the vancouver rennie review | July 2024

DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION the vancouver rennie review

published July 2024

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 47 51 52 56 58

Vancouver Region

Greater Vancouver Board Area Fraser Valley Board Area

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Burnaby North Burnaby South

rmelzer@rennie.com

Coquitlam

Langley

North Delta

New Westminster North Vancouver

Port Moody Richmond

Squamish

Surrey

Vancouver East

Vancouver Downtown

Vancouver West West Vancouver

Whistler

63 AREA MAPS

66 GLOSSARY

68 CURRENT PROJECTS

2 Copyright © 2024 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 July 8, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

one interest rate cut didn’t get buyers off their butts Buyers did not jump back into the market following the Bank of Canada’s first interest rate cut in early June, with May-to-June sales declining by much more than their historical average. Listing activity, however, remained strong.

Even with buyers on hold, pockets of the market continued to remain active in June. For example, West Vancouver (+12%), Burnaby North (+6%), and Burnaby South (+4%) were among the handful of sub-markets that actually saw sales increase between May and June. Beyond that, many sub-markets, especially those that lean more affordable, continued to be sellers’ markets (i.e., there was less than 5 months of inventory (MOI)). Those include Pitt Meadows (3.7), New Westminster (3.8), and Port Moody (4.0), among others. And what about that surging condo inventory? Well, even the condo market remained a sellers’ market (albeit barely) with an MOI of 4.9 versus an overall MOI of 5.7 across the Vancouver Region. While pockets of the market continue to get by, it will take a few more interest rate cuts for sales activity to really gain traction more broadly. As it stands, most economic data continues to present a strong argument for additional cuts in the near-term. The next inflation data release on July 16th will give a clearer indication as to whether that next cut will be at the Bank’s July 24th meeting or later on September 4th.

It’s been a few weeks since the Bank of Canada’s first 25-basis-point interest rate cut and so far it appears that the arrival of lower rates has done little to stimulate housing demand. To be fair, one small reduction in the Bank’s key policy rate (which still remains elevated, at 4.75%) was never on its own going to bring much in terms of savings (or increased purchasing power) to homebuyers. Some thought that buyers might see it as a firm signal that inflation was under control and that further interest rate cuts were near, giving them more confidence to re- engage with the market. Instead, it appears that buyers are comfortable staying on the sidelines until those pending interest rate cuts actually manifest themselves. There were 3,659 MLS sales in the Vancouver Region in June, a decline of 12% month-over- month, which was about four times greater than the typical May-to-June decline of 3%. A few sub-markets saw month-to-month sales

activity fall even further, including Maple Ridge (-25%), Vancouver East (-17%), and Coquitlam (-17%). All told, sales across the region were 27% below the prior 10-year June average (of 5,009 sales), with detached activity the furthest below average (-43%), followed by townhomes (-26%) and condos (-16%). In contrast, sellers remained strongly engaged in June, with 8,927 new MLS listings hitting the market. This pushed active MLS listings to 20,738 at month-end, which was 21% above the prior 10-year June average (of 17,187) and the highest level since July 2019 (21,109 listings). Of note, however, is that the inventory story is not consistent across home types. A combination of government policies and economic factors have especially challenged investor-owners, pushing active condo listings to 34% above their prior 10- year June average versus 19% for townhomes and 8% for detached homes.

3 Copyright © 2024 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 July 8, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listings System, and 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.

featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM

8x On The Park

House For Sale

Calisto

$7,988,000 | DOWNTOWN 3401 - 1111 Richards Street 3 Bed, 3,374 SF

$6,498,000 | VAN WEST

$12,980,000 | COAL HARBOUR PH3501 - 1281 W. Cordova Street 4 Bed, 5,354 SF

2596 W 14th Avenue 8 bed, 3,344 SF Brandon Price PREC* 604.765.9555

Natalie Genest PREC* 604.928.7330

Danny Chow PREC* 604.765.2469

House For Sale

House for Sale

The Erickson

$4,980,000 | WEST VAN

$2,799,900 | LANGLEY

$5,898,000 | YALETOWN 1002 - 1560 Homer Mews 3 Bed, 2,067 SF

3047 Spencer Close 5 Bed, 5,426 SF Geoff Taylor PREC* 604.908.0800

24645 50 Avenue 3 Bed, 1,667 SF

Clarke Mallory PREC* 604.316.9917

Flora Shi 604.720.6808

House For Sale

Kits 360

$1,499,000 | FAIRVIEW

$1,724,900 | COQUITLAM

$2,798,000 | BURNABY NORTH

1782 W. 6th Avenue 2 Bed, 1,198 SF

1342 Cimarron Drive 3 Bed, 3,039 SF Jordan Wong PREC* 778.378.6888

4451 Union Street 6 Bed, 2,874 SF Andy Mah PREC* 604.779.9382

Derek Kai PREC* 604.868.1666

Townhome For Sale $1,498,000 | NORTH VAN 617 Mahon Avenue 4 Bed, 1,914 SF Brandon Favaro 604.839.8121

Platform

House For Sale $1,425,000 | SURREY

$1,260,000 | PORT MOODY

18348 63a Avenue 5 Bed, 1,995 SF

6 - 83 Moody Street 3 Bed, 1,410 SF Daniel O’Hearn PREC* 778.384.2665

Lorenzo Daminato PREC* 604.657.8121

Triomphe $749,000 | BURNABY NORTH 2501 - 1888 Gilmore Avenue 1 Bed, 750 SF Shaz Karim PREC* 604.649.1494

SEAandSKY

Compass

$759,000 | SURREY 122 - 18777 68a Avenue 2 Bed, 1,202 SF Brandon Blue PREC* 604.999.7792

$1,089,000 | SQUAMISH

38066 Keel Way 2 Bed, 1,162 SF Katie McLachlan 604.213.0833

Firenze

Terminus

Stratus

$718,000 | DOWNTOWN 907 - 58 Keefer Place 1 Bed, 638 SF

$693,888 | DOWNTOWN 207 - 36 Water Street 1 Bed, 662 SF Caylee Sampson PREC* 604.353.2816

$679,000 | BURNABY NORTH

501 - 2008 Rosser Avenue 1 Bed, 649 SF

Jason Huynh 778.238.3383

Jason Lai PREC* 778.996.1788

Copyright © 2024 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 July 8, 2024. All data from Greater Vancouver REALTORS®, Fraser Valley Real Estate Board, Whistler Listing System, and 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.

vancouver region DETACHED - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 4% VS 2023

▲ 0.6% VS 2023

▲ 37% VS 2023

▼ 26% VS 2023

There were 9,028 detached listings in the Vancouver Region in June, 5% above May and 37% higher than June 2023. June detached home sales decreased by 17% month-over-month, to 1,158, and were 26% below June 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 13%, reflected a balanced market.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

1,158 9,028

1,561 6,611

4% 0.6% -46% -26% 37%

1,393 8,565

1.7% -0.9% -21% -17% 5%

The detached median price in June was $1,700,000, a 0.9% decrease from May and 0.6% above June 2023.

$2,041,625 $1,700,000 13%

$2,008,297 $1,715,000 16%

$1,962,567 $1,690,000 24%

The average sold price was $2,041,625, 1.7% above last month and up 4% to June 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

8,565

9,028

7,850

7,567

7,494

6,868

6,810

1.86

1.85

6,611

6,950

6,508

5,798

5,570

5,215

1.41

1.39

1,474

1,292 1,393

1,561

986

911

809

712

651

1,158

1,101

993

903

$1.73M $1.72M $1.70M

$1.69M

$1.70M $1.71M $1.73M

$1.61M $1.53M

$1.60M $1.66M $1.69M

$1.45M

23-Jun

24-May

24-Jun

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

2,500

2,000

1,500

1,000

29%

21%

15%

14%

500

12%

10%

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

474 70 15%

477 139 29%

1,108 233 21%

2,272 320 14%

1,299 156 12%

1,004 98 10%

1,070 83 8%

498 27 5%

281 17 6%

545 15 3%

vancouver region TOWNHOME - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.5% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.5% VS 2023

