the rennie review - August 2020

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 13 SUB-MARKETS IN THE VANCOUVER REGION

published August 2020

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 DATA ANALYST bbehan@rennie.com

Coquitlam

Langley

North Vancouver

Richmond Squamish

Surrey

Vancouver East Vancouver West West Vancouver

46 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 August 7, 2020. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

market tailwinds drive a flurry of buying activity in July While the headlines continue to foment anxiety over the future of our economy, the fine print details myriad factors that are supporting regional housing demand–to the tune of more than 5,000 sales last month.

Resilient, if disconnected, stock market performance that has preserved accumulated wealth: the S&P 500 has re-attained its pre-pandemic high while the NASDAQ has surpassed it. Local pent-up housing demand: as noted in previous columns, the equivalent of 11,000 unrealized sales accumulated in the first 6 months of 2020. A jobs base that has been beaten, yes, but not broken: Metro Vancouver has re-gained almost 120,000 jobs in the past two months. Together, these factors have stabilized the housing market in the face of a widespread, policy-driven economic downturn and are likely to continue to do so in the coming months.

After a strong showing in June, the real estate market in the Vancouver Region surprised many in July as it tallied 5,150 MLS sales, the first time the 5,000-sale threshold had been crossed since June 2017 (a span of 37 months). This was 27% more sales than in June, 31% more than in July 2019, and 21% more than the past-decade average for July. Within the Vancouver Region, the Greater Vancouver board area registered more than 3,000 sales for the first time since June 2017, and the Fraser Valley board area surpassed 2,000 sales for the first time since...you guessed it, June 2017. No matter how you cut it, July was a very active month for residential real estate throughout British Columbia’s southwest corner. In some ways, the sheer number of transactions that have taken place over the past couple of months (including more than 4,000 in June) seems counterintuitive, if not

unsustainable, given the current economic climate. Overall, employment in Metro Vancouver in July was down 10% from its pre-Great Suppression high in February, and 12% below its trend level for the month. The regional unemployment rate, at 11.6%, is almost three times its early-2020 level. In addition to the economic pains being experienced by many in the here and now, there exists much uncertainty about the future path of economic recovery for the region, the province, and the country. While all of the above is true, it is incomplete. Indeed, a more considered view of a few of the governing features of the Vancouver Region’s housing market reveals numerous tailwinds underpinning activity, including the following. The availability of historically cheap money: borrowers can currently lock in at 2.14%– and in some cases even lower–for five years.

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Studio 10

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2 Bed, 1,131 SF Linda Kang 604.787.5923

Sarah Reimer 778.968.5247

Randy Rinaldo 604.781.4995

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 August 7, 2020. 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.

DETACHED JULY vancouver region

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 5 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

29 % DOWN

8 % UP

43 % UP

SELLER’S 27 %

The number of detached listings in the Vancouver Region in July, at 7,797, were 0.7% higher month- over-month but 29% lower year-over-year. The 2,128 detached sales in July were 33% above last month and 43% higher vs last year. The sales-to-listings ratio increased to 27%, as the Vancouver Region’s detached market remained in seller’s market territory. The benchmark price in July was $1.27M, 1.1% above June and 5% higher vs July 2019. The average sold price was $1.38M, relatively unchanged from the previous month and 8% above July 2019.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

7,797 2,128

7,744 1,602

0.7% 10,917

-29% 43% 101%

TOTAL SALES

33% 32%

1,483

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

27%

21%

14%

$1,272,200 $1,258,100 1.1% $1,209,000 $1,381,805 $1,381,888 0.0% $1,274,397

5% 8%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

MILLIONS

$1.27

$1.25

$1.24

$1.22

$1.21

1.83

1.80

10,917

10,258

8,663

1.06

1.05

7,797

7,334

7,212

6,670

2,128

1,496

1,483

1,406

1,340

891

843

Jul-19

Jun-20

Jul-20

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES

TOTAL INVENTORY

SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

TOWNHOME JULY vancouver region

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 4 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

