the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published May 2020
THE RENNIE ADVANCE
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Greater Vancouver board area. It is produced at the beginning of each month and it reflects the very latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
2 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Andrew Ramlo VP Intelligence aramlo@rennie.com
Ryan Berlin Senior Economist rberlin@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • As social distancing policies were implemented across Canada, total MLS sales in the Greater Vancouver board area fell by 39% in April 2020 compared to one year earlier. This was the largest year-over-year decrease since January of 2019, with detached home sales falling 33%, townhomes 39%, and condos 43%. • Compared to the previous month, April’s sales were down 54% for detached homes, 53% for townhomes, and 57% for condos. These were the largest month-over-month declines in sales for each respective product type in at least 15 years. • Over the past decade, total sales counts have fallen by 0.2% on average between March and April, contrasting strongly with 2020’s drop of 56%.
sales THE RENNIE ADVANCE
APRIL 2020
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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 May 4, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
highlights • On a year-over-year basis, total listings in the Greater Vancouver board area fell for the 7th straight month in April, by 37%. Compared to April 2019, detached listings were down 39%, townhomes were down 38%, and condos were down 34%. • Compared to March 2020, total listings were 7% lower in April for detached homes, 6% lower for townhomes, and 5% lower for condos; this contrasts with the 10-year March- to-April average in which detached and townhome listings rose by 9% and condos rose by 8%. • On the back of falling sales, the detached home segment now favours buyers, while the townhome and condo markets are balanced.
total listings THE RENNIE ADVANCE
APRIL 2020
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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 May 4, 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.
highlights • With an increase in the number of moderately-priced homes transacting in April, the median sales price fell on a month-over-month basis by 4% for detached homes, 3% for townhomes, and 6% for condos. On average over the past decade, median detached prices declined by 0.5% between March and April while increasing by 0.3% for townhomes and by 0.5% for condos. • Compared to April of last year, median prices were higher in April 2020 for all product types: by 3% for detached homes, by 0.8% for townhomes, and by 0.4% for condos. • The detached-to-townhome price ratio declined marginally to 1.76 in April from 1.77 in March (a change favouring up-sizers), while the townhome-to-condo price ratio rose to 1.32 from 1.29 (a change favouring down-sizers).
median prices THE RENNIE ADVANCE
APRIL 2020
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CONDO median sales price
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 May 4, 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.
THE RENNIE ADVANCE
the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
REPRODUCTION OF THIS REPORT IN WHOLE OR IN PART WITHOUT PERMISSION OF RENNIE IS PROHIBITED. BRIEF EXTRACTS FOR REVIEW PURPOSES MAY BE MADE WITH DUE ACKNOWLEDGMENT OF THE SOURCE. THE INFORMATION CONTAINED IN THIS REPORT HAS BEEN COMPILED FROM SOURCES BELIEVED TO BE RELIABLE BUT THE ACCURACY OF THE INFORMATION IS NOT GUARANTEED. E&OE
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