the rennie review - August 2023

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

published August 2023

table of contents

02 INTRO

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

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.

NEIGHBOURHOOD PROFILES

05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 50 51 54 56

Vancouver Region

Greater Vancouver Board Area Fraser Valley Board Area

Burnaby North Burnaby South

Coquitlam

Langley

North Delta

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

New Westminster North Vancouver

Port Moody Richmond Squamish

Surrey

Vancouver East

Vancouver Downtown

Vancouver West West Vancouver

Whistler

59 AREA MAPS

62 CURRENT PROJECTS

Copyright © 2023 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 3, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

vancouver ’ s housing market, under the macroscope As the vice on housing supply loosens, and the one on demand tightens, Vancouver’s housing market is moving in the direction of more balance. Despite this, interest rates and home prices are conspiring to make housing more expensive.

more expensive to own (thus, some are listing their homes for sale) and more difficult to sell at the price they desire. To put a finer point on the recent impact of interest rates (and changing prices), it cost $550 per month to borrow $100,000 (at a 4.39% five-year fixed mortgage rate over a 25-year amortization) at the beginning of this year; as of today, that same loan costs $595—an 8% increase. Compound that by the rising price of homes—the composite benchmark price in the Vancouver Region is up 10% from the start of 2023—and it’s easy to understand why we’re seeing our housing market evolve the way that it is. With home sales having sluggishly gotten out of the gate in August while new listings remain elevated compared to last year, we anticipate that our housing market will continue to be driven by macro-ality—i.e. interest rates (and jobs, though we’ve run out of space here so we’ll leave a discussion on the latter for another day)—for the rest of this year and into next.

As we anticipated in this column last month, housing sales in the Vancouver Region slowed in July while inventory, as a result of decreased demand (and more new listings), continued to expand. Directionally, these changes are mostly in line with the expected seasonal trend; the magnitude of the market adjustments, however, reveal the “macro-ality” in our market—that is, the outsized influence that inflation (indirectly) and interest rates (more directly) are imposing. Let’s consider some specific numbers. Home sales across our market dipped by more than 1,000 between June and July, landing at just over 3,700 last month. While sales typically do decline between these two months (by 9%), this year the drop was 22%. In other words, a good number of buyers just ghosted last month—way more than is typical.

On the inventory front, listings rose for the 6th straight month—the first time that’s happened since 2019. Furthermore, while inventory typically remains stagnant into and through the summer months (in fact, contracting by 0.1% between June and July, per the past 10-year average), it rose by more than 3% this past month. This provided a bookend to an interesting trend that emerged through the first half of the year: MLS inventory in the Vancouver Region rose more in Q2 (by 23%) than in Q1 (11%) for only the 4th time in almost 35 years (and one of those times was during the first few months of the pandemic). These changes we’re experiencing are clearly atypical, reflecting less a seasonal cadence and more the tightening vice grip of interest rates: buyers are finding it more expensive (read: difficult) to purchase, and owners are finding it both

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105 - 1460 Pemberton Avenue 1 Bed, 744 SF

Dal Milin PREC* 778.881.9021

Calvin Kan PREC* 604.616.8373

Martha McLellan 604.848.5811

Copyright © 2023 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 3, 2023. 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.

vancouverregion DETACHED -JULY 2023

SALES TO LISTINGSRATIO 16% BALANCEDMARKET

▶ MARKETSUMMARY Therewere6,975 detached listingsin theVancouver Region in July,3% aboveJuneand 6% lowerthan July 2022. July detached hom esalesdecreased by 30% m onth-over-m onth,to 1,132,and were30% aboveJuly 2022. Thesales-to-listing ratio fordetached in the Vancouver Region,at16% ,reflected abalanced m arket.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 4% VS 2022

▲ 3% VS 2022

▼ 6% VS 2022

▲ 30% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

1,132 6,975

12% 872 7,416

38% 30% -6%

1,619 6,758

1.2% -1.2% -32% -30% 3%

Thedetachedm edian pricein Julywas$1,650,000,a 1.2% decreasefrom Juneand 3% aboveJuly2022.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$1,939,524 $1,650,000 16%

$1,916,829 $1,670,000 24%

Theaveragesold pricewas$1,939,524,1.2% abovelast m onth and up 4% toJuly2022.