23 % DOWN

5 % UP

4 % UP

39 % UP

SELLER’S 38 %

The number of townhome listings in the Vancouver Region increased 2% from last month, settling at 2,835, but were 23% below July 2019. Townhome sales, at 1,089, were 26% higher vs last month and 39% above July 2019. The sales-to-listings ratio jumped to 38% in July, as the Vancouver Region’s townhome segment remained in a seller’s market. The benchmark price in July was 0.8% above June, at $693,600, and was 4% higher year-over-year. The average sold price was $720,352 in July, (increasing 1.0% vs June) while the average PSF sales price was $484 (increasing 0.4%).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

2,835 1,089

2,776

3,683

-23% 39% 80%

TOTAL SALES

863 31%

26% 24%

786 21%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

38%

$693,600 $688,400 $720,352 $713,360

0.8% $670,000 1.0% $686,157

4% 5% 4%

$484

$482

0.4%

$464

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$670,000 $669,500 $667,000 $674,000 $682,500 $686,500 $693,600

3,683

3,431

2,755

2,835

2,460

2,398

2,071

1,089

792

786

749

673

511

486

VANCOUVR REGION REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

211

4+ bdrms

BUYER'S MARKET

584

595

3 bdrms

1,493

283

<3 bdrms

. . . . 0 0 0 0

758

S-L RATIO SALES INVENTORY

vancouver region

CONDO JULY

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 4 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO 25 %

MARKET SUMMARY ›

1.9 % UP

3 % UP

3 % DOWN

16 % UP

There were 7,409 condo listings in the Vancouver Region in July, 8% above June but 3% lower vs July 2019. July condo sales increased by 21% month-over- month and were 16% above July 2019. The sales-to-listings ratio for condos in the Vancouver Region increased to 25%, remaining a seller’s market. The condo benchmark price in July was $655,900, increasing 0.3% from June and 4% higher vs July 2019. The average sold price was $620,430, 3% above last month; the average PSF sales price was $707, down 0.1% from last month.

SELLER’S

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

7,409 1,834

6,877 1,512

7,642 1,586

-3% 16% 19%

TOTAL SALES

21% 13%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

25%

22%

21%

$655,900 $654,000 $620,430 $603,963

0.3% $631,000 3% $599,698 -0.1% $693

4% 3%

$707

1.9%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$631,000 $638,800 $628,500 $638,500 $661,000 $657,300 $655,900

7,642

7,409

7,172

6,207

5,779

5,872

4,709

1,834

1,591

1,586

1,528

1,513

1,060

846

VANCOUVR REGION REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

108

3+ bdrms

BUYER'S MARKET

730

1,021

2 bdrms

4,388

705

<2 bdrms

. . . . 0 0 0 0

2,291

S-L RATIO SALES INVENTORY

DETACHED JULY greater vancouver board area

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 5 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

30 % DOWN

7 % UP

33 % UP

SELLER’S 24 %

Detached listings in the REBGV decreased to 4,658 in July, 1.3% above June but 30% lower vs July 2019. Detached sales, at 1,134, increased 30% compared to June and were 33% higher vs July 2019. The sales-to-listings ratio increased to 24%, as the REBGV detached market transitioned to seller’s market territory. The detached benchmark price in July was $1.48M, up 0.9% month-over-month and a 5% increase year-over-year. The average sold price was $1.60M, down 1.2% from the previous month but 7% higher year-over-year.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

4,658 1,134

4,600

1.3% 30% 29%

6,656

-30% 33% 90%

TOTAL SALES

870 19%

851 13%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

24%

$1,477,800 $1,464,200 0.9% $1,407,400 $1,602,141 $1,620,880 -1.2% $1,494,475

5% 7%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

MILLIONS

$1.48

$1.46

$1.44

$1.42

$1.41

$1.40

1.85

1.83

6,656

6,214

5,299

1.17

1.16

4,658

4,398

4,353

4,181

1,134

859

851

832

752

544

442

Jul-19

Jun-20

Jul-20

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES

TOTAL INVENTORY

SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

greater vancouver board area

TOWNHOME JULY

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 4 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

