the rennie review | October 2023

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

published October 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 October 10, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

sitting tight versus fight or flight High interest rates continue to weigh on the Vancouver Region’s housing market, with buyers pulling back at a time when more sellers are coming to market. These conditions have yielded declining home values and pushed inventory to its highest level in three years.

any month since October 2020. It’s worth noting, however, that inventory remains 9% below its long-run average. These changing market conditions have begun to impact home values, with the composite benchmark price in the Vancouver Region declining in September for the second consecutive month (by 0.5%) following six months of increases. And while the decrease in values was relatively small last month, expect more price softening in the coming months as current conditions persist into the near- and medium-term. Buyers aren’t likely to return in great numbers until they receive some clarity about, and relief from, from the Bank of Canada vis-a-vis stable, and then lower, interest rates. Meanwhile, as the impact of today’s high borrowing costs continue to cascade through the economy, more homeowners will likely look to sell as a result, supporting the supply-side of our market.

We are now one and a half years into the Bank of Canada’s unprecedented rate tightening cycle, and with interest rates at their highest level in two decades, both the economy and our local housing market have been surprisingly resilient to-date. But as we noted in last month’s rennie review, specifically in relation to the labour market, that’s starting to change. And for our housing market, that change has manifested with more buyers sitting on the sidelines and more sellers bringing listings to market—which means growing supply and downward pressure on prices. Fewer willing buyers translated to fewer transactions last month: there were 2,918 MLS sales in the Vancouver Region in September, which was the lowest monthly total since February, and the fourth consecutive monthly decline in sales. And while the typical seasonal pattern is fewer sales in September than August, last

month’s decrease of 17% far outpaces the typical decline of just 3%. Additionally, September’s sales count was 27% less than the past-decade average. (For what it’s worth, last month’s sales were actually 15% higher than one year ago—though sales through the latter half of 2022 were historically low.) More sellers translated to more supply last month: there were 8,005 new MLS listings in September, which was up 28% from August. Not only does this outpace the typical seasonal increase of 18%, it’s 24% higher than one year ago, and 5% more than the past 10-year average. With new listings up and sales down, inventory has—naturally—grown of late: there were 16,338 homes available for purchase at the end of September, which was an 11% increase from August (versus the typical 1.2%), 9% higher than one year earlier, and represents the highest total of

featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM

House

$2,498,900 | KERRISDALE

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9511 Emerald Drive 3 Bed, 1,808 SF Carleigh Hofman 604.805.5358

1041 Cortell Street 4 Bed, 2,570 SF Stu Bell PREC* 604.562.0532

Derek Kai PREC* 604.868.1666

House

Townhome

$1,900,000 | BURNABY NORTH

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1035 Holdom Avenue 5 Bed, 2,513 SF

4530 W. 4th Avenue 2 Bed, 1,274 SF Cameron Davis 778.228.4379

930 Wellington Drive 5 Bed, 2,079 SF Eric Zamora PREC* 778.389.4556

Lorenzo Daminato PREC* 604.657.8121

House

The Alto

House

$1,488,888 | NEW WEST

$1,619,900 | PORT COQUITLAM

$1,880,000 | DOWNTOWN 1503 - 1205 Howe Street 2 Bed, 1,678 SF

807 York Street 3 Bed, 1,773 SF Savina Bhullar 604.362.7005

687 Omineca Place 4 Bed, 2,348 SF Deanna Lythgo PREC* 778.840.3170

Sara Beikoghli 778.680.8685

Arbutus Grove $1,298,000 | SQUAMISH 10 - 38447 Buckley Avenue 3 Bed, 1,721 SF Shawn Wentworth PREC* 604.379.6731

Townhome

Brava

$1,249,000 | DOWNTOWN 2406 - 1155 Seymour Street 2 Bed, 936 SF

$1,198,000 | MT. PLEASANT

147 W. 15th Avenue 2 Bed, 1,009 SF Janette Fricker 604.787.2862

Jason Soprovich 604.817.8812

The Meadows $988,000 | RICHMOND 17 - 7740 Abercrombie Drive 3 Bed, 1,347 SF

Second + Main

Woodwards Building $999,000 | DOWNTOWN 2209 - 108 W. Cordova Street 2 Bed, 992 SF

