the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 16 SUB-MARKETS IN THE VANCOUVER REGION
published December 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 December 11, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
seasonality is back ( and macro-ality never left )
The Vancouver Region’s housing market saw fewer sales and listings in November, as is typical, but the degree to which each declined was notably atypical and largely determined by macroeconomic forces.
for sale (inventory) at the end of November. While this was 6% fewer than in October, it’s less than the typical October-to-November decline of 8%. What’s more, November’s active listings count was actually 0.7% above the long-run November average—the first time this has been the case since August 2019. More supply against the backdrop of depressed demand has put downward pressure on prices: in November alone, the composite benchmark price for the Vancouver Region declined by 1.0%, to $1,120,600. With the finish line to 2023 in sight, expect a similar one-two combination of seasonality and macro-ality to play out again in December. Sales, new listings, and inventory all typically experience a steep drop-off from November, and while this will undoubtedly be the case again this year, sales will be more of a seasonal outlier than will listings—good news, especially, for anyone who’s on the look-out for their first home.
With 2023 winding down and 2024 on the horizon, Metro Vancouver residents are turning their attention, as they often do, away from the buying and selling of real estate and towards the holiday season. And with that, there are a few predictable trends that occur in November (and then again in December)—namely, month-to-month declines in sales counts, new listings, and inventory. And while this “seasonality” was indeed back in all its glory last month, macroeconomic factors (particularly high interest rates) continued to weigh on the market, leading to a divergence between housing demand and supply. The flows of sales and new listings, while quite seasonal throughout the year, tend to move in lockstep with one another (home buyers are often also home sellers, and vice versa). In the spring, for example, both sales counts and new listings are generally higher and increasing—the sign of a robust housing
market. Conversely, both elements are typically lower and contracting as the days shorten and the temperature drops. What’s notable this year is that while both sales and new listings have been falling of late, the former is doing so much faster than the latter, resulting in some divergence. Let’s affix some real numbers to this. In November, there were 2,529 MLS transactions in the Vancouver Region, a 13% decline from October. This was over and above the typical October-to-November decrease (of 10%) and was 35% fewer than the past 10-year November average. Meanwhile there were 5,057 new listings in November, which was 28% less than October. While this was greater than the typically observed 20% decline, new listings sit just 2% below the long-run average for the month.
The product of this sales and new listings dynamic was the 15,645 homes available
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 December 11, 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
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
House
House
House
$4,498,000 | WEST VAN
$5,188,000 | WEST VAN 6006 Eagleridge Drive 3 Bed, 3,004 SF
$3,125,000 | WEST VAN
868 Younette Drive 4 Bed, 4,680 SF Jason Soprovich 604.817.8812
6182 Nelson Avenue 3 Bed, 1,850 SF
Harvey Kardos 604.328.3499
Kim Taylor 604.315.2645
Townhome
House
House
$2,680,000 | FRASERVIEW
$2,399,000 | COQUITLAM
$2,898,000 | FRASER 4270 St. George Street 5 Bed, 2,320 SF
2128 Newport Avenue 8 Bed, 2,732 SF