▲ 0.8% VS 2023

▲ 59% VS 2023

▼ 25% VS 2023

There were 2,916 townhome listings in the Vancouver Region in June, 5% above May and 59% higher than June 2023. June townhome sales decreased by 12% month-over-month, to 713, and were 25% below June 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 24%, reflected a sellers' market. The townhome median price in June was $922,500, a 0.1% increase from May and 0.8% above June 2023. The average sold price was $1,018,952, 0.3% above last month; the average PSF sale price was $674, up 0.4% to last month.

THIS MONTH No. $674 $1,018,952 $922,500 24% 713 2,916

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$664 $1,004,007 $915,000 52% 947 1,838

1.5% 1.5% 0.8% -53% -25% 59%

$671 $1,015,414 $921,161 29% 808 2,783

0.4% 0.3% 0.1% -16% -12% 5%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,783

2,916

2,463

2,148

2,084

1,997

1,883

1,858

2,027

1,838

1,879

1,587

1,543

858 808

783

947

713

481

767

669

600

580

518

452

364

$950K

$938K

$935K

$923K

$915K

$920K

$910K

$920K

$910K

$921K

$900K

$889K

Vancouver Region

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,000

132

4+ bdrms

800

648

600

393

3 bdrms

1,546

400

31%

27%

26%

180

22% 24%

2 bdrms

17%

200

671

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

118 31 26%

526 161 31%

913 247 27%

524 117 22%

405 97 24%

283 49 17%

70 5 7%

77 6 8%

vancouver region CONDO - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 21% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 0.3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 2% VS 2023

▲ 1.1% VS 2023

▲ 54% VS 2023

▼ 23% VS 2023

There were 8,004 condo listings in the Vancouver Region in June, 4% above May and 54% higher than June 2023.

June condo sales decreased by 8% month-over-month, to 1,645, and were 23% below June 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Vancouver Region, at 21%, reflected a balanced market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

1,645 8,004

2,140 5,184

-0.3% 2% 1.1% -50% -23% 54%

1,785 7,732

0% -0.3% 0.3% -11% -8% 4%

The condo median price in June was $673,000, a 0.3% increase from May and 1.1% above June 2023. The average sold price was $761,323, 0.3% below last month; the average PSF sale price was $884, up 0.0% to last month.

$884 $761,323 $673,000 21%

$886 $744,853 $665,450 41%

$884 $763,927 $671,000 23%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

8,004

7,103

7,732

6,238

6,048

5,966

5,387

6,037

5,184

5,456

5,248

4,851

4,758

1,880

1,785

1,690

2,140

1,517

1,363

1,645

1,742

1,618

1,329

1,142

1,060

999

$678K

$670K

$671K

$673K

$665K

$662K

$650K

$652K

$650K

$645K

$630K

Vancouver Region

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

2,500

64 6

4+ bdrms

2,000

1,500

3 bdrms

769

1,000

25% 25%

924

19% 18%

2 bdrms

500

4,285

622

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

<2 bdrms

S-L RATIO SALES INVENTORY

2,312 571 25%

2,335 593 25%

1,394 262 19%

664 118 18%

447 40 9%

419 34 8%

134 12 9%

299 15 5%

2,886

greater vancouver board area DETACHED - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 9% VS 2023

▲ 5% VS 2023

▲ 37% VS 2023

▼ 17% VS 2023

There were 5,344 detached listings in the Greater Vancouver board area in June, 5% above May and 37% higher than June 2023. June detached home sales decreased by 18% month-over-month, to 681, and were 17% below June 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 13%, reflected a balanced market. The detached median price in June was $1,970,000, a 0% change from May and 5% above June 2023.