$1,856,933 $1,600,000

4% 3%

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

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

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

7,416

6,847

6,758

6,495

6,975

6,12

6,997

5,942

1.83

1.79

5,016

4,816

5,226

4,786

4,553

1.42

1.41

1,697

1,619

1,323

905

887

803

1,132

629

514

1,397

872

857

836

$1.71M $1.67M $1.65M

$1.60M $1.53M $1.52M $1.54M $1.50M $1.50M

$1.56M $1.65M

$1.45M $1.55M

22-Jul

23-Jun 23-Jul

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

2000

1500

1000

30%

27%

25%

500

20%

17%

14%

10%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+ 1,903 118 6%

S-L RATIO SALES INVENTORY

122 33 27%

72 10 14%

215 53 25%

408 123 30%

852 212 25%

1,696 341 20%

940 162 17%

767 80 10%

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.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.

●

vancouverregion TOWNHOME-JULY 2023

SALES TO LISTINGSRATIO 41% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere1,883 townhom elistingsin theVancouver Region in July,2% aboveJuneand 25% lowerthan July 2022. Julytownhom esalesdecreased by19% m onth-over-m onth,to 767,and were60% aboveJuly 2022. Thesales-to-listing ratio fortow nhom esin theVancouver Region,at41% ,reflected aselers'm arket. Thetownhom em edian pricein Julywas$920,000,a 0.5% increasefrom Juneand 3% aboveJuly2022. Theaveragesold pricewas$999,469,0.5% below last m onth;theaveragePSF salepricewas$668,up 0.7% to lastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 4% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 2% VS 2022

▲ 3% VS 2022

▼ 25% VS 2022

▲ 60% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

41% 767 1,883

19% 479 2,498

4% 2% 3% 112% 60% -25%

51% 947 1,839

0.7% -0.5% 0.5% -21% -19% 2%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$668 $999,469 $920,000

$664 $1,004,007 $915,000

$643 $977,077 $895,000

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

2,498

2,234

2,162

1,998

2,252

1,789

1,883

1,571

1,839

1,589

1,567

1,529

1,507

945 947

757

767

573

548

516

784

479

467

415

340

289

$895K $852K $850K $870K $860K $840K

$865K $899K $923K $915K $920K

$810K $860K

VancouverRegion REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

600

156

4+ bdrms

500

457

400

408

3 bdrms

977

300

49% 51% 49%

46%

39%

34%

200

187

21%

2 bdrms

15%

415

100

<2 bdrms

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

S-L RATIO SALES INVENTORY

24 11 46%

72 35 49%

322 163 51%

575 282 49%

355 138 39%

234 80 34%

210 44 21%

91 14 15%

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 6 ●

vancouverregion CONDO -JULY 2023

SALES TO LISTINGSRATIO 32% SELLERS'M ARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 3% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 1.4% VS 2022

▲ 3% VS 2022

▼ 3% VS 2022

▲ 23% VS 2022

Therewere5,405 condolistingsin theVancouverRegion in July,4% aboveJuneand 3% lowerthan July2022.

Julycondosalesdecreased by19% m onth-over-m onth,to 1,746,and were23% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

Thesales-to-listing ratio forcondosin the Vancouver Region,at32% ,reflected aselers'm arket.

TOTALLISTINGS TOTALSALES

1,746 5,405

1,418 5,592

3% 1.4% 3% 27% 23% -3%

2,144 5,200

-0.8% 0.3% -0.8% -22% -19% 4%

Thecondom edian pricein Julywas$660,000,a0.8% decreasefrom Juneand 3% aboveJuly2022. Theaveragesold pricewas$746,855,0.3% abovelast m onth;theaveragePSF salepricewas$879,down 0.8% tolastm onth.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$879 $746,855 $660,000 32%

