the vancouver rennie review | November 2024

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

published November 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

MARKET AREA 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 November 12, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

beyond a typical october sales bump The Vancouver Region saw its largest September-to-October sales increase in 20 years, a firm sign that buyers have come off the sidelines more meaningfully. Last month showed just how much room sales have to grow by getting back to more typical levels of activity.

October (by -6% in the Central Okanagan and -0.4% in Greater Victoria). Improving buyer sentiment has found its way to the island and the interior, too. What’s more, October showed us how much room there is for sales to grow just by getting closer to more average levels of activity. At 34,249 sales through the first 10 months of this year, activity in the Vancouver Region is 22% below its prior 10-year average. However, with sales expanding so strongly last month, October sales were just 7% below the prior 10-year October average. That’s the closest we’ve been to an average month since June 2023. With affordability conditions continuing to improve over the next year (via additional Bank of Canada interest rate cuts and new mortgage insurance rules taking effect in December), we at rennie expect 2025 to be a lot more average in the Vancouver Region. In fact, should monthly sales fully return to long-run average levels by spring of next year, we could see total annual sales in 2025 rise between 20% and 25% year-over-year. For a market that has been so depressed for the better part of the last two years, average would be a considerable improvement.

In many ways, October was a pretty eventful month. First, Statistics Canada reported inflation data that, at 1.6%, solidified the end of a more than two-year quest to bring down the highest inflation in a generation. That was followed by a larger-than-normal 50-basis- point interest rate cut by the Bank of Canada, which has dropped its key policy rate from 5.00% to 3.75% in five months. Just one day later, the federal government announced a profound pivot to its immigration policy that, if fully implemented, would lead to the first decline in Canada’s population since Confederation. All the while, our neighbours (neighbors?) to the south were in the final month of campaigning toward what would be the re-election of Donald Trump. Despite all of that, a notable increase in real estate activity across the Vancouver Region has given us plenty to write about. There were 3,890 MLS sales in October, the first increase in six months and the third-most sales of any

month this year (April remains the high-water mark at 4,209). While sales activity typically picks up in October, this was far from the typical October bump. The 41% month-over- month increase was more than five times the typical 8% September-to-October gain. This resulted in the largest September-to-October increase in 20 years of available data, well above the second-biggest gain of 27% month- over-month in October 2012. The sharp rise in activity is a clear sign that buyers are beginning to come off the sidelines more meaningfully, the result of several interest rate cuts by the Bank of Canada, more than two years of pent-up demand, and plenty of purchase options with inventory at a decade-high. This trend wasn’t limited to the Vancouver Region either, with sales climbing 27% month-over-month in the Central Okanagan and 13% in Greater Victoria. For both of these markets, this was quite a contrast to sales that typically decline in

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 November 12, 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

House for Sale

$2,898,000 | KITSILANO 3449 W. 7th Avenue 5 Bed, 4 Bath, 2,489 SF

$2,499,900 | BURNABY NORTH

$4,998,000 | POINT GREY

3822 W. 2nd Avenue 5 Bed, 4 Bath, 4,193 SF Jason Soprovich 604.817.8812

1387 Springer Avenue 6 Bed, 5 Bath, 4,737 SF Danny Chow PREC* 604.765.2469

Theo Birkner PREC* 778.558.7669

House for Sale

Contessa

House for Sale

$1,998,888 | KILLARNEY 3204 Coleridge Avenue 3 Bed, 2 Bath, 1,726 SF Amanda Mastronardi 778.840.1860

$2,088,000 | CAMBIE 501 - 5189 Cambie Street 3 Bed, 3 Bath, 1,686 SF Brandan Price PREC* 604.765.9555

$2,499,000 | SQUAMISH 1066 Jay Crescent 5 Bed, 6 Bath, 4,585 SF

Jeevan Gill 604.617.2159

Finch Drive $1,648,000 | SQUAMISH 10 - 1050 Finch Drive 3 Bed, 3 Bath, 2,751 SF Brian Young 604.250.3662

$1,349,000 | FALSE CREEK Townhome for Sale

House for Sale

$1,349,000 | TSAWWASSEN

864 Gale Drive 5 Bed, 4 Bath, 2,897 SF Christina Prevedoros 604.765.9034

152 W. 1st Avenue 2 Bed, 3 Bath, 1,162 SF Jordan Wong PREC* 778.378.6888

Mapletree Court $935,000 | SQUAMISH 1 - 39754 Government Road 3 Bed, 3 Bath, 1,866 SF