24 % DOWN

7 % UP

6 % UP

32 % UP

SELLER’S 34 %

The number of townhome listings in the REBGV increased to 1,594 in July, 3% above June but 24% lower year-over-year. Townhome sales in July, at 534, were up 30% vs June and 32% above last year. The sales-to-listings ratio increased to 34% as the REBGV townhome market remained a seller’s market. The townhome benchmark price in July was $797,700, 0.9% above June and 4% higher than in July 2019. The average sold price was $853,184, with an aver- age PSF sales price of $589 (up 1.4% and down 1.3%, respectively, vs June).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

1,594

1,543

2,108

-24% 32% 75%

TOTAL SALES

534 34%

412 27%

30% 25%

404 19%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$797,700 $790,800 $853,184 $841,702

0.9% $769,000 1.4% $794,520 -1.3% $556

4% 7% 6%

$589

$597

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$769,000 $770,000 $771,500 $781,800 $790,200 $792,700 $797,700

2,108

1,948

1,594

1,576

1,364

1,369

1,178

534

409

404

397

355

271

263

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

100

4+ bdrms

BUYER'S MARKET

273

290

3 bdrms

845

144

<3 bdrms

. . . . 0 0 0 0

476

S-L RATIO SALES INVENTORY

greater vancouver board area

CONDO JULY

AVERAGE PRICE

AVERAGE PSF PRICE 2 % UP

BENCHMARK PRICE 4 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

4 % UP

5 % DOWN

13 % UP

SELLER’S 25 %

The number of condo listings in the REBGV decreased to 5,641 in July, 8% above June but 5% below July 2019. At 1,404, condo sales were 27% higher month-over- month and 13% higher year-over-year. The sales-to-listings ratio increased to 25%, as the REBGV condo market remained favourable to sellers. The condo benchmark price in July was $682,500, up 0.2% from June and up 4% compared to July 2019. The average sold price was $680,873 (increasing 0.2% from June) with an average PSF sales price of $779 (2% lower vs June).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

5,641 1,404

5,221 1,105

5,965 1,243

-5% 13% 19%

TOTAL SALES

27% 18%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

25%

21%

$682,500 $680,800 $680,873 $679,322

0.2% $655,300 0.2% $656,772

4% 4% 2%

$779

$796

-2%

$764

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$655,300 $654,000 $654,000 $666,000 $690,000 $686,500 $682,500

5,965

5,641

5,591

4,656

4,492

4,351

3,603

1,404

1,243

1,218

1,182

1,167

814

655

REBGV

FVREB

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

617

742

2 bdrms

3,199

571

<2 bdrms

. . . . 0 0 0 0

1,825

S-L RATIO SALES INVENTORY

fraser valley board area

DETACHED JULY

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 5 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

26 % DOWN

16 % UP

57 % UP

SELLER’S 32 %

The number of July detached listings in the Fraser Valley board area were 0.2% lower vs June (at 3,139) and 26% lower vs July 2019. Detached sales increased 36% from June, to 994, and were up 57% vs July 2019. The sales-to-listings ratio increased to 32%, as the board area’s condo market remained in seller’s market territory. The benchmark price in July was $1.01M, up 1.4% month-over-month and 5% higher year-over-year. The average sold price in July was $1.13M, 3% higher month-over-month and 16% higher year-over-year.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

3,139

3,144

-0.2% 4,261

-26% 57% 113%

TOTAL SALES

994 32%

732 23%

36% 36%

632 15%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$1,008,000 $994,500 $1,130,435 $1,097,840

1.4% $957,400 3% $978,058

16%

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$957,400 $950,000 $952,200 $960,800 $987,800 $990,400 $1,008,000

