the rennie advance - April 2023

the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published April 2023

highlights • Therewere4,022 M LS salesin theVancouverRegion in M arch,a50% increase(1,349 additional sales)com pared to February,and greaterthan thetypical28% m onth-over-m onth increase. D espitethis,thetotalsalescountwas25% below thepast10-yearaverageof5,335 and 41% below thesalescountofM arch 2022(of6,833). • O n am onth-over-m onth basis,salesofdetached hom esincreased by58% (to1,326)in M arch, from February’s838.Condosalesfolowed closelybehind,increasingby49% (to1,811),while townhom esalesincreased by39% (to760). • Com pared toM arch oflastyear,detached hom esalesweredown them ostam onghom etypes(by 43%),folowed bycondosales(which weredown 42%),and townhom esales(down 40%).

THERENNIEADVANCE sales

MARCH 2023

4,000

- 43% vsM ar2022

3,500

3,000

2,500

2,000

2,181 10 yrM arAvg

1,326

1,500

1,000

DETACHED sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 39% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

1,000 1,200 1,400 1,600 1,800

- 40% vsM ar2022

760

965 10 yrM arAvg

200 400 600 800

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 21% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

3,500

- 42% vsM ar2022

3,000

2,500

1,811

2,000

2,081 10 yrM arAvg

1,500

1,000

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 13% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

Copyright© April3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofApril3,2023.Aldatafrom RealEstateBoardof GreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from aren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • The3% increasein totalM LS listingsin theVancouverRegion between Februaryand M arch (11,758)waslowerthan thetypicalseasonalincreaseof7%.O veral,M arch’sinventorywas25% below thepast10-yearaverageof15,622. • O n am onth-over-m onth basis,detached hom einventoryroseby4% (to 5,016 listings),closely folowed bycondoinventory,which roseby3% (to4,755).Townhom einventoryroseby2% (to 1,563).O n ayear-over-yearbasis,detached hom eand townhom einventoriesweredown them ost, at9%,whilecondolistingswereactualyup by16%. • O veral,therewere2.9 m onthsofinventory(M O I)in M arch,which wasasignificantdeclinefrom February’sM O Iof4.2.Them arket,on thewhole,stronglyfavoured selers,asdid them arketsof each hom etype:thedetached hom em arkethad 3.8M OI,thecondom arket2.6,and townhom e m arket2.1.

THERENNIEADVANCE total listings

MARCH 2023

14,000

- 9% vsM ar2022

12,000

10,000

8,000

7,529 10 yrM arAvg

6,000

4,000

5,016

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 2,000

- 33% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

- 9% vsM ar2022

2,224 10 yrM arAvg

1,563

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0 500

- 30% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

12,000

+ 16% vsM ar2022

10,000

8,000

6,000

5,508 10 yrM arAvg

4,000

4,755

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0

- 14% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

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highlights • O n am onth-over-m onth basis,M arch’sm edian pricesincreased,on average,by3% in theFraser Valey board area,and by 2% in theG reaterVancouverboard area.Year-over-year,m edian prices were,on average,down by15% in theFraserValeyand by9% in G reaterVancouver. • Com pared toFebruary,detached hom epricesin G reaterVancouverin M arch wereup 6%,and for condostheywereup 4%;thatsaid,townhom em edian pricesweredown 4%.In theFraserValey, m edian priceswereup foral hom etypes,with townhom esup them ost,by5%,folowed by detached hom esat3% and condosat2%. • Com pared toM arch 2022,m edian priceswerelowerforal hom etypesin both board areas.In G reaterVancouver,townhom esweredown them ost(by13%),folowed bydetached hom es(by 9%),and condos(by5%).In theFraserValey,detached hom em edian pricesweredown them ost (by21%),folowed bytownhom es(by15%),and condos(by11%).

THERENNIEADVANCE median prices

MARCH 2023

$2,000,000

- 9% vsM ar2022 Greater Vancouver

$1.82M

$1,600,000

$1.35M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 21% vsM ar2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● March

$1,200,000

Greater Vancouver

$1,000,000

$999,999 $807,000

- 13% vsM ar2022

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 15% vsM ar2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● March

$1,000,000

- 5% vsM ar2022 Greater Vancouver

$800,000

$705,000

$600,000

$510,000

$400,000

CONDO median salesprice

FraserValey

$200,000

- 11% vsM ar2022

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● March

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