the rennie advance - September 2022

the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published September 2022

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

highlights • The2,850M LS salesin theVancouverRegion in Augustwereup–barely— by0.1% com pared to July,which wasthefirstm onth-over-m onth increasein 4 m onths.N otably,thisincreaseoc ur ed againstthebackdrop ofatypicalJuly-to-Augustdeclinein salescountsof11%.Thatsaid,August’s saleswere45% lowerthan in thesam em onth oneyearago,and were31% below thepast-decade A ugustaverage.O veral,salesactivity w asfairly tepid forthem onth. • O n am onth-over-m onth basis,salesoftownhom esand detached hom esincreased by19% (to573) and 2% (to 890),respectively.In contrast,condo salesdeclined by7% (to 1,314— thelowestofany Augustsince2015). • O n ayear-over-yearbasis,saleswereloweracros al hom etypes,with detached hom esalesdown them ost(by50%),folowed closelybytownhom es(down 44%)and condos(down 41%).

THERENNIEADVANCE sales

AUGUST 202

4,000

- 50% vsAug2021

3,500

3,000

2,500

2,000

1,650 10 yrAugAvg

1,500

1,000

DETACHED sales

890

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 46% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

- 44% vsAug2021

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

776 10 yrAugAvg

200 400 600 800

573

TOWNHOME sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 26% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

3,500

- 41% vsAug2021

3,000

2,500

2,000

1,598 10 yrAugAvg

1,500

1,000

1,314

CONDO sales

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 18% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© Septem ber6,202 renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber6,202 .Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Forthesecond consecutivem onth,inventorydeclined— thistim eby7% versusJuly— to14,917 listingsbyAugustm onth-end.Thisislargerthan thetypicalseasonaldeclineof3% and is20% lowerthan theAugust-decadeaverageinventorylevel. • O n am onth-over-m onth basisinventorydeclined acros al hom etypes,with townhom esfaling them ostat10%,folowed bydetached hom esand condos,which each fel by6%.Com pared to lastyear,O n ayear-over-yearbasis,inventorywasup acros al hom etypes,led bytownhom es,at 56%,and folowed bydetached hom es(up 25%)and condos(2%). • August’sM O I(m onthsofinventory),at5.9,wasconsistentwith balanced m arketconditions.The detached hom eM O I,at7.9,reflected buyers’m arketconditions,whileconditionsfavourableto selerscharacterized thetownhom eand condosegm entsofthem arket(ataM O Iof3.9 and 4.0, respectively).

THERENNIEADVANCE total listings

AUGUST 202

14,000

+ 25% vsAug2021

12,000

10,000

8,000

9,147 10 yrAugAvg

6,000

7,001

4,000

DETACHED listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2,000

- 23% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

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

+ 56% vsAug2021

2,681 10 yrAugAvg

2,253

TOWNHOME listings

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500

- 16% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

12,000

2% vsAug2021

10,000

8,000

6,000

6,451 10 yrAugAvg

5,231

4,000

CONDO listings

2,000

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 19% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

●

highlights • M edian pricesfortheFraserValey and G reaterVancouverboard areasdeclined,on average,by 5% and 3% respectively,com pared to July. • A l hom etypes,acros both board areas,experienced m onth-over-m onth decreasesin price. M edian detached hom eand townhom epricesin theFraserValeyareadeclined by6%,whilein G reaterVancouverthey fel by 2% and 5% ,respectively.Condo pricesfel theleastin each respectiveboard area:by4% in theFraserValeyand by0.4% in G reaterVancouver. • In G reaterVancouver,August2022’stownhom e,condo,and detached hom em edian priceswere 5% ,7% ,and 3% abovelastyear’slevels,respectively.In theFraserValey,townhom eand condo pricesrem ained 7% and 11% higher,whiledetached m edian hom epriceswere0.8% below last year’slevel.

THERENNIEADVANCE median prices

AUGUST 202

$2,000,000

+ 3% vsAug2021 Greater Vancouver

$1,600,000

$1.70M

$1.34M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 0.8% vsAug2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

$1,200,000

Greater Vancouver

$1,000,000

$945,000 $790,000

+ 5% vsAug2021

$800,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

+ 7% vsAug2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

$1,000,000

+ 7% vsAug2021 Greater Vancouver

$800,000

$690,000

$600,000

$514,900

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 11% vsAug2021

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

━ G reaterVancouver ━ FraserValey

● August

●

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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