1.79

1.78

1.76

4,261

4,044

1.29

3,364

2,981

3,139

2,814

2,489

994

637

632

588

574

401

347

Jul-19

Jun-20

Jul-20

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES

TOTAL INVENTORY

SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0

S-L RATIO SALES INVENTORY

fraser valley board area

TOWNHOME JULY

AVERAGE PRICE

AVERAGE PSF PRICE 4 % UP

BENCHMARK PRICE 3 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

21 % DOWN

4 % UP

45 % UP

SELLER’S 45 %

The number of townhome listings in the Fraser Valley board area increased to 1,241 in July, 0.6% above last month but 21% lower than last year. At 555, townhome sales were up 23% vs June and 45% above last year. The sales-to-listings ratio, at 45%, remained favour- able market for sellers. The benchmark price in July was $563,200, up 0.6% from last month and 3% higher vs last year. The average sold price, at $592,547, was 0.6% lower between June and July while the average PSF sales price was 1.6% higher (at $383).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

1,241

1,233

0.6% 23% 22%

1,575

-21% 45% 84%

TOTAL SALES

555 45%

451 37%

382 24%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$563,200 $559,600 $592,547 $596,117

0.6% $545,300 -0.6% $571,553

3% 4% 4%

$383

$377

1.6%

$367

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$545,300 $545,500 $538,700 $541,800 $549,100 $555,000 $563,200

1,575

1,483

1,241

1,179

1,096

1,029

893

555

383

382

352

318

240

223

FVREB

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

111

BUYER'S MARKET

4+ bdrms

311

305

3 bdrms

648

139

<3 bdrms

. . . . 0 0 0 0 QD QD QD

282

S-L RATIO SALES INVENTORY

fraser valley board area

CONDO JULY

AVERAGE PRICE

AVERAGE PSF PRICE 7 % UP

BENCHMARK PRICE 4 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

8 % UP

5 % UP

25 % UP

SELLER’S 24 %

There were 1,768 condo listings in the Fraser Valley board area in July, 7% above last month and 5% higher vs July of last year. At 430, condo sales were 6% higher month-over- month and 25% above July 2019. Decreasing to 24%, the board area’s condo sales-to- listings ratio reflected seller’s market conditions. The condo benchmark price in July was $437,300, a 0.5% increase from June and 4% higher vs July 2019. The average sold price was $423,075 (6% above June), while the average PSF sales price was $470 (0.9% above June).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

1,768

1,656

7% 6%

1,677

TOTAL SALES

430 24%

407 25%

343 20%

25% 19%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

-1.0%

$437,300 $435,300 $423,075 $399,365

0.5% $421,400 6% $392,867

4% 8% 7%

$470

$466

0.9%

$438

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$421,400 $417,400 $416,700 $421,300 $436,900 $433,700 $437,300

1,768

1,677

1,581

1,551

1,428

1,380

1,106

430

373

361

343

331

246

191

FVREB

REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

113

279

2 bdrms

1,189

134

<2 bdrms

. . . . 0 0 0 0 QD

466

S-L RATIO SALES INVENTORY

DETACHED JULY burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 8 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

44 % DOWN

8 % DOWN

4 % UP

SELLER’S 27 %

The number of detached listings in Burnaby North in July, at 134, were 14% higher month-over-month but 44% lower year-over-year. With 36 in July, detached sales were 16% above last month but 8% lower vs last year. The sales-to-listings ratio increased to 27%, as Burnaby North’s detached market remained favour- able to sellers. The benchmark price in July was $1.48M, 0.7% below June but 8% above July 2019. The average sold price was $1.57M, down 2% from the previous month but 4% above July 2019.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 118