$850 $736,521 $640,000 25%

$886 $744,805 $665,000 41%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

5,275

5,592

5,200

5,405

5,526

5,499

4,753

4,603

5,232

4,924

4,769

4,365

4,138

2,252

2,144

1,808

1,746

1,310

1,274

1,900

1,121

1,418

1,217

1,171

923

771

$675K $665K $660K

$640K $645K $620K $635K $625K

$625K $630K $630K $640K $652K

VancouverRegion REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

1500

31 5

4+ bdrms

1000

106

3 bdrms

611

44% 44%

40%

32%

500

958

26%

2 bdrms

19%

2,988

11%

677

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

187 82 44%

1,235 545 44%

1,533 613 40%

981 251 26%

425 135 32%

317 61 19%

337 38 11%

390 21 5%

1,775

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 7 ●

greatervancouverboard area DETACHED -JULY 2023

SALES TO LISTINGSRATIO 17% BALANCEDMARKET

▶ MARKETSUMMARY Therew ere 4,029 detached listingsin the G reater Vancouverboard areain July,1.6% aboveJuneand 8% lowerthan July2022. July detached hom esalesdecreased by 19% m onth-over-m onth,to 682,and were29% aboveJuly 2022. Thesales-to-listing ratio fordetached in the G reater Vancouverboard area,at17% ,reflected abalanced market. Thedetachedm edian pricein Julywas$1,810,000,a3% decreasefrom Juneand 4% aboveJuly2022.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 6% VS 2022

▲ 4% VS 2022

▼ 8% VS 2022

▲ 29% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

17% 682 4,029

12% 530 4,375

40% 29% -8%

21% 847 3,964

1.2% -3% -21% -19% 1.6%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

Theaveragesold pricewas$2,170,847,1.2% abovelast m onth and up 6% toJuly2022.

$2,145,790 $1,860,000

$2,170,847 $1,810,000

$2,041,315 $1,743,750

6% 4%

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

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

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

4,148

4,375

3,954

3,964

4,029

4,187

3,598

1.76

1.71

3,579

2,968

1.66

3,228

3,077

1.52

1.51

2,928

2,801

1.46

1,038

733

578

490

682

371

301

847

806

530

524

532

513

$1.88M $1.90M $1.86M $1.81M

$1.74M $1.70M $1.68M $1.72M

$1.71M $1.81M

$1.69M $1.70M $1.58M

22-Jul

23-Jun 23-Jul

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

1600

1400

1200

1000

800

600

40%

31%

28%

26%

400

22%

19%

14%

12%

200

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+ 1,475 98 7%

S-L RATIO SALES INVENTORY

51 16 31%

43 6 14%

102 19 19%

149 59 40%

315 89 28%

813 208 26%

555 122 22%

526 65 12%

●

greatervancouverboard area TOWNHOME-JULY 2023

SALES TO LISTINGSRATIO 38% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere1,031 townhom elistingsin theG reater Vancouverboard areain July,0.3% aboveJuneand 13% lowerthan July2022. Julytownhom esalesdecreased by17% m onth-over-m onth,to 391,and were60% aboveJuly 2022. Thesales-to-listing ratio fortow nhom esin theG reater Vancouverboard area,at38% ,reflected aselers'm arket. Thetownhom em edian pricein Julywas$1,093,000,a 0.2% increasefrom Juneand 10% aboveJuly2022. Theaveragesold pricewas$1,146,361,0.2% below last m onth;theaveragePSF salepricewas$794,up 0.9% to lastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 6% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 4% VS 2022

▲ 10% VS 2022

▼ 13% VS 2022

▲ 60% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

38% 391 1,031

21% 245 1,191

10% 84% 60% -13%

46% 470 1,028

0.9% -0.2% 0.2% -17% -17% 0.3%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$794 $1,146,361 $1,093,000

$787 $1,148,232 $1,091,250

$746 $1,099,687 $995,000

6% 4%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,161

1,191

1,053

1,028

991

1,17

1,031

1,096

910

845

823

816

500

470

368

391

306

290

271

396

186

245

232

226

120

$1.05M $1.05M $1.09M $1.09M

$1.04M $1000K

$1.02M

$995K $945K $950K

$949K $987K $979K

REBGV

FVREB

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

250

4+ bdrms

200

150

215

59% 58%

3 bdrms

52%

555

42%

100

38%

21%

2 bdrms

15%

246

<2 bdrms

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

S-L RATIO SALES INVENTORY

10 0 n/a

27 16 59%

91 53 58%

189 98 52%

228 95 42%

197 74 38%

198 41 21%

91 14 15%

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 9 ●

greatervancouverboard area CONDO -JULY 2023

SALES TO LISTINGSRATIO 31% SELLERS'M ARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 4% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 2% VS 2022