$999,000 | MT. PLEASANT 1208 - 180 E. 2nd Avenue 2 Bed, 761 SF

Brandon Blue PREC* 604.999.7792

Art Seroff PREC* 778.223.0033

Brandan Price PREC* 604.765.9555

Light House

The Sentinel

Polaris Metrotown $698,000 | BURNABY SOUTH 1405 - 6699 Dunblane Avenue 1 Bed, 600 SF

$919,900 | NEW WEST 118 - 300 Salter Street 2 Bed, 1,026 SF

$809,900 | WEST VAN 2101 - 200 Klahanie Court 1 Bed, 547 SF Amin Shahbaz PREC* 604.721.3650

Theo Birkner 778.558.7669

Simon Lai PREC* 778.881.3603

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 October 10, 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.

vancouver region DETACHED - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 12% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 4% VS 2022

▲ 11% VS 2022

▲ 13% VS 2022

▲ 9% VS 2022

There were 7,732 detached listings in the Vancouver Region in September, 9% above August and 13% higher than September 2022. September detached home sales decreased by 11% month-over-month, to 935, and were 9% above September 2022. The sales-to-listing ratio for detached in the Vancouver Region, at 12%, reflected a balanced market. The detached median price in September was $1,680,000, a 0.8% increase from August and 11% above September 2022. The average sold price was $1,929,181, 3% below last month and up 4% to September 2022.

THIS MONTH No. $1,929,181 $1,680,000 12% 935 7,732

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$1,849,531 $1,520,000 13% 857 6,847

4% 11% -3% 9% 13%

1,045 7,116

-3% 0.8% -18% -11% 9%

$1,988,153 $1,666,666 15%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

7,732

6,975

6,758

6,495

6,847

7,116

6,112

5,942

1.85

1.79

4,816

5,226

5,016

4,786

4,553

1.42

1.39

1.37

1,694

1,616

1,323

1,045

905

803

629

514

1,394

935

857

1,131

836

$1.65M $1.71M $1.67M $1.65M $1.67M $1.68M

$1.52M $1.54M $1.50M $1.50M $1.45M $1.55M $1.56M

22-Sep

23-Aug

23-Sep

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

2000

1500

1000

500

21%

20%

18%

17%

16%

11%

<$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+ 2,003 103 5%

S-L RATIO SALES INVENTORY

136 28 21%

89 18 20%

258 45 17%

497 89 18%

949 164 17%

1,897 302 16%

1,024 115 11%

879 71 8%

Copyright © October 10, 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 October 10, 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.

●

vancouver region TOWNHOME - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 28% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 7% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 11% VS 2022

▲ 7% VS 2022

▲ 24% VS 2022

▼ 7% VS 2022

There were 2,081 townhome listings in the Vancouver Region in September, 10% above August and 7% lower than September 2022. September townhome sales decreased by 13% month-over-month, to 581, and were 24% above September 2022. The sales-to-listing ratio for townhomes in the Vancouver Region, at 28%, reflected a sellers' market. The townhome median price in September was $910,000, a 1.1% increase from August and 7% above September 2022. The average sold price was $1,015,742, 3% above last month; the average PSF sale price was $663, down 1.1% to last month.

THIS MONTH No. $663 $1,015,742 $910,000 28% 581 2,081

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$617 $915,450 $850,000 21% 467 2,234

7% 11% 7% 34% 24% -7%

$670 $985,796 $900,000 36% 671 1,884

-1.1% 3% 1.1% -22% -13% 10%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

2,234

1,998

2,081

2,162

1,886

1,789

1,884

1,571

1,840

1,589

1,567

1,529

1,507

945

947

757

548

516

784

767

581

671

467

415

339

289

$923K

$920K

$915K

$910K

$899K

$900K

$870K

$865K

$850K

$860K

$840K

$810K

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

600

124

4+ bdrms

462

500

400

310

3 bdrms

1,087

300

39% 39%

31%

200

138

24%

24% 25%

2 bdrms

488

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

36 3 8%

79 31 39%

367 142 39%

603 184 31%

411 97 24%

258 64 25%

209 50 24%

118 10 8%

vancouver region CONDO - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 22% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 6% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 7% VS 2022

▲ 5% VS 2022

▲ 9% VS 2022

▲ 14% VS 2022

There were 5,980 condo listings in the Vancouver Region in September, 14% above August and 9% higher than September 2022. September condo sales decreased by 21% month-over-month, to 1,333, and were 14% above September 2022. The sales-to-listing ratio for condos in the Vancouver Region, at 22%, reflected a sellers' market. The condo median price in September was $650,000, a 3% decrease from August and 5% above September 2022. The average sold price was $746,546, 0.3% above last month; the average PSF sale price was $883, down 0.3% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