1444 Jacobi Place 4 Bed, 3,863 SF Nagib Karim PREC* 604.999.5887
Lorenzo Daminato PREC* 604.657.8121
Cameron Davis 778.228.4379
House
Oeste 33
Townhome
$1,815,000 | WHISTLER 7 - 4385 Northlands Boulevard 2 Bed, 954 SF
$2,195,000 | SQUAMISH
$2,369,000 | QUILCHENA
1555 Judd Road 4 Bed, 3,431 SF Rob Palm PREC* 604.905.8833
4917 Larch Street 3 Bed, 1,716 SF Diana Kim 604.771.5656
Carleigh Hofman 604.805.5358
The Melville $1,760,000 | COAL HARBOUR 4004 - 1189 Melville Street 2 Bed, 1,395 SF Colby Hennessy 604.616.8288
House
Bella Vista
$1,280,000 | RICHMOND 34 - 9440 Ferndale Road 3 Bed, 1,620 SF
$1,249,000 | NEW WEST
143 Dockside Court 3 Bed, 1,787 SF Brandon Blue PREC* 604.999.7792
Eaton Shi 778.829.0978
Condo $958,000 | BURNABY SOUTH 2807 - 6333 Silver Avenue 2 Bed, 886 SF Tony Liang PREC* 604.781.9988
River Green
Cascade City
$1,099,900 | RICHMOND 901 - 5788 Gilbert Road 2 Bed, 1,075 SF
$1,118,800 | RICHMOND 804 - 5177 Brighouse Way 2 Bed, 1,169 SF
Daniel Lu 604.435.8380
Vivien Ma PREC* 604.828.2268
Townhome
Townhome
House
$899,900 | PORT MOODY
$875,000 | PEMBERTON
$828,000 | NEW WEST 310 - 300 Salter Street 2 Bed, 1,097 SF
2310 Spring Street 2 Bed, 1,042 SF Siany Hebden 778.928.1991
15 - 1400 Park Street 3 Bed, 1,406 SF
Dylan Layzell 604.905.9799
Bowen Wilcox 778.887.5754
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 December 11, 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.
4
vancouver region DETACHED - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 12% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 6% VS 2022
▲ 18% VS 2022
▲ 4% VS 2022
There were 7,011 detached listings in the Vancouver Region in November, 8% below October and 18% higher than November 2022. November detached home sales decreased by 12% month-over-month, to 839, and were 4% above November 2022. The sales-to-listing ratio for detached in the Vancouver Region, at 12%, reflected a buyers' market. The detached median price in November was $1,590,000, a 6% decrease from October and 6% above November 2022. The average sold price was $1,880,632, 4% below last month and up 9% to November 2022.
THIS MONTH No. $1,880,632 $1,590,000 12% 839 7,011
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,730,205 $1,499,900 14% 803 5,942
9% 6% -11% 4% 18%
$1,960,571 $1,699,500 12% 952 7,646
-4% -6% -4% -12% -8%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
7,646
6,975
7,732
6,758
7,011
7,116
6,112
5,942
1.85
1.76
1.74
4,816
5,226
5,016
4,786
4,553
1.43
1.42
1.40
1,693
1,614
1,323
1,042
952
629
514
1,394
839
803
1,129
935
836
$1.67M $1.65M $1.66M $1.68M $1.70M $1.59M
$1.65M $1.71M
$1.50M $1.50M $1.45M $1.55M $1.56M
22-Nov
23-Oct
23-Nov
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
2000
1500
1000
26%
25%
500
24%
18%
17%
14%
11%
7%
5%
0
<$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+ 1,857 88 5%
S-L RATIO SALES INVENTORY
118 28 24%
81 20 25%
246 45 18%
450 115 26%
880 148 17%
1,640 229 14%
976 111 11%
763 55 7%
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 December 11, 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
vancouver region TOWNHOME - NOVEMBER 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
▲ 8% VS 2022
▲ 6% VS 2022
▲ 0.4% VS 2022
▲ 16% VS 2022
There were 2,005 townhome listings in the Vancouver Region in November, 7% below October and 0.4% higher than November 2022. November townhome sales decreased by 7% month-over-month, to 481, and were 16% above November 2022. The sales-to-listing ratio for townhomes in the Vancouver Region, at 24%, reflected a sellers' market. The townhome median price in November was $910,000, a 1.1% decrease from October and 6% above November 2022. The average sold price was $1,001,997, 0.2% below last month; the average PSF sale price was $669, down 1.3% to last month.