Woodland Block

Altus White Rock

$1,100,000 | WHITE ROCK 415 - 1526 Finlay Street 2 Bed, 2 Bath, 1,199 SF

Fraserview Terrace $775,000 | SURREY 57 - 11255 132 Street 3 Bed, 3 Bath, 1,461 SF Shannon Pickering 604.812.1887 $1,319,900 | GRANDVIEW 106 - 2377 E. 11th Avenue 2 Bed, 3 Bath, 1,116 SF Lorenzo Daminato PREC* 604.657.8121

Rachel Blades 778.834.6666

Belinda Grant 604.906.2099

Wall Centre False Creek $699,000 | FALSE CREEK

Clyde

$759,900 | PORT MOODY 411 - 3229 St Johns Street 2 Bed, 2 Bath, 920 SF

358 - 108 W. 1st Avenue 1 Bed, 1 Bath, 450 SF

Calvin Jiang 604.961.1698

Irene De Guzman 604.720.1996

Europa

Lido

Pier West

$619,900 | DOWNTOWN

$695,00 | MT. PLEASANT 108 - 110 Switchmen Street 1 Bed, 1 Bath, 575 SF

$598,000 | NEW WEST 3105 - 680 Quayside Drive 1 Bed, 1 Bath, 605 SF

2501 - 63 Keefer Place 1 Bed, 1 Bath, 572 SF

Shaz Karim PREC* 604.649.1494

Andy Mah PREC* 604.779.9382

Eric Zamora PREC* 778.389.4556

* Personal Real Estate Corporation

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 November 12, 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 - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 23% VS 2023

▲ 33% VS 2023

▼ 8% VS 2023

▼ 4% VS 2023

There were 9,211 detached listings in the Vancouver Region in October, 5% below September and 23% higher than October 2023. October detached home sales increased by 42% month-over-month, to 1,209, and were 33% above October 2023. The sales-to-listing ratio for detached in the Vancouver Region, at 13%, re'ected a balanced market. The detached median price in October was $1,650,000, a 1.8% decrease from September and 4% below October 2023. The average sold price was $1,867,255, 5% below last month and down 8% to October 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

1,209 9,211

$2,022,788 $1,725,000 12% 910 7,489

-8% -4% 8% 33% 23%

$1,968,810 $1,680,000 9% 854 9,716

49% 42% -5%

$1,867,255 $1,650,000 13%

-5% -1.8%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

9,262

9,716

9,048

8,552

9,211

9,178

7,818

1.88

7,489

6,864

1.79

6,459

5,749

5,566

5,162

1.43

1.42

1.41

1,387

1,289

1,087

982

893

854

809

712

650

1,209

910

1,154

1,101

$1.73M

$1.73M $1.72M $1.70M $1.70M $1.65M $1.68M $1.65M

$1.61M $1.53M

$1.60M $1.66M $1.69M

23-Oct

24-Sep

24-Oct

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

2,000

1,500

1,000

24%

22%

19%

17%

14%

500

<$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

467 88 19%

534 130 24%

1,170 253 22%

2,259 374 17%

1,236 168 14%

1,050 90 9%

1,106 66 6%

525 25 5%

293 8 3%

571 7 1%

vancouver region TOWNHOME - OCTOBER 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

▲ 0.2% VS 2023

▲ 43% VS 2023

▲ 42% VS 2023

- VS 2023

There were 3,081 townhome listings in the Vancouver Region in October, 2% below September and 43% higher than October 2023. October townhome sales increased by 27% month-over-month, to 736, and were 42% above October 2023. The sales-to-listing ratio for townhomes in the Vancouver Region, at 24%, re'ected a sellers' market. The townhome median price in October was $920,000, a 3% increase from September and no change to October 2023. The average sold price was $1,005,823, 0.8% above last month; the average PSF sale price was $667, down 2% to last month.

THIS MONTH No. $667 $1,005,823 $920,000 24% 736 3,081

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$678 $1,003,536 $920,000 24% 518 2,148

42% 43%

$681 $997,497 $894,000 18% 578 3,147

-2% 0.8% 3% 30% 27% -2%

-1.5% 0.2% 0% -0.9%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,924

3,081

2,782

3,147

3,025

2,973

2,458

1,997

2,148

1,853

2,021

1,543 1,583

857

807

783

713

736

481

518

712

599

578

545

452

364

$950K

$940K

$935K

$921K

$920K

$910K

$920K

$915K

$920K

$900K

$889K

$894K

$885K

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

135

4+ bdrms

800

731

600

400

3 bdrms

1,600

400

32%

26% 25%

25%

193

19%

2 bdrms

200

17% 14%

691

<$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

<2 bdrms

127 32 25%

558 181 32%

959 246 26%

571 144 25%

438 73 17%

288 41 14%

80 15 19%

60 4 7%

vancouver region CONDO - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 21% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 0.5% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.9% VS 2023

▲ 0.5% VS 2023

▲ 37% VS 2023

▲ 32% VS 2023

There were 8,526 condo listings in the Vancouver Region in October, 2% below September and 37% higher than October 2023. October condo sales increased by 45% month-over-month, to 1,795, and were 32% above October 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%, re'ected a sellers' market.