1,333 5,980

1,171 5,499

6% 7% 5% 5% 14% 9%

1,690 5,263

-0.3% 0.3% -3% -31% -21% 14%

$883 $746,546 $650,000 22%

$836 $695,400 $620,000 21%

$885 $744,580 $670,000 32%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

5,980

5,526

5,403

5,275

5,200

5,499

4,753

4,603

5,263

4,924

4,769

4,365

4,138

2,251

2,142

1,808

1,690

1,274

1,900

1,121

1,744

1,333

1,171

1,217

923

770

$675K

$665K

$670K

$661K

$652K

$650K

$640K

$635K

$630K

$625K

$620K

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

43 1

4+ bdrms

1500

1000

3 bdrms

646

35%

26%

735

26%

500

2 bdrms

18% 16%

3,308

10%

519

<$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

205 53 26%

1,324 458 35%

1,780 471 26%

1,037 187 18%

495 77 16%

364 37 10%

350 29 8%

425 21 5%

1,983

greater vancouver board area DETACHED - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 12% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 3% VS 2022

▲ 10% VS 2022

▲ 9% VS 2022

▲ 5% VS 2022

There were 4,515 detached listings in the Greater Vancouver board area in September, 10% above August and 9% higher than September 2022. September detached home sales decreased by 6% month-over-month, to 559, and were 5% above September 2022. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 12%, reflected a balanced market. The detached median price in September was $1,850,000, a 2% decrease from August and 10% above September 2022. The average sold price was $2,170,992, 8% below last month and up 3% to September 2022.

THIS MONTH No. $2,170,992 $1,850,000 12% 559 4,515

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$2,107,606 $1,679,450 13% 532 4,148

5% 9%

$2,348,926 $1,890,000 15% 595 4,092

-8% -2% -15% -6% 10%

3% 10% -3%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

4,515

3,954

3,964

4,148

3,598

4,092

4,029

1.79

3,579

1.71

2,968

3,228

3,077

2,928

1.52

2,801

1.48

1.45

1,036

733

578

490

371

301

844

559

532

804

681

595

513

$1.81M $1.87M $1.90M $1.86M $1.81M $1.89M $1.85M $1.71M

$1.69M $1.70M $1.58M

$1.68M $1.72M

22-Sep

23-Aug

23-Sep

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1500

1000

500

20%

19%

18%

16%

14%

12%

<$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+ 1,569 85 5%

S-L RATIO SALES INVENTORY

67 11 16%

49 9 18%

127 15 12%

207 39 19%

350 70 20%

912 186 20%

632 87 14%

602 57 9%

●

greater vancouver board area TOWNHOME - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 26% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 5% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 12% VS 2022

▲ 16% VS 2022

▲ 5% VS 2022

▲ 31% VS 2022

There were 1,172 townhome listings in the Greater Vancouver board area in September, 14% above August and 5% higher than September 2022. September townhome sales decreased by 14% month-over-month, to 303, and were 31% above September 2022. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 26%, reflected a sellers' market. The townhome median price in September was $1,098,000, a 3% increase from August and 16% above September 2022. The average sold price was $1,159,463, 3% above last month; the average PSF sale price was $772, down 2% to last month.

THIS MONTH No. $772 $1,159,463 $1,098,000 26% 303 1,172

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$737 $1,035,784 $950,000 21% 232 1,117

5% 12% 16% 24% 31% 5%

$791 $1,121,961 $1,063,000 34% 352 1,025

-25% -14% 14%

-2% 3% 3%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,161

1,172

1,053

1,117

1,030 1,034

992

910

1,025

910

845

823

816

500

470

368

352

306

271

396

391

303

185

232

226

120

$1.05M $1.05M $1.09M $1.09M $1.06M $1.10M

$1.02M

$1000K $985K $979K $1.04M

$950K

$949K

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

250

4+ bdrms

200

157

3 bdrms

150

648

41%

34%

100

25% 24%

22%

2 bdrms

289

13%

<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

16 2 13%

29 10 34%

108 44 41%

214 73 34%

267 68 25%

220 52 24%

200 44 22%

118 10 8%

greater vancouver board area CONDO - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 22% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 6% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 9% VS 2022

