the rennie advance - November 2021

the rennie advance A CONCISE UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY

published November 2021

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the 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

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@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 • MLSsalesintheVancouverRegionroseto5,256inOctober2021,a9%increasecomparedto September2021,andthefirstmonth-to-monthincreasesinceMarch.Thisincreaseinsaleswas acrosalhometypes,withdetachedhomesalesincreasingthemostcomparedtoSeptember,at 11%. • Thoughtotalsalesweredown9%fromOctober2020,theyremained25%higherthanthe October10-yearaverage. • Detached-homeandtownhomesaleswere22%lowerthaninOctober2020.Notably,condosales wereup14%versusoneyearago,asbuyersgravitatebacktowardshigher-densityacommodation afteraperiodofrelativelyslowcondosalesintheimmediateaftermathoftheonsetofthe pandemic.

THERENNIEADVANCE sales

OCTOBER 2021

4,000

-22% vsOct2020

3,500

3,000

2,500

2,000

1,749 10 yrOctAvg

1,882

1,500

1,000

DETACHED sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+8% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

-22% vsOct2020

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

1,011

806 10 yrOctAvg

200 400 600 800

TOWNHOME sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

+25% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

3,500

+14% vsOct2020

3,000

2,500

2,363

2,000

1,633 10 yrOctAvg

1,500

1,000

CONDO sales

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

+45% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

Copyright©November1,2021renniegroupofcompanies.Alrightsreserved.Thismaterialmaynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenpermisionoftherenniegroupofcompanies.CurentasofNovember1,2021.AldatafromRealEstate BoardofGreaterVancouverandFraserValey&Rennie.Whiletheinformationanddatacontainedhereinhasbenobtainedfromsourcesdemedreliable,acuracycanotbeguaranted.renniegroupofcompaniesdoesnotasumeresponsibilityorliabilityforanyinacuracies.The recipientoftheinformationshouldtakestepsastherecipientmaydemnecesarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfromarennieandasociatesadvisor.Alinformationissubjecttochangeandanypropertymaybewithdrawnfromthemarketatanytimewithoutnoticeorobligationtotherecipientfromrenniegroupofcompanies.E.&O.E.

●

highlights • Totalinventoryfelto10,489homesinOctober,a13%declinerelativetoSeptember.Compared toOctober2020andtheOctober10-yearaverage,lastmonth’sinventorywasdownby41%and 43%,respectively. • Listingsweredownforalhometypesforathird-consecutivemonth.Inacordancewithlast month,thetownhomesegmentwasthemostconstrained,withlistingsdown57%versuslastyear andthe10-yearOctoberaverage,andby17%versuslastmonth.Detachedhomesandcondosalso experienceddeclinesinlistingsfromthistimelastyear,aswelasfromSeptember2021. • Thesales-to-listings(S-L)ratiohascontinuedtostronglyfavourselersinOctober,at50%.For detachedhomes,theS-Lratiowas40%,fortownhomesitwas90%,andforcondositwas51%-al higherthanSeptember’sreportedS-Lratios.

THERENNIEADVANCE total listings

OCTOBER 2021

14,000

-33% vsOct2020

12,000

10,000

8,000

8,931 10 yrOctAvg

6,000

4,000

4,741

DETACHED listings

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 2,000

-47% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

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

-57% vsOct2020

2,646 10 yrOctAvg

TOWNHOME listings

1,126

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 500

-57% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

12,000

-43% vsOct2020

10,000

8,000

6,000

6,668 10 yrOctAvg

4,000

4,622

CONDO listings

2,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0

-31% vs10yrOctAvg

﹍ 10 yrOctoberAverage

● October

●

highlights • Themediansalespriceofdetachedhomeswasup5%comparedtoSeptemberintheGreater Vancouverboardarea,whiletownhomepricesweredown2%andcondopricesremainedsteady. TheFraserValeyboardareasawanupwardmovementofmedianpricesacrosalhometypes: detachedhomesandcondosroseby3%,andtownhomesby1.7%,comparedtoSeptember2021. • MediansalespriceswerealsoupsignificantlyinboththeGreaterVancouverandFraserValey boardareascomparedtoOctober2020.InGreaterVancouver,detachedhomesreporteda23% increase,townhomessawa17%increase,andcondosexperienceda11%increase.TheFraser Valeysawincreasesof37%,30%,and22%fordetachedhomes,townhomes,andcondos, respectively. • -

THERENNIEADVANCE median prices

OCTOBER 2021

$2,000,000

+23% vsOct2020 Greater Vancouver

$1.76M $1.45M

$1,600,000

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

+37% vsOct2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● October

$1,000,000

+17% vsOct2020 Greater Vancouver

$949,900 $786,000

$800,000

$600,000

$400,000

TOWNHOME median salesprice

$200,000

FraserValey

+30% vsOct2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● October

$1,000,000

+11% vsOct2020 Greater Vancouver

$800,000

$600,000

$655,000

$480,900

$400,000

CONDO median salesprice

FraserValey

$200,000

+22% vsOct2020

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $0

━ GreaterVancouver ━ FraserValey

● October

●

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

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