
2,698
1,598
1,402
1,369
1,193
1,181
655
REBGV
FVREB
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
186
3+ bdrms
BUYER'S MARKET
505
1,466
2 bdrms
2,300
1,046
<2 bdrms
. . . . 0 0 0 0
1,310
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 April 6, 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
fraser valley board area
DETACHED MARCH
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 25 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
14 % DOWN
34 % UP
-
144 % UP
64 %
The number of March detached listings in the Fraser Valley board area was 32% higher vs February (at 2,434) but 14% below March 2020. Detached sales increased 30% from February, to 1,554, and were up 144% vs March 2020. The sales-to-listings ratio slightly decreased to 64%, as the board area’s condo market remained in sell- er’s market territory. The benchmark price in March was $1.24M, up 6% vs February and 25% higher year-over-year. The average sold price in March was $1.46M, 3% higher month-over-month and 34% higher year-over-year.
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
2,434 1,554
1,837 1,198
32% 30% -2%
2,818
-14% 144% 182%
TOTAL SALES
637 23%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
64%
65%
$1,237,900 $1,163,400 $1,458,759 $1,419,681
6% $987,800 3% $1,085,263
25% 34%
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$1,237,900
$1,061,500 $1,106,500
1.98
1.94
$987,800 $990,400 $1,008,000 $1,032,700
1.80
3,282
3,297
2,986
2,818
1.34
1.33
2,575
1.26
2,434
1,814
1,055
1,027
992
748
637
1,554
347
Mar-20
Feb-21
Mar-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 April 6, 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
fraser valley board area
TOWNHOME MARCH
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 14 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
22 % UP
38 % DOWN
18 % UP
102 % UP 121 %
The number of townhome listings in the Fraser Valley board area increased to 639 in March, 13% above last month but 38% lower than last year. At 772, townhome sales were down 1.8% vs February but 102% above last year. The sales-to-listings ratio, at 121%, remained favourable market for sellers. The benchmark price in March was $624,500, up 4% from last month and 14% higher vs last year. The average sold price, at $713,384, was 7% higher between February and March while the average PSF sales price was 5% higher (at $453).
VS
VS
VS
VS
VS
SELLER’S
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 563 786
% Change
No.
% Change
TOTAL LISTINGS
639 772
13%
1,035
-38% 102% 226%
TOTAL SALES
-1.8% -13%
383 37%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
121%
140%
$624,500 $600,300 $713,384 $669,218
4% $549,100 7% $602,117
14% 18% 22%
$453
$432
5%
$372
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$624,500
$580,800
$549,100 $555,000 $563,200 $567,300 $570,100
1,371
1,306
1,075
1,102
1,035
736
772
555
555
531
383
639
223
460
FVREB
REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
177
4+ bdrms
138
SELLER'S MARKET
437
BALANCED
3 bdrms
352
BUYER'S MARKET
150 158
<3 bdrms
. . . . 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 April 6, 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 MARCH
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
13 % UP
17 % DOWN
17 % UP
7 % UP
145 % UP
SELLER’S 69 %
There were 1,178 condo listings in the Fraser Valley board area in March, 5% below last month and 17% lower vs March of last year. At 811, condo sales were 22% higher month-over- month and 145% above March 2020. Increasing to 69%, the board area’s condo sales-to- listings ratio reflected seller’s market conditions. The condo benchmark price in March was $465,400, 3% above February and 7% higher vs March 2020. The average sold price was $462,948 (4% above February), while the average PSF sales price was $531 (4% above February).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
1,178
1,235
-5% 22% 28%
1,426
-17% 145% 197%
TOTAL SALES
811 69%
666 54%
331 23%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$465,400 $450,900 $462,948 $444,034
3% $436,900 4% $395,069
7%
17% 13%
$531
$510
4%
$471
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$465,400
$436,900 $433,700 $437,300 $436,900 $435,900 $439,800
1,939
1,862
1,726
1,549
1,377
1,426
1,178
811
480
426
424
370
331
181
FVREB
REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
SELLER'S MARKET
BALANCED
28
3+ bdrms
BUYER'S MARKET
120
536
2 bdrms
749
247
<2 bdrms
. . . . 0 0 0 0 QD
309