▲ 6% VS 2022

▲ 9% VS 2022

▲ 11% VS 2022

There were 4,568 condo listings in the Greater Vancouver board area in September, 17% above August and 9% higher than September 2022. September condo sales decreased by 22% month-over-month, to 989, and were 11% above September 2022. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 22%, reflected a sellers' market. The condo median price in September was $711,800, a 1.2% decrease from August and 6% above September 2022. The average sold price was $816,274, 1.4% above last month; the average PSF sale price was $957, up 0.5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$957 $816,274 $711,800 22% 989 4,568

$902 $748,704 $670,000 21% 892 4,193

6% 9% 6% 1.8% 11% 9%

1,276 3,921

0.5% 1.4% -1.2% -33% -22% 17%

$953 $805,376 $720,500 33%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

4,568

4,223

4,116

4,038

4,193

3,693

3,928

3,921

3,734

3,707

3,530

3,348

3,163

1,734

1,573

1,317

1,276

997

1,413

1,285

989

892

932

848

706

572

$729K

$726K

$725K

$720K

$721K

$712K

$705K

$690K

$680K

$685K

$680K

$677K

$670K

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

1400

1200

4+ bdrms

1000

800

3 bdrms

551

600

39%

30%

400

523

2 bdrms

19%

17%

15%

2,465

200

10%

404

<$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

96 16 17%

629 247 39%

1,306 387 30%

954 181 19%

479 73 15%

352 35 10%

340 29 9%

412 21 5%

1,512

fraser valley board area DETACHED - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 12% BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 10% VS 2022

▲ 19% VS 2022

▲ 16% VS 2022

There were 3,217 detached listings in the Fraser Valley board area in September, 6% above August and 19% higher than September 2022. September detached home sales decreased by 16% month-over-month, to 376, and were 16% above September 2022. The sales-to-listing ratio for detached in the Fraser Valley board area, at 12%, reflected a buyers' market. The detached median price in September was $1,457,500, a 1.0% increase from August and 10% above September 2022. The average sold price was $1,569,680, 4% above last month and up 10% to September 2022.

THIS MONTH No. $1,569,680 $1,457,500 12% 376 3,217

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$1,427,082 $1,320,000 12% 325 2,699

10% 10% -3% 16% 19%

$1,511,131 $1,442,500 15% 450 3,024

-21% -16% 6%

4% 1%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

3,217

2,946

2,794

3,024

2,541

2,533

2,699

2,344

1.75

1.69

1,939

1.58

1.56

1.53

1,998

1,858

1,848

1,752

772

590

450

327

313

258

658

213

590

376

325

450

323

$1.43M $1.50M $1.50M $1.46M $1.44M $1.46M

$1.32M $1.32M $1.24M

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

22-Sep

23-Aug

23-Sep

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

1000

800

600

400

25%

23%

17%

200

16%

12%

<$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

69 17 25%

40 9 23%

131 30 23%

290 50 17%

599 94 16%

985 116 12%

392 28 7%

277 14 5%

434 18 4%

●

fraser valley board area TOWNHOME - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 31% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 9% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 8% VS 2022

▲ 7% VS 2022

▲ 18% VS 2022

▼ 19% VS 2022

There were 909 townhome listings in the Fraser Valley board area in September, 6% above August and 19% lower than September 2022. September townhome sales decreased by 13% month-over-month, to 278, and were 18% above September 2022. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 31%, reflected a sellers' market. The townhome median price in September was $831,750, a 0.8% increase from August and 7% above September 2022. The average sold price was $859,096, 3% above last month; the average PSF sale price was $544, up 1.4% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No. 319 859

% Change

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

278 909

$500 $796,651 $780,000 21% 235 1,117

45% 18% -19%

1.4% 3% 0.8% -18% -13% 6%

$544 $859,096 $831,750 31%

$537 $835,546 $825,000 37%

9% 8% 7%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,117

945

1,001

852

909

797

859

684

810

751

684

679

661 389

477

445

245

388

376

278

319

235

242

189

169

154

$850K

$851K

$849K

$839K

$832K

$825K

$808K

$798K

$780K

$770K

$745K

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

400

4+ bdrms

262

300

67%

153

3 bdrms

439

200

42%

38%

32%

29%

20%

2 bdrms

100

199

<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

20 1 5%

50 21 42%

259 98 38%

389 111 29%

144 29 20%

38 12 32%

9 6 67%

fraser valley board area CONDO - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 24% SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 7% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 4% VS 2022