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

1,795 8,526

1,363 6,240

32% 37%

1,237 8,732

3% 5% 1.7% 49% 45% -2%

The condo median price in October was $655,000, a 1.7% increase from September and 0.5% above October 2023. The average sold price was $754,392, 5% above last month; the average PSF sale price was $878, up 3% to last month.

$878 $754,392 $655,000 21%

$883 $747,878 $652,000 22%

-0.5% 0.9% 0.5% -4%

$855 $715,343 $644,000 14%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

8,251

8,732

8,526

7,735

7,106

8,003

8,000

6,050

6,240

6,039

5,458

4,760 4,853

1,878

1,784

1,567

1,517

1,795

1,363

1,618

1,645

1,338

1,237

1,142

1,060

999

$678K

$671K

$673K

$658K

$652K

$650K

$655K

$645K

$644K

$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

59 5

4+ bdrms

2,000

120

1,500

3 bdrms

788

1,000

26% 24%

981

17% 18% 15%

500

2 bdrms

11% 10%

4,651

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

689

S-L RATIO SALES INVENTORY

2,541 662 26%

2,611 624 24%

1,520 259 17%

661 118 18%

412 63 15%

373 40 11%

147 14 10%

261 15 6%

<2 bdrms

3,028

greater vancouver board area DETACHED - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 27% VS 2023

▲ 26% VS 2023

▼ 8% VS 2023

▼ 4% VS 2023

There were 5,535 detached listings in the Greater Vancouver board area in October, 5% below September and 27% higher than October 2023. October detached home sales increased by 40% month-over-month, to 714, and were 26% above October 2023. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 13%, re(ected a balanced market. The detached median price in October was $1,846,000, a 0.6% increase from September and 4% below October 2023. The average sold price was $2,088,709, 5% below last month and down 8% to October 2023.

THIS MONTH No. $2,088,709 $1,846,000 13% 714 5,535

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$2,271,417 $1,930,000 13% 567 4,343

26% 27%

$2,205,125 $1,834,500 9% 509 5,824

-5% 0.6% 48% 40% -5%

-8% -4% -1.2%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,824

5,364

5,535

5,090

5,441

5,394

4,640

1.85

1.83

4,012

4,343

1.70

3,817

1.57

3,453

3,290

1.47

1.46

3,133

827

794

675

553

504

498

509

383

367

714

567

678

650

$1.97M $1.88M $1.88M

$1.93M $1.88M $1.80M $1.81M

$1.92M $1.91M $1.94M $1.97M

$1.83M $1.85M

23-Oct

24-Sep

24-Oct

▶ 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

21%

20%

17%

14%

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

288 40 14%

204 43 21%

464 94 20%

1,150 235 20%

786 136 17%

722 74 10%

848 58 7%

410 22 5%

219 6 3%

444 6 1%

greater vancouver board area TOWNHOME - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.4% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 2% VS 2023

▲ 4% VS 2023

▲ 38% VS 2023

▲ 34% VS 2023

There were 1,685 townhome listings in the Greater Vancouver board area in October, 1.6% below September and 38% higher than October 2023. October townhome sales increased by 26% month-over-month, to 398, and were 34% above October 2023. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 24%, re(ected a sellers' market. The townhome median price in October was $1,090,000, a 8% increase from September and 4% above October 2023. The average sold price was $1,151,934, 3% above last month; the average PSF sale price was $773, down 2% to last month.