THIS MONTH No. $2,378,951 $1,970,000 13% 681 5,344

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$2,180,869 $1,880,000 21% 821 3,887

-40% -17% 37%

$2,255,131 $1,970,000 16% 829 5,103

-22% -18% 5%

The average sold price was $2,378,951, 5% above last month and up 9% to June 2023.

5% 0%

9% 5%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,103

5,344

4,672

4,432

4,348

4,016

3,949

1.84

1.79

3,887

1.72

4,005

3,866

3,502

3,294

1.53

1.51

3,186

1.49

1,043

829

795

567

556

504

821

383

368

681

651

580

545

$1.93M $1.92M $1.94M $1.97M $1.97M

$1.91M $1.86M $1.93M $1.88M $1.80M $1.81M

$1.88M

$1.41M

23-Jun

24-May

24-Jun

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,200

1,000

800

600

400

24%

22%

16%

15%

12%

10%

200

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

309 32 10%

181 44 24%

408 88 22%

1,154 188 16%

816 125 15%

662 82 12%

801 66 8%

384 26 7%

205 15 7%

424 15 4%

greater vancouver board area TOWNHOME - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 23% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 0.7% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 3% VS 2023

▲ 1.3% VS 2023

▲ 56% VS 2023

▼ 21% VS 2023

There were 1,604 townhome listings in the Greater Vancouver board area in June, 4% above May and 56% higher than June 2023. June townhome sales decreased by 15% month-over-month, to 371, and were 21% below June 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 23%, reflected a sellers' market. The townhome median price in June was $1,104,999, a 2% increase from May and 1.3% above June 2023. The average sold price was $1,178,774, 3% above last month; the average PSF sale price was $793, up 2% to last month.

THIS MONTH No. $793 $1,178,774 $1,104,999 23% 371 1,604

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$788 $1,148,232 $1,091,250 46% 470 1,028

0.7% 3% 1.3% -49% -21% 56%

$775 $1,141,480 $1,080,000 28% 439 1,541

-19% -15% 4%

2% 3% 2%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,604

1,395

1,541

1,218

1,173

1,116

1,031

1,035

1,148

1,028

1,020

876

863

455

439

399

470

351

319

298

371

267

391

302

220

179

$1.09M $1.09M $1.07M $1.10M $1.05M $1.05M $1.05M $1.07M $1.08M $1.10M $1.09M $1.08M $1.10M

REBGV

FVREB

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

350

4+ bdrms

300

266

250

220

200

3 bdrms

888

150

33%

26%

24% 26%

100

2 bdrms

17%

408

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

51 4 8%

176 45 26%

310 102 33%

314 76 24%

341 87 26%

271 47 17%

65 4 6%

76 6 8%

greater vancouver board area CONDO - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 21% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.6% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.5% VS 2023

▲ 55% VS 2023

▼ 0.1% VS 2023

▼ 21% VS 2023

There were 6,080 condo listings in the Greater Vancouver board area in June, 3% above May and 55% higher than June 2023. June condo sales decreased by 7% month-over-month, to 1,249, and were 21% below June 2023. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 21%, reflected a balanced market. The condo median price in June was $725,000, a 0.4% decrease from May and 0.1% below June 2023. The average sold price was $818,768, 1.5% below last month; the average PSF sale price was $950, down 0.6% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

1,249 6,080

1,573 3,913

-1.6% 0.5% -0.1% -49% -21% 55%

1,338 5,875

-0.6% -1.5% -0.4% -10% -7% 3%

$950 $818,768 $725,000 21%

$966 $814,524 $725,724 40%

$956 $831,618 $727,750 23%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

6,080

5,377

5,875

4,772

4,593

4,556

4,102

4,612

3,913

4,153

3,909

3,672

3,593

1,426

1,276

1,573

1,095

1,044

1,249

1,338

1,284

1,210

986

853

752

721

$735K

$726K

$725K

$730K

$728K

$725K

$721K

$717K

$720K

$711K

$706K

$690K

REBGV

FVREB

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

4+ bdrms

1,500

1,000

3 bdrms

669

28% 27%

659

500

19% 17%

2 bdrms

3,171

509

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

<2 bdrms

S-L RATIO SALES INVENTORY

1,130 313 28%

1,756 480 27%

1,290 247 19%

639 111 17%

429 39 9%

410 33 8%

132 12 9%

294 14 5%

2,179

fraser valley board area DETACHED - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 35% VS 2023