▲ 5% VS 2022

▲ 8% VS 2022

▲ 23% VS 2022

There were 1,412 condo listings in the Fraser Valley board area in September, 5% above August and 8% higher than September 2022. September condo sales decreased by 17% month-over-month, to 344, and were 23% above September 2022. The sales-to-listing ratio for condos in the Fraser Valley board area, at 24%, reflected a sellers' market. The condo median price in September was $527,000, a 2% decrease from August and 5% above September 2022. The average sold price was $546,078, 2.0% below last month; the average PSF sale price was $670, down 1.1% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$670 $546,078 $527,000 24% 344 1,412

$624 $524,981 $499,900 21% 279 1,306

14% 23% 8%

$678 $557,198 $540,000 31% 414 1,342

-1.1% -2% -2% -21% -17% 5%

7% 4% 5%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,412

1,303

1,272

1,237

1,306

1,190

1,342

1,287

1,073

1,060

1,062

1,017

975

569

491

414

517

487

459

273

344

279

285

277

217

198

$538K

$540K

$535K

$528K

$527K

$505K

$510K

$500K

$497K

$499K

$490K

$485K

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

700

4+ bdrms

600

500

400

3 bdrms

300

34%

30%

200

212

25%

2 bdrms

18%

17%

843

100

115

<$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

109 37 34%

695 211 30%

474 84 18%

83 6 7%

16 4 25%

12 2 17%

10 0 n/a

13 0 n/a

471

burnaby north DETACHED - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 17% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 5% VS 2022

▲ 21% VS 2022

▲ 13% VS 2022

▼ 7% VS 2022

There were 107 detached listings in Burnaby North in September, 23% above August and 7% lower than September 2022. September detached home sales remained the same month-over-month, at 18, and were 13% above September 2022. The sales-to-listing ratio for detached in Burnaby North, at 17%, reflected a balanced market. The detached median price in September was $2,065,000, a 6% increase from August and 21% above September 2022. The average sold price was $2,043,867, 6% below last month and up 5% to September 2022.

THIS MONTH No. $2,043,867 $2,065,000 17% 18 107

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$1,944,647 $1,705,000 14% 16 115

5% 21% 21% 13% -7%

18 87

-6% 6% -19% 0% 23%

$2,183,378 $1,951,900 21%

▶ RATIO OF MEDIAN PRICES

▶ RECENT TRENDS

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

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

115

107

2.78

2.41

2.28

1.24

1.15

1.11

$2.09M $2.05M $2.05M

$2.04M $1.96M

$1.96M $1.93M $1.89M

$1.95M $2.07M

$1.85M

$1.79M

$1.71M

22-Sep

23-Aug

23-Sep

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET 21% +

BALANCED 12 - 20%

BUYERS' MARKET <12%

● SALES ● TOTAL INVENTORY ● S-L RATIO

32%

23%

<$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

35 8 23%

28 9 32%

22 1 5%

22 0 n/a

●

burnaby north TOWNHOME - SEPTEMBER 2 0 2 3

SALES TO LISTINGS RATIO 18% BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 6% VS 2022

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.3% VS 2022

▲ 15% VS 2022

▼ 0.7% VS 2022

▼ 33% VS 2022

There were 45 townhome listings in Burnaby North in September, 41% above August and 15% higher than September 2022. September townhome sales decreased by 27% month-over-month, to 8, and were 33% below September 2022. The sales-to-listing ratio for townhomes in Burnaby North, at 18%, reflected a balanced market. The townhome median price in September was $742,500, a 8% decrease from August and 0.7% below September 2022. The average sold price was $814,663, 8% below last month; the average PSF sale price was $650, up 5% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

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

$650 $814,663 $742,500 18% 8 45

12 39

6% 1.3% -0.7% -42% -33% 15%

11 32

-48% -27% 41%

$614 $804,000 $747,500 31%

$619 $887,545 $810,000 34%

5% -8% -8%

▶ AVG PRICE PER SQUARE FOOT

▶ RECENT TRENDS

● SEP 2022 ● SEP 2023

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

$915K

$900K

$880K

$885K

$875K

$868K

$830K

$810K

$790K

$775K

$748K

$743K

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

60%

3 bdrms

2 bdrms

18%

<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

4 0 n/a

10 6 60%

12 0 n/a

11 2 18%

8 0 n/a

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