▲ 4% VS 2022

▼ 4% VS 2022

▲ 21% VS 2022

Therewere4,118 condolistingsin theG reater Vancouverboard areain July,5% aboveJuneand 4% lowerthan July2022. Julycondosalesdecreased by18% m onth-over-m onth,to 1,286,and were21% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

Thesales-to-listing ratio forcondosin the G reater Vancouverboard area,at31% ,reflected aselers'm arket.

TOTALLISTINGS TOTALSALES

1,286 4,118

1,062 4,298

26% 21% -4%

1,575 3,929

-1.2% -0.1% 0% -22% -18% 5%

Thecondom edian pricein Julywas$725,000,a0% changefrom Juneand 4% aboveJuly2022. Theaveragesold pricewas$813,851,0.1% below last m onth;theaveragePSF salepricewas$954,down 1.2% tolastm onth.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$954 $813,851 $725,000 31%

$915 $797,033 $694,000 25%

$965 $814,287 $725,000 40%

4% 2% 4%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

4,298

4,038

4,18

3,693

4,193 4,223

3,996

3,929

3,735

3,707

3,530

3,348

3,163

1,735

1,575

1,317

1,286

1,005

997

1,413

1,062

932

892

848

706

573

$694K $690K $670K $677K

$680K $685K $690K $680K $705K $720K $728K $725K $725K

REBGV

FVREB

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

1200

30 4

4+ bdrms

1000

800

3 bdrms

600

517

49%

43%

39%

400

32%

672

26%

2 bdrms

19%

2,222

200

11%

524

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

88 34 39%

584 287 49%

1,133 486 43%

897 235 26%

406 129 32%

305 58 19%

327 36 11%

378 21 6%

1,349

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 10 ●

fraservaley board area DETACHED -JULY 2023

SALES TO LISTINGSRATIO 15% BALANCEDMARKET

▶ MARKETSUMMARY Therew ere 2,946 detached listingsin the FraserValey board areain July,5% aboveJuneand 3% lowerthan July 2022. July detached hom esalesdecreased by 42% m onth-over-m onth,to 450,and were32% aboveJuly 2022. Thesales-to-listing ratio fordetached in the FraserValey board area,at15% ,reflected abalanced m arket.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 1.1% VS 2022

▲ 3% VS 2022

▼ 3% VS 2022

▲ 32% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

15% 450 2,946

11% 342 3,041

1.1% 3% 36% 32% -3%

28% 772 2,794

-45% -42% 5%

Thedetachedm edian pricein Julywas$1,456,500,a3% decreasefrom Juneand 3% aboveJuly2022.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

Theaveragesold pricewas$1,588,941,5% below last m onth and up 1.1% toJuly2022.

$1,665,624 $1,500,000

-5% -3%

$1,588,941 $1,456,500

$1,571,194 $1,420,000

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

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

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

3,041

2,794

2,946

2,699

2,541

2,533

2,810

2,344

1.76

1.72

1.69

1,939

1.61

1.57

1.58

1,998

1,858

1,848

1,752

772

590

363

327

313

659

258

450

213

591

342

325

323

$1.42M $1.34M

$1.43M $1.50M $1.50M $1.46M

$1.32M $1.32M $1.24M

$1.28M $1.28M $1.31M $1.35M

22-Jul

23-Jun 23-Jul

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

800

600

400

30%

25%

24%

23%

200

15%

14%

10%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

71 17 24%

29 4 14%

113 34 30%

259 64 25%

537 123 23%

883 133 15%

385 40 10%

241 15 6%

428 20 5%

●

fraservaley board area TOWNHOME-JULY 2023

SALES TO LISTINGSRATIO 44% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere852 townhom elistingsin theFraserValey board areain July,5% aboveJuneand 35% lowerthan July2022. Julytownhom esalesdecreased by21% m onth-over-m onth,to 376,and were61% aboveJuly 2022. Thesales-to-listing ratio fortow nhom esin theFraser Valey board area,at44% ,reflected aselers'm arket. Thetownhom em edian pricein Julywas$848,944,a 0.3% decreasefrom Juneand 0.8% aboveJuly2022. Theaveragesold pricewas$846,717,1.8% below last m onth;theaveragePSF salepricewas$537,down 0.9% tolastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 0.5% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 0.2% VS 2022