THIS MONTH No. $773 $1,151,934 $1,090,000 24% 398 1,685

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$784 $1,129,087 $1,049,950 24% 298 1,218

34% 38%

$790 $1,116,280 $1,005,000 19% 317 1,712

28% 26% -1.6%

-1.4% 2% 4% -3%

-2% 3% 8%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,636

1,610

1,685

1,540

1,712

1,390

1,587

1,218

1,116

1,030

1,142

872

863

455

438

399

358

319

398

267

298

370

317

284

220

179

$1.09M

$1.07M $1.02M $1.00M

$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

400

350

4+ bdrms

302

300

250

243

3 bdrms

200

922

150

32% 33%

29%

20%

100

18%

2 bdrms

14%

413

<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

49 7 14%

168 53 32%

323 106 33%

367 107 29%

364 67 18%

280 39 14%

75 15 20%

59 4 7%

greater vancouver board area CONDO - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 22% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 1.6% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.1% VS 2023

▲ 32% VS 2023

▲ 34% VS 2023

▼ 2% VS 2023

There were 6,295 condo listings in the Greater Vancouver board area in October, 3% below September and 32% higher than October 2023. October condo sales increased by 49% month-over-month, to 1,401, and were 34% above October 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The sales-to-listing ratio for condos in the Greater Vancouver board area, at 22%, re(ected a sellers' market.

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

1,401 6,295

1,044 4,774

34% 32%

$917 $764,280 $690,000 15% 943 6,474

2% 6% 1.4% 53% 49% -3%

The condo median price in October was $700,000, a 1.4% increase from September and 2% below October 2023. The average sold price was $811,243, 6% above last month; the average PSF sale price was $937, up 2% to last month.

$937 $811,243 $700,000 22%

$953 $810,647 $716,500 22%

-1.6% 0.1% -2% 1.8%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

6,201

6,474

6,081

6,295

5,878

5,380

5,917

4,595

4,774

4,614

4,155

3,595 3,674

1,425

1,196

1,095

1,401

1,044

1,337

1,249

1,210

1,015

943

853

752

721

$735K

$730K

$728K

$725K

$717K

$720K

$706K

$700K

$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

2,000

4+ bdrms

1,500

102

3 bdrms

1,000

650

34%

27%

736

500

17% 19%

15%

2 bdrms

11% 10%

3,369

561

<$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

1,169 392 34%

1,954 520 27%

1,399 244 17%

620 115 19%

395 61 15%

362 40 11%

141 14 10%

255 15 6%

2,220

fraser valley board area DETACHED - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 13% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 17% VS 2023

▲ 44% VS 2023

▼ 4% VS 2023

▼ 1.3% VS 2023

There were 3,676 detached listings in the Fraser Valley board area in October, 6% below September and 17% higher than October 2023. October detached home sales increased by 43% month-over-month, to 495, and were 44% above October 2023. The sales-to-listing ratio for detached in the Fraser Valley board area, at 13%, re(ected a balanced market. The detached median price in October was $1,400,000, a 3% decrease from September and 1.3% below October 2023. The average sold price was $1,547,824, 4% below last month and down 4% to October 2023.

THIS MONTH No. $1,547,824 $1,400,000 13% 495 3,676

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$1,611,790 $1,418,800 11% 343 3,146

24% 44% 17%

$1,620,159 $1,440,000 9% 345 3,892

-4% -3% 52% 43% -6%

-4% -1.3%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,868

3,892

3,462

3,676

3,737

3,684

3,178

3,146

2,852

1.73

1.72

1.71

1.60

1.57

2,642

1.52

2,296

2,276

2,029

560

429

395

345

329

305

283

495

343

495

476

451

412

$1.45M $1.45M $1.49M $1.50M $1.50M $1.43M $1.45M $1.48M $1.44M $1.40M

$1.42M

$1.38M $1.30M

23-Oct

24-Sep

24-Oct

▶ 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

27%

26%

23%

13%

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

179 48 27%

330 87 26%

706 159 23%

1,109 139 13%

450 32 7%

328 16 5%

258 8 3%

115 3 3%

74 2 3%

127 1 1%

fraser valley board area TOWNHOME - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.7% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 0.0% VS 2023

▲ 50% VS 2023

▲ 54% VS 2023

▼ 0.5% VS 2023

There were 1,396 townhome listings in the Fraser Valley board area in October, 3% below September and 50% higher than October 2023. October townhome sales increased by 30% month-over-month, to 338, and were 54% above October 2023. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 24%, re(ected a sellers' market. The townhome median price in October was $819,500, a 1.3% decrease from September and 0.5% below October 2023. The average sold price was $833,776, 2% below last month; the average PSF sale price was $542, down 1.4% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 220 930

% Change

No.