THIS MONTH No. $669 $1,001,997 $910,000 24% 481 2,005
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$623 $925,084 $860,000 21% 415 1,998
15% 16% 0.4%
$678 $1,003,527 $920,000 24% 518 2,154
-7% -7%
-1.3% -0.2% -1.1% -0.2%
7% 8% 6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,154
1,998
1,885
2,005
2,086
1,789 1,840
1,883
1,571
1,589
1,567
1,529
1,507
947
944
757
548
784
767
670
481
580
415
518
339
289
$922K
$920K
$920K
$915K
$910K
$910K
$899K
$900K
$860K
$860K
$865K
$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
102
4+ bdrms
444
500
400
239
3 bdrms
1,082
300
39%
32%
31%
200
26%
131
23%
22%
2 bdrms
16%
438
100
6%
0
9
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
41
S-L RATIO SALES INVENTORY
31 10 32%
74 29 39%
355 110 31%
626 144 23%
376 98 26%
223 50 22%
194 32 16%
126 8 6%
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 December 11, 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. 6 ●
vancouver region CONDO - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 19% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 4% VS 2022
▲ 15% VS 2022
▲ 2% VS 2022
There were 6,061 condo listings in the Vancouver Region in November, 3% below October and 15% higher than November 2022. November condo sales decreased by 16% month-over-month, to 1,145, and were 2% above November 2022. The sales-to-listing ratio for condos in the Vancouver Region, at 19%, reflected a balanced market. The condo median price in November was $650,000, a 0.2% decrease from October and 4% above November 2022. The average sold price was $736,227, 1.5% below last month; the average PSF sale price was $875, down 0.9% 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
1,145 6,061
1,121 5,275
8% 4% 4% -11% 2% 15%
1,364 6,249
-0.9% -1.5% -0.2% -13% -16% -3%
$875 $736,227 $650,000 19%
$813 $704,700 $625,000 21%
$883 $747,721 $651,500 22%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
5,980
6,061
6,249
5,404
5,275
5,200
4,753
4,603
5,264
4,924
4,769
4,365
4,138
2,251
2,142
1,808
1,690
1,364
1,900
1,744
1,121
1,145
1,329
1,217
922
770
$675K
$665K
$670K
$661K
$652K
$650K
$652K
$650K
$640K
$630K
$630K
$625K
$625K
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
46 1
4+ bdrms
1500
60
3 bdrms
1000
644
28%
617
500
24%
20% 19%
2 bdrms
3,272
12%
8%
8%
5%
0
467
<$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
201 48 24%
1,449 404 28%
1,815 366 20%
1,041 197 19%
539 63 12%
336 26 8%
312 24 8%
368 17 5%
2,099
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 December 11, 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. 7 ●
greater vancouver board area DETACHED - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 13% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 9% VS 2022
▲ 14% VS 2022
▲ 6% VS 2022
There were 4,088 detached listings in the Greater Vancouver board area in November, 8% below October and 14% higher than November 2022. November detached home sales decreased by 10% month-over-month, to 520, and were 6% above November 2022. The sales-to-listing ratio for detached in the Greater Vancouver board area, at 13%, reflected a balanced market. The detached median price in November was $1,847,000, a 3% decrease from October and 9% above November 2022. The average sold price was $2,125,267, 5% below last month and up 7% to November 2022.
THIS MONTH No. $2,125,267 $1,847,000 13% 520 4,088
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,986,936 $1,690,000 14% 490 3,598
7% 9% -7% 6% 14%
$2,242,720 $1,905,000 13% 579 4,426
-5% -3% -3% -10% -8%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,426
3,964
4,515
4,088
3,598
4,092
4,029
1.83
1.78
3,579
1.76
2,968
3,228
3,077
2,928
2,801
1.49
1.47
1.41
1,036
733
579
371
301
842
804
520
490
681
594
559
513
$1.87M $1.90M $1.86M $1.81M $1.89M $1.85M $1.91M $1.85M
$1.71M $1.81M
$1.69M $1.70M $1.58M
22-Nov
23-Oct
23-Nov
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
1600
1400
1200
1000
800
600
26%
400
23%
22%
20%
19%
15%
14%
200
8%
5%
0
<$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+ 1,459 79 5%
S-L RATIO SALES INVENTORY
62 14 23%
42 6 14%
116 23 20%
190 50 26%
309 67 22%
776 148 19%
601 91 15%
533 42 8%
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 December 11, 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.