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 April 6, 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 MARCH burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE 12 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
22 % UP
-
10 % UP
116 % UP
SELLER’S 55 %
The number of detached listings in Burnaby North in March, at 122, was 58% higher month-over- month and 10% higher year-over-year. With 67 in March, detached sales were 97% above last month and 116% above last year. The sales-to-listings ratio increased to 55%, as Burnaby North’s detached market remained favour- able to sellers. The benchmark price in March was $1.63M, 4% above February and 12% above March 2020. The average sold price was $1.90M, up 1.8% from the previous month and 22% above March 2020.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No. 111
% Change
TOTAL LISTINGS
122
77 34
58% 97% 24%
10%
TOTAL SALES
67
31
116%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
55%
44%
28%
97% 12% 22%
$1,632,500 $1,572,500
4% $1,453,100
$1,895,711 $1,862,295 1.8% $1,558,386
-
-
-
-
-
RATIO OF BENCHMARK PRICES ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
MILLIONS
$1.63
$1.55
$1.52
$1.50
$1.48
$1.47
$1.45
2.10
2.04
2.00
147
142
140
122
1.22
1.22
1.18
112
111
80
67
49
44
36
31
22
16
Mar-20
Feb-21
Mar-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 April 6, 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 MARCH burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE
BENCHMARK PRICE
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
16 % UP
12 % UP
7 % UP
26 % UP
189 % UP
SELLER’S 90 %
The number of townhome listings in Burnaby North increased 1.8% from last month, settling at 58, and was up 26% vs March 2020. Townhome sales, at 52, were 174% above last month and 189% above March 2020. The sales-to-listings ratio increased to 90% in March, as Burnaby North’s townhome segment remained in a seller’s market. The benchmark price in March was up 1.1% month- over-month, to $777,800, and was 7% above March 2020. The average sold price was $787,979 in March, (6% below February) while the average PSF sales price was $626 (increasing 3%).
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No.
% Change
No.
% Change
TOTAL LISTINGS
58 52
57 19
1.8% 174% 169%
46 18
26%
TOTAL SALES
189% 129%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
90%
33%
39%
$777,800 $769,400 $787,979 $834,579
1.1% $728,200 -6% $703,017
7%
12% 16%
$626
$610
3%
$541
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$777,800
$728,200 $719,300 $736,000 $731,900 $742,900 $759,000
67
66
58
58
52
46
38
52
25
22
18
15
14
13
BURNABY NORTH REBGV
TOTAL LISTINGS & SALES BY PRICE RANGE
NUMBER OF BEDROOMS
›
›
SALES
TOTAL INVENTORY
S L RATIO
SALES TOTAL INVENTORY
4
4+ bdrms
SELLER'S MARKET
6
BALANCED
BUYER'S MARKET
22
3 bdrms
27
26
<3 bdrms
. . . . 0 0 0 0 QD QD QD
25
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 April 6, 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 MARCH burnaby north
AVERAGE PRICE
AVERAGE PSF PRICE 9 % UP
BENCHMARK PRICE 3 % UP
TOTAL LISTINGS
SALES
SALES TO LISTING RATIO
MARKET SUMMARY ›
8 % UP
9 % UP
186 % UP
SELLER’S 74 %
There were 274 condo listings in Burnaby North in March, 15% below February but 9% higher vs March 2020. March condo sales increased by 56% month-over- month, to 203, and were 186% above March 2020. The sales-to-listings ratio for condos in Burnaby North, at 74%, remained favourable to sellers. The condo benchmark price in March was $637,300, a 1.2% increase from February and 3% above March 2020. The average sold price was $666,594, 7% above last month; the average PSF sales price was $788, up 5% from last month.
VS
VS
VS
VS
VS
PREVIOUS MONTH
PREVIOUS YEAR
THIS MONTH No.
No. 321 130 40%
% Change
No. 252
% Change
TOTAL LISTINGS
274 203 74%
-15% 56% 83%
9%
TOTAL SALES
71
186% 163%
SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
28%
$637,300 $629,600 $666,594 $623,128
1.2% $616,300 7% $616,499
3% 8% 9%
$788
$754
5%
$720
AVG PRICE PER SQUARE FOOT ›
HISTORICAL TREND
›
SALES
TOTAL INVENTORY
BENCHMARK PRICE
$616,300 $623,500 $610,900 $613,400 $611,100 $619,800 $637,300
429
410
357
351
274
268
252
203
111
96
86
85
71
48
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
18
3+ bdrms
BUYER'S MARKET
21
129
2 bdrms
178
56
<2 bdrms
. . . . 0 0 0 0 QD
75
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 April 6, 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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