% Change

No. 239

% Change

TOTAL LISTINGS

134

14% 16%

-44% -8% 65%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

27%

26%

16%

$1,478,400 $1,488,200 -0.7% $1,373,400

8% 4%

$1,565,832 $1,603,855

-2% $1,512,362

RATIO OF BENCHMARK PRICES ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

MILLIONS

$1.48

$1.47

$1.45

$1.42

$1.38

$1.37

$1.35

2.03

2.01

1.90

239

201

1.21

1.20

1.19

154

134

112

111

110

Jul-19

Jun-20

Jul-20

TOTAL LISTINGS & SALES BY PRICE RANGE ›

SALES

TOTAL INVENTORY

SL RATIO

SELLER'S MARKET

BALANCED

BUYER'S MARKET

. . . 0 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

TOWNHOME JULY burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 1.8 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

11 % DOWN

5 % UP

13 % DOWN

24 % DOWN

BALANCED 20 %

The number of townhome listings in Burnaby North increased 10% from last month, settling at 65, but were 13% below July 2019. Townhome sales, at 13, were 8% higher than last month but 24% below July 2019. The sales-to-listings ratio was unchanged at 20% in July, as Burnaby North’s townhome segment remained a balanced market. The benchmark price in July was up 0.2% month- over-month, to $736,000, and was 1.8% above July 2019. The average sold price was $713,554 in July, (decreasing 1.7% vs June) while the average PSF sales price was $474 (decreasing 17%).

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No.

% Change

No.

% Change

TOTAL LISTINGS

65 13

59 12

10%

75 17

-13% -24% -12% 1.8%

TOTAL SALES

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

20%

-1.7%

23%

$736,000 $734,600 $713,554 $725,750

0.2% $723,100 -1.7% $680,729

$474

$569

-17%

$534

-11%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$723,100 $729,500 $728,500 $720,400 $728,200 $719,300 $736,000

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

3 3

4+ bdrms

SELLER'S MARKET

3 bdrms

BALANCED

BUYER'S MARKET

<3 bdrms

. . . . 0 0 0 0 QD QD QD QD

S-L RATIO SALES INVENTORY

CONDO JULY burnaby north

AVERAGE PRICE

AVERAGE PSF PRICE

BENCHMARK PRICE 0.2 % UP

TOTAL LISTINGS

SALES

SALES TO LISTING RATIO

MARKET SUMMARY ›

5 % UP

1.4 % UP

7 % UP

16 % UP

SELLER’S 25 %

There were 340 condo listings in Burnaby North in July, 13% above June and 7% higher vs July 2019. July condo sales increased by 35% month-over- month, to 85, and were 16% above July 2019. The sales-to-listings ratio for condos in Burnaby North increased to 25%, remaining a seller’s market. The condo benchmark price in July was $610,900, a 0.9% increase from June and 0.2% above July 2019. The average sold price was $599,222, 8% above last month; the average PSF sales price was $711, up 2% from last month.

PREVIOUS MONTH

PREVIOUS YEAR

THIS MONTH No.

No. 301

% Change

No. 317

% Change

TOTAL LISTINGS

340

13% 35% 19%

TOTAL SALES

16%

SALES-LISTINGS RATIO BENCHMARK PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

25%

21%

23%

$610,900 $605,500 $599,222 $555,305

0.9% $609,500 8% $568,762

0.2%

$711

$696

$701

1.4%

AVG PRICE PER SQUARE FOOT ›

HISTORICAL TREND

›

SALES

TOTAL INVENTORY

BENCHMARK PRICE

$609,500 $591,400 $595,900 $606,900 $616,300 $623,500 $610,900

340

317

309

267

251

220

178

BURNABY NORTH REBGV

TOTAL LISTINGS & SALES BY PRICE RANGE

NUMBER OF BEDROOMS

›

SALES

TOTAL INVENTORY

SL RATIO

SALES TOTAL INVENTORY

SELLER'S MARKET

BALANCED

3+ bdrms

BUYER'S MARKET

2 bdrms

226

<2 bdrms

. . . . 0 0 0 0 QD QD

S-L RATIO SALES INVENTORY

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