●
8
greater vancouver board area TOWNHOME - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 24% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2022
▲ 11% VS 2022
▲ 7% VS 2022
▲ 18% VS 2022
There were 1,123 townhome listings in the Greater Vancouver board area in November, 8% below October and 7% higher than November 2022. November townhome sales decreased by 10% month-over-month, to 267, and were 18% above November 2022. The sales-to-listing ratio for townhomes in the Greater Vancouver board area, at 24%, reflected a sellers' market. The townhome median price in November was $1,050,900, a 0.1% increase from October and 11% above November 2022. The average sold price was $1,143,777, 1.3% above last month; the average PSF sale price was $785, up 0.2% to last month.
THIS MONTH No. $785 $1,143,777 $1,050,900 24% 267 1,123
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$717 $1,021,546 $949,000 21% 226 1,053
10% 12% 11% 11% 18% 7%
$784 $1,129,070 $1,049,950 24% 298 1,223
0.2% 1.3% 0.1% -2% -10% -8%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,223
1,053
1,123
1,030
1,033
1,175
992
910
1,024
910
845
823
816
499
470
368
351
306
298
396
391
267
185
226
302
120
$1.09M $1.09M $1.07M $1.10M $1.05M $1.05M
$1000K $1.05M $1.05M
$985K $979K $1.04M
$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
50
4+ bdrms
196
200
140
150
3 bdrms
635
50%
37%
100
27% 25%
27%
72
2 bdrms
16%
254
50
7%
6%
0
5
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
38
S-L RATIO SALES INVENTORY
14 1 7%
24 12 50%
115 42 37%
221 59 27%
254 69 27%
182 46 25%
187 30 16%
126 8 6%
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 December 11, 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. 9 ●
greater vancouver board area CONDO - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 19% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 6% VS 2022
▲ 14% VS 2022
▲ 0.9% VS 2022
There were 4,605 condo listings in the Greater Vancouver board area in November, 4% below October and 14% higher than November 2022. November condo sales decreased by 18% month-over-month, to 856, and were 0.9% above November 2022. The sales-to-listing ratio for condos in the Greater Vancouver board area, at 19%, reflected a balanced market. The condo median price in November was $717,750, a 0.2% increase from October and 6% above November 2022. The average sold price was $795,053, 1.9% below last month; the average PSF sale price was $942, 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
$942 $795,053 $717,750 19% 856 4,605
$880 $766,893 $680,000 21% 848 4,038
-11% 0.9% 14%
1,045 4,782
-1.1% -1.9% 0.2% -15% -18% -4%
$952 $810,383 $716,000 22%
7% 4% 6%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
4,568
4,605
4,782
4,117
4,038
3,693
3,928
3,922
3,734
3,707
3,348 3,530
3,163
1,734
1,573
1,317
1,276
1,045
1,413
1,285
856
848
986
932
705
572
$729K
$726K
$725K
$720K
$721K
$716K
$718K
$711K
$705K
$690K
$680K
$685K
$680K
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
1
1200
4+ bdrms
42
1000
42
800
3 bdrms
551
600
33%
400
455
22% 19%
2 bdrms
20%
2,408
12%
200
8%
7%
4%
0
358
<$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
100 20 20%
706 230 33%
1,343 297 22%
964 185 19%
513 61 12%
321 24 7%
303 24 8%
355 15 4%
1,604
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 December 11, 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. 10 ●
fraser valley board area DETACHED - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 11% BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2022
▲ 9% VS 2022
▲ 25% VS 2022
▲ 1.9% VS 2022
There were 2,923 detached listings in the Fraser Valley board area in November, 9% below October and 25% higher than November 2022. November detached home sales decreased by 14% month-over-month, to 319, and were 1.9% above November 2022. The sales-to-listing ratio for detached in the Fraser Valley board area, at 11%, reflected a buyers' market. The detached median price in November was $1,350,000, a 4% decrease from October and 9% above November 2022. The average sold price was $1,481,855, 3% below last month and up 12% to November 2022.