▼ 9% VS 2023

▼ 6% VS 2023

▼ 36% VS 2023

There were 3,684 detached listings in the Fraser Valley board area in June, 6% above May and 35% higher than June 2023. June detached home sales decreased by 15% month-over-month, to 477, and were 36% below June 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 13%, reflected a balanced market.

THIS MONTH No. $1,560,033 $1,435,000 13% 477 3,684

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,720,371 $1,520,000 27% 740 2,724

-52% -36% 35%

$1,645,485 $1,495,000 16% 564 3,462

-21% -15% 6%

The detached median price in June was $1,435,000, a 4% decrease from May and 6% below June 2023.

The average sold price was $1,560,033, 5% below last month and down 9% to June 2023.

-5% -4%

-9% -6%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,462

3,684

3,178

3,135 3,146

2,861

2,852

1.79

1.76

2,724

1.73

2,945

2,642

1.62

1.56

2,296

2,276

1.48

2,029

564

740

430

413

344

329

305

283

477

497

450

431

358

$1.52M $1.48M $1.48M $1.48M $1.42M

$1.45M $1.45M $1.49M $1.50M $1.50M $1.44M

$1.38M $1.30M

23-Jun

24-May

24-Jun

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,200

1,000

800

600

32%

400

23%

21%

12%

200

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

165 38 23%

296 95 32%

700 145 21%

1,118 132 12%

483 31 6%

342 16 5%

269 17 6%

114 1 1%

76 2 3%

121 0 n/a

fraser valley board area TOWNHOME - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 26% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 0.4% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 62% VS 2023

▼ 1.9% VS 2023

▼ 3% VS 2023

▼ 28% VS 2023

There were 1,312 townhome listings in the Fraser Valley board area in June, 6% above May and 62% higher than June 2023. June townhome sales decreased by 7% month-over-month, to 342, and were 28% below June 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 26%, reflected a sellers' market. The townhome median price in June was $830,000, a 2% decrease from May and 3% below June 2023. The average sold price was $845,578, 2% below last month; the average PSF sale price was $544, down 0.5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 477 810

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$544 $845,578 $830,000 26% 342 1,312

0.4% -1.9% -3% -56% -28% 62%

$547 $865,433 $850,000 30% 369 1,242

-0.5% -2% -2% -12% -7% 6%

$542 $861,899 $851,300 59%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,242

1,312

1,068

930

911

881

852

823

810

879

859

711

680

403

477

384

278

342

376

214

369

318

281

232

220

185

$866K

$851K

$855K

$849K

$842K

$850K

$832K

$830K

$825K

$824K

$823K

FVREB

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

600

4+ bdrms

382

500

400

173

3 bdrms

658

300

40%

33%

200

24%

20%

2 bdrms

16% 17%

263

100

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

67 27 40%

350 116 33%

603 145 24%

210 41 20%

64 10 16%

12 2 17%

5 1 20%

1 0 n/a

fraser valley board area CONDO - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 21% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.4% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 5% VS 2023

▲ 6% VS 2023

▲ 51% VS 2023

▼ 30% VS 2023

There were 1,924 condo listings in the Fraser Valley board area in June, 4% above May and 51% higher than June 2023. June condo sales decreased by 11% month-over-month, to 396, and were 30% below June 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Fraser Valley board area, at 21%, reflected a balanced market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$676 $580,141 $559,950 21% 396 1,924