% Change

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

$542 $833,776 $819,500 24% 338 1,396

54% 50%

$550 $853,228 $830,000 18% 261 1,435

33% 30% -3%

$534 $833,473 $824,000 24%

1.7% 0% -0.5% 2%

-1.4% -2% -1.3%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,396

1,435

1,242

1,389

1,386

1,314

1,068

881

930

823

879

711

680

402

384

355

338

214

369

342

220

280

261

232

185

$866K

$852K

$855K

$842K

$850K

$830K

$833K

$830K

$824K

$823K

$820K

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

429

500

400

157

3 bdrms

678

300

32% 33%

25%

200

22%

2 bdrms

18%

278

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

78 25 32%

390 128 33%

636 140 22%

204 37 18%

74 6 8%

8 2 25%

5 0 n/a

1 0 n/a

fraser valley board area CONDO - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 18% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 2% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 1.8% VS 2023

▲ 5% VS 2023

▲ 52% VS 2023

▲ 24% VS 2023

There were 2,231 condo listings in the Fraser Valley board area in October, 1.2% below September and 52% higher than October 2023. October condo sales increased by 34% month-over-month, to 394, and were 24% above October 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 18%, re(ected a balanced market.

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

$669 $552,241 $539,500 18% 394 2,231

$655 $542,450 $514,000 22% 319 1,466

2% 1.8% 5% -19% 24% 52%

$658 $558,378 $530,000 13% 294 2,258

1.8% -1.1% 1.8% 36% 34% -1.2%

The condo median price in October was $539,500, a 1.8% increase from September and 5% above October 2023. The average sold price was $552,241, 1.1% below last month; the average PSF sale price was $669, up 1.8% to last month.

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,231

2,050

2,258

1,857

2,083

1,726

1,922

1,455

1,466

1,425

1,303

1,179

1,165

453

447

422

371

394

319

408

396

323

308

289

294

278

$560K

$550K

$545K

$540K

$530K

$531K

$530K

$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

1,400

3 3

4+ bdrms

1,200

1,000

800

3 bdrms

138

600

400

245

20%

16%

2 bdrms

12%

1,282

200

128

<$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

1,372 270 20%

657 104 16%

121 15 12%

41 3 7%

17 2 12%

11 0 n/a

6 0 n/a

808

burnaby north DETACHED - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 21% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 11% VS 2023

▲ 15% VS 2023

▲ 39% VS 2023

▲ 19% VS 2023

There were 145 detached listings in Burnaby North in October, 11% below September and 39% higher than October 2023. October detached home sales increased by 55% month-over-month, to 31, and were 19% above October 2023. The sales-to-listing ratio for detached in Burnaby North, at 21%, re'ected a sellers' market. The detached median price in October was $2,165,000, a 12% decrease from September and 15% above October 2023. The average sold price was $2,237,642, 13% below last month and up 11% to October 2023.

THIS MONTH No. $2,237,642 $2,165,000 21% 31 145

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$2,014,750 $1,890,000 25% 26 104

11% 15% -14% 19% 39%

$2,562,415 $2,449,000 12% 20 163

-13% -12% 74% 55% -11%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

163

149

145

130

145

2.63

114

130

104

2.43

104

1.99

1.43

1.31

1.30

$2.48M

$2.45M

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

$2.18M $2.16M

$2.17M

$1.89M $1.99M $1.93M

23-Oct

24-Sep

24-Oct

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

47%

30%

17%

<$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

23 7 30%

36 17 47%

30 5 17%

44 2 5%

8 0 n/a

3 0 n/a

1 0 n/a

burnaby north TOWNHOME - OCTOBER 2 0 2 4

SALES TO LISTINGS RATIO 29% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 2% VS 2023

MEDIAN PRICE

TOTAL INVENTORY

SALES

▲ 7% VS 2023

▲ 8% VS 2023

▼ 1.5% VS 2023

▼ 6% VS 2023

There were 48 townhome listings in Burnaby North in October, 6% below September and 7% higher than October 2023. October townhome sales increased by 17% month-over-month, to 14, and were 8% above October 2023. The sales-to-listing ratio for townhomes in Burnaby North, at 29%, re'ected a sellers' market. The townhome median price in October was $892,500, a 4% decrease from September and 6% below October 2023. The average sold price was $894,390, 6% below last month; the average PSF sale price was $631, down 9% 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

14 48

13 45

1% 8% 7%

12 51

-9% -6% -4% 24% 17% -6%

$631 $894,390 $892,500 29%

$645 $908,184 $950,000 29%

$690 $954,333 $929,500 24%

-2% -1.5% -6%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● OCT 2023 ● OCT 2024

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

$950K

$929K

$930K

$890K

$893K

$879K

$880K

$870K

$852K

$765K

$760K

$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

3 bdrms

50%

35%

19%

2 bdrms

<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

17 6 35%

16 3 19%

10 5 50%

5 0 n/a

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