THIS MONTH No. $1,481,855 $1,350,000 11% 319 2,923
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,328,294 $1,235,000 13% 313 2,344
12% 9% -18% 1.9% 25%
$1,522,597 $1,400,000 12% 373 3,220
-3% -4% -6% -14% -9%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
3,217
2,946
3,220
2,794
2,923
3,024
2,533
2,344
1.70
1.63
1.63 1.58
1.60
1,939
1.55
1,998
1,858
1,848
1,752
772
590
448
373
258
657
213
590
319
313
448
376
323
$1.43M $1.50M $1.50M $1.46M $1.44M $1.46M
$1.40M $1.35M
$1.28M $1.28M $1.31M $1.35M
$1.24M
22-Nov
23-Oct
23-Nov
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
800
600
400
36%
25%
25%
200
17%
14%
9%
6%
5%
2%
0
<$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
56 14 25%
39 14 36%
130 22 17%
260 65 25%
571 81 14%
864 81 9%
375 20 5%
230 13 6%
398 9 2%
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 December 11, 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.
●
11
fraser valley board area TOWNHOME - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 24% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.9% VS 2022
▲ 4% VS 2022
▲ 13% VS 2022
▼ 7% VS 2022
There were 882 townhome listings in the Fraser Valley board area in November, 5% below October and 7% lower than November 2022. November townhome sales decreased by 3% month-over-month, to 214, and were 13% above November 2022. The sales-to-listing ratio for townhomes in the Fraser Valley board area, at 24%, reflected a sellers' market. The townhome median price in November was $830,000, a 0.7% increase from October and 4% above November 2022. The average sold price was $825,104, 1.0% below last month; the average PSF sale price was $524, down 1.8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 189 945
% Change
No. 220 931
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
214 882
3% 1.9% 4% 21% 13% -7%
-3% -5%
$524 $825,104 $830,000 24%
$510 $809,737 $798,000 20%
$534 $833,473 $824,000 24%
-1.8% -1% 0.7% 3%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
945
852
882
931
797
911
859
810
684
751
684
679
661
477
445
389
278
388
376
319
214
189
242
220
169
154
$850K
$851K
$849K
$839K
$832K
$830K
$825K
$824K
$808K
$798K
$770K
$745K
$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
52
4+ bdrms
248
300
99
3 bdrms
53%
447
200
34%
28%
29%
59
21% 24%
2 bdrms
100
184
10%
0
3 4
<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
17 9 53%
50 17 34%
240 68 28%
405 85 21%
122 29 24%
41 4 10%
7 2 29%
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 December 11, 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. 12 ●
fraser valley board area CONDO - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 20% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2022
▲ 7% VS 2022
▲ 18% VS 2022
▲ 6% VS 2022
There were 1,456 condo listings in the Fraser Valley board area in November, 0.7% below October and 18% higher than November 2022. November condo sales decreased by 9% month-over-month, to 289, and were 6% above November 2022. The sales-to-listing ratio for condos in the Fraser Valley board area, at 20%, reflected a balanced market. The condo median price in November was $525,000, a 2% increase from October and 7% above November 2022. The average sold price was $561,989, 4% above last month; the average PSF sale price was $677, up 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
$677 $561,989 $525,000 20% 289 1,456
$603 $511,514 $490,000 22% 273 1,237
12% 10% 7% -10% 6% 18%
$655 $542,450 $514,000 22% 319 1,467
-9% -9% -0.7%
3% 4% 2%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,456
1,467
1,272
1,237
1,412
1,190
1,342
1,287
1,073
1,060
1,062
1,017
975
569
491
414
517
319
487
459
289
273
343
285
217
198
$538K
$540K
$535K
$528K
$525K
$525K
$514K
$510K
$510K
$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
800
700
4+ bdrms
4
600
500
18
3 bdrms
400
93
300
28%
162
200
23%
2 bdrms
15%
15% 16%
864
13%
100
8%
0
109
<$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
101 28 28%
743 174 23%
472 69 15%
77 12 16%
26 2 8%
15 2 13%
9 0 n/a
13 2 15%
495
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 December 11, 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. 13 ●
burnaby north DETACHED - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 18% BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2.0% VS 2022
▲ 1.5% VS 2022
▲ 13% VS 2022
0.0% VS 2022
There were 104 detached listings in Burnaby North in November, no change to October and 13% higher than November 2022. November detached home sales decreased by 27% month-over-month, to 19, and were the same in November 2022. The sales-to-listing ratio for detached in Burnaby North, at 18%, reflected a balanced market. The detached median price in November was $1,985,000, a 5% increase from October and 1.5% above November 2022. The average sold price was $2,231,015, 11% above last month and up 2% to November 2022.