▲ 0.8% VS 2022

▼ 35% VS 2022

▲ 61% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No. 59% 477 811

% Change

TOTALLISTINGS TOTALSALES

44% 376 852

18% 234 1,307

0.5% -0.2% 0.8% 146% 61% -35%

-0.9% -1.8% -0.3% -25% -21% 5%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$537 $846,717 $848,944

$542 $861,899 $851,300

$535 $848,704 $842,500

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,307

1,17

1,156

945

1,001

798

852

684

751

684

389 661 679

477

445

376

283

245

388

234

242

235

189

169

154

$843K

$808K $839K $850K $851K $849K

$790K $780K $770K $798K $745K $745K $770K

FVREB

REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

400

4+ bdrms

257

300

79%

193

3 bdrms

422

200

48% 48%

42%

34%

25%

2 bdrms

100

16%

169

4 3

<2 bdrms

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

S-L RATIO SALES INVENTORY

14 11 79%

45 19 42%

231 110 48%

386 184 48%

127 43 34%

37 6 16%

12 3 25%

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 12 ●

fraservaley board area CONDO -JULY 2023

SALES TO LISTINGSRATIO 36% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere1,287 condolistingsin theFraserValey board areain July,1.3% aboveJuneand 0.5% lowerthan July2022. Julycondosalesdecreased by19% m onth-over-m onth,to 460,and were29% aboveJuly2022.

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 1.7% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 0.6% VS 2022

▲ 0.5% VS 2022

▼ 0.5% VS 2022

▲ 29% VS 2022

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change 0.5% 1.3% 1.8% -20% -19% 1.3%

Thesales-to-listing ratio forcondosin the FraserValey board area,at36% ,reflected aselers'm arket.

TOTALLISTINGS TOTALSALES

36% 460 1,287

28% 356 1,294

1.7% 0.6% 0.5% 30% 29% -0.5%

45% 569 1,271

Thecondom edian pricein Julywas$537,750,a1.8% increasefrom Juneand 0.5% aboveJuly2022. Theaveragesold pricewas$559,559,1.3% abovelast m onth;theaveragePSF salepricewas$669,up 0.5% to lastm onth.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$669 $559,559 $537,750

$665 $552,478 $528,000

$658 $556,003 $535,000

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,237

1,294

1,287

1,189

1,306

1,303

1,271

1,236

1,073

1,062

1,060

1,017

975

569

491

460

517

487

356

273

305

285

279 277

217

198

$535K

$515K $500K $505K $490K $485K $497K $499K

$510K $510K $535K $528K $538K

FVREB

REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

700

1 1

600

4+ bdrms

500

400

3 bdrms

48%

300

40%

32%

200

286

25%

2 bdrms

20%

19%

766

100

153

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

99 48 48%

651 258 40%

400 127 32%

84 16 19%

19 6 32%

12 3 25%

10 2 20%

12 0 n/a

426

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 13 ●

burnabynorth DETACHED -JULY 2023

SALES TO LISTINGSRATIO 34% SELLERS'M ARKET

▶ MARKETSUMMARY

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 12% VS 2022

▼ 11% VS 2022

▼ 26% VS 2022

▲ 11% VS 2022

Therewere90 detached listingsin BurnabyN orth in July, 3% aboveJuneand 26% lowerthan July2022. July detached hom esalesincreased by 35% m onth-over-m onth,to31,and were11% aboveJuly 2022. Thesales-to-listing ratio fordetached in Burnaby N orth, at34% ,reflected aselers'm arket.