$666 $551,569 $527,000 45% 567 1,271

1.4% 5% 6% -54% -30% 51%

$668 $561,310 $545,000 24% 447 1,857

1.1% 3% 3% -14% -11% 4%

The condo median price in June was $559,950, a 3% increase from May and 6% above June 2023. The average sold price was $580,141, 3% above last month; the average PSF sale price was $676, up 1.1% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,924

1,726

1,857

1,466

1,455

1,410

1,425

1,271

1,339

1,303

1,285

1,179

1,165

454

567

447

422

414

396

458

408

343

319

308

289

278

$560K

$550K

$545K

$538K

$540K

$530K

$531K

$527K

$525K

$514K

FVREB

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

1,200

3 1

4+ bdrms

1,000

800

3 bdrms

600

100

28%

400

22% 20%

265

20%

2 bdrms

14%

11%

1,114

200

113

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

<2 bdrms

S-L RATIO SALES INVENTORY

1,182 258 22%

579 113 20%

104 15 14%

25 7 28%

18 1 6%

9 1 11%

2 0 n/a

5 1 20%

707

burnaby north DETACHED - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 23% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 12% VS 2023

▲ 21% VS 2023

▲ 49% VS 2023

▲ 36% VS 2023

There were 130 detached listings in Burnaby North in June, no change to May and 49% higher than June 2023. June detached home sales decreased by 17% month-over-month, to 30, and were 36% above June 2023. The sales-to-listing ratio for detached in Burnaby North, at 23%, reflected a sellers' market.

THIS MONTH No. $2,478,183 $2,482,500 23% 30 130

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE

22 87

12% 21% -9% 36% 49%

$2,339,156 $2,182,500 28% 36 130

6% 14% -17% -17% 0%

The detached median price in June was $2,482,500, a 14% increase from May and 21% above June 2023.

$2,206,718 $2,053,160 25%

The average sold price was $2,478,183, 6% above last month and up 12% to June 2023.

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

130

114

130

107

104

2.61

104

2.47

2.48

1.38

1.32

1.14

$2.48M

$2.21M $2.22M $2.18M $2.14M $2.03M

$2.05M

$1.95M $2.07M

$1.89M $1.99M $1.93M

$1.85M

23-Jun

24-May

24-Jun

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

67%

33%

18%

<$1M

$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M

$6.0M+

S-L RATIO SALES INVENTORY

18 12 67%

39 3 8%

24 8 33%

40 7 18%

5 0 n/a

1 0 n/a

3 0 n/a

burnaby north TOWNHOME - JUNE 2 0 2 4

SALES TO LISTINGS RATIO 37% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 3% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 10% VS 2023

▲ 14% VS 2023

▲ 74% VS 2023

▼ 5% VS 2023

There were 54 townhome listings in Burnaby North in June, 1.8% below May and 74% higher than June 2023.

June townhome sales decreased by 5% month-over-month, to 20, and were 5% below June 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for townhomes in Burnaby North, at 37%, reflected a sellers' market.

TOTAL INVENTORY TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

20 54

21 31

3% 10% 14% -45% -5% 74%

21 55

-11% -1.9% 8% -3% -5% -1.8%

The townhome median price in June was $950,000, a 8% increase from May and 14% above June 2023. The average sold price was $941,640, 1.9% below last month; the average PSF sale price was $657, down 11% to last month.

$657 $941,640 $950,000 37%

$639 $853,562 $830,000 68%

$742 $960,162 $880,000 38%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● JUN 2023 ● JUN 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

$950K

$915K

$890K

$879K

$880K

$870K

$852K

$830K

$810K

$765K

$743K

$727K

BURNABY NORTH

REBGV

▶ NUMBER OF BEDROOMS

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY

● SALES ● TOTAL INVENTORY ● S-L RATIO

4+ bdrms

53%

3 bdrms

46%

33%

25%

2 bdrms

14%

<2 bdrms

<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+

S-L RATIO SALES INVENTORY

3 1 33%

13 6 46%

16 4 25%

15 8 53%

7 1 14%

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