THIS MONTH No. $2,231,015 $1,985,000 18% 19 104
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES SALES-LISTINGS RATIO MEDIAN SOLD PRICE AVERAGE SOLD PRICE
19 92
2% 1.5% -12% 0% 13%
$2,014,750 $1,890,000 25% 26 104
11% 5% -27% -27% 0%
$2,187,968 $1,955,000 21%
▶ RATIO OF MEDIAN PRICES
▶ RECENT TRENDS
● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
104
107
104
90
87
86
92
85
2.59
87
87
86
85
79
2.23
1.99
42
35
31
26
26
18
31
19
19
1.43
22
18
18
1.24
10
1.06
$2.09M $2.05M $2.05M
$1.96M
$1.96M $1.93M $1.89M
$1.95M $2.07M
$1.89M $1.99M
$1.85M
$1.79M
22-Nov
23-Oct
23-Nov
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET 21% +
BALANCED 12 - 20%
BUYERS' MARKET <12%
● SALES ● TOTAL INVENTORY ● S-L RATIO
35
30
25
20
15
40%
10
22%
5
9%
7%
0
<$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
25 10 40%
34 3 9%
18 4 22%
27 2 7%
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 December 11, 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.
●
14
burnaby north TOWNHOME - NOVEMBER 2 0 2 3
SALES TO LISTINGS RATIO 39% SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.0% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 23% VS 2022
▼ 1.8% VS 2022
▼ 13% VS 2022
▼ 12% VS 2022
There were 38 townhome listings in Burnaby North in November, 16% below October and 23% higher than November 2022. November townhome sales increased by 15% month-over-month, to 15, and were 12% below November 2022. The sales-to-listing ratio for townhomes in Burnaby North, at 39%, reflected a sellers' market. The townhome median price in November was $765,000, a 19% decrease from October and 13% below November 2022. The average sold price was $854,133, 6% below last month; the average PSF sale price was $645, down 0.0% 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
15 38
17 31
0% -1.8% -13% -28% -12% 23%
13 45
0% -6% -19% 37% 15% -16%
$645 $854,133 $765,000 39%
$646 $869,741 $875,000 55%
$645 $908,184 $950,000 29%
▶ AVG PRICE PER SQUARE FOOT
▶ RECENT TRENDS
● NOV 2022 ● NOV 2023
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45 45
34
34
33
38
31
32
31
31
28
25
25
25
23
17
21
13
15
15
14
11
11
8
8
7
$950K
$915K
$900K
$875K
$880K
$885K
$868K
$830K
$810K
$790K
$765K
$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
12
10
4+ bdrms
4
8
11
60%
3 bdrms
6
21
50%
43%
33%
4
4
2 bdrms
18%
10
2
0
<2 bdrms
<$400K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2M+
3
S-L RATIO SALES INVENTORY
4 2 50%
10 6 60%
7 3 43%
11 2 18%
6 2 33%
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 December 11, 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. 15 ●
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