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

31 90

$2,258,417 $2,082,500 23% 28 122

-12% -11% 50% 11% -26%

23 87

-9% -10% 30% 35% 3%

Thedetachedm edian pricein Julywas$1,850,000,a10% decreasefrom Juneand 11% below July2022.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$1,988,729 $1,850,000 34%

$2,181,991 $2,050,000 26%

Theaveragesold pricewas$1,988,729,9% below last m onth and down 12% toJuly2022.

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

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

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

122

109

2.47

86 85

2.15

2.02

1.44

1.34

1.14

$2.08M

$2.09M $2.05M $2.05M

$2.04M $1.96M

$1.96M $1.93M $1.89M

$1.85M

$1.79M

$1.75M $1.71M

22-Jul

23-Jun 23-Jul

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

76%

32%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

0 2 n/a

25 19 76%

25 8 32%

16 0 n/a

24 2 8%

●

burnabynorth TOWNHOME-JULY 2023

SALES TO LISTINGSRATIO 48% SELLERS'M ARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 8% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 4% VS 2022

▼ 6% VS 2022

▼ 24% VS 2022

▲ 75% VS 2022

Therewere29 townhom elistingsin BurnabyN orth in July,6% below Juneand 24% lowerthan July2022. Julytownhom esalesdecreased by33% m onth-over-m onth,to14,and were75% aboveJuly 2022. Thesales-to-listing ratio fortow nhom esin Burnaby N orth,at48% ,reflected aselers'm arket. Thetownhom em edian pricein Julywas$914,950,a10% increasefrom Juneand 6% below July2022. Theaveragesold pricewas$921,100,8% abovelast m onth;theaveragePSF salepricewas$721,up 13% to lastm onth.

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

14 29

$668 $884,500 $969,000 21% 8 38

8% 4% -6% 129% 75% -24%

21 31

13% 8% 10% -29% -33% -6%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$721 $921,100 $914,950 48%

$639 $853,562 $830,000 68%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

34 34

25 25 25

$969K

$915K

$880K $885K $900K

$875K $868K

$790K $830K

$770K $748K $775K

$748K

BURNABYNORTH REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

4+ bdrms

80%

67%

57%

3 bdrms

33%

2 bdrms

20%

<2 bdrms

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

S-L RATIO SALES INVENTORY

3 2 67%

5 4 80%

9 3 33%

7 4 57%

5 1 20%

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 15 ●

burnabynorth CONDO -JULY 2023

SALES TO LISTINGSRATIO 32% SELLERS'M ARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 3% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▲ 8% VS 2022

▲ 1.8% VS 2022

▲ 12% VS 2022

▲ 36% VS 2022

Therewere338 condolistingsin BurnabyN orth in July, 13% aboveJuneand 12% higherthan July2022.

Julycondosalesdecreased by10% m onth-over-m onth,to 109,and were36% aboveJuly2022.

THISMONTH No.

PREVIOUSMONTH

PREVIOUSYEAR

No.

% Change

No. 40% 121 299

% Change

Thesales-to-listing ratio forcondosin Burnaby N orth,at 32% ,reflected aselers'm arket.

TOTALLISTINGS TOTALSALES

32% 109 338

$867 $686,398 $671,000 27% 80 301

3% 8% 1.8% 21% 36% 12%

-4% -1.8% -6% -20% -10% 13%

Thecondom edian pricein Julywas$683,000,a6% decreasefrom Juneand 1.8% aboveJuly2022. Theaveragesold pricewas$738,553,1.8% below last m onth;theaveragePSF salepricewas$896,down 4% to lastm onth.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$896 $738,553 $683,000

$933 $751,752 $730,000

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JUL 202 ● JUL 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

338

301

287

301

268

264

299

253

270

257

251

245

218

120

121

109

$730K $683K

$692K $704K $667K $707K $661K $708K

$680K $696K

$671K $676K $651K

BURNABYNORTH REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

120

4+ bdrms

100

3 bdrms

42%

40%

36%

25%

2 bdrms

18%

194

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

73 26 36%

117 47 40%

92 23 25%

26 11 42%

11 2 18%

13 0 n/a

6 0 n/a

109

Copyright© August3,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofAugust3,2023.Aldatafrom RealEstateBoardofGreaterVancouver andFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakesteps astherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationis subjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 16 ●

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