the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION
published January 2023
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 INTRO
3 SALES
4 TOTAL LISTINGS
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Ryan Wyse SENIOR ANALYST rwyse@rennie.com
5 PRICES
6 RENNIE INTELLIGENCE
THE RENNIE ADVANCE sales
highlights • The Vancouver Region tallied only 1,963 MLS sales in December 2022, representing the 9th consecutive month of declining sales counts in the metro area. This was the lowest sales count of any December in over 20 years, save for 2008 (in the midst of the credit crisis), and was 39% below than the past-decade December average. • Notably, the November-to-December sales drop of 18% was entirely seasonal (with the past-decade month-over-month decline in sales at the end of the year also equalling 18%). Detached home sales fell off the most, at 21%, followed by townhomes at 18%, and condos at 17%. • For the full year 2022, there were 43,624 MLS sales in the Vancouver Region, 38% less than 2021’s record count of 70,644, and 14% below the past-decade average of 50,999.
DECEMBER 2022
1,000 1,500 2,000 2,500 3,000 3,500 4,000
- 57% vs Dec 2021
1,263 10 yr Dec Avg
DETACHED sales
0 500
2022 636
- 50% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
﹍ 10 yr December Average
● December
1,000 1,200 1,400 1,600
- 57% vs Dec 2021
0 200 400 600 800
590 10 yr Dec Avg
TOWNHOME sales
340
- 42% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
3,500
- 54% vs Dec 2021
3,000
2,500
2,000
1,315 10 yr Dec Avg
1,500
1,000
CONDO sales
931
0 500
- 29% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
Copyright © January 3, 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 January 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.
●
3
THE RENNIE ADVANCE total listings
highlights • Inventory continued its typical pattern year-end shrinkage into December, as last month wrapped with 10,876 listings, down 21% versus November. With sales counts depressed, this month-to-month change was actually less than the typical 26% drop in inventory at this time of year. December’s inventory was 10% below the past-decade average for the month. • Of particular note is the significant drop in the region’s listing count between December 31st and January 1st of the new year. To wit, while there is usually a 600-700 listing decline between these two dates due to expirations and cancellations, this year saw a one-day drop of 1,304, meaning 2023 kicked off with only 9,572 holmes available for purchase. • The region’s housing market was, overall, balanced in December, with 5.5 months of inventory (MOI). The detached home market remained balanced with 7.5 MOI, while the townhome and condo segments continued to favour sellers, with MOIs of 4.6 and 4.4, respectively.
DECEMBER 2022
14,000
+ 52% vs Dec 2021
12,000
10,000
8,000
5,434 10 yr Dec Avg
6,000
4,000
4,787
DETACHED listings
0 2,000
- 12% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
+ 155% vs Dec 2021
1,597 10 yr Dec Avg
1,566
TOWNHOME listings
0 500
- 1.9% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
12,000
vs Dec 2021
10,000
8,000
6,000
4,196 10 yr Dec Avg
4,000
CONDO listings
4,140
2,000
0
- 1.3% vs 10yr Dec Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
﹍ 10 yr December Average
● December
Copyright © January 3, 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 January 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.
●
4
THE RENNIE ADVANCE median prices
highlights • December’s median sold prices, when averaged across all home types, increased by 1.7% versus November in the Greater Vancouver board area, while in the Fraser Valley board area they fell by 1.3%. • Compared to November, the median sold price of townhomes in Greater Vancouver rose by 4%, with that of condos and detached homes inching up by 0.7% and 0.6%, respectively. The Fraser Valley saw an equivalent rise in the median sold price of detached homes (4%) as in Greater Vancouver, while townhomes and condos experienced respective declines in median sold prices of 7% and 1.0%. • On a year-over-year basis in December, the price of detached homes was down in both board areas—by 8% in Greater Vancouver and by 19% in the Fraser Valley. Townhome median prices were up in Greater Vancouver by 1.0%, but down in the Fraser Valley (by 14%). Similarly, condo median prices were higher in Greater Vancouver by 0.7%, but lower by 8% in the Fraser Valley.
DECEMBER 2022
$2,000,000
Greater Vancouver
$1,600,000
$1.70M
- 8% vs Dec 2021
$1,200,000
$1.28M
$800,000
DETACHED median sales price
Fraser Valley
$400,000
- 19% vs Dec 2021
$0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
$1,200,000
Greater Vancouver
$1,000,000
$985,000
+ 1% vs Dec 2021
$800,000
$745,000
$600,000
$400,000
TOWNHOME median sales price
Fraser Valley
$200,000
$0
- 14% vs Dec 2021
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
$1,000,000
Greater Vancouver
$800,000
+ 0.7% vs Dec 2021
$685,000
$600,000
$485,000
$400,000
CONDO median sales price
Fraser Valley
$200,000
- 8% vs Dec 2021
$0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
━ Greater Vancouver ━ Fraser Valley
● December
Copyright © January 3, 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 January 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.
●
5
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
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6Made with FlippingBook - professional solution for displaying marketing and sales documents online